§2251 — Title 12 Banks and Banking | U.S. Code

Summary

The Farm Credit Administration must keep its main office inside the Washington D.C.-Maryland-Virginia metro area and can have other offices in the United States if needed. If two-thirds of the System banks’ boards agree, the banks can lease or buy property in Washington or elsewhere to house the Administration. They can build, furnish, equip, change, or enlarge buildings and related facilities, make contracts for that work, and sell or dispose of those properties if the Board allows. The Board can require the banks to advance money for these purposes, and the banks must provide it. Those advances are kept in a separate fund, not mixed with regular assessments, and are split among the banks based on their total assets as the Board decides. Banks may raise money (issue obligations) to make these advances. The Board alone approves building plans, and the Administration may act as agent for the banks in these actions.

Title 12, §2251

Banks and Banking — Source: USLM XML via OLRC

(a)The Farm Credit Administration shall maintain its principal office within the Washington D.C.-Maryland-Virginia standard metropolitan statistical area, and such other offices within the United States as in its judgment are necessary.

(b)As an alternate to the rental of quarters under section 2249 of this title, and without regard to any other provision of law, the banks of the System, with the concurrence of two-thirds of the bank boards, are hereby authorized—

(1)To lease or acquire real property in the District of Columbia or elsewhere for quarters of the Farm Credit Administration.

(2)To construct, develop, furnish, and equip such building thereon and such facilities appurtenant thereto as in their judgment may be appropriate to provide, to the extent the Board may deem advisable, suitable, and adequate quarters and facilities for the Farm Credit Administration.

(3)To enlarge, remodel, or reconstruct the same.

(4)To make or enter into contracts for any of the foregoing.

(5)To sell or otherwise dispose of any interest in property leased or acquired under the foregoing if authorized by the Board.

(c)(1)The Board may require of the respective banks of the System, and they shall make to the Farm Credit Administration, such advances of funds for the purposes set out in this section as in the sole judgment of the Board may from time to time be advisable for the purposes of this section.

(2)The advances of funds described in paragraph (1) shall be in addition to and kept in a separate fund from the assessments authorized in section 2250 of this title and shall be apportioned by the Board among the banks in proportion to the total assets of the respective banks, and determined in such manner and at such times as the Board may prescribe.

(3)The powers of the banks of the System and purposes for which obligations may be issued by such banks are hereby enlarged to include the purpose of obtaining funds to permit the making of advances required by this section.

(4)The plans and decisions for such building and facilities and for the enlargement, remodeling, or reconstruction thereof shall be such as is approved in the sole discretion of the Board.

(5)In actions undertaken by the banks pursuant to this section, the Farm Credit Administration may act as agent for the banks.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

A prior section 5.16 of Pub. L. 92–181 was renumbered section 5.15 and is classified to section 2250 of this title.

Amendments

2018—Subsecs. (a), (b). Pub. L. 115–334, § 5405, added subsec. (a) and designated existing introductory provisions and pars. (1) to (5) as subsec. (b). Subsec. (c). Pub. L. 115–334, § 5411(28), designated existing concluding provisions as subsec. (c) and first to fifth sentences thereof as pars. (1) to (5), respectively, and inserted subsec. and par. headings. Subsec. (c)(2). Pub. L. 115–334, § 5411(28)(D), substituted “The advances of funds described in paragraph (1)” for “Such advances”. Subsec. (c)(5). Pub. L. 115–334, § 5411(28)(A), substituted “In actions undertaken by the banks pursuant to this section” for “In actions undertaken by the banks pursuant to the foregoing provisions of this section”. 1988—Pub. L. 100–399 substituted “bank boards” for “district boards” in introductory provisions. Pub. L. 100–233 transferred undesignated provisions following par. (4) consisting of four sentences relating to advances of funds for purposes set out in this section as in the sole judgment of the Board may from time to time be advisable for purposes of this section, to a position immediately before last sentence of this section which provides for agency status of Administration for the banks. 1985—Pub. L. 99–205, § 201(6)(A)–(C), made technical

Amendments

to the references to section 2249 and 2250 of this title in first and third sentences to reflect the renumbering of the corresponding sections of the original act, and struck out “Federal Farm Credit” before “Board” in par. (2) of first sentence. 1980—Pub. L. 96–592 added par. (5) and provisions respecting agency status of Administration for the banks.

Statutory Notes and Related Subsidiaries

Effective Date

of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.

Effective Date

of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

§2251 Quarters and facilities for the Farm Credit Administration

Summary

Title 12, §2251

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

Amendments

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata