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U.S. Code, Title 12, Banks and Banking
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General SummaryThe U.S. Code is a consolidation and codification by subject matter of the general and permanent laws of the United States. While every effort has been made to ensure that this reproduction of the Code is accurate, those using it for legal purposes should verify their results against the printed version of the Code available through the Government Printing Office.
§ 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, § 6.3, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1587; amended Pub. L. 100–399, title II, § 201(a), (b), Aug. 17, 1988, 102 Stat. 990.)
1988—Subsec. (a)(12). Pub. L. 100–399, § 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, § 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.
Contents:
Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 2278a– 3. Corporate Powers," U.S. Code, Title 12, Banks and Banking in U.S. Code, Title 12, Banks and Banking (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed December 26, 2024, http://originalsources.com/Document.aspx?DocID=8S2WRN8NH1G2AWD.
MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 2278a– 3. Corporate Powers." U.S. Code, Title 12, Banks and Banking, in U.S. Code, Title 12, Banks and Banking, Washington, D.C., Government Printing Office, 2002, Original Sources. 26 Dec. 2024. http://originalsources.com/Document.aspx?DocID=8S2WRN8NH1G2AWD.
Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 2278a– 3. Corporate Powers' in U.S. Code, Title 12, Banks and Banking. cited in 2002, U.S. Code, Title 12, Banks and Banking, Government Printing Office, Washington, D.C.. Original Sources, retrieved 26 December 2024, from http://originalsources.com/Document.aspx?DocID=8S2WRN8NH1G2AWD.
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