Page:United States Statutes at Large Volume 101 Part 3.djvu/325

 PUBLIC LAW 100-233—JAN. 6, 1988 "SEC. 1.5. GENERAL CORPORATE POWERS.

101 STAT. 1623 12 USC 2013.

"Each Farm Credit Bank shall be a body corporate and, subject to regulation by the Farm Credit Administration, shall have power to— "(1) adopt and use a corporate seal; "(2) have succession until dissolved under the provisions of this Act or other Act of Congress; "(3) make contracts; Contracts. "(4) sue and be sued; "(5) acquire, hold, dispose, and otherwise exercise all the usual incidents of ownership of real and personal property necessary or convenient to its business; "(6) make, participate in, and discount loans, make commitments for credit, accept advance payments, and provide services as authorized in this Act, and charge fees for such; "(7) operate under the direction of its board of directors; "(8) provide by its board of directors for a president, one or more vice presidents, a secretary, a tresisurer, and provide for such other officers, employees, and agents as may be necessary, as provided in this Act, define their duties, and require surety bonds or make other provision against losses occasioned by employees; "(9) prescribe by its board of directors— "(A) the bylaws of such bank that shall not be inconsistent with law, providing for the classes of the stock of the bank and the manner in which such stock shall be issued, transferred, and retired; "(B) the officers, employees, and agents of the bank as provided for; "(C) the property of the bank acquired, held, and transferred; "(D) the loans and discounts made by the bank; "(E) the general business conducted by the bank; and "(F) the privileges granted to the bank by law exercised and enjoyed; "(10) borrow money and issue notes, bonds, debentures, or other obligations individually, or in concert with one or more other banks of the System, of such character, terms, conditions, and rates of interest as may be determined as provided for in this Act; "(11) purchase nonvoting stock in, or pay in surplus to, and accept deposits or securities of funds from associations in its district, and pay interest on such funds; "(12) participate with— "(A) one or more other Farm Credit Banks in loans under this title on such terms as may be agreed on among such banks; "(B) participate with one or more other Farm Credit System institutions in loans made under this title or other titles on the basis prescribed in section 4.18; and "(C) participate with lenders that are not Farm Credit System institutions in loans that the bank is authorized to make under this title; "(13) approve the salary scale of the officers and employees of the associations in its district, and the appointment and compensation of the chief executive officer thereof, and supervise

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