Statute: 1971 ACT AS AMENDED
U.S. Code Citation: 12 U.S.C. 2002
12 U.S.C. 2002 SEC. 1.2. THE FARM CREDIT SYSTEM.—
(a) COMPOSITION.—The Farm Credit System shall include the Farm Credit Banks, the Federal land bank associations, 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 regulation by the Farm Credit Administration.
(b) FARM CREDIT DISTRICTS.—There shall be not more than twelve farm credit districts in the United States, which may be designated by number, one of which districts shall include the Commonwealth of Puerto Rico and one of which districts may, if authorized by the Farm Credit Administration, include the Virgin Islands of the United States: Provided, that the extension of credit and other services authorized by this Act in the Virgin Islands of the United States shall be undertaken only if determined to be feasible under regulations of the Farm Credit Administration. The boundaries of the twelve farm credit districts existing on the date of enactment of this Act may be readjusted from time to time by the Farm Credit Administration, with the concurrence of the boards of the bank in each district involved. Two or more districts may be merged as provided in section 5.17(a)(2).
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