
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: 12USC2278a-3]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
             SUBCHAPTER VI--ASSISTANCE TO FARM CREDIT SYSTEM
 
                        Part A--Assistance Board
 
Sec. 2278a-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, 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;
        (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 subchapter;
        (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 subchapter;
        (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 1813 of this title) 
    and pay fees therefor and receive interest thereon as may be agreed; 
    and
        (13) exercise other powers as set forth in this subchapter, and 
    such other incidental powers as are necessary to carry out its 
    powers, duties, and functions in accordance with this subchapter.

(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.

(Pub. L. 92-181, title VI, Sec. 6.3, as added Pub. L. 100-233, title II, 
Sec. 201, Jan. 6, 1988, 101 Stat. 1587; amended Pub. L. 100-399, title 
II, Sec. 201(a), (b), Aug. 17, 1988, 102 Stat. 990.)


                               Amendments

    1988--Subsec. (a)(12). Pub. L. 100-399, Sec. 201(a), substituted 
``(within the meaning of section 1813 of this title)'' for ``(as defined 
in section 1813(b) of this title)''.
    Subsec. (b). Pub. L. 100-399, Sec. 201(b), substituted ``exclusive'' 
for ``original''.


                    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.


       Hiring, Promotion, Compensation, and Discharge of Employees

    Pub. L. 102-341, title VI, Aug. 14, 1992, 106 Stat. 906, provided: 
``That officers and employees of the Farm Credit System Assistance Board 
shall be hired, promoted, compensated, and discharged in accordance with 
title 5, United States Code.''
    Similar provisions were contained in the following prior 
appropriation acts:
    Pub. L. 102-142, title VI, Oct. 28, 1991, 105 Stat. 910.
    Pub. L. 101-506, title V, Nov. 5, 1990, 104 Stat. 1345.
    Pub. L. 101-161, title V, Nov. 21, 1989, 103 Stat. 981.
    Pub. L. 100-460, title V, Oct. 1, 1988, 102 Stat. 2259.
