Domestic lending.

CFR · 2024-01-01 · US · Title 12

(a) (1) (i) Process, prepare for market, handle, or market farm or aquatic products; (ii) Purchase, test, grade, process, distribute, or furnish farm or aquatic supplies; or (iii) Furnish business and financially related services to its members. (2) (3) (4) (5) (b) (i) Unless the bank's board of directors establishes by resolution a higher voting control threshold for any type of cooperative, the percentage of voting control of the cooperative held by farmers, ranchers, producers or harvesters of aquatic products, or cooperatives shall be 80 percent except: (A) Sixty (60) percent for a service cooperative; (B) Sixty (60) percent for local farm supply cooperatives that have historically served the needs of a community that would not be adequately served by other suppliers and have experienced a reduction in the percentage of membership by agricultural or aquatic producers due to changed circumstances beyond their control; and (C) Sixty (60) percent for local farm supply cooperatives that provide or will provide needed services to a community, and are or will be in competition with a cooperative specified in § 613.3100(b)(1)(i)(B); (ii) The cooperative deals in farm or aquatic products, or products processed therefrom, farm or aquatic supplies, farm or aquatic business services, or financially related services with or for members in an amount at least equal in value to the total amount of such business it transacts with or for non-members, excluding from the total of member and

official document · source cfr-2024 · id 12:§ 613.3100