View all text of Part A [§ 2279aa-1 - § 2279aa-14]
§ 2279aa–3. Powers and duties of Corporation and Board
(a) Guarantees
(b) Duties of Board
(1) In generalThe Board shall—
(A) determine the general policies that shall govern the operations of the Corporation;
(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) assign to such persons such executive functions, powers, and duties as may be prescribed by the bylaws of the Corporation or by the Board.
(2) Executive officers and functions
(c) Powers of CorporationThe Corporation shall be a body corporate and shall have the following powers:
(1) To operate under the direction of its Board.
(2) To issue stock in the manner provided in section 2279aa–4 of this title.
(3) To adopt, alter, and use a corporate seal, which shall be judicially noted.
(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.
(6) To have succession until dissolved by a law enacted by the Congress.
(7) To prescribe bylaws, through the Board, not inconsistent with law, that shall provide for—
(A) the classes of the stock of the Corporation; and
(B) the manner in which—
(i) the stock shall be issued, transferred, and retired;
(ii) the officers, employees, and agents of the Corporation are selected;
(iii) the property of the Corporation is acquired, held, and transferred;
(iv) the commitments and other financial assistance of the Corporation are made;
(v) the general business of the Corporation is conducted; and
(vi) the privileges granted by law to the Corporation are exercised and enjoyed;
(8) To prescribe such standards as may be necessary to carry out this subchapter.
(9) To enter into contracts and make payments with respect to the contracts.
(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.
(15) To exercise such other incidental powers as are necessary to carry out the powers, duties, and functions of the Corporation in accordance with this subchapter.
(d) Federal Reserve banks as depositaries and fiscal agents
(e) Access to book-entry system
(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.)