Banks for Cooperatives Law and Legal Definition
Banks for cooperatives established pursuant to sections 2 and 30 of the Farm Credit Act of 1933 are the federally chartered instrumentalities of the United States. They are a class of banks authorized and organized by the Governor of the Farm Credit Administration, the lending power of which is prescribed by statute, pertaining primarily to the making of loans to cooperative associations.
Unless an existing bank for cooperatives is merged with another bank, there will be a bank for cooperatives in each farm credit district. A bank for cooperatives will include in its title the name of the city in which it is located or other geographical designation. When authorized by the Farm Credit Administration each bank for cooperatives may establish such branches or other offices as may be appropriate for the effective operation of its business. [12 USCS § 2121].
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