§ 1819. — Corporate powers.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1819]
TITLE 12--BANKS AND BANKING
CHAPTER 16--FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 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.
(Sept. 21, 1950, ch. 967, Sec. 2[9], 64 Stat. 881; Pub. L. 89-695, title
II, Sec. 205, Oct. 16, 1966, 80 Stat. 1055; Pub. L. 95-630, title III,
Sec. 309, Nov. 10, 1978, 92 Stat. 3677; Pub. L. 101-73, title II,
Sec. 209, Aug. 9, 1989, 103 Stat. 216; Pub. L. 102-242, title I,
Sec. 161(d), Dec. 19, 1991, 105 Stat. 2286; Pub. L. 103-325, title III,
Sec. 331(e), Sept. 23, 1994, 108 Stat. 2232.)
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 inserted ``by and
through its own attorneys,'' after ``complain and defend,''.
1991--Subsec. (b)(2)(B). Pub. 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). Pub. L. 101-73, Sec. 209(2), designated existing
provisions as subsec. (a) and inserted heading.
Pub. L. 101-73, Sec. 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.''
Pub. L. 101-73, Sec. 209(1), in par. Eighth, substituted reference
to depository institutions for reference to banks.
Subsec. (b). Pub. L. 101-73, Sec. 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 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--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.
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, Sec. 908, Dec. 31, 1970, 84 Stat. 1811,
repealed section 401 of Pub. L. 89-695 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 Pub. 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 Pub. L. 89-695,
set out as a note under section 1813 of this title.
Section Referred to in Other Sections
This section is referred to in title 5 section 5373.
