# § 2279c. Equalization of loan-making powers of certain district associations
**(a)** **Equalization of loan-making powers**
**(1)** **In general**
**(A)** **Federal land bank associations** January 1, 2007
Subject to paragraph (2), any association that owns a Federal land bank association authorized as of , to make long-term loans under subchapter I in its chartered territory within the geographic area described in subsection (b) may make short- and intermediate-term loans and otherwise operate as a production credit association under subchapter II within that same chartered territory.
**(B)** **Production credit associations** January 1, 2007
Subject to paragraph (2), any association that under its charter has subchapter I lending authority and that owns a production credit association authorized as of , to make short- and intermediate-term loans under subchapter II in the geographic area described in subsection (b) may make long-term loans and otherwise operate, directly or through a subsidiary association, as a Federal land bank association or Federal land credit association under subchapter I in the geographic area.
**(C)** **Farm Credit Bank** section 2252(a) of this titleJanuary 1, 2007
Notwithstanding , the Farm Credit Bank with which any association had a written financing agreement as of , may make loans and extend other comparable financial assistance with respect to, and may purchase, any loans made under the new authority provided under subparagraph (A) or (B) by an association exercising such authority.
**(2)** **Required approvals** An association may exercise the additional authority provided for in paragraph (1) only after the exercise of the authority is approved by—
**(A)** the board of directors of the association; and
**(B)** a majority of the voting stockholders of the association (or, if the association is a subsidiary of another association, the voting stockholders of the parent association) voting, in person or by proxy, at a duly authorized meeting of stockholders in accordance with the process described in section 2279e of this title.
**(b)** **Applicability** 12 U.S.C. 2011Public Law 100–233
This section applies only to associations the chartered territory of which was within the geographic area served by the Federal intermediate credit bank immediately prior to its merger with a Farm Credit Bank under section 410(e)(1) of the Agricultural Credit Act of 1987 ( note; ).
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**Source Credit**: (Pub. L. 92–181, title VII, § 7.7, as added Pub. L. 110–234, title V, § 5407(a), May 22, 2008, 122 Stat. 1159, and Pub. L. 110–246, § 4(a), title V, § 5407(a), June 18, 2008, 122 Stat. 1664, 1921.)
## Editorial Notes
### Codification
and enacted identical sections. was repealed by .
### Prior Provisions
A prior section 2279c, .7, as added , , ; amended , (j), , , related to mergers of unlike associations, prior to renumbering as section 7.6(d) of and transfer to .
## Statutory Notes and Related Subsidiaries
### Effective Date
Enactment of this section and repeal of by effective , the date of enactment of , except as otherwise provided, see , set out as a note under , Agriculture.
Section effective , see , set out as an Effective Date of 2008 Amendment note under .