U.S. Code » Title 12 » Chapter CHAPTER 23— FARM CREDIT SYSTEM › Subchapter SUBCHAPTER IV— PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM › Part Part E— Service Organizations

12 U.S.C. § 2211

Establishment

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Any bank of the Farm Credit System, or two or more of such banks acting together, may organize a corporation or corporations for the purpose of performing functions and services for or on behalf of the organizing bank or banks that the bank or banks may perform pursuant to this chapter: Provided, That a corporation so organized shall have no authority either to extend credit or provide insurance services for borrowers from Farm Credit System institutions, nor shall it have any greater authority with respect to functions and services than the organizing bank or banks possess under this chapter. The organizing bank or banks shall apply for a Federal charter for the corporation by forwarding to the Farm Credit Administration a statement of the need for the corporation and proposed articles specifying in general terms the objectives for which the corporation is formed, the powers to be exercised by it in carrying out the functions and services, and the territory it is to serve. The Farm Credit Administration for good cause may deny the charter applied for. Upon the approval of articles by the Farm Credit Administration and the issuance of a charter, the corporation shall become as of such date a federally chartered body corporate and an instrumentality of the United States.

Notes of Decisions
Cited in 1 case, 1994–1994 · leading case: State Ex Rel. Farm Credit Bank v. Dist. Court of the Third Jud. Dist., 881 P.2d 594 (Mont. 1994).
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State Ex Rel. Farm Credit Bank v. Dist. Court of the Third Jud. Dist., 881 P.2d 594 (Mont. 1994). “] to the same extent such laws would apply to the organizing banks engaged in the same activity in the same jurisdiction: Provided, however, That to the extent that sections 2023, 2098, and 2134 may exempt banks or associations of the Farm Credit System from taxation, such…”
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