
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: 12USC2279aa-3]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
         SUBCHAPTER VIII--AGRICULTURAL MORTGAGE SECONDARY MARKET
 
 Part A--Establishment and Activities of Federal Agricultural Mortgage 
                               Corporation
 
Sec. 2279aa-3. Powers and duties of Corporation and Board


(a) Guarantees

    After the Board has been duly constituted, subject to the other 
provisions of this subchapter and other commitments and requirements 
established pursuant to law, the Corporation may provide guarantees on 
terms and conditions determined by the Corporation of securities issued 
on the security of, or in participation in, pooled interests in 
qualified loans.

(b) Duties of Board

                           (1) In general

        The Board shall--
            (A) determine the general policies that shall govern the 
        operations of the Corporation;
            (B) select, appoint, and determine the compensation of 
        qualified persons to fill such offices as may be provided for in 
        the bylaws of the Corporation; and
            (C) assign to such persons such executive functions, powers, 
        and duties as may be prescribed by the bylaws of the Corporation 
        or by the Board.

                (2) Executive officers and functions

        The persons elected or appointed under paragraph (1)(B) shall be 
    the executive officers of the Corporation and shall discharge the 
    executive functions, powers, and duties of the Corporation.

(c) Powers of Corporation

    The Corporation shall be a body corporate and shall have the 
following powers:
        (1) To operate under the direction of its Board.
        (2) To issue stock in the manner provided in section 2279aa-4 of 
    this title.
        (3) To adopt, alter, and use a corporate seal, which shall be 
    judicially noted.
        (4) To provide for a president, 1 or more vice presidents, 
    secretary, treasurer, and such other officers, employees, and 
    agents, as may be necessary, define their duties and compensation 
    levels, all without regard to title 5, and require surety bonds or 
    make other provisions against losses occasioned by acts of such 
    persons.
        (5) To provide guarantees in the manner provided under section 
    2279aa-6 of this title.
        (6) To have succession until dissolved by a law enacted by the 
    Congress.
        (7) To prescribe bylaws, through the Board, not inconsistent 
    with law, that shall provide for--
            (A) the classes of the stock of the Corporation; and
            (B) the manner in which--
                (i) the stock shall be issued, transferred, and retired;
                (ii) the officers, employees, and agents of the 
            Corporation are selected;
                (iii) the property of the Corporation is acquired, held, 
            and transferred;
                (iv) the commitments and other financial assistance of 
            the Corporation are made;
                (v) the general business of the Corporation is 
            conducted; and
                (vi) the privileges granted by law to the Corporation 
            are exercised and enjoyed;

        (8) To prescribe such standards as may be necessary to carry out 
    this subchapter.
        (9) To enter into contracts and make payments with respect to 
    the contracts.
        (10) To sue and be sued in its corporate capacity and to 
    complain and defend in any action brought by or against the 
    Corporation in any State or Federal court of competent jurisdiction.
        (11) To make and perform contracts, agreements, and commitments 
    with persons and entities both inside and outside of the Farm Credit 
    System.
        (12) To acquire, hold, lease, mortgage or dispose of, at public 
    or private sale, real and personal property, purchase or sell any 
    securities or obligations, and otherwise exercise all the usual 
    incidents of ownership of property necessary and convenient to the 
    business of the Corporation.
        (13) To purchase, hold, sell, or assign a qualified loan, to 
    issue a guaranteed security, representing an interest in, or an 
    obligation backed by, the qualified loan, and to perform all the 
    functions and responsibilities of an agricultural mortgage marketing 
    facility operating as a certified facility under this subchapter.
        (14) To establish, acquire, and maintain affiliates (as such 
    term is defined in section 2279aa-11(e) of this title) under 
    applicable State laws to carry out any activities that otherwise 
    would be performed directly by the Corporation under this 
    subchapter.
        (15) To exercise such other incidental powers as are necessary 
    to carry out the powers, duties, and functions of the Corporation in 
    accordance with this subchapter.

(d) Federal Reserve banks as depositaries and fiscal agents

    The Federal Reserve banks shall act as depositories for, and as 
fiscal agents or custodians of, the Corporation.

(e) Access to book-entry system

    The Corporation shall have access to the book-entry system of the 
Federal Reserve System.

(Pub. L. 92-181, title VIII, Sec. 8.3, as added Pub. L. 100-233, title 
VII, Sec. 702, Jan. 6, 1988, 101 Stat. 1691; amended Pub. L. 100-399, 
title VI, Sec. 601(c), Aug. 17, 1988, 102 Stat. 1005; Pub. L. 102-237, 
title V, Sec. 503(c), Dec. 13, 1991, 105 Stat. 1877; Pub. L. 102-552, 
title III, Sec. 308(b)(1), Oct. 28, 1992, 106 Stat. 4116; Pub. L. 104-
105, title I, Secs. 104, 105, Feb. 10, 1996, 110 Stat. 163.)


                               Amendments

    1996--Subsec. (c)(13) to (15). Pub. L. 104-105, Sec. 104, added par. 
(13) and redesignated former pars. (13) and (14) as (14) and (15), 
respectively.
    Subsec. (d). Pub. L. 104-105, Sec. 105(1), which directed the 
amendment of subsec. (d) by substituting ``shall act as depositories 
for, and'' for ``may act as depositories for, or'', was executed by 
making the substitution for ``may act as depositaries for, or'' to 
reflect the probable intent of Congress.
    Subsec. (e). Pub. L. 104-105, Sec. 105(2), substituted ``Corporation 
shall have access to'' for ``Secretary of the Treasury may authorize the 
Corporation to use''.
    1992--Subsec. (c)(13). Pub. L. 102-552 substituted ``2279aa-11(e)'' 
for ``2279aa-11(g)''.
    1991--Subsec. (c)(13), (14). Pub. L. 102-237 added par. (13) and 
redesignated former par. (13) as (14).
    1988--Subsec. (c)(4). Pub. L. 100-399 substituted ``such persons'' 
for ``the persons''.


                    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 sections 2279bb-2, 2279bb-7 of this 
title.
