### Question
How does PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM define borrower stock?


### Answer
Under *12 U.S.C. § 2162*, **borrower stock** is defined as:

> voting and nonvoting stock, equivalent contributions to a guaranty fund, participation certificates, allocated equities, and other similar equities that are subject to retirement under a revolving cycle issued by any System institution and held by any person other than any System institution

#### Citation:
  - *12 U.S.C. § 2162*
  - Heading: **CHAPTER 23-FARM CREDIT SYSTEM > SUBCHAPTER IV-PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM > Part A-Funding**

