12 U.S.C. § 1819 : US Code - Section 1819: Corporate powers

Search 12 U.S.C. § 1819 : US Code - Section 1819: Corporate powers

(a) In general
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).
(b) Agency authority
(1) Status
The Corporation, in any capacity, shall be an agency of the
United States for purposes of section 1345 of title 28 without
regard to whether the Corporation commenced the action.
(2) Federal court jurisdiction
(A) In general
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.
(B) Removal
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.
(C) Appeal of remand
The Corporation may appeal any order of remand entered by any
United States district court.
(D) State actions
Except as provided in subparagraph (E), any action -
(i) to which the Corporation, in the Corporation's capacity
as receiver of a State insured depository institution by the
exclusive appointment by State authorities, is a party other
than as a plaintiff;
(ii) which involves only the preclosing rights against the
State insured depository institution, or obligations owing
to, depositors, creditors, or stockholders by the State
insured depository institution; and
(iii) in which only the interpretation of the law of such
State is necessary,
shall not be deemed to arise under the laws of the United
States.
(E) Rule of construction
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.
(3) Service of process
The Board of Directors shall designate agents upon whom service
of process may be made in any State, territory, or jurisdiction
in which any insured depository institution is located.
(4) Bonds or fees
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.