Page:United States Statutes at Large Volume 85.djvu/613

 85 STAT. ]

PUBLIC LAW 92-181-DEC. 10, 1971

583

Public Law 92-181 AN ACT

December 10,197 1

To further provide for the farmer-owned cooperative system of making credit available to farmers and ranchers and their cooperatives, for rural residences, and to associations and other entities upon which farming operations are dependent, to provide for an adequate and flexible flow of money into rural areas, and to modernize and consolidate existing farm credit law to meet current and future rural credit needs, and for other purposes.

[S. 1483]

Be it enacted by the Senate and House of RepresentatloeH of the United States of America in Congress assembled, That this Act may be cited as the "Farm Credit Act of 1971'',

Farm Credit Act of 1971.

POLICY A N D OBJECTIVI-:jS

SEC. 1.1 (a) It is declared to be the policy of the Congress, recognizing that a prosperous, productive agriculture is essential to a free nation and recognizing the growing need for credit in rural areas, that the farmer-owned cooperative Farm Credit System be designed to accomplish the objective of improving the income and well-being of American farmers and ranchers by furnishing sound, adequate, and constructive credit and closely related services to them, their cooperatives, and to selected farm-related businesses necessary for efficient farm operations. (b) I t is the objective of this Act to continue to encourage farmerand rancher-borrowers participation in the management, control, and ownership of a permanent system of credit for agriculture which w411 be responsive to the credit needs of all types of agricultural producers having a basis for credit, and to modernize and improve the authorizations and means for furnishing such credit and credit for housing in rural areas made available through the institutions constituting the Farm O e d i t System as herein provided. SEC. 1.2. THE FARM CREDIT SYSTEM.—The Farm O e d i t System shall include the Federal land banks, the Federal land bank associations, the Federal intermediate credit banks, the production credit associations, the banks for cooperatives, and such other institutions as may be made a part of the System, all of which shall be chartered by and subject to the supervision of the Farm Credit Administration. TITLE I — FEDERAL LAND B A N K S A N D ASSOCIATIONS PART A—FEDERAL LAND BANKS SEC, 1.3, ESTABLISHMENT; TITLE; BRANCHES.—The Federal land

banks established pursuant to section 4 of the Federal F a r m Loan Act, as amended, shall continue as federally chartered instrumentalities of the Ignited States. Their chaiters or organization certificates may be modified from time to time by the Farm Ci'edit Administration, not inconsistent with the provisions of this title, as may be necessary or expedient to implement this Act. Unless an existing Federal land bank is merged with one or more other such banks under section 4.10 of this Act, there shall be a Federal land bank in each farm credit district. It may 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, it may establish such branches or other offices as may be appropriate for the effective operation of its business.

Post,

p. 624.

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