Page:United States Statutes at Large Volume 101 Part 3.djvu/394

 101 STAT. 1692

PUBLIC LAW 100-233—JAN. 6, 1988

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Contracts.

Contracts.

Real property.

"(i) the stock shall be issued, transferred, and retired; "(ii) the officers, employees, and agents of the Corporation are selected; "(iii) the property of the Corporation is acquired, held, and transferred; "(iv) the commitments and other financial assistance of the Corporation are made; "(v) the general business of the Corporation is conducted; and i;K "(vi) the privileges granted by law to the Corporation are exercised and enjoyed; < "(8) To prescribe such standards as may be necessary to carry out this title. "(9) To enter into contracts and make payments with respect to the contracts. "(10) To sue and be sued in its corporate capacity and to complain and defend in any action brought by or against the Corporation in any State or Federal court of competent jurisdiction. "(11) To make and perform contracts, agreements, and commitments with persons and entities both inside and outside of the Farm Credit System. "(12) To acquire, hold, lease, mortgage or dispose of, at public or private sale, real and personal property, purchase or sell any securities or obligations, and otherwise exercise all the usual incidents of ownership of property necessary and convenient to the business of the Corporation. "(13) To exercise such other incidental powers as are necessary to carry out the powers, duties, and functions of the Corporation in accordance with this title. "(d)
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FEDERAL RESERVE BANKS

AS DEPOSITARIES AND FISCAL

AGENTS.—The Federal Reserve banks may act as depositaries for, or as fiscal agents or custodians of, the Corporation. "(e) ACCESS TO BOOK-ENTRY SYSTEM.—The Secretary of the Treas-

ury may authorize the Corporation to use the book-entry system of the Federal Reserve System. 12 USC

2279aa-4.

"SEC. 8.4. STOCK ISSUANCE. "(a) VOTING COMMON STOCK.—

"(1) ISSUE.—The Corporation shall issue voting common stock having such par value as may be fixed by the Board from time to time. Each share of voting common stock shall be entitled to one vote with rights of cumulative voting at all elections of directors. Voting shall be by classes as described in section 8.2(a)(9). The stock shall be divided into two classes with the same par value per share. Class A stock may be held only by entities that are not Farm Credit System institutions that are entitled to vote for directors specified in section 8.2(b)(2)(A). Class B stock may be held only by Farm Credit System institutions that are entitled to vote for directors specified in section 8.2(b)(2)(B). "(2) LIMITATION ON ISSUE.—After the date the permanent board first meets with a quorum of its members present, voting common stock of the Corporation may be issued only to originators and certified facilities. "(3) AUTHORITY OF BOARD TO ESTABLISH TERMS AND PROCE-

DURES.—The Board shall adopt such terms, conditions, and

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