Page:United States Statutes at Large Volume 101 Part 3.djvu/326

 101 STAT. 1624

PUBLIC LAW 100-233—JAN. 6, 1988

SIC;" •JStiJivi

the exercise by such associations of the functions vested in or xf delegated to them; •m "(14) deposit the securities and current funds of the bank with any member bank of the Federal Reserve System or any insured State nonmember bank as defined in section 3 of the Federal i^ Deposit Insurance Act and pay fees and receive interest on such as may be agreed, and when designated for that purpose by the ^_,^, ^ ^,. Secretary of the Treasury, such bank— "(A) shall be a depository of public money, except receipts , ^ ^ ', from customs, under such regulations as may be prescribed yV.,-. by the Secretary; "(B) may be employed as a fiscal agent of the Government; and n:n,.r "(^^ shall perform all such reasonable duties as a deposi'"''' "" tory of public money or financial agent of the Government as may be required of such bank; except that no Government funds deposited under the provisions of this paragraph shall be invested in loans or bonds or other obligations of the bank; "(15) buy and sell obligations of, or insured by, the United States or any agency thereof, or securities backed by the full faith and credit of any such agency, and make other investments as may be authorized under regulations issued by the Farm Credit Administration; "(16) sell to lenders that are not Farm Credit System institutions interests in loans, and buy from and sell to Farm Credit -: >; System institutions interests in loans and other extensions of credit, and nonvoting stock as may be authorized under regulaS' tions issued by the Farm Credit Administration; "(17) conduct studies and make and adopt standards for lend-;r« ing; "(18) delegate to Federal land bank associations such functions as the bank determines appropriate; Contracts. "(19) amend and modify loan contracts, documents, and payment schedules, and release, subordinate, or substitute security for any of such items; tr "(20) for loans made by the bank, require associations to endorse notes and other obligations of borrowers from the bank; "(21) exercise through the board of directors or authorized i» officers, employees, or agents of the bank, all such incidental powers as may be necessary or expedient to carry on the hi.-i: business of the bank; >i "(22) accept contributions to the capital of the bank from associations and account for such as authorized by the Farm Credit Administration; and "(23) as may be authorized by the board of directors of the bank and approved by the Farm Credit Administration Board, agree with other Farm Credit System institutions to share loan and other losses, whether to protect against capital impairment or for any other purpose. 12 USC 2014.

"SEC. 1.6. FARM CREDIT BANK CAPITALIZATION.

"In accordance with section 4.3A, the Farm Credit Banks shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization of the bank and the manner in which bank stock shall be issued, held, transferred, and retired and bank earnings distributed.

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