Page:United States Statutes at Large Volume 48 Part 1.djvu/198

 172 Distribution of assets. Federal Deposit In- surance Corpo ration. Corporate powers . Board of directors ; administration of cor- porat e aff airs. Determination of manner disbu rsements made ; obligations in- cur red. Franking privilege. Coope rati on o f ex- ecutive departments. Insurance of deposits, member banks; effec- tive July 1 .1934. Post, pp. 969, 970. Pr esident may fix earlier date. Nonmember banks. Corporation as re- ce iver of clos ed na- tional bank. Organization of new nat ional bank. fi3d CONGRESS. SESS. I. CH. 89. JUNE 16, 1933 . not to exceed one half of 1 per centum per month from the period of last dividend on such stock shall be first applied to all debts of the insolvent bank or the receiver thereof to the Corporation, and the balance, if any, shall be paid to the receiver of the insolvent bank. "( j) Upon the date of enactment of the Banking Act of 1933, the Corporati on shall becom e a body corp orate and as such shall hav e power- " First. To adopt and use a corporate seal. " Second . To have succession until dissolved by an Act of Congr ess . " Third. To make contracts. " Fourth. To sue and be sued, complain and defend, 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 section, to define their duties, fix their compensation, require bonds of them and fix the pena lty ther eof, and to dism iss at p leas ure such officers or em- ployees. Nothing in this 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 in- consistent 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 . ` Sevent h . To ex ercise by its board of dire ctors, or dul y autho rized officers or agents, all powers specifically granted by the provisions of this section and such incidental powers as shall be necessary to carry out the powers so granted . "(k ) The board o f directors s hall administe r the affairs of the Corporation fairly and impartially and without discrimination. The board of directors of the Corporation shall determine and prescribe the manner in which its obligations shall be incurred and its ex- penses 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 Government. The Corporation with the consent of any Federal reserve bank or of any board, commis- sion, independent establishment, or executive department of the Gov- ernment, including any field service thereof, may avail itself of the use of information, services, and facilities thereof in carrying out the provisions of this section. "(1) Effective on and after July 1, 1934 (thus affording ample time for examination and preparation), unless the President shall by proclamation fix an earli er date, the Corporation sh all insure as hereinafter provided the deposits of all member banks, and on and after such date and until July 1, 1936, of all nonmember banks, which are class A stockholders of the Corporation . Notwith- standing any other provision of law, whenever any national bank which is a cla ss A stockhol der of the Cor poration shal l have been closed by action of its board of directors or by the Comptroller of the Currency, as the case may be, on account of inability to meet the demands of its depositors, the Comptroller of the Currency shall appoint the Corporation receiver for such bank . As soon as possi- ble thereaft er the Corpor ation shall o rganize a new national bank to assume th e insured dep osit liabilit ies of such cl osed bank, to receive new deposits and otherwise to perform temporarily the func-