Charter
The National Bank for Cooperatives (hereinafter in this part referred to as the “consolidated bank”), established under section 413 of the Agricultural Credit Act of 1987, shall be a federally chartered instrumentality of the United States and an institution of the Farm Credit System.
Powers
12 U.S.C. 2121Public Law 100–233The consolidated bank and the board of directors of such bank shall have all of the powers, rights, responsibilities, and obligations of the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 ( note; ) and the boards of directors of such banks, except as otherwise provided for in this chapter.
Operation
The consolidated bank shall be organized and operated on a cooperative basis.
Pub. L. 92–181, title III, § 3Pub. L. 100–233, title IV, § 415(2)101 Stat. 1642Pub. L. 100–399, title IV, § 407(a)102 Stat. 1000Pub. L. 115–334, title V, § 5411(13)132 Stat. 4680(.20, as added , , ; amended , (b), , ; , , .)
Editorial Notes
References in Text
section 413 of Pub. L. 100–233section 2121 of this titleSection 413 of the Agricultural Credit Act of 1987, referred to in subsecs. (a) and (b), is , which is set out as a note under .
Amendments
Pub. L. 115–334, § 5411(13)(A)2018—Subsec. (a). , struck out “or the United Bank for Cooperatives, as the case may be” after “National Bank for Cooperatives”.
Pub. L. 115–334, § 5411(13)(B)12 U.S.C. 2121Public Law 100–233Subsec. (b). , substituted “the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 ( note; )” for “the district banks for cooperatives and the Central Bank for Cooperatives”.
Pub. L. 100–399, § 407(a)1988—Subsec. (a). , struck out “in this section” after “referred to” and inserted “, established under section 413 of the Agricultural Credit Act of 1987,” before “shall”.
Pub. L. 100–399, § 407(b)Subsec. (b). , inserted “except” before “as otherwise”.
Statutory Notes and Related Subsidiaries
Effective Date of 1988 Amendment
Pub. L. 100–399Pub. L. 100–233section 1001(a) of Pub. L. 100–399section 2002 of this titleAmendment by effective as if enacted immediately after enactment of , which was approved , see , set out as a note under .