Page:United States Statutes at Large Volume 99 Part 2.djvu/572

 99 STAT. 1682

PUBLIC LAW 99-205—DEC. 23, 1985

"(2) Vacancies on the Board shall be filled in the same manner as the vacant position was previously filled. 12 USC 2216c.

Records. 12 USC 2216d.

12 USC 2216e.

12 USC 2216f.

Securities.

contracts. contracts.

Real property. Gifts and property.

Securities.

Insurance. Contracts.

"SEC. 4.28D. COMPENSATION OF BOARD MEMBERS.—Members of the

board of directors of the Capital Corporation shall receive compensation, including reasonable allowances for necessary expenses, in attending meetings of the board. The compensation shall not be in excess of the level set by the Farm Credit Administration. "SEC. 4.28E. BOARD PROCEDURES.—The board of directors of the Capital Corporation shall adopt such rules as it may deem appropriate for the transaction of its business and shall keep permanent and accurate records and minutes of its acts and proceedings. "SEC. 4.28F. CHIEF EXECUTIVE OFFICER OF THE CORPORATION.—The chief executive officer of the Capital Corporation shall be selected by the board of directors of the Capital Corporation, subject to the approval of the Farm Credit Administration, and shall serve at the pleasure of the board. "SEC. 4.28G. GENERAL CORPORATE POWERS.—(a) The Capital Corporation shall be a body corporate and, subject to regulation by the Farm Credit Administration, 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) provide for one or more vice presidents, a secretary, a treasurer, and such other officers, employees, and agents, as may be necessary, define their duties, and require surety bonds or make other provisions against losses occasioned by acts of such persons; "(4) prescribe by its board of directors its bylaws, not inconsistent with law, which shall provide for the classes of its stock and the manner in which its stock shall be issued, transferred, and retired; the manner in which its officers, employees, and agents are selected; its property is acquired, held, and transferred; its loans, commitments, and other financial assistance are made; its general business is conducted; and the privileges granted by law are exercised and enjoyed; "(5) enter into contracts and make advance, progress, or other payments with respect to such contracts; "(6) contract with System institutions for local administration, servicing, and restructuring of loan and loan-related assets and management of acquired properties of the Corporation; "(7) sue and be sued in its corporate name and complain and defend, in any court of competent jurisdiction, State or Federal; "(8) acquire, hold, lease, mortgage, or dispose of, at public or private sale, real and personal property, and guarantee, sell, or exchange any securities or obligations, and otherwise exercise all the usual incidents of ownership of property necessary and convenient to its business; "(9) authorize, through its board of directors, the issuance and sale of obligations, including notes, bonds, debentures, capital notes, and voting or nonvoting securities, to the Secretary of the Treasury or the Farm Credit Administration, under such terms and conditions as shall be determined; "(10) obtain insurance against loss; "(11) modify or consent to modification with respect to the rate of interest, time of payment of any installment of principal or interest, security, or any other term of any contract or

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