Page:United States Statutes at Large Volume 85.djvu/618

 588

PUBLIC LAW 92-181-DEC. 10, 1971

[85 STAT.

(6) Operate under the direction of its board of directors 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 their duties; and require surety bonds or make other provision against losses occasioned by employees. No director shall, within one year after the date when he ceases to be a member of the board, be elected or designated a salaried employee of the association on the board of which he served. (8) 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 and employees elected or provided for; its property acquired, held, and transferred; its general business conducted; and privileges granted it by law exercised and enj oyed. (9) Accept applications for Federal land bank loans and receive from such bank and disburse to the borrowers the proceeds of such loans. (10) Subscribe to stock of the Federal land 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 Federal land bank, or with the approval of the Federal land bank, delegate the election of applicants for membership and the approval of loans within specified limits to other committees or to authorized employees of the association. (12) Upon agreement with the bank, take such additional actions with respect to applications and loans and perform such functions as are vested by law in or delegated to the Federal land banks as may be agreed to or delegated to the association. (13) Endorse and shall become liable to the bank on loans it makes to association members. (14) Receive such compensation and deduct such sums from loan proceeds with respect to each loan as may be agreed between the association and the bank and may make such other.charges for services as may be approved by the bank. (15) Provide technical assistance to members, borrowers, applicants, and other eligible persons and make available to them, at their option, such financial related services appropriate to their operations as it determines, with Federal land bank approval, are feasible, under regulations of the F a r m Credit Administration. (16) Borrow money from the bank and, with the approval of such bank, borrow from and issue its notes or other obligations to any commercial bank or other financial institutions. (17) Buy and sell obligations of or insured by the United States or any agency thereof or of any banks of the F a r m Credit System. (18) Invest its funds in such obligations as may be authorized in regulations of the F a r m Credit Administration and approved by the bank and deposit its securities and current funds with any member bank of the Federal Reserve System, with the Federal land bank, or with any bank insured by the Federal Deposit Insurance Corporation, and pay fees therefor and receive interest thereon as may be agreed. (19) Perform such other function delegated it by the Federal land bank of the district. (20) Exercise by its board of directors or authorized officers or agents all such incidental powers as may be necessary or expedient in the conduct of its business.

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