
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2093]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
                 SUBCHAPTER II--FARM CREDIT ASSOCIATIONS
 
                 Part B--Federal Land Bank Associations
 
Sec. 2093. General corporate powers

    Each Federal land bank association shall be a body corporate and, 
subject to supervision of the Farm Credit Bank for the district and the 
regulation of the Farm Credit Administration, shall have the power to--
        (1) adopt and use a corporate seal;
        (2) have succession until dissolved under the provisions of this 
    chapter or other Act of Congress;
        (3) make contracts;
        (4) sue and be sued;
        (5) acquire, hold, dispose, and otherwise exercise all of the 
    usual incidents of ownership of real estate and personal property 
    necessary or convenient to the business of the association;
        (6) operate under the direction of the board of directors of the 
    association in accordance with this chapter;
        (7) 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 the duties of such, and require surety bonds 
    or make other provision against losses occasioned by employees, 
    except that 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 such 
    director served;
        (8) prescribe, by its board of directors, its bylaws that shall 
    be consistent with law, and that shall provide for--
            (A) the classes of its stock and the manner in which such 
        stock shall be issued, transferred, and retired; and
            (B) the manner in which it is to--
                (i) select officers and employees;
                (ii) acquire, hold, and transfer property;
                (iii) conduct general business; and
                (iv) exercise and enjoy the privileges granted to it by 
            law;

        (9) accept applications for Farm Credit Bank loans and receive 
    from such bank and disburse to the borrowers the proceeds of such 
    loans;
        (10) subscribe to stock of the Farm Credit Bank of the district;
        (11) elect by its board of directors a loan committee with power 
    to elect applicants for membership in the association and recommend 
    loans to the Farm Credit Bank, or with the approval of the Farm 
    Credit Bank, delegate the election of applicants for membership and 
    the approval of loans within specified limits to other committees or 
    to authorized employees of the association;
        (12) on agreement with the bank, take such additional actions 
    with respect to applications and loans and perform such functions as 
    are vested by law in the Farm Credit Banks as may be agreed to by 
    the association;
        (13) endorse and become liable to the bank on loans it makes to 
    association members;
        (14) receive such compensation and deduct such sums from loan 
    proceeds with respect to each loan as may be agreed between the 
    association and the bank and make such other charges for services as 
    may be approved by the bank;
        (15) provide technical assistance to members, borrowers, 
    applicants, and other eligible persons and make available to them, 
    at their option, such financial related services appropriate to 
    their operations as it determines, with Farm Credit Bank approval, 
    are feasible, under regulations of the Farm Credit Administration;
        (16) borrow money from the bank and, with the approval of such 
    bank, borrow from and issue association notes or other obligations 
    to any commercial bank or other financial institution;
        (17) buy and sell obligations of or insured by the United States 
    or any agency thereof or of any banks of the Farm Credit System;
        (18) invest association funds in such obligations as may be 
    authorized in regulations of the Farm Credit Administration and 
    approved by the bank and deposit securities and current funds of the 
    association with any member bank of the Federal Reserve System, with 
    the Farm Credit Bank, or with any bank insured by the Federal 
    Deposit Insurance Corporation, and pay fees therefor and receive 
    interest thereon as may be agreed;
        (19) perform such other function delegated to the association by 
    the Farm Credit Bank of the district;
        (20) exercise by its board of directors or authorized officers 
    or agents all such incidental powers as may be necessary or 
    expedient in the conduct of its business;
        (21) contribute to the capital of the bank; and
        (22) operate as an originator and become certified as a 
    certified facility under subchapter VIII of this chapter.

(Pub. L. 92-181, title II, Sec. 2.12, as added Pub. L. 100-233, title 
IV, Sec. 401, Jan. 6, 1988, 101 Stat. 1635; amended Pub. L. 100-399, 
title IV, Sec. 401(u), Aug. 17, 1988, 102 Stat. 998.)


                            Prior Provisions

    A prior section 2093, Pub. L. 92-181, title II, Sec. 2.12, Dec. 10, 
1971, 85 Stat. 598; Pub. L. 96-592, title II, Sec. 208, Dec. 24, 1980, 
94 Stat. 3442; Pub. L. 99-205, title II, Sec. 205(e)(11), Dec. 23, 1985, 
99 Stat. 1704; Pub. L. 100-233, title VII, Sec. 705(d), Jan. 6, 1988, 
101 Stat. 1707; Pub. L. 100-399, title VI, Sec. 604, Aug. 17, 1988, 102 
Stat. 1006, related to general corporate powers, prior to the general 
amendment of this subchapter by Pub. L. 100-233, Sec. 401.


                               Amendments

    1988--Par. (7). Pub. L. 100-399, Sec. 401(u)(1), substituted 
``provide by its board of directors for'' for ``elect by its board of 
directors'' and ``serve as'' for ``be elected or designated''.
    Par. (8). Pub. L. 100-399, Sec. 401(u)(2), amended par. (8) 
generally. Prior to amendment, par. (8) read as follows: ``prescribe by 
its board of directors, association bylaws, not inconsistent with law, 
providing for the classes of association stock and the manner in which 
such stock shall be issued, transferred, and retired; the officers and 
employees of the association elected or provided for, the property of 
the association that is acquired, held, and transferred, the general 
business of the association conducted, and the privileges granted to the 
association by law exercised and enjoyed;''.
    Par. (12). Pub. L. 100-399, Sec. 401(u)(3), substituted ``agreed to 
by'' for ``agreed to or delegated to''.
    Par. (22). Pub. L. 100-399, Sec. 401(u)(4)-(6), added par. (22).


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-399 effective immediately after amendment 
made by section 401 of Pub. L. 100-233, which was effective 6 months 
after Jan. 6, 1988, see section 1001(b) of Pub. L. 100-399, set out as a 
note under section 2002 of this title.
