Seal
The Corporation may adopt and use a corporate seal.
Succession
The Corporation may have succession until dissolved by an Act of Congress.
Contracts
The Corporation may make contracts.
Legal actions
In general
The Corporation may sue and be sued, complain and defend, in any court of law or equity, State or Federal.
Jurisdiction
All suits of a civil nature at common law or in equity to which the Corporation shall be a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction thereof, without regard to the amount in controversy, and the Corporation, in any capacity, without bond or security, may remove any such action, suit, or proceeding from a State court to the United States district court for the district or division embracing the place where the same is pending by following any procedure for removal then in effect.
Attachment and execution
No attachment or execution may be issued against the Corporation or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or United States court.
Agent for service of process
The Board of Directors shall designate an agent on whom service of process may be made in any State or jurisdiction in which any insured System bank is located.
Officers and employees
In general
The Corporation may appoint by its Board of Directors such officers and employees as are not otherwise provided for in this part, define their duties, fix their compensation, and require bonds of them and fix the penalty thereof, and dismiss at pleasure such officers or employees.
Employees of the United States
Nothing in this chapter or any other Act shall be construed to prevent the appointment and compensation, as an officer or employee of the Corporation, of any officer or employee of the United States in any board, commission, independent establishment, or executive department thereof.
Bylaws
The Corporation may prescribe, by its Board of Directors, bylaws not inconsistent with law, regulating the manner in which its general business may be conducted, and the privileges granted to it by law may be exercised and enjoyed.
Incidental powers
The Corporation may exercise by its Board of Directors, or duly authorized officers or agents, all powers specifically granted by the provisions of this part, and such incidental powers as shall be necessary to carry out the powers so granted.
Information
The Corporation may, when necessary, make examinations of, and require information and reports from, System institutions, as provided in this part.
Conservator or receiver
The Corporation may act as a conservator or receiver.
Rules and regulations
section 2020(b) of this titleThe Corporation may prescribe by its Board of Directors such rules and regulations as it considers necessary to carry out this part and (except to the extent that authority to issue such rules and regulations has been expressly and exclusively granted to any other regulatory agency).
Pub. L. 92–181, title V, § 5Pub. L. 100–233, title III, § 302101 Stat. 1614Pub. L. 100–399, title III, § 302(i)102 Stat. 994Pub. L. 102–237, title V, § 502(j)105 Stat. 1869Pub. L. 102–552, title II, § 202(a)106 Stat. 4105Pub. L. 104–105, title II, § 214(b)110 Stat. 175Pub. L. 110–234, title V, § 5401(b)122 Stat. 1154Pub. L. 110–246, § 4(a)122 Stat. 1664Pub. L. 115–334, title V, § 5411(37)132 Stat. 4683(.58, as added , , ; amended , , ; , , ; , , ; , , ; , , ; , title V, § 5401(b), , , 1915; , , .)
Editorial Notes
Codification
Pub. L. 110–234Pub. L. 110–246Pub. L. 110–234section 4(a) of Pub. L. 110–246 and made identical amendments to this section. The amendments by were repealed by .
Amendments
Pub. L. 115–334section 2278a–12 of this title2018—Par. (2). struck out at end “The Corporation shall succeed to the rights of the Farm Credit System Assistance Board under agreements between the Farm Credit System Assistance Board and System institutions certifying the institutions as eligible to issue preferred stock pursuant to subchapter VI on the termination of the Assistance Board on the date provided in .”
Pub. L. 110–246, § 5401(b)section 2020(b) of this title2008—Par. (10). , inserted “and ” after “this part”.
Pub. L. 104–1051996—Par. (9). added par. (9) and struck out heading and text of former par. (9). Text read as follows: “The Corporation may act as receiver.”
Pub. L. 102–552section 2278a–12 of this title1992—Par. (2). inserted at end “The Corporation shall succeed to the rights of the Farm Credit System Assistance Board under agreements between the Farm Credit System Assistance Board and System institutions certifying the institutions as eligible to issue preferred stock pursuant to subchapter VI on the termination of the Assistance Board on the date provided in .”
Pub. L. 102–2371991—Par. (4)(B). inserted “in any capacity,” after “and the Corporation,”.
Pub. L. 100–3991988—Par. (5)(A). struck out “to” before “define” and “dismiss”.
Statutory Notes and Related Subsidiaries
Effective Date of 2008 Amendment
Pub. L. 110–234Pub. L. 110–246Pub. L. 110–234section 4 of Pub. L. 110–246section 8701 of Title 7Amendment of this section and repeal of by effective , the date of enactment of , see , set out as an Effective Date note under , Agriculture.
Effective Date of 1988 Amendment
Pub. L. 100–399Pub. L. 100–233section 1001(a) of Pub. L. 100–399section 2002 of this titleAmendment by effective as if enacted immediately after enactment of , which was approved , see , set out as a note under .