12 U.S. Code § 1789 - Administrative provisions

(a) In carrying out the purposes of this subchapter, the Board may—
(1) make contracts;
(2) sue and be sued, complain and defend, in any court of law or equity, State or Federal. All suits of a civil nature at common law or in equity to which the Board shall be a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction thereof, without regard to the amount in controversy. The Board may, without bond or security, remove any such action, suit, or proceeding from a State court to the United States district court for the district or division embracing the place where the same is pending by following any procedure for removal now or hereafter in effect, except that any such suit to which the Board is a party in its capacity as liquidating agent of a State-chartered credit union and which involves only the rights or obligations of members, creditors, and such State credit union under State law shall not be deemed to arise under the laws of the United States. No attachment or execution shall be issued against the Board or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or United States court. The Board shall designate an agent upon whom service of process may be made in any State, territory, or jurisdiction in which any insured credit union is located;
(3) 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;
(4) to appoint such officers and employees as are not otherwise provided for in this chapter, to define their duties, fix their compensation, require bonds of them and fix the penalty thereof, and to dismiss at pleasure such officers or employees. Nothing in this chapter or any other Act shall be construed to prevent the appointment and compensation as an officer or employee of the Administration of any officer or employee of the United States in any board, commission, independent establishment, or executive department thereof;
(5) employ experts and consultants or organizations thereof, as authorized by section 3109 of title 5;
(6) prescribe the manner in which its general business may be conducted and the privileges granted to it by law may be exercised and enjoyed;
(7) exercise all powers specifically granted by the provisions of this subchapter and such incidental powers as shall be necessary to carry out the power so granted;
(8) make examinations of and require information and reports from insured credit unions, as provided in this subchapter;
(9) act as liquidating agent;
(10) delegate to any officer or employee of the Administration such of its functions as it deems appropriate; and
(11) prescribe such rules and regulations as it may deem necessary or appropriate to carry out the provisions of this subchapter.
(b) With respect to the financial operations arising by reason of this subchapter, the Board shall—
(1) prepare annually and submit a business-type budget as provided for wholly owned Government corporations by chapter 91 of title 31; and
(2) maintain an integral set of accounts, which shall be audited by the Government Accountability Office in accordance with principles and procedures applicable to commercial corporate transactions, as provided by section 9105  [1] of title 31.


[1]  See References in Text note below.

Source

(June 26, 1934, ch. 750, title II, § 209, as added Pub. L. 91–468, § 1(3),Oct. 19, 1970, 84 Stat. 1014; amended Pub. L. 93–604, title VII, § 706,Jan. 2, 1975, 88 Stat. 1964; Pub. L. 95–630, title V, § 502(b),Nov. 10, 1978, 92 Stat. 3681; Pub. L. 108–271, § 8(b),July 7, 2004, 118 Stat. 814; Pub. L. 109–351, title VII, § 726(24),Oct. 13, 2006, 120 Stat. 2003.)
References in Text

Section 9105 of title 31, referred to in subsec. (b)(2), was amended generally by Pub. L. 101–576, title III, § 305,Nov. 15, 1990, 104 Stat. 2853, and as so amended no longer directs audits to be conducted in accordance with principles and procedures applicable to commercial corporate transactions.
Codification

In subsec. (a)(5), “section 3109 of title 5” substituted for “section 15 of the Administrative Expenses Act of 1946 (5 U.S.C. 55a)” on authority of Pub. L. 89–554, § 7(b),Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees.
In subsec. (b), “chapter 91 of title 31” and “section 9105 of title 31” substituted for “the Government Corporation Control Act [31 U.S.C. 841 et seq.]” and “section 105 of the Government Corporation Control Act [31 U.S.C. 850]”, respectively, on authority of Pub. L. 97–258, § 4(b),Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
Amendments

2006—Subsec. (a)(8). Pub. L. 109–351substituted a semicolon for period at end.
2004—Subsec. (b)(2). Pub. L. 108–271substituted “Government Accountability Office” for “General Accounting Office”.
1978—Pub. L. 95–630substituted “Board” for “Administrator” wherever appearing, “its” for “his”, and “it” for “he” and “him”, where appropriate.
1975—Subsec. (b)(2). Pub. L. 93–604substituted “audited by the General Accounting Office” for “audited annually by the General Accounting Office”.
Effective Date of 1978 Amendment

Amendment by Pub. L. 95–630effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 ofPub. L. 95–630, set out as a note under section 1752 of this title.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


12 CFR - Banks and Banking

12 CFR Part 701 - ORGANIZATION AND OPERATION OF FEDERAL CREDIT UNIONS

12 CFR Part 704 - CORPORATE CREDIT UNIONS

12 CFR Part 708b - MERGERS OF FEDERALLY-INSURED CREDIT UNIONS; VOLUNTARY TERMINATION OR CONVERSION OF INSURED STATUS

12 CFR Part 709 - INVOLUNTARY LIQUIDATION OF FEDERAL CREDIT UNIONS AND ADJUDICATION OF CREDITOR CLAIMS INVOLVING FEDERALLY INSURED CREDIT UNIONS IN LIQUIDATION

12 CFR Part 713 - FIDELITY BOND AND INSURANCE COVERAGE FOR FEDERAL CREDIT UNIONS

12 CFR Part 714 - LEASING

12 CFR Part 721 - INCIDENTAL POWERS

12 CFR Part 722 - APPRAISALS

12 CFR Part 723 - MEMBER BUSINESS LOANS

12 CFR Part 740 - ACCURACY OF ADVERTISING AND NOTICE OF INSURED STATUS

12 CFR Part 741 - REQUIREMENTS FOR INSURANCE

12 CFR Part 745 - SHARE INSURANCE AND APPENDIX

12 CFR Part 749 - RECORDS PRESERVATION PROGRAM AND APPENDICES—RECORD RETENTION GUIDELINES; CATASTROPHIC ACT PREPAREDNESS GUIDELINES

12 CFR Part 760 - LOANS IN AREAS HAVING SPECIAL FLOOD HAZARDS

12 CFR Part 790 - DESCRIPTION OF NCUA; REQUESTS FOR AGENCY ACTION

12 CFR Part 791 - RULES OF NCUA BOARD PROCEDURE; PROMULGATION OF NCUA RULES AND REGULATIONS; PUBLIC OBSERVATION OF NCUA BOARD MEETINGS

12 CFR Part 792 - REQUESTS FOR INFORMATION UNDER THE FREEDOM OF INFORMATION ACT AND PRIVACY ACT, AND BY SUBPOENA; SECURITY PROCEDURES FOR CLASSIFIED INFORMATION

 

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