§ 2013. — General corporate powers.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2013]
TITLE 12--BANKS AND BANKING
CHAPTER 23--FARM CREDIT SYSTEM
SUBCHAPTER I--FARM CREDIT BANKS
Sec. 2013. General corporate powers
Each Farm Credit Bank shall be a body corporate and, subject to
regulation by the Farm Credit Administration, shall have power to--
(1) adopt and use a corporate seal;
(2) have succession until dissolved under the provisions of this
chapter or other Act of Congress;
(3) make contracts;
(4) sue and be sued;
(5) acquire, hold, dispose, and otherwise exercise all the usual
incidents of ownership of real and personal property necessary or
convenient to its business;
(6) make, participate in, and discount loans, make commitments
for credit, accept advance payments, and provide services as
authorized in this chapter, and charge fees for such;
(7) operate under the direction of its board of directors;
(8) provide by its board of directors for a president, one or
more vice presidents, a secretary, a treasurer, and provide for such
other officers, employees, and agents as may be necessary, as
provided in this chapter, define their duties, and require surety
bonds or make other provision against losses occasioned by
employees;
(9) prescribe, by its board of directors, its bylaws that shall
be consistent with law, and that shall provide for--
(A) the classes of its stock and the manner in which such
stock shall be issued, transferred, and retired; and
(B) the manner in which it is to--
(i) select officers, employees, and agents;
(ii) acquire, hold, and transfer property;
(iii) make loans and discounts;
(iv) conduct general business; and
(v) exercise and enjoy the privileges granted to it by
law;
(10) borrow money and issue notes, bonds, debentures, or other
obligations individually, or in concert with one or more other banks
of the System, of such character, terms, conditions, and rates of
interest as may be determined as provided for in this chapter;
(11) purchase nonvoting stock in, or pay in surplus to, and
accept deposits of securities or funds from associations in its
district, and pay interest on such funds;
(12) participate with--
(A) one or more other Farm Credit Banks in loans under this
subchapter on such terms as may be agreed on among such banks;
(B) one or more other Farm Credit System institutions in
loans made under this subchapter or other subchapters of this
chapter on the basis prescribed in section 2206 of this title;
and
(C) lenders that are not Farm Credit System institutions in
loans that the bank is authorized to make under this subchapter;
(13) approve the salary scale of the officers and employees of
the associations in its district and supervise the exercise by such
associations of the functions vested in or delegated to them;
(14) deposit the securities and current funds of the bank 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 and receive interest on such as may be agreed, and when
designated for that purpose by the Secretary of the Treasury, such
bank--
(A) shall be a depository of public money, except receipts
from customs, under such regulations as may be prescribed by the
Secretary;
(B) may be employed as a fiscal agent of the Government; and
(C) shall perform all such reasonable duties as a depository
of public money or financial agent of the Government as may be
required of such bank;
except that no Government funds deposited under the provisions of
this paragraph shall be invested in loans or bonds or other
obligations of the bank;
(15) buy and sell obligations of, or insured by, the United
States or any agency thereof, or securities backed by the full faith
and credit of any such agency, and make other investments as may be
authorized under regulations issued by the Farm Credit
Administration;
(16) sell to lenders that are not Farm Credit System
institutions interests in loans, and buy from and sell to Farm
Credit System institutions interests in loans and other extensions
of credit, and nonvoting stock as may be authorized under
regulations issued by the Farm Credit Administration;
(17) conduct studies and make and adopt standards for lending;
(18) delegate to associations such functions as the bank
determines appropriate;
(19) amend and modify loan contracts, documents, and payment
schedules, and release, subordinate, or substitute security for any
of such items;
(20) for loans made by the bank, require associations to endorse
notes and other obligations of borrowers from the bank;
(21) exercise through the board of directors or authorized
officers, employees, or agents of the bank, all such incidental
powers as may be necessary or expedient to carry on the business of
the bank;
(22) accept contributions to the capital of the bank from
associations and account for such in accordance with generally
accepted accounting principles, except as may be authorized by the
Farm Credit Administration;
(23) as may be authorized by the board of directors of the bank,
agree with other Farm Credit System institutions to share loan and
other losses, whether to protect against capital impairment or for
any other purpose; and
(24) operate as an originator and become certified as a
certified facility under subchapter VIII of this chapter.
