Page:United States Statutes at Large Volume 62 Part 1.djvu/1101

 62 STAT.] 80TH CONG., 2D SESS.-CH. 704-JUNE 29, 1948 against the Corporation shall be allowed unless it shall have been brought within four years after the right accrued on which suit is brought. All suits against the Corporation shall be tried by the court without a jury. Notwithstanding any other provision of this Act, the Federal Tort Claims Act (Public Law 601, Seventy-ninth Con- 60stat. gres) shall be applicable to the Corporation. Any suit by or against s22, a31-s the United States as the real party in interest based upon any claim by SApp IP or against the Corporation shall be subject to the provisions of this subsection (c) to the same extent as though such suit were by or against the Corporation. (d) May adopt, amend, and repeal bylaws, rules, and regulations Rul es a governing the manner in which its business may be conducted and the tio powers vested in it may be exercised. (e) Shall have all the rights, privileges, and immunities of the Pr ority, United States with respect to the right to priority of payment with with respe respect to debts due from insolvent, deceased, or bankrupt debtors. The Corporation may assert such rights, privileges, and immunities in any suit, action, or proceeding. (f) Shall be entitled to the use of the United States mails in the Useofu. same manner and upon the same conditions as the executive depart- ments of the Federal Government. (g) May enter into and carry out such contracts or agreements as Contracts are necessary in the conduct of its business. State and local regula- ments. tory laws or rules shall not be applicable with respect to contracts or agreements of the Corporation or the parties thereto to the extent that such contracts or agreements provide that such laws or rules shall not be applicable, or to the extent that such laws or rules are inconsistent with such contracts or agreements. (h) May contract for the use, in accordance with the usual customs Acquisitih of trade and commerce, of plants and facilities for the physical han- erty' dling, storage, processing servicing, and transportation of the agri- cultural commodities subject to its control. Except as provided in section 16, the Corporation shall not have power to acquire or lease Poe,P.U any such plant or facility or to acquire or lease real property or any interest therein, except that it may rent or lease office space necessary for the conduct of its business and it may continue to lease (by renew- ing or extending existing leases or entering into new leases) property leased by it on the date of the enactment of this Act. (i) May borrow money subject to any provision of law applicable morro to the Corporation: Provided, That the total of all money borrowed Limitatioi by the Corporation, other than trust deposits and advances received on sales, shall not at any time exceed in the aggregate $4,750,000,000. The Corporation shall at all times reserve a sufficient amount of its authorized borrowing power which, together with other funds avail- able to the Corporation, will enable it to purchase, in accordance with its contracts with lending agencies, notes, or other obligations evidencing loans made by such agencies under the Corporation's programs. (j) Shall determine the character of and the necessity for its obli- gations and expenditures and the manner in which they shall be incurred, allowed, and paid. (k) Shall have authority to make final and conclusive settlement ettlem and adjustment of any claims by or against the Corporation or the . accounts of its fiscal officers. (1) May make such loans and advances of its funds as are necessary La in the conduct of its business. (m) Shall have such powers as may be necessary or appropriate for the exercise of the powers specifically vested in the Corporation, and all such incidental powers as are customary in corporations gen- erally; but any research financed by the Corporation shall relate to 1071 42. c. if 921, 14, 941-946; 31. 1008. ad regula- ,f payment it to debts. S. mails. s or agree- in of prop- 1075 wing of n. >ent of

