Statute: 1971 ACT AS AMENDED
Title: Title III Banks for Cooperatives
Subtitle: Part B United and National Bank for Cooperatives
U.S. Code Citation: 12 U.S.C. 2141
Part B—United and National Banks for Cooperatives
12 U.S.C. 2141 SEC. 3.20. CHARTER, POWERS, AND OPERATION.
(a) CHARTER. The National Bank for Cooperatives or the United Bank for Cooperatives, as the case may be (hereinafter in this part referred to as the "consolidated bank"), established under section 413 of the Agricultural Credit Act of 1987, shall be a federally chartered instrumentality of the United States and an institution of the Farm Credit System.
(b) POWERS. The consolidated bank and the board of directors of such bank shall have all of the powers, rights, responsibilities, and obligations of the district banks for cooperatives and the Central Bank for Cooperatives and the boards of directors of such bank except as otherwise provided for in this Act.
(c) OPERATION. The consolidated bank shall be organized and operated on a cooperative basis.
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