Page:United States Statutes at Large Volume 50 Part 1.djvu/553

 528 Bylaws. Franking privilege. Po wers veste d in Corporation. Injuries to Govern- ment employees ; ben- efits of Act extended to. 39 Stat.742. 5U.S.C.•751. Depositories. Corporation ' etc., to be tax exempt . Accounts. Secretary and Cor- poration. Administrative powers. Per sonne l pro vi- sions. 75Tx CONGRESS, 1sT SESSION-CH. 5 1 7JULY 22, 1937 (4) May adopt, amend, and repeal bylaws, rules, and regula- tions governing the manner in which its business may be con- ducted and the powers vested in it may be exercised and enjoyed ; (5) Shall be entitled to the free use of the United States mails in the same manner as other executive agencies of the Govern- ment ; (6) Shall have s uch powers as may be necessary or appropriate for the exercise of the powers vested in the Corporation (includ- ing, but subject to the limitations of this Act, the power to make contracts, and to purchase or lease, and to hold or dispose of, such real and personal property as it deems necessary) and all such incidental powers as are customary in corporations generally. The Board shall define the authority and duties of the off icers and employe es of the Corporat ion, delegate to them such of the powers vested in the Corporation as it may determine, and require bonds of such of them as it may designate and fix the penalties and pay the premiums of such bonds. (g) Insofar as applicable, the benefits of the Act entitled "An Act to provide compens ation for employe es of the United S tates suffering injuries while in the performance of their duties, and for other pur- poses", approved September 7, 1916, as amended, shall extend to employees of the Corporation. (h) All mone y of the Cor porat ion not othe rwise emp loye d ma y be deposited with the Treasurer of the United States or in any bank approve d by th e Secre tary of the Tr easury, subje ct to w ithdraw al by the Corporation at any time, or with the approval of the Secre- tary of the Treasury may be invested in obligations of the United States. Subject to the approval of the Secretary of the Treasury, the Federal Reserve banks are hereby authorized and directed to act as depositories, custodians, and fiscal agents for the Corporation in the performance of its powers. (i) The Corporation, including its franchises, its capital, reserves, and surplus and its income and property shall, except as otherwise provided in section 50 (a), be exempt from all taxation now or here- after imposed by the United States or any State, Territory, District, dependency, or political subdivision. (j) The Corporation shall at all times maintain complete and acc urate books of ac count and shall f ile annually with the Secretary a complete report as to the business of the Corporation. ADMIN ISTR ATIVE POWE RS OF SEC RETAR Y AND COR PORAT ION SEC. 41 . For the purposes of this Act, the Secretary shall have po wer to- (a) Appoint (without regard to the civil-service laws and regu- lations) and fix the compensation of such officers and employees as may be necessary. No person (except as to positions requiring technical training and experience for which no one possessing the requisite technical training and experience is available within the area) shall be appointed or transferred under this Act to any posi- tion in an office in a State or Territory the operations of which are confined to such State or Territory or a portion thereof, or in a regional office outside the District of Columbia the operations of which extend to more than one, or portions of more than one, State or Territory, unless such person has been an actual and bona-fide resident of the State or Territory, or region, as the case may be, in which such office is l ocated, for a peri od of not less th an one year next preceding the appointment or transfer to such position (disre- ga rding p eriods of resi dence o utside such S tate or Territ ory, or region, as the case may be, while in the Federal Government serv-