Upon June 16, 1933, the Corporation shall become a body corporate and as such shall have power-
First. To adopt and use a corporate seal.
Second. To have succession until dissolved by an Act of Congress.
Third. To make contracts.
Fourth. To sue and be sued, and complain and defend, by and through its own attorneys, in any court of law or equity, State or Federal.
Fifth. To appoint by its Board of Directors such officers and employees as are not otherwise provided for in this chapter, 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 chapter or any other Act shall be construed to prevent the appointment and compensation as an officer or employee of the Corporation of any officer or employee of the United States in any board, commission, independent establishment, or executive department thereof.
Sixth. To prescribe, by its Board of Directors, bylaws not inconsistent with law, regulating the manner in which its general business may be conducted, and the privileges granted to it by law may be exercised and enjoyed.
Seventh. To exercise by its Board of Directors, or duly authorized officers or agents, all powers specifically granted by the provisions of this chapter, and such incidental powers as shall be necessary to carry out the powers so granted.
Eighth. To make examinations of and to require information and reports from depository institutions, as provided in this chapter.
Ninth. To act as receiver.
Tenth. To prescribe by its Board of Directors such rules and regulations as it may deem necessary to carry out the provisions of this chapter or of any other law which it has the responsibility of administering or enforcing (except to the extent that authority to issue such rules and regulations has been expressly and exclusively granted to any other regulatory agency).
The Corporation, in any capacity, shall be an agency of the United States for purposes of sectionof title 28 without regard to whether the Corporation commenced the action.
Except as provided in subparagraph (D), all suits of a civil nature at common law or in equity to which the Corporation, in any capacity, is a party shall be deemed to arise under the laws of the United States.
Except as provided in subparagraph (D), the Corporation may, without bond or security, remove any action, suit, or proceeding from a State court to the appropriate United States district court before the end of the 90-day period beginning on the date the action, suit, or proceeding is filed against the Corporation or the Corporation is substituted as a party.
The Corporation may appeal any order of remand entered by any United States district court.
Except as provided in subparagraph (E), any action-
shall not be deemed to arise under the laws of the United States.
Subparagraph (D) shall not be construed as limiting the right of the Corporation to invoke the jurisdiction of any United States district court in any action described in such subparagraph if the institution of which the Corporation has been appointed receiver could have invoked the jurisdiction of such court.
The Corporation shall not be required to post any bond to pursue any appeal and shall not be subject to payments of any filing fees in United States district courts or courts of appeal.
12 U.S.C. § 1819
Sept. 21, 1950, ch. 967, §2, 64 Stat. 881; Pub. L. 89-695Oct. 16, 1966, 80 Stat. 1055; Pub. L. 95-630Nov. 10, 1978, 92 Stat. 3677; Pub. L. 101-731989; Pub. L. 102-2421991; Pub. L. 103-3251994.
PRIOR PROVISIONSSection is derived from subsec. (j) of former sectionof this title. See Codification note set out under section of this title.
AMENDMENTS 1994-Subsec. (a). Pub. L. 103-325 in par. Fourth inserted "by and through its own attorneys," after "complain and defend,".1991-Subsec. (b)(2)(B). Pub. L. 102-242 inserted before period at end "before the end of the 90-day period beginning on the date the action, suit, or proceeding is filed against the Corporation or the Corporation is substituted as a party".1989-Subsec. (a). Pub. L. 101-73designated existing provisions as subsec. (a) and inserted heading.Pub. L. 101-73amended par. Fourth generally. Prior to amendment, par. Fourth read as follows: "Fourth. To 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 Corporation 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; and the Corporation 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 Corporation is a party in its capacity as receiver of a State bank and which involves only the rights or obligations of depositors, creditors, stockholders, and such State bank 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 Corporation or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or United States court. The Board of Directors shall designate an agent upon whom service of process may be made in any State, Territory, or jurisdiction in which any insured bank is located."Pub. L. 101-73in par. Eighth, substituted reference to depository institutions for reference to banks.Subsec. (b). Pub. L. 101-73added subsec. (b).1978-Pub. L. 95-630 in par. Tenth inserted "or of any other law which it has the responsibility of administering or enforcing (except to the extent that authority to issue such rules and regulations has been expressly and exclusively granted to any other regulatory agency)" after "provisions of this chapter".1966-Pub. L. 89-695 in par. Fourth vested United States district courts, without regard to the amount in controversy, with original jurisdiction over any action to which the Corporation is a party and authorized the removal of such actions to the Federal courts.
EFFECTIVE DATE OF 1978 AMENDMENTAmendment effective upon expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95-630, set out as an Effective Date note under sectionof this title.
EXPIRATION OF 1966 AMENDMENTPub. L. 91-609Dec. 31, 1970, 84 Stat. 1811, repealed Pub. L. 89-695Oct. 19, 1966, 80 Stat. 1056, which provided that: "The provisions of titles I and II of this Act [amending sections 1464, 1730, 1813, 1817 to 1820 and repealing sectionof this title and enacting provisions set out as notes under sections , 1730, and of this title] and any provisions of law enacted by said titles shall be effective only during the period ending at the close of June 30, 1972. Effective upon the expiration of such period, each provision of law amended by either of such titles is further amended to read as it did immediately prior to the enactment of this Act [Oct. 16, 1966] and each provision of law repealed by either of such titles is reenacted."
CONDITIONS GOVERNING EMPLOYMENT OF PERSONNEL NOT REPEALED, MODIFIED, OR AFFECTEDNothing contained in section 205 of Pub. L. 89-695 amending subsec. Fourth of this section to be construed as repealing, modifying, or affecting sectionof this title, see section 206 of Pub. L. 89-695, set out as a note under section of this title.
- Board of Directors
- The term "Board of Directors" means the Board of Directors of the Corporation.
- State bank
- The term "State bank" means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which- (A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and (B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia,including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989.
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
- insured bank
- The term "insured bank" means any bank (including a foreign bank having an insured branch) the deposits of which are insured in accordance with the provisions of this chapter; and the term "noninsured bank" means any bank the deposits of which are not so insured.
- insured depository institution
- The term "insured depository institution" means any bank or savings association the deposits of which are insured by the Corporation pursuant to this chapter.
- The term "receiver" includes a receiver, liquidating agent, conservator, commission, person, or other agency charged by law with the duty of winding up the affairs of a bank or savings association or of a branch of a foreign bank.