Previous Document Previous DocumentNext Document Next DocumentList of Statutes List of Statutes

Type: Statute
Statute: 1971 ACT AS AMENDED
Title: Title VI Assistance to Farm Credit System
Subtitle: Subtitle B-Financial Assistance Corporation
Chapter Name:
U.S. Code Citation: 12 U.S.C. 2278b-4

12 U.S.C. 2278b-4 SEC. 6.24. CORPORATE POWERS.
(a) IN GENERAL. The Financial Assistance Corporation 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 such officers, employees, and agents, including joint employees with the Funding Corporation, as may be necessary, define their duties, and require surety bonds or make other provisions against losses occasioned by acts of such persons;
(4) adopt a salary for officers and employees of the Financial Assistance Corporation, in accordance with the directives of the Board of Directors;
(5) prescribe by its Board of Directors bylaws, that are not inconsistent with law, and that shall provide for the manner in which
(A) its officers, employees, and agents are selected;
(B) its property is acquired, held, and transferred;
(C) its general business is conducted; and
(D) the privileges granted by law are exercised and enjoyed;
(6) enter into contracts and make advance, progress, or other payments with respect to such contracts;
(7) sue and be sued in its corporate name and complain and defend in courts of competent jurisdiction;
(8) acquire, hold, lease, mortgage, or dispose of, at public or private sale, real and personal property, and otherwise exercise all the usual incidents of ownership of property necessary and convenient to its business;
(9) obtain insurance against loss;
(10) modify or consent to the modification of any contract or agreement to which it is a party or in which it has an interest under this subtitle;
(11) borrow from any commercial bank on its own individual responsibility and on such terms and conditions as it may determine with the approval of the Farm Credit Administration;
(12) deposit its securities and its current funds with any member bank of the Federal Reserve System or any insured State nonmember bank (within the meaning of section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) and pay fees therefor and receive interest thereon as may be agreed; and
(13) exercise such other incidental powers as are necessary to carry out its powers, duties, and functions in accordance with its charter and this subtitle.
(b) POWER TO REMOVE, AND JURISDICTION. Notwithstanding any other provision of law, any civil action, suit, or proceeding to which the Financial Assistance Corporation is a party shall be deemed to arise under the laws of the United States, and the United States District Court for the District of Columbia shall have exclusive jurisdiction over such. The Financial Assistance Corporation 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 of Columbia.

[FCA Home | FCA Handbook]