12 U.S.C. § 1819 — Corporate powers

Page 1029 TITLE 12—BANKS AND BANKING § 1819 § 1819. Corporate powers (a) In general Upon June 16, 1933, the Corporation shall be- come 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 du- ties, 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 con- strued to prevent the appointment and com- pensation as an officer or employee of the Cor- poration of any officer or employee of the United States in any board, commission, inde- pendent 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 re- quire 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 nec- essary to carry out the provisions of this chap- ter or of any other law which it has the respon- sibility 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 ac- tion. (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 ca- pacity, 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 secu- rity, 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 Cor- poration 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 dis- trict court. (D) State actions Except as provided in subparagraph (E), any action— (i) to which the Corporation, in the Cor- poration’s capacity as receiver of a State insured depository institution by the ex- clusive 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, de- positors, 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 in- voke 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 lo- cated. (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. (Sept. 21, 1950, ch. 967, § 2[9], 64 Stat. 881; Pub. L. 89–695, title II, § 205, Oct. 16, 1966, 80 Stat. 1055; Pub. L. 95–630, title III, § 309, Nov. 10, 1978, 92 Stat. 3677; Pub. L. 101–73, title II, § 209, Aug. 9, 1989, 103 Stat. 216; Pub. L. 102–242, title I, § 161(d), Dec. 19, 1991, 105 Stat. 2286; Pub. L. 103–325, title III, § 331(e), Sept. 23, 1994, 108 Stat. 2232.) Editorial Notes PRIOR PROVISIONS Section is derived from subsec. (j) of former section 264 of this title. See Codification note set out under section 1811 of this title. AMENDMENTS 1994—Subsec. (a). Pub. L. 103–325 in par. Fourth in- serted ‘‘by and through its own attorneys,’’ after ‘‘com- plain and defend,’’. 1991—Subsec. (b)(2)(B). Pub. L. 102–242 inserted before period at end ‘‘before the end of the 90-day period be- ginning on the date the action, suit, or proceeding is Page 1030 TITLE 12—BANKS AND BANKING § 1820 1 See References in Text note below. filed against the Corporation or the Corporation is sub- stituted as a party’’. 1989—Subsec. (a). Pub. L. 101–73, § 209(2), designated existing provisions as subsec. (a) and inserted heading. Pub. L. 101–73, § 209(3), amended par. Fourth gen- erally. Prior to amendment, par. Fourth read as fol- lows: ‘‘Fourth. To sue and be sued, complain and de- fend, 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 origi- nal 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 re- moval 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, stock- holders, 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 Direc- tors shall designate an agent upon whom service of process may be made in any State, Territory, or juris- diction in which any insured bank is located.’’ Pub. L. 101–73, § 209(1), in par. Eighth, substituted ref- erence to depository institutions for reference to banks. Subsec. (b). Pub. L. 101–73, § 209(4), added subsec. (b). 1978—Pub. L. 95–630 in par. Tenth inserted ‘‘or of any other law which it has the responsibility of admin- istering or enforcing (except to the extent that author- ity to issue such rules and regulations has been ex- pressly 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. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1978 AMENDMENT Amendment 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 section 375b of this title. EXPIRATION OF 1966 AMENDMENT Pub. L. 91–609, title IX, § 908, Dec. 31, 1970, 84 Stat. 1811, repealed Pub. L. 89–695, title IV, § 401, Oct. 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 section 77 of this title and enacting provisions set out as notes under sections 1464, 1730, and 1813 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 re- pealed by either of such titles is reenacted.’’ CONDITIONS GOVERNING EMPLOYMENT OF PERSONNEL NOT REPEALED, MODIFIED, OR AFFECTED Nothing contained in section 205 of Pub. L. 89–695 amending subsec. Fourth of this section to be con- strued as repealing, modifying, or affecting section 1829 of this title, see section 206 of Pub. L. 89–695, set out as a note under section 1813 of this title. § 1820. Administration of Corporation (a) Board of Directors; use of mails; cooperation with other Federal agencies The Board of Directors shall administer the affairs of the Corporation fairly and impartially and without discrimination. The Board of Direc- tors of the Corporation shall determine and pre- scribe the manner in which its obligations shall be incurred and its expenses allowed and paid. The Corporation shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Govern- ment. The Corporation with the consent of any Federal Reserve bank or of any board, commis- sion, independent establishment, or executive department of the Government, including any field service thereof, may avail itself of the use of information, services, and facilities thereof in carrying out the provisions of this chapter. (b) Examinations (1) Appointment of examiners and claims agents The Board of Directors shall appoint exam- iners and claims agents. (2) Regular examinations Any examiner appointed under paragraph (1) shall have power, on behalf of the Corporation, to examine— (A) any insured State nonmember bank or insured State branch of any foreign bank; (B) any depository institution which files an application with the Corporation to be- come an insured depository institution; and (C) any insured depository institution in default, whenever the Board of Directors determines an examination of any such depository institu- tion is necessary. (3) Special examination of any insured deposi- tory institution (A) In general In addition to the examinations authorized under paragraph (2), any examiner appointed under paragraph (1) shall have power, on be- half of the Corporation, to make any special examination of any insured depository insti- tution or nonbank financial company super- vised by the Board of Governors or a bank holding company described in section 165(a) of the Financial Stability Act of 2010 [12 U.S.C. 5365(a)], whenever the Board of Direc- tors determines that a special examination of any such depository institution is nec- essary to determine the condition of such depository institution for insurance pur- poses, or of such nonbank financial company supervised by the Board of Governors or bank holding company described in section 165(a) of the Financial Stability Act of 2010 [12 U.S.C. 5365(a)], for the purpose of imple- menting its authority to provide for orderly liquidation of any such company under title II 1 of that Act, provided that such authority may not be used with respect to any such