§ 2404. Powers of the agency. Except as otherwise limited by this\ntitle, the agency shall have power:\n (1) To sue and be sued;\n (2) To have a seal and alter the same at pleasure;\n (3) To make and execute contracts and all other instruments necessary\nor convenient for the exercise of its powers and functions under this\ntitle;\n (4) To make and alter by-laws for its organization and internal\nmanagement;\n (5) To acquire, hold and dispose of real and personal property for its\ncorporate purposes;\n (6) To appoint officers, agents and employees, prescribe their duties\nand qualifications and fix their compensation;\n * (7) To (a) acquire, and contract to acquire, existing mortgages\nowned by banks and to enter into advance commitments to banks for the\npurchase of said mortgages, all subject to the provisions of section\ntwenty-four hundred five of this part, (b) acquire, and contract to\nacquire, forward commitment mortgages made by banks and to enter into\nadvance commitments to banks for the purchase of said mortgages, all\nsubject to the provisions of section twenty-four hundred five-b of this\npart, (c) acquire, and contract to acquire, new housing loans made by\nbanks and to enter into advance commitments to banks for the purchase of\nsaid housing loans, all subject to the provisions of section twenty-four\nhundred five-c of this part, (d) to acquire and contract to acquire\nmortgages pursuant to section twenty-four hundred five-d of this title,\nand (e) acquire, and contract to acquire, new construction mortgage\nloans for single-family modular or manufactured housing purchased and\nsited on land owned by banks and to enter into advance commitments to\nbanks for the purchase of such mortgages, all subject to the provisions\nof section twenty-four hundred five-b of this part;\n * NB Effective until July 23, 2027\n * (7) To acquire, and contract to acquire, mortgages owned by banks\nand to enter into advance commitments to banks for the purchase of said\nmortgages, all subject to the provisions of section two thousand four\nhundred five of this title;\n * NB Effective July 23, 2027\n (8) Subject to any agreement with bondholders or noteholders, to\ninvest moneys of the agency not required for immediate use, including\nproceeds from the sale of any bonds or notes, in obligations of the\nstate or the United States of America or obligations the principal and\ninterest of which are guaranteed by the state or the United States of\nAmerica or in certificates of deposit or time deposits secured in such\nmanner as the agency shall determine, or in obligations of any agency of\nthe state or the United States of America which may from time to time be\nlegally purchased by savings banks within the state as an investment of\nfunds belonging to them or in their control, or in obligations of the\nFederal National Mortgage Association.\n (9) Subject to any agreement with bondholders or noteholders, to sell\nany mortgages or other personal property acquired by the agency at\npublic or private sale and at such price or prices as it shall\ndetermine, provided, however, that a private sale shall be limited to an\nagency of the federal government, the federal national mortgage\nassociation, or a sale of a mortgage to a bank from which it was\noriginally purchased. If the agency determines to sell mortgages at\npublic sale, a notice of such sale shall be published at least once at\nleast five days prior to the date of such sale in a financial newspaper\nor journal published in the city of New York;\n (10) Subject to any agreement with bondholders or noteholders, to\npurchase bonds or notes of the agency, which shall thereupon be\ncancelled, at a price not exceeding (a) if the bonds or notes are then\nredeemable, the redemption price then applicable plus accrued interest\nto the next interest payment date thereon, or (b) if the bonds or notes\nare not then redeemable, the redemption price applicable on the first\ndate after suc
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