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U.S. Code as of:
01/19/04
Section 1148. Regional agricultural credit corporations; creation; capital; management; loans; rediscounts; supervision
The Farm Credit Administration is authorized to create in any of
the twelve farm credit districts where it may deem the same to be
desirable a regional agricultural credit corporation with a paid-up
capital of not less than $3,000,000, to be subscribed for by the
Farm Credit Administration and paid for out of the unexpended
balance of the amounts allocated and made available to the
Secretary of Agriculture under section 2 of the Reconstruction
Finance Corporation Act. Such corporations shall be managed by
officers and agents to be appointed by the Farm Credit
Administration under such rules and regulations as it may
prescribe. Such corporations are authorized and empowered to make
loans or advances to farmers and stockmen, the proceeds of which
are to be used for an agricultural purpose (including crop
production), or for the raising, breeding, fattening, or marketing
of livestock, to charge such rates of interest or discount thereon
as in their judgment are fair and equitable, subject to the
approval of the Farm Credit Administration, and to rediscount with
the Farm Credit Administration and the various Federal reserve
banks and Federal intermediate credit banks any paper that they
acquire which is eligible for such purpose. All expenses incurred
in connection with the operation of such corporations shall be
supervised and paid by the Farm Credit Administration under such
rules and regulations as its board of directors may prescribe.
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