
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: 12USC2278b-4]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
             SUBCHAPTER VI--ASSISTANCE TO FARM CREDIT SYSTEM
 
                Part B--Financial Assistance Corporation
 
Sec. 2278b-4. Corporate powers


(a) In general

    The Financial Assistance Corporation 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 such officers, employees, and agents, including 
    joint employees with the Funding Corporation, as may be necessary, 
    define their duties, and require surety bonds or make other 
    provisions against losses occasioned by acts of such persons;
        (4) adopt a salary scale for officers and employees of the 
    Financial Assistance Corporation, in accordance with the directives 
    of the Board of Directors;
        (5) prescribe by its Board of Directors bylaws, that are not 
    inconsistent 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 business is conducted; and
            (D) the privileges granted by law are exercised and enjoyed;

        (6) enter into contracts and make advance, progress, or other 
    payments with respect to such contracts;
        (7) sue and be sued in its corporate name and complain and 
    defend in courts of competent jurisdiction;
        (8) 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 business;
        (9) obtain insurance against loss;
        (10) 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 part;
        (11) borrow from any commercial bank on its own individual 
    responsibility and on such terms and conditions as it may determine 
    with the approval of the Farm Credit Administration;
        (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 such other incidental powers as are necessary to 
    carry out its powers, duties, and functions in accordance with its 
    charter and this part.

(b) Power to remove, and jurisdiction

    Notwithstanding any other provision of law, any civil action, suit, 
or proceeding to which the Financial Assistance Corporation 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 Financial Assistance Corporation 
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. 6.24, as added Pub. L. 100-233, title 
II, Sec. 201, Jan. 6, 1988, 101 Stat. 1596; 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.

                  Section Referred to in Other Sections

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