Page:United States Statutes at Large Volume 92 Part 3.djvu/1090

 92 STAT. 3722

PUBLIC LAW 95-630—NOV. 10, 1978 "POWERS OF THE ADMINISTRATOR

12 USC 1795f.

"SEC. 307. The Administrator on behalf of the Facility shall have the ability to— "(1) prescribe the manner in which the general business of the Facility shall be conducted; Rules and chapter; to carry out this subchapter, and the expenditures incurred by the Facility to carry out subchapters I and II of this chapter, and v.rr annually assess the Facility and the Administration accordingly; " (4) borrow from— ,,;. " (A) any source, provided that the total face value of these obligations shall not exceed twelve times the subscribed capir' iA(f>!' j tal stock and surplus of the Facility; and, J,', "(B) the National Credit Union Share Insurance Fund up ,,: to $500,000 to defray initial organizational and operating expenses of the Facility at such rates and terms consistent uw. with prevailing market conditions; "(5) guarantee performance of the terms of any financial obligation of a member but only when such obligation bears a clear ^, and conspicuous notice on its face that only the resources of the Facility underlie such guarantee; "(6) purchase any asset from a member with the member's endorsement; "(7) invest in obligations of the United States or any agency thereof; "(8) make deposits in federally insured financial institutions and make investments in shares or deposits of credit unions; "(9) sue and be sued, complain, and defend, in any State or Federal court; r,.'!:, •••(' |'>, " (10) adopt a seal; .'"V": 'j-M s\ "(11) pursue to final disposition by way of compromise or otherwise claims both for and against the United States (other ., than tort claims, claims involving administrative expenses, and claims in excess of $5,000 arising out of contracts for construction, repairs, and the purchase of supplies and materials) which are not in litigation and have not been referred to the Department of Justice; •^^j "(12) appoint officers and employees to assist in carrying out 'i, this subchapter, who shall be appointed subject to the provisions ,,,' of title 5, United States Code; 'j4, "(13) conduct business, carry on operations, have offices, and „.^' exercise the powers granted by this subchapter in any State or territory; ,! r:s-»;VittsO ' "(1'^) lease, purchase, or otherwise acquire and own, hold, improve, use, or otherwise deal in and with property, real, personal, or mixed, or any interest therein, wherever situated; Contracts. "(15) enter into contracts with any public or private organization, partnership, corporation, or individual, to the extent or in such amounts as are provided in advance in appropriation Acts; and "(16) advance funds on a fully secured basis to a State credit ^^ union share or deposit insurance corporation, guaranty credit union, or guaranty asso*ation. Such advance shall not exceed twelve months in maturity, shall be relent at an interest rate not exceeding that imposed by the Facility, and shall not be renewable.
 * -* "(2) prescribe rules and regulations to carry out this subregulations,
 * ,; I " (3) determine the expenditures incurred by the Administration

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