12 U.S.C. § 2141 - U.S. Code - Unannotated Title 12. Banks and Banking § 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

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 (12 U.S.C. 2121 note; Public Law 100-233) 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.