12 U.S.C. § 2012
Board of directors
Each Farm Credit Bank shall elect a board of directors of such number, for such term, in such manner, and with such qualifications, as may be required in its bylaws, except that, at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, or stockholder of a System institution.
Notes of Decisions
Cited in 18
cases, 1978–1996 · leading case: Hillesland v. Fed. Land Bank Ass'n of Grand Forks, 407 N.W.2d 206 (N.D. 1987).
Hillesland v. Fed. Land Bank Ass'n of Grand Forks, 407 N.W.2d 206 (N.D. 1987). “The Bank, through statute and regulations, exercises broad supervisory power over the Association, including approval of appointment and compensation of the Association's chief executive officer.”
Kolb v. Naylor, 658 F. Supp. 520 (N.D. Iowa 1987). “12 U.S.C. §§ 2012 , 2033, 2072, 2093, 2122 and 2227.”
Fed. Land Bank of St. Paul v. Lillehaugen, 404 N.W.2d 452 (N.D. 1987). “While we agree that the authority to foreclose its mortgages is one of the lending functions created for Federal land banks [see 12 U.S.C. §§ 2012 (5) and 2033(5); Bismarck Lumber Co.”
Fed. Land Bank v. Bd. of Cnty. Commissioners, 582 F. Supp. 1507 (D. Colo. 1984). “12 U.S.C. § 2012 (15). While federal land banks have a lower profile than federal reserve banks, and are not as continuously involved in “governmental” duties such as issuing currency, I conclude that they further important governmental objectives through a similar autonomous…”
Fed. Land Bank of Saint Paul v. Anderson, 401 N.W.2d 709 (N.D. 1987). “§ 2015 , a primary objective of FLB in setting interest rates and charges is “to provide the types of credit needed by eligible borrowers at the lowest reasonable costs on a sound business basis .”
Rew Enter., Inc. As Receiver for Fed. Land Bank of Jackson v. Premier Bank, N.A., F/k/a Ouachita Nat'l Bank, Cross-Appellee, 49 F.3d 163 (5th Cir. 1995). “" 12 U.S.C. § 2012 (21) (1982) (emphasis added).”
Fed. Land Bank of Saint Paul v. Gefroh, 390 N.W.2d 46 (N.D. 1986). “It is well settled that “[corporations created by the authority of the United States are not foreign corporations but have a legal existence in every state in which they may transact business pursuant to the authority conferred upon them by Congress.”
Birbeck v. S. New England Prod. Credit Ass'n, 606 F. Supp. 1030 (D. Conn. 1985). “Thus, even if there were subject matter jurisdiction over the plaintiff's inverse condemnation claim, such a claim would fail on the merits. 3 .”
Fed. Land Bank v. Fed. Intermediate Credit Bank, 727 F. Supp. 1055 (S.D. Miss. 1989). “12 U.S.C. §§ 2012 (6), 2072(6) and 2093(13).”
United States v. Anthony Edward Anzalone & Angelo Rios, 626 F.2d 239 (2d Cir. 1980). “Parenthetically we note that this construction would apply the federal counterfeiting statutes to a host of bonds for which the Government is not liable, including, for example, those issued by “Federal land banks,” 12 U.S.C. § 2012 (10), federal “banks for cooperatives,” 12 U.”
Fed. Deposit Ins. Corp. v. W.T. Langley & Mary Ann Grimes Langley, 792 F.2d 547 (5th Cir. 1986). “§ 2012 (13), which provides that a Federal Land Bank will: Approve the salary scale of the officers and employees of the Federal land bank associations and the appointment and compensation of the chief executive officer thereof and supervise the exercise by such associations of…”
Matthews v. Fed. Land Bank of St. Louis, 718 S.W.2d 220 (Mo. Ct. App. 1986). “Congress has allowed the banks “to sue or be sued” 12 U.S.C. §§ 2012 , 2033, 2072, 2122 (1982).”
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