12 U.S. Code § 2279aa–3 - Powers and duties of Corporation and Board
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After the Board has been duly constituted, subject to the other provisions of this subchapter and other commitments and requirements established pursuant to law, the Corporation may provide guarantees on terms and conditions determined by the Corporation of securities issued on the security of, or in participation in, pooled interests in qualified loans.
(b) Duties of Board
(1) In general
The Board shall—
(B) select, appoint, and determine the compensation of qualified persons to fill such offices as may be provided for in the bylaws of the Corporation; and
(c) Powers of Corporation
The Corporation shall be a body corporate and shall have the following powers:
(2) To issue stock in the manner provided in section 2279aa–4 of this title.
(4) To provide for a president, 1 or more vice presidents, secretary, treasurer, and such other officers, employees, and agents, as may be necessary, define their duties and compensation levels, all without regard to title 5, and require surety bonds or make other provisions against losses occasioned by acts of such persons.
(5) To provide guarantees in the manner provided under section 2279aa–6 of this title.
(7) To prescribe bylaws, through the Board, not inconsistent with law, that shall provide for—
(B) the manner in which—
(10) To sue and be sued in its corporate capacity and to complain and defend in any action brought by or against the Corporation in any State or Federal court of competent jurisdiction.
(11) To make and perform contracts, agreements, and commitments with persons and entities both inside and outside of the Farm Credit System.
(12) To acquire, hold, lease, mortgage or dispose of, at public or private sale, real and personal property, purchase or sell any securities or obligations, and otherwise exercise all the usual incidents of ownership of property necessary and convenient to the business of the Corporation.
(13) To purchase, hold, sell, or assign a qualified loan, to issue a guaranteed security, representing an interest in, or an obligation backed by, the qualified loan, and to perform all the functions and responsibilities of an agricultural mortgage marketing facility operating as a certified facility under this subchapter.
(14) To establish, acquire, and maintain affiliates (as such term is defined in section 2279aa–11 (e) of this title) under applicable State laws to carry out any activities that otherwise would be performed directly by the Corporation under this subchapter.
(d) Federal Reserve banks as depositaries and fiscal agents
The Federal Reserve banks shall act as depositories for, and as fiscal agents or custodians of, the Corporation.
Source(Pub. L. 92–181, title VIII, § 8.3, as added Pub. L. 100–233, title VII, § 702,Jan. 6, 1988, 101 Stat. 1691; amended Pub. L. 100–399, title VI, § 601(c),Aug. 17, 1988, 102 Stat. 1005; Pub. L. 102–237, title V, § 503(c),Dec. 13, 1991, 105 Stat. 1877; Pub. L. 102–552, title III, § 308(b)(1),Oct. 28, 1992, 106 Stat. 4116; Pub. L. 104–105, title I, §§ 104, 105,Feb. 10, 1996, 110 Stat. 163.)
1996—Subsec. (c)(13) to (15). Pub. L. 104–105, § 104, added par. (13) and redesignated former pars. (13) and (14) as (14) and (15), respectively.
Subsec. (d). Pub. L. 104–105, § 105(1), which directed the amendment of subsec. (d) by substituting “shall act as depositories for, and” for “may act as depositories for, or”, was executed by making the substitution for “may act as depositaries for, or” to reflect the probable intent of Congress.
Subsec. (e). Pub. L. 104–105, § 105(2), substituted “Corporation shall have access to” for “Secretary of the Treasury may authorize the Corporation to use”.
1992—Subsec. (c)(13). Pub. L. 102–552substituted “2279aa–11(e)” for “2279aa–11(g)”.
1991—Subsec. (c)(13), (14). Pub. L. 102–237added par. (13) and redesignated former par. (13) as (14).
1988—Subsec. (c)(4). Pub. L. 100–399substituted “such persons” for “the persons”.
Effective Date of 1988 Amendment