Source: https://www.law.cornell.edu/uscode/text/12/2073?quicktabs_8=0
Timestamp: 2015-05-06 11:18:57
Document Index: 323497776

Matched Legal Cases: ['§ 2073', '§ 2073', '§ 2073', '§ 2', '§ 401', '§ 401', '§ 2', '§ 202', '§ 205', '§ 604', '§ 802', '§ 401', '§ 401', '§ 401', '§ 401', 'art 610', 'art 611', 'art 612', 'art 613', 'art 614', 'art 615', 'art 616', 'art 618', 'art 619', 'art 626']

12 U.S. Code § 2073 - General corporate powers | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 23 › Subchapter II › Part A › § 2073 12 U.S. Code § 2073 - General corporate powers
Each production credit association shall be a body corporate and, subject to supervision by the Farm Credit Bank for the district and regulation by the Farm Credit Administration, shall have the power to—
have succession until terminated in accordance with this chapter or any other Act of Congress;
sue and be sued;
acquire, hold, dispose, and otherwise exercise all of the usual incidents of ownership of real and personal property necessary or convenient to the business of the association;
operate under the direction of the board of directors of the association in accordance with the provisions of this chapter;
subscribe to stock of the bank;
purchase stock of the bank held by other production credit associations and stock of other production credit associations;
contribute to the capital of the bank or other production credit associations;
invest funds of the association as may be approved by the Farm Credit Bank under regulations of the Farm Credit Administration and deposit the current funds and securities of such with the Farm Credit Bank, a member bank of the Federal Reserve System, or any bank insured under the Federal Deposit Insurance Corporation, and may pay fees therefor and receive interest thereon as may be agreed;
buy and sell obligations of or insured by the United States or of any agency thereof or of any banks of the Farm Credit System and buy from and sell to such banks, interests in loans and in other financial assistance extended and nonvoting stock, as may be authorized by the Farm Credit Bank in accordance with regulations of the Farm Credit Administration;
borrow money from the Farm Credit Bank, and with the approval of such bank, borrow from and issue notes or other obligations to any commercial bank or other financial institution;
make and participate in loans, accept advance payments, and provide services and other assistance as authorized in this part and charge fees therefor, and when authorized by the bank participate with one or more other Farm Credit System institutions in loans made under this subchapter or other subchapters of this chapter on the basis prescribed in section 2206 of this title;
endorse and become liable on loans discounted or pledged to the Farm Credit Bank;
as may be authorized by the Farm Credit Bank in accordance with regulations of the Farm Credit Administration, agree with other Farm Credit System institutions to share loan or other losses, whether to protect against capital impairment or for any other purpose;
prescribe, by its board of directors, its bylaws that shall be consistent with law, and that shall provide for—
the classes of its stock and the manner in which such stock shall be issued, transferred, and retired; and
the manner in which it is to—
select officers and employees;
acquire, hold, and transfer property;
conduct general business; and
exercise and enjoy the privileges granted to it by law;
provide by its board of directors for a manager or other chief executive officer, and provide for such other officers or employees as may be necessary, including joint employees as provided in this chapter, define their duties, and require surety bonds or make other provisions against losses occasioned by employees, but no director shall, within one year after the date when such director ceases to be a member of the board, serve as a salaried employee of the association on the board of which he served;
elect by the board of directors of the association a loan committee with power to approve applications for membership in the association and loans or participations or, with the approval of the bank, delegate the approval of applications for membership and loans or participations within specified limits to other committees or to authorized officers and employees of the association;
perform any functions delegated to the association by the bank;
exercise by the board of directors or authorized officers or employees of the association, all such incidental powers as may be necessary or expedient to carry on the business of the association; and
operate as an originator and become certified as a certified facility under subchapter VIII of this chapter.
(Pub. L. 92–181, title II, § 2.2, as added Pub. L. 100–233, title IV, § 401,Jan. 6, 1988, 101 Stat. 1630; amended Pub. L. 100–399, title IV, § 401(o),Aug. 17, 1988, 102 Stat. 997.)
A prior section 2073,Pub. L. 92–181, title II, § 2.2, Dec. 10, 1971, 85 Stat. 592; Pub. L. 96–592, title II, § 202,Dec. 24, 1980, 94 Stat. 3440; Pub. L. 99–205, title II, § 205(e)(2)–(5), title VI, § 604,Dec. 23, 1985, 99 Stat. 1704, 1711; Pub. L. 100–233, title VIII, §§ 802(j), 805
(e),Jan. 6, 1988, 101 Stat. 1711, 1715, related to Federal intermediate credit bank stock, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
1988—Par. (16). Pub. L. 100–399, § 401(o)(1), amended par. (16) generally. Prior to amendment, par. (16) read as follows: “prescribe by the board of directors of the association the bylaws not inconsistent with law providing for—
“(A) the classes of association stock and the manner in which the stock shall be issued, transferred, and retired;
“(B) the officers and employees elected or provided for;
“(C) the property acquired, held, and transferred by the association; and
“(D) the general business conducted, and the privileges granted to the association by law exercised and enjoyed;”.
Par. (17). Pub. L. 100–399, § 401(o)(2), substituted “provide by its board of directors for” for “elect by the board of directors of the association” and “serve as” for “be elected or designated”.
Par. (21). Pub. L. 100–399, § 401(o)(3)–(5), added par. (21).
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 Banking12 CFR Part 610 - REGISTRATION OF MORTGAGE LOAN ORIGINATORS12 CFR Part 611 - ORGANIZATION12 CFR Part 612 - STANDARDS OF CONDUCT AND REFERRAL OF KNOWN OR SUSPECTED CRIMINAL VIOLATIONS12 CFR Part 613 - ELIGIBILITY AND SCOPE OF FINANCING12 CFR Part 614 - LOAN POLICIES AND OPERATIONS12 CFR Part 615 - FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS12 CFR Part 616 - LEASING12 CFR Part 618 - GENERAL PROVISIONS12 CFR Part 619 - DEFINITIONS12 CFR Part 626 - NONDISCRIMINATION IN LENDING