Page:United States Statutes at Large Volume 87.djvu/972

 940

PUBLIC LAW 93-224-DEC. 29, 1973

[87 STAT.

be under the authority or control of the United States, the District of Columbia, the Commonwealth of Puerto Eico, or any territory or possession of the United States, or any agency or instrumentality of any of the foregoing, or any officer or officers thereof. GENERAL POWERS

SEC. 10. The Bank shall have power— (1) to sue and be sued, complain, and defend, in its corporate name; (2) to adopt, alter, and use a corporate seal, which shall be judicially noticed; (3) to adopt, amend, and repeal bylaws, rules, and regulations as may be necessary for the conduct of its business; (4) to conduct its business, carry on its operations, and have offices and exercise the powers granted by this Act in any State without regard to any qualification or similar statute in any State; (5) to lease, purchase, or otherwise acquire, own, hold, improve, use, or otherwise deal in and with any property, real, personal, or mixed, or any interest therein, wherever situated; (6) to accept gifts or donations of services, or of property, real, personal, or mixed, tangible or intangible, in aid of any of the purposes of the Bank; (7) to sell, conv^ey, mortgage, pledge, lease, exchange, and otherwise dispose of its property and assets; (8) to appoint such officers, attorneys, employees, and agents as may be required, to define their duties, to fix and to pay such compensation for their services as may be determined, subject to the civil service and classification laws, to require bonds for them and pay the premium thereof; (9) to enter into contracts, to execute instruments to incur liabilities, and to do all things as are necessary or incidental to the proper management of its affairs and the proper conduct of its business; (10) to act through any corporate or other agency or instrumentality of the United States, and to utilize the services thereof on a reimbursable basis, and any such agency or instrumentality is authorized to provide services as requested by the Bank; and (11) to determine the character of and the necessity for its obligations and expenditures, and the manner in which they shall be incurred, allowed, and paid, subject to provisions of law specifically applicable to Government corporations. EXEMPTIONS

Tax exemption.

84 Stat. 1435,

^-^(.^ n (^g^^ -phc Bank, its property, its franchise, capital, reserves, surplus, security holdings, and other funds, and its income shall be exempt from all taxation now or hereafter imposed by the United States or by any State or local taxing authority; except that (1) any real property and any tangible personal property of the Bank shall be subject to Federal, State, and local taxation to the same extent according to its value as other such property is taxed, and (2) any obligations issued by the Bank shall be subject to Federal taxation to the same extent as the obligations of private corporations are taxed. (b) All obligations issued by the Bank pursuant to this Act shall be deemed tx) be exempted securities within the meaning of section -3(a)(2) of the Securities Act of 1933 (15 U.S.C. 7 7 c (a)(2)), of section 3(a) (12) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a) (12)), and of section 304(a)(4) of the Trust Indenture Act

53 Stat. 1153;

of 1939 (15 U.S.C. 7 7 d d d (a)(4)).

84 Stat. 14?

84 Stat. 1499.

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