Page:United States Statutes at Large Volume 85.djvu/614

 584

PUBLIC LAW 92-181-DEC. 10, 1971 SEC.

Prohibition.

1.4.

[85 STAT.

CoKPOKATE E X I S T E N C E; GENERAL COKPOKATE P O W E R S. —

Each Federal land bank shall be a body corporate and, subject to supervision by the Farai Credit Administration, shall have 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. (4) Sue and be sued. (5) Acquire, hold, dispose, and otherwise exercise all the usual incidents of ownership of real and personal property necessary or con\ enient to its business. (6) Make loans and commitments for credit, accept advance payments, and provide services and other assistance as authorized in this Act, and charge fees therefor. (7) Operate under the direction of its board of directors. (8) Elect by its board of directors a president, any vice president, a secretary, a treasurer, and provide for such other officers, employees, and agents as may be necessary, including joint employees as proN'ided in this Act, define their duties, and require surety bonds or make other provision against losses occasioned by employees. (9) Prescribe by its board of directors its bylaws not inconsistent with law providing for the classes of its stock and the manner in which its stock shall be issued, transferred, and retired; its officers, employees, and agents are elected or provided for; its property acquired, held, and transferred; its loans and appraisals made; its general business conducted; and the privileges granted it by law exercised and enjoyed. (10) Borrow money and issue notes, bonds, debentures, or other obligations individually, or in concert with one or more other banks of the System, of such characte: terms, conditions, and rates of interest as may be determined. (11) Accept deposits of securities or of current funds from its Federal land bank associations and pay interest on such funds. (12) Participate with one or more other Federal land banks in loans under this title on such terms as may be agreed upon among such banks. (13) Approve the salary scale of the officers and employees of the Federal land bank associations and the appointment and compensation of the chief executive officer thereof and supervise the exercise by such associations of the functions vested in or delegated to them. (14) Deposit its securities and its current funds with any member bank of the Federal Reserve System and pay fees therefor and receive interest thereon as may be agreed. When designated for that purpose by the Secretary of the Treasury, it shall be a depository of public money, except receipts from customs, under such regulations as may be prescribed by the Secretary; may be employed as a fiscal agent of the Government, and shall perform all such reasonable duties as a depository of public money or financial agent of the Government as jj^a^y ]jQ required of it. No Government funds deposited under the provisions of this subsection shall be invested in loans or bonds or other obligations of the bank. (15) Buy and sell obligations of or insured by the United States or of any agency thereof, or securities backed by the full faith and credit of any such agency, and make such other investments as may be authorized by the Farm Credit Administration. (16) Conduct studies and make and adopt standards for lending. (17) Delegate to Federal land bank associations such functions vested in or delegated to the bank as it may determine. (18) Amend and modify loan contracts, documents, and payment schedules, and release, subordinate, or substitute security for any of them.

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