Page:United States Statutes at Large Volume 92 Part 1.djvu/554

 92 STAT. 500

PUBLIC LAW 95-351—AUG. 20, 1978 offer its services throughout the United States, its territories and possessions, and in the Commonwealth of Puerto Rico. The Bank shall— (1) encourage the development of new and existing cooperatives eligible for its assistance by providing specialized credit and technical assistance; (2) maintain broad-based control of the Bank by its voting stockholders; (3) encourage broad-based ownership, control, and active participation by members in eligible cooperatives; (4) assist in improving the quality and availability of goods and services to consumers; and (5) encourage ownership of its equity securities by cooperatives and others as provided in section 104, so that the date when all of the Bank's class A stock owned by the United States has been fully redeemed (the "Final Government Equity Redemption Date") occurs as early as practicable. GENERAL CORPORATE POWERS

12 USC 3012.

31 USC 529.

SEC. 102. The Bank shall have the power to make and service loans, commitments for credit, guarantees, furnish financially related services, technical assistance and the results of research, issue its obligations within the limitations imposed by section 107 in such amounts, at such times, and on such terms as the Bank may determine, and to exercise the other powers and duties prescribed in this Act, and shall have the power to— (1) operate under the direction of its Board of Directors; (2) adopt, alter, and use a corporate seal, which shall be judicially noted; (3) elect by its Board of Directors a president, one or more vice presidents, a secretary, a treasurer, and provide for such other officers, employees, and agents as may be necessary, and define their duties in accordance with regulations and standards adopted by the Board, and require surety bonds or make other provisions against losses occasioned by acts of employees; (4) prescribe by its Board of Directors its bylaws not incon" sistent with law, which shall establish the terms of office and the procedure for election of elective members; provide in a manner not inconsistent with this Act for the classes of its stock and the manner in which its stock shall be issued, transferred, and retired; and prescribe the manner in which its officers, employees, and agents are elected or selected, its property acquired, held and transferred, its loans, commitments, other financial assistance, guarantees and appraisals may be made, its general business conducted, and the privilege granted it by law exercised and enjoyed; (5) enter into contracts and make advance, progress, or other payments with respect to such contracts, without regard to the provisions of section 3648 of the Revised Statutes; (6) sue and be sued in its corporate name and complain and defend, in any court of competent jurisdiction. State or Federal; (7) acquire, hold, lease, mortgage, or dispose of, at public or private sale, real and personal property and sell or exchange any securities or obligations, and otherwise exercise all the usual incidents of ownership of property necessary or convenient to its

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