Page:United States Statutes at Large Volume 101 Part 3.djvu/332

 101 STAT. 1630 ui

PUBLIC LAW 100-233—JAN. 6, 1988 "(6) DENIAL OF CHARTER.—The Farm Credit Administration for good cause shown may deny the charter. "(7) APPROVAL OF ARTICLES.—On approval of the proposed

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12 USC 2072.

articles by the Farm Credit Administration, and on the issuance of a charter, the association shall become as of such date a federally chartered body corporate and an instrumentality of the United States. "(8) POWERS OF FCA,—The Farm Credit Administration shall have the power, under rules and regulations prescribed by the Farm Credit Administration or by prescribing in the terms of the charter or by approval of bylaws of the association to— "(A) provide for the organization of the association; "(B) provide for the initial amount of stock of the association; "(C) provide for the territory within which the association's operations may be carried on; and "(D) direct at any time such changes in the charter as the Farm Credit Administration finds necessary for the accomplishment of the purposes of this Act. "SEC. 2.1. BOARD OF DIRECTORS.

"Each production credit association shall elect from the voting members of such association, a board of directors of such number, for such terms, with such qualifications, and in such manner as may be required by the bylaws of the association, except that, at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, or stockholder of a System institution. 12 USC 2073.

Contracts.

"SEC. 2.2. GENERAL CORPORATE POWERS.

"Each production credit association shall be a body corporate and, subject to supervision by the Farm Credit Bank for the district and regulation by the Farm Credit Administration, shall have the power to— "(1) have succession until terminated in accordance with this Act or any other Act of Congress; "(2) adopt and use a corporate seal; "(3) make contracts; "(4) sue and be sued; "(5) acquire, hold, dispose, and otherwise exercise all of the usual incidents of ownership of real and personal property necessary or convenient to the business of the association; "(6) operate under the direction of the board of directors of the association in accordance with the provisions of this Act; "(7) subscribe to stock of the bank; "(8) purchase stock of the bank held by other production credit associations and stock of other production credit associations; "(9) contribute to the capital of the bank or other production credit associations; "(10) invest funds of the association as may be approved by the Farm Credit Bank under regulations of the Farm Credit Administration and deposit the current funds and securities of such with the Farm Credit Bank, a member bank of the Federal Reserve System, or any bank insured under the Federal Deposit Insurance Corporation, and may pay fees therefor and receive interest thereon as may be agreed; ^^^^^. ^^^^.
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