Sec. 209. administrative provisions
709 words·~3 min read·
/statute-compilations/comps-264/sec-209A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## Sec. 209 administrative provisions **[**[12 U.S.C. 1789](/us/usc/t12/s1789)**]** ###
(a)In carrying out the purposes of this title, the Board may— ####
(1)make contracts; ####
(2)sue and be sued, complain and defend, in any court of law or equity, State or Federal. All suits of a civil nature at common law or in equity to which the Board 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. The Board may, without bond or security, 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 now or hereafter in effect, except that any such suit to which the Board is a party in its capacity as liquidating agent of a State-chartered credit union and which involves only the rights or obligations of members, creditors, and such State credit union under State law shall not be deemed to arise under the laws of the United States. No attachment or execution shall be issued against the Board or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or United States court. The Board shall designate an agent upon whom service of process may be made in any State, territory, or jurisdiction in which any insured credit union is located; ####
(3)pursue to final disposition by way of compromise or otherwise claims both for and against the United States (other than tort claims, claims involving administrative expenses, and claims in excess of $5,000 arising out of contracts for construction, repairs, and the purchase of supplies and materials) which are not in litigation and have not been referred to the Department of Justice; ####
(4)to appoint such officers and employees as are not otherwise provided for in this Act, to define their duties, fix their compensation, require bonds of them and fix the penalty thereof, and to dismiss at pleasure such officers or employees. Nothing in this or any other Act shall be construed to prevent the appointment and compensation as an officer or employee of the Administration of any officer or employee of the United States in any board, commission, independent establishment, or executive department thereof; ####
(5)employ experts and consultants or organizations thereof, as authorized by section 15 of the Administrative Expenses Act of 1946 (5 U.S.C. 55a); ####
(6)prescribe the manner in which its general business may be conducted and the privileges granted to them by law may be exercised and enjoyed; ####
(7)exercise all powers specifically granted by the provisions of this title and such incidental powers as shall be necessary to carry out the powers so granted; ####
(8)make examinations of and require information and reports from insured credit unions, as provided in this title; ####
(9)act as liquidating agent; ####
(10)delegate to any officer or employee of the Administration such of its functions as it deems appropriate; and ####
(11)prescribe such rules and regulations as it may deem necessary or appropriate to carry out the provisions of this title. ###
(b)With respect to the financial operations arising by reason of this title, the Board shall— ####
(1)on an annual basis and prior to the submission of the detailed business-type budget required under paragraph (2)— #####
(A)make publicly available and publish in the Federal Register a draft of the detailed business-type budget; and #####
(B)hold a public hearing, with public notice provided of the hearing, during which the public may submit comments on the draft of the detailed business-type budget; ####
(2)prepare annually and submit a detailed business-type budget as provided for wholly owned Government corporations by the Government Corporation Control Act, which shall address any comment submitted by the public under paragraph (1)(B); and ####
(3)maintain an integral set of accounts, which shall be audited annually by the General Accounting Office in accordance with principles and procedures applicable to commercial corporate transactions, as provided by section 105 of the Government Corporation Control Act.
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U.S. Code
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- 5 USC 55a
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