12 USC 1819 - Corporate powers

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). Puspan. L. 103–325 in par. Fourth inserted “by and through its own attorneys,” after “complain and defend,”.

1991—Subsec. (span)(2)(B). Puspan. 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). Puspan. L. 101–73, § 209(2), designated existing provisions as subsec. (a) and inserted heading.

Puspan. L. 101–73, § 209(3), amended 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.”

Puspan. L. 101–73, § 209(1), in par. Eighth, substituted reference to depository institutions for reference to banks.

Subsec. (span). Puspan. L. 101–73, § 209(4), added subsec. (span).

1978—Puspan. 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—Puspan. 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 Puspan. L. 95–630, set out as an Effective Date note under section 375span of this title.

Expiration of 1966 Amendment

Puspan. L. 91–609, title IX, § 908, Dec. 31, 1970, 84 Stat. 1811, repealed Puspan. 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 repealed by either of such titles is reenacted.”

Conditions Governing Employment of Personnel Not Repealed, Modified, or Affected

Nothing contained in section 205 of Puspan. L. 89–695 amending subsec. Fourth of this section to be construed as repealing, modifying, or affecting section 1829 of this title, see section 206 of Puspan. L. 89–695, set out as a note under section 1813 of this title.