§2277a — Title 12 Banks and Banking | U.S. Code

Summary

Defines key words used in this part. Board of Directors — the Corporation’s board. Corporation — the Farm Credit System Insurance Corporation created in section 2277a–1. Insured obligation — any note, bond, debenture, or similar debt issued under section 2153(c) or (d) that was issued for a System bank on or before January 5, 1989, or any such debt issued after that date for an insured System bank. Insured System bank — a System bank whose participation in those obligations is insured under this part. State — the 50 States, the District of Columbia, and U.S. territories (including Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, and the Virgin Islands).

Title 12, §2277a

Banks and Banking — Source: USLM XML via OLRC

As used in this part:

(1)The term “Board of Directors” means the Board of Directors of the Corporation.

(2)The term “Corporation” means the Farm Credit System Insurance Corporation established in section 2277a–1 of this title.

(3)The term “insured obligation” means any note, bond, debenture, or other obligation issued under subsection (c) or (d) of section 2153 of this title—

(A)on or before January 5, 1989, on behalf of any System bank; and

(B)after such date, which, when issued, is issued on behalf of any insured System bank.

(4)The term “insured System bank” means any System bank whose participation in notes, bonds, debentures, and other obligations issued under subsection (c) or (d) of section 2153 of this title is insured under this part.

(5)The term “State” means any of the 50 States, the District of Columbia, any Territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, or the Virgin Islands.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1996—Pars. (5), (6). Pub. L. 104–105 redesignated par. (6) as (5) and struck out heading and text of former par. (5). Text read as follows: “The term ‘receiver’ means a receiver or conservator appointed by the Farm Credit Administration for a System institution.” 1988—Par. (3)(A), (B). Pub. L. 100–399, § 302(a), amended subpars. (A) and (B) generally. Prior to amendment, subpars. (A) and (B) read as follows: “(A) on or before January 6, 1988, on behalf of any System bank; and “(B) after such date, on behalf of any insured System bank.” Par. (5). Pub. L. 100–399, § 302(b), substituted “for” for “to liquidate”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

Executive Documents

Termination of Trust Territory of the Pacific Islands For termination of Trust Territory of the Pacific Islands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions.

§2277a Definitions