(Pub. L. 92-181, title I, Sec. 1.5, as added Pub. L. 100-233, title IV,
Sec. 401, Jan. 6, 1988, 101 Stat. 1623; amended Pub. L. 100-399, title
IV, Sec. 401(d), Aug. 17, 1988, 102 Stat. 995; Pub. L. 104-105, title
II, Sec. 201, Feb. 10, 1996, 110 Stat. 172.)
Prior Provisions
A prior section 2013, Pub. L. 92-181, title I, Sec. 1.5, Dec. 10,
1971, 85 Stat. 585; Pub. L. 96-592, title I, Sec. 102, Dec. 24, 1980, 94
Stat. 3437; Pub. L. 99-205, title II, Sec. 205(d)(2), (3), title VI,
Sec. 601, Dec. 23, 1985, 99 Stat. 1703, 1711; Pub. L. 100-233, title
VIII, Sec. 802(c), Jan. 6, 1988, 101 Stat. 1710, related to land bank
stock, prior to the general amendment of this subchapter by Pub. L. 100-
233, Sec. 401.
Amendments
1996--Par. (13). Pub. L. 104-105 struck out ``, and the appointment
and compensation of the chief executive officer thereof,'' after ``in
its district''.
1988--Par. (9). Pub. L. 100-399, Sec. 401(d)(1), amended par. (9)
generally. Prior to amendment, par. (9) read as follows: ``prescribe by
its board of directors--
``(A) the bylaws of such bank that shall not be inconsistent
with law, providing for the classes of the stock of the bank and the
manner in which such stock shall be issued, transferred, and
retired;
``(B) the officers, employees, and agents of the bank as
provided for;
``(C) the property of the bank acquired, held, and transferred;
``(D) the loans and discounts made by the bank;
``(E) the general business conducted by the bank; and
``(F) the privileges granted to the bank by law exercised and
enjoyed;''.
Par. (11). Pub. L. 100-399, Sec. 401(d)(2), substituted ``of
securities or'' for ``or securities of''.
Par. (12)(B), (C). Pub. L. 100-399, Sec. 401(d)(3), struck out
``participate with'' before ``one or more'' in subpar. (B) and
``participate with'' before ``lenders that'' in subpar. (C).
Par. (14). Pub. L. 100-399, Sec. 401(d)(4), substituted ``(within
the meaning of section 1813 of this title)'' for ``as defined in section
1813 of this title''.
Par. (18). Pub. L. 100-399, Sec. 401(d)(5), struck out ``Federal
land bank'' after ``delegate to''.
Par. (22). Pub. L. 100-399, Sec. 401(d)(6), substituted ``in
accordance with generally accepted accounting principles, except as may
be authorized by the Farm Credit Administration;'' for ``as authorized
by the Farm Credit Administration; and''.
Par. (23). Pub. L. 100-399, Sec. 401(d)(7), struck out ``and
approved by the Farm Credit Administration Board'' after ``of the bank''
and substituted ``purpose; and'' for ``purpose.''
Par. (24). Pub. L. 100-399, Sec. 401(d)(8), added par. (24).
Effective Date of 1996 Amendment
Section 302 of Pub. L. 104-105 provided that: ``Except as otherwise
provided in this Act, this Act [see Short Title of 1996 Amendment note
set out under section 2001 of this title] and the amendments made by
this Act shall become effective on the date of enactment [Feb. 10,
1996].''
Effective Date of 1988 Amendment
Amendment by Pub. L. 100-399 effective immediately after amendment
made by section 401 of Pub. L. 100-233, which was effective 6 months
after Jan. 6, 1988, see section 1001(b) of Pub. L. 100-399, set out as a
note under section 2002 of this title.
