§ 2289. — General 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: 12USC2289]
TITLE 12--BANKS AND BANKING
CHAPTER 24--FEDERAL FINANCING BANK
Sec. 2289. General powers
The Bank shall have power--
(1) to sue and be sued, complain, and defend, in its corporate
name;
(2) to adopt, alter, and use a corporate seal, which shall be
judicially noticed;
(3) to adopt, amend, and repeal bylaws, rules, and regulations
as may be necessary for the conduct of its business;
(4) to conduct its business, carry on its operations, and have
offices and exercise the powers granted by this chapter in any State
without regard to any qualification or similar statute in any State;
(5) to lease, purchase, or otherwise acquire, own, hold,
improve, use, or otherwise deal in and with any property, real,
personal, or mixed, or any interest therein, wherever situated;
(6) to accept gifts or donations of services, or of property,
real, personal, or mixed, tangible or intangible, in aid of any of
the purposes of the Bank;
(7) to sell, convey, mortgage, pledge, lease, exchange, and
otherwise dispose of its property and assets;
(8) to appoint such officers, attorneys, employees, and agents
as may be required, to define their duties, to fix and to pay such
compensation for their services as may be determined, subject to the
civil service and classification laws, to require bonds for them and
pay the premium thereof;
(9) to enter into contracts, to execute instruments to incur
liabilities, and to do all things as are necessary or incidental to
the proper management of its affairs and the proper conduct of its
business;
(10) to act through any corporate or other agency or
instrumentality of the United States, and to utilize the services
thereof on a reimbursable basis, and any such agency or
instrumentality is authorized to provide services as requested by
the Bank; and
(11) to determine the character of and the necessity for its
obligations and expenditures, and the manner in which they shall be
incurred, allowed, and paid, subject to provisions of law
specifically applicable to Government corporations.
(Pub. L. 93-224, Sec. 10, Dec. 29, 1973, 87 Stat. 940.)
References in Text
The civil service laws, referred to in par. (8), are set forth in
Title 5, Government Organization and Employees. See, particularly,
section 3301 et seq. of Title 5.
The classification laws, referred to in par. (8), are classified to
chapter 51 (Sec. 5101 et seq.) and subchapter III (Sec. 5331 et seq.) of
chapter 53 of Title 5.
