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TITLE 12 > CHAPTER 23

Notes on CHAPTER 23

INSTITUTIONS OF THE SYSTEM

WITHIN A DISTRICT

SUBPART 1 - TRANSFERS BY FEDERAL LAND BANKS TO FEDERAL LAND BANK

ASSOCIATIONS

CHARTERS BY THE FARM CREDIT ADMINISTRATION BOARD

MORTGAGE CORPORATION

2279aa-1. Federal Agricultural Mortgage Corporation.

(a)

Establishment.

(b)

Duties. 2279aa-2. Board of directors.

(a)

Interim board.

(b)

Permanent board.

(c)

Officers and staff. 2279aa-3. Powers and duties of Corporation and Board.

(a)

Guarantees.

(b) Duties of Board.

(c)

Powers of Corporation.

(d)

Federal Reserve banks as depositaries and fiscal agents.

(e)

Access to book-entry system. 2279aa-4. Stock issuance.

(a)

Voting common stock.

(b)

Required capital contributions.

(c)

Dividends.

(d)

Nonvoting common stock.

(e)

Preferred stock. 2279aa-5. Certification of agricultural mortgage marketing facilities.

(a)

Eligibility standards.

(b) Certification by Corporation.

(c)

Maximum time period for certification.

(d)

Revocation.

(e)

Affiliation of FCS institutions with facility. 2279aa-6. Guarantee of qualified loans.

(a)

Guarantee authorized for certified facilities.

(b)

Other responsibilities of and limitations on certified facilities.

(c)

Additional authority of Board.

(d)

Aggregate principal amounts of qualified loans.

(e)

Purchase of guaranteed securities. 2279aa-7. Repealed. 2279aa-8. Standards for qualified loans.

(a)

Standards.

(b)

Minimum criteria.

(c)

Loan amount limitation.

(d)

Congressional review.

(e)

Nondiscrimination requirement. 2279aa-9. Exemption from restructuring and borrowers rights provisions for pooled loans.

(a)

Restructuring.

(b)

Borrowers rights. 2279aa-10. Funding for guarantee; reserves of Corporation.

(a)

Guarantee.

(b)

Guarantee fees.

(c)

Corporation reserve against guarantees losses required.

(d)

Fees to cover administrative costs authorized. 2279aa-11. Supervision, examination, and report of condition.

(a)

Regulation.

(b)

Examinations and audits.

(c)

Annual report of condition.

(d)

FCA assessments to cover costs.

(e)

''Affiliate'' defined.

(f)

Employees and personnel. 2279aa-12. Securities in credit enhanced pools.

(a)

Federal laws.

(b)

State securities laws.

(c)

Authorized investments.

(d)

State usury laws superseded. 2279aa-13. Authority to issue obligations to cover guarantee losses of Corporation.

(a)

Sale of obligations to Treasury.

(b)

Expeditious transaction required.

(c)

Limitation on amount of outstanding obligations.

(d)

Terms of obligation.

(e)

Coordination with title 31.

(f)

Authorization of appropriations. 2279aa-14. Federal jurisdiction. PART B - REGULATION OF FINANCIAL SAFETY AND SOUNDNESS OF FEDERA

AGRICULTURAL MORTGAGE CORPORATION

2279bb. Definitions. 2279bb-1. Risk-based capital levels.

(a)

Risk-based capital test.

(b)

Considerations.

(c)

Risk-based capital level.

(d)

Specified contents.

(e)

Availability of model. 2279bb-2. Minimum capital level.

(a)

In general.

(b)

Transition period. 2279bb-3. Critical capital level. 2279bb-4. Enforcement levels.

(a)

In general.

(b)

Discretionary classification.

(c)

Quarterly determination.

(d)

Notice.

(e)

Implementation. 2279bb-5. Mandatory actions applicable to level II.

(a)

Capital restoration plan.

(b)

Restriction on dividends.

(c)

Reclassification from level II to leve

III.

(d)

Effective date. 2279bb-6. Supervisory actions applicable to level III.

(a)

Mandatory supervisory actions.

(b)

Discretionary supervisory actions.

(c)

Effective date. 2297bb-7. Recapitalization of Corporation.

(a)

Mandatory recapitalization.

(b)

Raising core capital.

(c)

Limitation on growth of total assets.

(d)

Enforcement. PART C - RECEIVERSHIP, CONSERVATORSHIP, AND LIQUIDATION OF FEDERA

AGRICULTURAL MORTGAGE CORPORATION

2279cc. Conservatorship; liquidation; receivership.

(a)

Voluntary liquidation.

(b)

Involuntary liquidation.

(c)

Appointment of conservator or receiver.

(d)

Judicial review of appointment.

(e)

General powers of conservator or receiver.

(f)

Borrowings for working capital.

(g)

Agreements against interests of conservator or receiver.

(h) Report to Congress.

(i)

Termination of authorities

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in sections 1786, 1818 of this title; title 15 sections 1607, 1691c, 6505, 6809, 6827; title 18 section 1030; title 42 section 9601

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