Ch. 658                           MARVIN MANDEL, Governor                             1371

DEFINED IN SECTION 135 OF ARTICLE 11. EXCEPT AS OTHERWISE
PROVIDED IN THIS SUBHEADING, THE CORPORATION POSSESSES
ALL THE POWERS, PRIVILEGES, AND IMMUNITIES WHICH NOW
ARE OR HEREAFTER MAY BE CONFERRED ON CORPORATIONS BY
THE GENERAL CORPORATION LAW APPLICABLE TO
CORPORATIONS ORGANIZED THEREUNDER. THE BOARD OF
DIRECTORS MAY ADOPT AND PROMULGATE BYLAWS, RULES, AND
REGULATIONS WHICH CONFORM TO THE REASONABLE INTENT
AND PURPOSES OF THIS SUBHEADING. THE RULES, AND
REGULATIONS ADOPTED SHALL BE FILED WITH THE BANK
COMMISSIONER.

452.

(A)   THE PURPOSES OF THE CORPORATION ARE TO PROMOTE
THE ELASTICITY AND FLEXIBILITY OF THE RESOURCES OF
[[MEMBER]] ASSOCIATIONS, TO PROVIDE FOR THE LIQUIDITY OF
[[SUCH]] MEMBER ASSOCIATIONS THROUGH A CENTRAL
RESERVE FUND, AND TO INSURE THE CREDIT ACCOUNTS OF THE
MEMBER ASSOCIATIONS.

(B)  IN FURTHERANCE OF THESE PURPOSES THE CORPORATION
HAS THE FOLLOWING POWERS, SUBJECT TO APPROVAL BY THE
BANK COMMISSIONER:

(1)     TO PROVIDE FOR THE LIQUIDITY OF [[MEMBER]]
ASSOCIATIONS THROUGH THE CREATION OF A CENTRAL RESERVE
FUND FOR THE PURPOSE OF MAKING LOANS TO MEMBER
ASSOCIATIONS.

(2)     TO INSURE THE CREDIT ACCOUNTS OF MEMBER
ASSOCIATIONS THROUGH THE CREATION OF A CENTRAL
INSURANCE FUND.

(3)  TO BORROW MONEY AND OTHERWISE INCUR INDEBTEDNESS
FOR ANY OF ITS PURPOSES; TO ISSUE ITS BONDS, DEBENTURES,
NOTES, OR OTHER EVIDENCES OF INDEBTEDNESS, WHETHER
SECURED OR UNSECURED, THEREFOR; AND TO SECURE THE SAME
BY MORTGAGE, PLEDGE, DEED OF TRUST, OR OTHER LIEN ON ITS
PROPERTY, RIGHTS, AND PRIVILEGES OF EVERY KIND AND
NATURE OR ANY PART THEREOF.

(4)  TO LEND MONEY TO, AND TO GUARANTEE, ENDORSE, OR ACT
AS SURETY ON THE BONDS, NOTES, CONTRACTS, OR OTHER
OBLIGATIONS OF, OR OTHERWISE ASSIST FINANCIALLY, ANY
[[MEMBER]] ASSOCIATION; AND TO ESTABLISH AND REGULATE
THE TERMS AND CONDITIONS WITH RESPECT TO THE LOANS OR
FINANCIAL ASSISTANCE AND THE CHARGES FOR INTEREST AND
SERVICE CONNECTED THEREWITH;

(5)   TO PURCHASE, RECEIVE, HOLD, LEASE, OR OTHERWISE
ACQUIRE, AND TO SELL , CONVEY, MORTGAGE, LEASE, PLEDGE, OR
OTHERWISE DISPOSE OF, UPON TERMS AND CONDITIONS ITS
BOARD OF DIRECTORS DEEMS ADVISABLE, REAL. AND PERSONAL
PROPERTY, TOGETHER WITH RIGHTS AND PRIVILEGES
INCIDENTAL AND APPURTENANT THERETO AND THE USE
THEREOF, INCLUDING, BUT NOT RESTRICTED TO, ANY REAL OR
PERSONAL PROPERTY ACQUIRED BY THE CORPORATION FROM
TIME TO TIME IN THE SATISFACTION OF DEBTS OR ENFORCEMENT