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 A - Assistance Board
Chapter Name:
U.S. Code Citation: 12 U.S.C. 2278a-3

12 U.S.C. 2278a-3 SEC. 6.3. CORPORATE POWERS.
(a) IN GENERAL. The Assistance Board shall be a body corporate that 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) hire, promote, compensate, and discharge officers and employees of the Assistance Board, without regard to Title 5, United States Code, except that no such officer or employee shall receive an annual rate of basic pay in excess of the rate prescribed for Level III of the Executive Schedule under section 5314 of Title 5, United States Code;
(5) prescribe by its Board of Directors its bylaws, that shall be consistent 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 operations are to be conducted; and
(D) the privileges granted by law are exercised and enjoyed;
(6) with the consent of any executive department or independent agency, use the information, services, staff, and facilities of such in carrying out this title;
(7) enter into contracts and make advance, progress, or other payments with respect to such contracts;
(8) sue and be sued in its corporate name, and complain and defend in courts of competent jurisdiction;
(9) 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 operations;
(10) obtain insurance against loss;
(11) 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 title;
(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 other powers as set forth in this title, and such other incidental powers as are necessary to carry out its powers, duties, and functions in accordance with this title.
(b) POWER TO REMOVE; JURISDICTION. Notwithstanding any other provision of law, any civil action, suit, or proceeding to which the Assistance Board 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 Assistance 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 of Columbia.

[FCA Home | FCA Handbook]