{"data":{"id":"us/12-cfr-651.1","jurisdiction":"us","citation":"12 CFR 651.1","heading":"Definitions.","body":"The following definitions apply to this part:\nAct or Authorizing statute means the Farm Credit Act of 1971, as amended.\nAffiliate means any entity established under authority granted to the Corporation under section 8.3(c)(14) of the Act.\nAgent means any person (other than a director, officer, or employee of the Corporation) who represents the Corporation in contacts with third parties or who provides professional services such as legal, accounting, or appraisal services to the Corporation.\nAppointed director means a member of the Corporation's board of directors who was appointed to the Corporation board by the President of the United States of America.\nBusiness day means a day the Corporation is open for business, excluding the legal public holidays identified in 5 U.S.C. 6103(a).\nClass A stockholders means holders of common stock in the Corporation that are insurance companies, banks, or other financial institutions or entities.\nClass B stockholders means holders of common stock in the Corporation that are Farm Credit System institutions.\nConflict-of-interest means a director, officer, or employee of the Corporation has an interest in a transaction, relationship, or activity that might adversely affect, or appear to adversely affect, the ability of the director, officer, or employee to perform his or her official duties on behalf of the Corporation in an objective and impartial manner in furtherance of the interest of the Corporation and its statutory purposes.\nCorporation means the Federal Agricultural Mortgage Corporation and its affiliates.\nDirector elections mean the process of searching for director candidates, conducting director nominations, and voting for directors.\nElected director means a member of the Corporation's board of directors who was elected by either Class A or Class B stockholders.\nEmployee means any salaried individual working part-time, full-time, or temporarily for the Corporation.\nEntity means a corporation, company, association, firm, joint venture, partnership (general or limited), society, joint stock company, trust (business or otherwise), fund, or other organization or institution.\nFCA means the Farm Credit Administration, an independent Federal agency of the executive branch.\nMaterial means conflicting interests of sufficient magnitude or significance that a reasonable person with knowledge of the relevant facts would question the ability of the person having such interest to discharge official duties in an objective and impartial manner in furtherance of the interests and statutory purposes of the Corporation.\nOfficer means the salaried president, vice presidents, secretary, treasurer, and general counsel, or other person, however designated, who holds a position of similar authority in the Corporation.\nOSMO means the FCA Office of Secondary Market Oversight, which is responsible for the general supervision of the safe and sound exercise of the Corporation's powers, functions, and duties and compliance with laws and regulations.\nOur or we means the FCA or OSMO, as appropriate to the context of the provision employing the term.\nPerson means individual or entity.\nReasonable person means a person under similar circumstances exercising the average level of care, skill, and judgment in his or her conduct.\nResolved means an actual or potential material conflict-of-interest that has been altered so that a reasonable person with knowledge of the relevant facts would conclude that the conflicting interest would not adversely affect the person's performance of official duties in an objective and impartial manner and in furtherance of the interests and statutory purposes of the Corporation.\nSigned, when referring to paper form, means a manual signature, and, when referring to electronic form, means marked in a manner that authenticates each signer's identity.","path":["Title 12—Banks and Banking","CHAPTER VI—FARM CREDIT ADMINISTRATION","SUBCHAPTER B—FARM CREDIT SYSTEM","PART 651—FEDERAL AGRICULTURAL MORTGAGE CORPORATION GOVERNANCE","Subpart A—General"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"6cd0efacc753e4ad683b026a16046da27899dccca447e2dd54ae6ce583a9535e","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-650.80","next":"us/12-cfr-651.2"},"notice":"GroundRules: Original legal text. Not legal advice."}