WHAT THE LAW DOINCongress, in plain words

The law › Title 12, Banks and Banking › Chapter 23

12 U.S.C. 2122: Corporate existence; general corporate powers

Created in 1971 by Public Law 92-181. Changed by 7 later laws. No bill we track in this Congress changes it.

1 other section of the Code cite this one, including 12 U.S.C. 2206a.

12 parts of federal rules cite it as their authority, written by Farm Credit Administration (9), Fiscal Service, Department of the Treasury (3).

This Congress

No bill we track in the 119th Congress changes this section.

    How it got here

    2002

    • Pub. L. 107–171 redesignated cl. (iv) as (iii) and struck out former cl. (iii) which read as follows: "With respect to similar entities that are eligible to borrow from a Farm Credit Bank or association under subchapter I or II of this chapter, the authority of a bank for c… (Farm Security and Rural Investment Act of 2002) Law text · (11), (iv)

    1994

    • Pub. L. 103–376, §6, substituted "other Farm Credit System institutions" for "the other banks for cooperatives under this subparagraph" and "all Farm Credit System institutions" for "all banks for cooperatives". · (11)
    • Pub. L. 103–376, §2, added cl. (iv). · (11)

    1992

    • Pub. L. 102–552 designated existing provisions as subpar. (A) and added subpar. (B). · (11)

    1988

    • Pub. L. 100–399 substituted "(within the meaning of section 1813 of this title)" for "as defined in section 1812 of this title." · (12)
    • Pub. L. 100–233 struck out "and approved by the Farm Credit Administration" after "board of directors". · (12), (13), (C), (17), (18)

    1985

    • Pub. L. 99–205 substituted "regulation" for "supervision" in provision preceding par. (1).
    • Pub. L. 99–205 inserted "under regulations issued" after "authorized". · (13)
    • Pub. L. 99–205 struck out par. (16) respecting power of bank for cooperatives to perform any function delegated to it by the Farm Credit Administration, and redesignated pars. (17) to (19) as (16) to (18), respectively. · (16), (17), (18), (19)

    1980

    • Pub. L. 96–592, §301(1), inserted provisions respecting participation with one or more other Farm Credit System institutions in loans. · (11)
    • Pub. L. 96–592, §301(2), inserted applicability to any insured State nonmember bank and to other domestic or foreign financial organizations. · (12)
    • Pub. L. 96–592, §301(3), designated existing provisions as subpar. (A) and added subpars. (B) and (C). · (13)
    • Pub. L. 96–592, §301(4), added pars. (18) and (19). · (18), (19)

    Text, outline and history from the official U.S. Code (2024 edition) on GovInfo, published by the Office of the Law Revision Counsel. Changes made after that edition appear under This Congress.