Page:United States Statutes at Large Volume 101 Part 3.djvu/337

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1635

"(2) the initial amount of stock of such association; "(3) the territory within which the operations of the association may be carried on; and "(4) to direct at any time changes in the charter of such association as the Farm Credit Administration finds necessary in accomplishing the purposes of this Act. "SEC. 2.11. BOARD OF DIRECTORS.

12 USC 2092.

"Each Federal land bank association shall elect from its voting shareholders a board of directors of such number, for such terms, in such manner, and with such qualifications as may be required by its bylaws 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. "SEC. 2.12. GENERAL CORPORATE POWERS.

12 USC 2093.

"Each Federal land bank sissociation shall be a body corporate and, subject to supervision of the Farm Credit Bank for the district and the regulation of the Farm Credit Administration, shall have the 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 of the usual incidents of ownership of real estate 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 this Act; "(7) elect by its board of directors 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 the duties of such, and require surety bonds or make other provision sigainst losses occasioned by employees, except that 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 gissociation on the board of which such director served; "(8) prescribe by its board of directors, association bylaws, not inconsistent with law, providing for the classes of association stock and the manner in which such stock shall be issued, transferred, and retired; the officers and employees of the association elected or provided for, the property of the Eissociation that is acquired, held, and transferred, the general business of the association conducted, and the privileges granted to the association by law exercised and enjoyed; "(9) accept applications for Farm Credit Bank loans and receive from such bank and disburse to the borrowers the proceeds of such loans; "(10) subscribe to stock of the Farm Credit Bank of the district; "(11) elect by its board of directors a loan committee with power to elect applicants for membership in the association and recommend loans to the Farm Credit Bank, or with the approval of the Farm Credit Bank, delegate the election of applicants for membership and the approval of loans within

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