Page:United States Statutes at Large Volume 49 Part 1.djvu/737

 692 74T H CONGR ESS. SESS. I. CH. 614. AUGUST 23, 1935. System, with like effect as if its insured status had been terminated on said date by the board of directors after proceedings under para- graph (1) of this subsection. Election of nonmem- 11 (3) If any nonmember bank which be comes an insured bank tnneinsuredstatus k under the provisions of paragraph (1) of subsection (f) of this sec- tion shall elect, within thirty days after the effective date, not to continue as an insured bank, and shall within such period give writ- notice required. ten notice to the Corporation of its election, in accordance with regu- lations to be prescribed by the board of directors, and to the Recon- struction Finance Corporation if it owns or holds as pledgee any preferred stock, capital notes, or debentures of such bank, it shall cease to be an insured bank and cease to be subject to the provisions of this section and the rights of the bank (including its right to any refund) shall be as provided by la w existing prior to the effective Notic e to de positor s. date. The board of directors shall cause notice of termination of insurance to be given to the depos itors of such bank by publication or otherwise as the board of directors may determine, and the deposits in such bank shall continue to be insured for twenty days beyond such thirty day period. Assumption of liabil- - » (4) Whenever the liabilities of an insured bank for deposits shall stie s of insu red bank by another insured have been assumed by another insured bank or banks, the insured bank, status of the bank whose liabilities are so assumed shall terminate on the date of r eceip t by the C orpor ation of s atisf actor y evi dence of such assumption with like effect as if its insured status had been ter- minated on said date by the board of directors after proceedings Proviso. under paragraph (1) of this subsection : Provided, That if the bank Termination of in- sura nce; when ; notice whose liabilities are so assumed gives to its depositors notice of such to depo sitors. assumption within thirty days after such assumption takes effect, by pub licat ion o r by any r eason able means, in accor dance with regu la- tions to be prescribed by the board of directors, the insurance of its deposits shall terminate at the end of six months from the date such assumption takes effect, and such bank shall thereupon be relieved of all future obligations to the Corporation, including the obligation to pay future assessments. Corpo rate power s. a (j) Upon the date of enactment of the Banking Act of 1933, the Corporation shall become a body corporate and as such shall have power- Seal. "First . To adopt and use a corporate seal . Succession. " Second. To have succession until dissolved by an Act of Congress. Contracts. " Third . To make contracts . Suit s. "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 Prov iso common law or in equity to which the Corporation shall be a party n When Corporation a shall be deemed to arise under the laws of the United States : Pro- party as receiver, etc . vided, 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 Issue of a ttach ment State bank under State law shall not be deemed to arise under the or execut ion ag ainst laws of the United States. No attachment or execution shall be corporation . issued against the Corporation or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or Desi gna ti on of agent United States court. The board of directors shall designate an agent for service of process. upon whom service of process may be made in any State, Territory, or jurisdiction in which any insured bank is located. Personnel ; appo int- "Fifth . To appoint by its board of directors such officers and ment; compensation ; bonds ; etc . employees as are not otherwise provided for in this section, to define their duties, fix their compensation, require bonds of them a nd fix the penalty thereof, and to dismiss at pleasure such officers or employees . Nothing in this or any other Act shall be construed to