Page:United States Statutes at Large Volume 101 Part 3.djvu/333

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1631

"(11) buy and sell obligations of or insured by the United States or of any agency thereof or of any banks of the Farm Credit System and buy from and sell to such banks, interests in loans and in other Hnancial assistance extended and nonvoting stock, as may be authorized by the Farm Credit Bank in accordance with regulations of the Farm Credit Administration; "(12) borrow money from the Farm Credit Bank, and with the approval of such bank, borrow from and issue notes or other obligations to any commercial bank or other financial institution; "(13) make and participate in loans, accept advance payments, and provide services and other assistance as authorized in this subtitle and charge fees therefor, and when authorized by the bank participate with one or more other Farm Credit System institutions in loans made under this title or other titles of this Act on the basis prescribed in section 4.18 of this Act; "(14) endorse and become liable on loans discounted or pledged to the Farm Credit Bank; "(15) as may be authorized by the Farm Credit Bank in accordance with regulations of the Farm Credit Administration, agree with other Farm Credit System institutions to share loan or other losses, whether to protect against capital impairment or for any other purpose; "(16) prescribe by the board of directors of the association the bylaws not inconsistent with law providing for— "(A) the classes of association stock and the meinner in which the stock shall be issued, transferred, and retired; "(B) the officers and employees elected or provided for; "(C) the property acquired, held, and transferred by the association; and "(D) the general business conducted, and the privileges granted to the association by law exercised and enjoyed; "(17) elect by the board of directors of the association a manager or other chief executive officer, and provide for such other officers or employees as may be necessary, including joint employees as provided in this Act, define their duties, and require surety bonds or make other provisions against losses occasioned by employees, but no director shall, within one year after the date when such director ceases to be a member of the board, be elected or designated a salaried employee of the association on the board of which he served; "(18) elect by the board of directors of the association a loan committee with power to approve applications for membership in the association and loans or participations or, with the approval of the bank, delegate the approval of applications for membership and loans or participations within specified limits to other committees or to authorized officers and employees of the association; "(19) perform any functions delegated to the association by the bank; and "(20) exercise by the board of directors or authorized officers or employees of the association, all such incidental powers as may be necessary or expedient to carry on the business of the association.

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