7 U.S.C. § 942 : US Code - Section 942: General powers

Search 7 U.S.C. § 942 : US Code - Section 942: General powers

To carry out the specific powers herein authorized, the telephone
bank shall have power to (a) adopt, alter, and use a corporate
seal; (b) sue and be sued in its corporate name; (c) make
contracts, leases, and cooperative agreements, or enter into other
transactions as may be necessary in the conduct of its business,
and on such terms as it may deem appropriate; (d) acquire, in any
lawful manner, hold, maintain, use, and dispose of property:
Provided, That the telephone bank may only acquire property needed
in the conduct of its banking operations or pledged or mortgaged to
secure loans made hereunder or in temporary operation or
maintenance thereof: Provided further, That any such pledged or
mortgaged property so acquired shall be disposed of as promptly as
is consistent with prudent liquidation practices, but in no event
later than five years after such acquisition; (e) accept gifts or
donations of services or of property in aid of any of the purposes
herein authorized; (f) appoint such officers, attorneys, agents,
and employees, vest them with such powers and duties, fix and pay
such compensation to them for their services as the telephone bank
may determine; (g) determine the character of and the necessity for
its obligations and expenditures, and the manner in which they
shall be incurred, allowed, and paid; (h) execute, in accordance
with its bylaws, all instruments necessary or appropriate in the
exercise of any of its powers; (i) collect or compromise all
obligations assigned to or held by it and all legal or equitable
rights accruing to it in connection with the payment of such
obligations until such time as such obligations may be referred to
the Attorney General for suit or collection; and (j) exercise all
such other powers as shall be necessary or incidental to carrying
out its functions under this subchapter.