§ 1040 to 1045. — Repealed.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1040]
TITLE 12--BANKS AND BANKING
CHAPTER 7--FARM CREDIT ADMINISTRATION
SUBCHAPTER III--FEDERAL INTERMEDIATE CREDIT BANKS
Issue of Debentures
Secs. 1040 to 1045. Repealed. Pub. L. 92-181, title V,
Sec. 5.26(a), Dec. 10, 1971, 85 Stat. 624
Section 1040, act Aug. 19, 1937, ch. 704, Sec. 39, 50 Stat. 718,
defined ``debenture'' and ``debentures'' as used in purchase, sale, or
use as security of debentures issued by or for benefit of intermediate
credit banks.
Section 1041, act July 17, 1916, ch. 245, title II, Sec. 203(a), as
added Mar. 4, 1923, ch. 252, title I, Sec. 2, 42 Stat. 1456; amended Ex.
Ord. No. 6084, Mar. 27, 1933; June 3, 1935, ch. 164, Sec. 6(a), 49 Stat.
315; Aug. 19, 1937, ch. 704, Sec. 27, 50 Stat. 715; July 26, 1956, ch.
741, title I, Sec. 104(f), 70 Stat. 664; Oct. 4, 1965. Pub. L. 89-237,
Sec. 1(b), 79 Stat. 922; June 18, 1968, Pub. L. 90-345, Sec. 1(a), 82
Stat. 182, empowered intermediate credit banks to borrow money and issue
and sell collateral trust debentures. See section 2074 of this title.
Section 1042, act July 17, 1916, ch. 245, title II, Sec. 203(b), as
added Mar. 4, 1923, ch. 252, title I, Sec. 2, 42 Stat. 1456; amended Ex.
Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, Sec. 28, 50 Stat.
715; Sept. 20, 1966, Pub. L. 89-595, 80 Stat. 821, directed Farm Credit
Administration to prescribe rules and regulations governing collateral
and handling thereof and to fix interest rates.
Section 1043, act July 17, 1916, ch. 245, title II, Sec. 203(c), as
added Mar. 4, 1923, ch. 252, title I, Sec. 2, 42 Stat. 1456; amended Ex.
Ord. No. 6084, Mar. 27, 1933, prohibited assumption of liability on
debentures or other obligations issued pursuant to former section 1041
of this title by the United States.
Section 1044, act July 17, 1916, ch. 245, title II, Sec. 203(d), as
added June 3, 1935, ch. 164, Sec. 6(b), 49 Stat. 315; amended July 26,
1956, ch. 741, title I, Sec. 104(f), 70 Stat. 664, authorized
intermediate credit banks to issue and sell consolidated debentures or
other similar obligations.
Section 1045, act July 17, 1916, ch. 245, title II, Sec. 203(e), as
added June 3, 1935, ch. 164, Sec. 6(b), 49 Stat. 316; amended July 26,
1956, ch. 741, title I, Sec. 104(f), 70 Stat. 664, covered investment of
fiduciary and trust funds in debentures and other similar obligations of
intermediate credit banks and security for public deposits.
