General Corporate Powers.—

Sec. 2.12. General Corporate Powers.—Each production credit association shall be a body corporate and, subject to supervision by the Federal intermediate credit bank for the district and the Farm Credit Administration, shall have power to— (1) Have succession until terminated in accordance with this Act or any other Act of Congress. (2) Adopt and use a corporate seal. (3) Make contracts. (4) Sue and be sued. (5) Acquire, hold, dispose, and otherwise exercise all of the usual incidents of ownership of real and personal property necessary or convenient to its business. (6) Operate under the direction of its board of directors in accordance with this Act. (7) Subscribe to stock of the bank. (8) Purchase stock of the bank held by other production credit associations and stock of other production credit associations. (9) Contribute to the capital of the bank or other production credit associations. (10) Invest its funds as may be approved by the Federal intermediate credit bank under regulations of the Farm Credit Administration and deposit its current funds and securities with the Federal intermediate credit bank, a member bank of the Federal Reserve System, or any bank insured under the Federal Deposit Insurance Corporation, and may pay fees therefor and receive interest thereon as may be agreed. (11) Buy and sell obligations of or insured by the United States or of any agency thereof or of any banks of the Farm Credit System. (12) Borrow money from the Federal intermediate credit, bank, and with the approval of such bank, borrow from and issue its notes or other obligations to any commercial bank or other financial institution. (13) Make and participate in loans, accept advance payments, and provide services and other assistance as authorized in this title and charge fees therefor. (14) Endorse and become liable on loans discounted or pledged to the Federal intermediate credit bank. (15) Enter into loss sharing agreements with the Federal intermediate credit bank and other production credit associations. 85 Stat. 599 (16) Prescribe by its board of directors its bylaws not inconsistent with law providing for the classes of its stock and the manner in which its stock shall be issued, transferred, and retired, its officers and employees elected or provided for, its property acquired, held, and transferred, its general business conducted, and the privileges granted it by law exercised and enjoyed. (17) Elect by its board of directors a manager or other chief executive officer, and provide for such other officers or employees as may be necessary, including joint employees as provided in this Act, define their duties, and require surety bonds or make other provisions against losses occasioned by employees. No director shall, within one year after the date when he ceases to be a member of the board, be elected or designated a salaried employee of the association on the board of which he served. (18) Elect by its board of directors a loan committee with power to approve applications for membership in the association and loans or participations or, with the approval of the bank, delegate the approval of applications for membership and loans or participations within specified limits to other committees or to authorized officers and employees of the association. (19) Perform any functions delegated to it by the bank or the Farm Credit Administration. (20) Exercise by its board of directors or authorized officers or employees, all such incidental powers as may be necessary or expedient to carry on the business of the association.