12 U.S.C. § 2251

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 2251 - Quarters and facilities for the Farm Credit Administration

(a) Location of principal office

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) Alternate property authorizations for System banks

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) Financing

(1) In general

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) Advances

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) Powers of banks

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) Approval of board

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) Agent for banks

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

12 U.S.C. § 2251

Pub. L. 92-181, title V, §5.16, formerly §5.17, Dec. 10, 1971, 85 Stat. 621; Pub. L. 96-592, title V, §506, Dec. 24, 1980, 94 Stat. 3449; renumbered §5.16 and amended Pub. L. 99-205, title II, §201(6), Dec. 23, 1985, 99 Stat. 1690; Pub. L. 100-233, title VIII, §805(y), Jan. 6, 1988, 101 Stat. 1717; Pub. L. 100-399, title IX, §901(l), Aug. 17, 1988, 102 Stat. 1008; Pub. L. 115-334, title V, §§54055405,, 54115405,, 132 Stat. 4676, 4682.

EDITORIAL NOTES

PRIOR PROVISIONSA prior section 5.16 of Pub. L. 92-181 was renumbered section 5.15 and is classified to section 2250 of this title.

AMENDMENTS2018-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 sections 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 AMENDMENT Amendment 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 AMENDMENT Amendment 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.

credit

The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.