
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: 12USC2277a-7]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
          SUBCHAPTER V--FARM CREDIT ADMINISTRATION ORGANIZATION
 
            Part E--Farm Credit System Insurance Corporation
 
Sec. 2277a-7. General corporate powers

    On January 6, 1988, the Corporation shall become a body corporate 
and as such shall have the following powers:

                              (1) Seal

        The Corporation may adopt and use a corporate seal.

                           (2) Succession

        The Corporation may have succession until dissolved by an Act of 
    Congress. The Corporation shall succeed to the rights of the Farm 
    Credit System Assistance Board under agreements between the Farm 
    Credit System Assistance Board and System institutions certifying 
    the institutions as eligible to issue preferred stock pursuant to 
    subchapter VI of this chapter on the termination of the Assistance 
    Board on the date provided in section 2278a-12 of this title.

                            (3) Contracts

        The Corporation may make contracts.

                          (4) Legal actions

        (A) In general

            The Corporation may sue and be sued, complain and defend, in 
        any court of law or equity, State or Federal.

        (B) Jurisdiction

            All suits of a civil nature at common law or in equity to 
        which the Corporation shall be a party shall be deemed to arise 
        under the laws of the United States, and the United States 
        district courts shall have original jurisdiction thereof, 
        without regard to the amount in controversy, and the 
        Corporation, in any capacity, without bond or security, may 
        remove any such action, suit, or proceeding from a State court 
        to the United States district court for the district or division 
        embracing the place where the same is pending by following any 
        procedure for removal then in effect.

        (C) Attachment and execution

            No attachment or execution may be issued against the 
        Corporation or its property before final judgment in any suit, 
        action, or proceeding in any State, county, municipal, or United 
        States court.

        (D) Agent for service of process

            The Board of Directors shall designate an agent on whom 
        service of process may be made in any State or jurisdiction in 
        which any insured System bank is located.

                     (5) Officers and employees

        (A) In general

            The Corporation may appoint by its Board of Directors such 
        officers and employees as are not otherwise provided for in this 
        part, define their duties, fix their compensation, and require 
        bonds of them and fix the penalty thereof, and dismiss at 
        pleasure such officers or employees.

        (B) Employees of the United States

            Nothing in this chapter or any other Act shall be construed 
        to prevent the appointment and compensation, as an officer or 
        employee of the Corporation, of any officer or employee of the 
        United States in any board, commission, independent 
        establishment, or executive department thereof.

                             (6) Bylaws

        The Corporation may prescribe, by its Board of Directors, bylaws 
    not inconsistent with law, regulating the manner in which its 
    general business may be conducted, and the privileges granted to it 
    by law may be exercised and enjoyed.

                        (7) Incidental powers

        The Corporation may exercise by its Board of Directors, or duly 
    authorized officers or agents, all powers specifically granted by 
    the provisions of this part, and such incidental powers as shall be 
    necessary to carry out the powers so granted.

                           (8) Information

        The Corporation may, when necessary, make examinations of, and 
    require information and reports from, System institutions, as 
    provided in this part.

                     (9) Conservator or receiver

        The Corporation may act as a conservator or receiver.

                     (10) Rules and regulations

        The Corporation may prescribe by its Board of Directors such 
    rules and regulations as it considers necessary to carry out this 
    part (except to the extent that authority to issue such rules and 
    regulations has been expressly and exclusively granted to any other 
    regulatory agency).

(Pub. L. 92-181, title V, Sec. 5.58, as added Pub. L. 100-233, title 
III, Sec. 302, Jan. 6, 1988, 101 Stat. 1614; amended Pub. L. 100-399, 
title III, Sec. 302(i), Aug. 17, 1988, 102 Stat. 994; Pub. L. 102-237, 
title V, Sec. 502(j), Dec. 13, 1991, 105 Stat. 1869; Pub. L. 102-552, 
title II, Sec. 202(a), Oct. 28, 1992, 106 Stat. 4105; Pub. L. 104-105, 
title II, Sec. 214(b), Feb. 10, 1996, 110 Stat. 175.)


                               Amendments

    1996--Par. (9). Pub. L. 104-105 added par. (9) and struck out 
heading and text of former par. (9). Text read as follows: ``The 
Corporation may act as receiver.''
    1992--Par. (2). Pub. L. 102-552 inserted at end ``The Corporation 
shall succeed to the rights of the Farm Credit System Assistance Board 
under agreements between the Farm Credit System Assistance Board and 
System institutions certifying the institutions as eligible to issue 
preferred stock pursuant to subchapter VI of this chapter on the 
termination of the Assistance Board on the date provided in section 
2278a-12 of this title.''
    1991--Par. (4)(B). Pub. L. 102-237 inserted ``in any capacity,'' 
after ``and the Corporation,''.
    1988--Par. (5)(A). Pub. L. 100-399 struck out ``to'' before 
``define'' and ``dismiss''.


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-399 effective as if enacted immediately 
after enactment of Pub. L. 100-233, which was approved Jan. 6, 1988, see 
section 1001(a) of Pub. L. 100-399, set out as a note under section 2002 
of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 2278b-6 of this title.
