Common use of Powers of the Bank Clause in Contracts

Powers of the Bank. For the attainment of its purposes the Bank may— (a) borrow money and mortgage or charge its undertaking, property or unpaid capital or any part thereof and issue bonds, debentures, debenture stock and other securities, mortgage participation certificates or other pass through securities or any derivatives thereof, whether as security for any debt, liability or obligation of the Bank or of any third party or otherwise; (b) buy and sell mortgage loans on residential properties; (c) appoint other institutions as its trustees on such terms and conditions as it may deem fit; (d) secure the fulfillment of any contracts or engagements entered into by it, by mortgage or charge of all or any of its property or its unpaid capital for the time being in such a manner as it may deem fit; (e) approve on the part of any shareholder on such terms and conditions as are agreed a transfer of all or any part of its shares but always subject to the provisions of this Agreement; (f) institute, conduct, defend, compound or abandon any legal proceedings by or against it or its officers or otherwise concerning its affairs and also compound or allow time for payment or satisfaction of any debts due and of any claims or demands by or against it; (g) make and give receipts, releases and other discharges for moneys payable to it and for claims made against it; (h) invest any part of its moneys in securities (other than shares of the Bank), negotiate contracts and do such acts in the name and on behalf of the Bank as it may consider expedient for or in relation to any of its purposes; (i) appoint persons to be its attorneys or agents with such powers, including power to delegate and to appear before all proper authorities and make all necessary declarations, to enable its operations and business to be validly carried on; (j) do all such other things as are incidental to the attainment of its purposes.

Powers of the Bank. For the attainment of its purposes the Bank may— (a) borrow money and mortgage or charge its undertaking, property or unpaid capital or any part thereof and issue bonds, debentures, debenture stock and other securities, mortgage participation certificates or other pass through securities or any derivatives thereof, whether as security for any debt, liability or obligation of the Bank or of any third party or otherwise; (b) buy and sell mortgage loans on residential properties; (c) appoint other institutions as its trustees on such terms and conditions as it may deem fit; (d) secure the fulfillment of any contracts or engagements entered into by it, by mortgage or charge of all or any of its property or its unpaid capital for the time being in such a manner as it may deem fit; (e) approve on the part of any shareholder on such terms and conditions as are agreed a transfer of all or any part of its shares but always subject to the provisions of this Agreement; (f) institute, conduct, defend, compound or abandon any legal proceedings by or against it or its officers or otherwise concerning its affairs and also compound or allow time for payment or satisfaction of any debts due and of any claims or demands by or against it; (g) make and give receipts, releases and other discharges for moneys monies payable to it and for claims made against it; (h) invest any part of its moneys monies in securities (other than shares of the Bank), negotiate contracts and do such acts in the name and on behalf of the Bank as it may consider expedient for or in relation to any of its purposes; (i) appoint persons to be its attorneys or agents with such powers, including power to delegate and to appear before all proper authorities and make all necessary declarations, to enable its operations and business to be validly carried on; (j) do all such other things as are incidental to the attainment of its purposes.