12 USC § 2141 - Charter, powers, and operation

---
identifier: "/us/usc/t12/s2141"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 2141 - Charter, powers, and operation"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "2141"
section_name: "Charter, powers, and operation"
chapter_number: 23
chapter_name: "FARM CREDIT SYSTEM"
subchapter_number: "III"
subchapter_name: "BANKS FOR COOPERATIVES"
part_number: "B"
part_name: "National Banks for Cooperatives"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 92–181, title III, § 3.20, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1642; amended Pub. L. 100–399, title IV, § 407(a), (b), Aug. 17, 1988, 102 Stat. 1000; Pub. L. 115–334, title V, § 5411(13), Dec. 20, 2018, 132 Stat. 4680.)"
---


# § 2141. Charter, powers, and operation

**(a)** **Charter** The National Bank for Cooperatives (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** 12 U.S.C. 2121Public Law 100–233

The consolidated bank and the board of directors of such bank shall have all of the powers, rights, responsibilities, and obligations of the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 ( note; ) and the boards of directors of such banks, except as otherwise provided for in this chapter.

**(c)** **Operation** The consolidated bank shall be organized and operated on a cooperative basis.

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**Source Credit**: (Pub. L. 92–181, title III, § 3.20, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1642; amended Pub. L. 100–399, title IV, § 407(a), (b), Aug. 17, 1988, 102 Stat. 1000; Pub. L. 115–334, title V, § 5411(13), Dec. 20, 2018, 132 Stat. 4680.)

## Editorial Notes

### References in Text

Section 413 of the Agricultural Credit Act of 1987, referred to in subsecs. (a) and (b), is , which is set out as a note under .

### Amendments

2018—Subsec. (a). , struck out “or the United Bank for Cooperatives, as the case may be” after “National Bank for Cooperatives”.

Subsec. (b). , substituted “the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 ( note; )” for “the district banks for cooperatives and the Central Bank for Cooperatives”.

1988—Subsec. (a). , struck out “in this section” after “referred to” and inserted “, established under section 413 of the Agricultural Credit Act of 1987,” before “shall”.

Subsec. (b). , inserted “except” before “as otherwise”.

## Statutory Notes and Related Subsidiaries

### Effective Date of 1988 Amendment

Amendment by  effective as if enacted immediately after enactment of , which was approved , see , set out as a note under .