12 Usc 1819

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llSS

Federal Deposit Insurance Act

SEC. 9 (a) IN GENERAL.-UpOn the date of enactment of the Banking Act of 1933.
the Corporation shall become a body corprate and as such shall have powerFirst. To adopt and use a corporate seaL.

Second. To have succession until dissolved by an Act of Congress.
Third. To make contracts.
Iattorneys,
Fourth. To
and be
complain
andFederaL.
defend, by and through its own
in sue
any court
of sued,
law or and
equity,
State or
Fifth. To appoint by its Board of Directors such offcers and employees as are not

otherwise provided for in this Act, to define their duties, fix their compensation, require
bonds of them and fix the penalty thereof, and to dismiss at pleasure such offcers or
employees. Nothing in this or any other Act shall be construed to prevent the appointment
and compensation as an offcer or employee of the Corpration of any offcer 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 wj,h 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 offcers or agents, all

powers specifically granted by the provisions of this Act, 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 banks,
as provided in this Act.

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 Act 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).

(Codified to 12 u.s. C. 181 9(a)l

(Source: Section 2(9(a)j of the Act of September 21. /950 (Pub. L. No. 797: 64 Stat. 88 n,
the Act 0/ October /6.
effective September 21, 1950. as amended by section 205 of title l/ of
1966 (Pub. L. No. 89-695: 80 Stat. 1055), effective October 16. 1966. section 309 of

title /I

of the Act of November 10. 1978 (Pub. L. No. 95-630: 92 Stat. 3677). effective March /0.

title l/ o/the Act of August 9. 1989 (Pub. L. No. 101-73. 103
1979: and section 209(1-(3) of
Stai. 216), effective Augut 9. 1989; section 33/(e) of title l/I of the Act of September 23.
/994 (Pub. L. No. 103-325; 108 Stat. 2232). effective September 23, 1994/
(b) AGENCY AUTHORITY.-

(I) STATUS.- The Corpration, in any capacity, shall be an agency of the United
States for purpses of section 1345 of title 28, United States Code, without regard to

whether the Corpration commenced the action.
(2) FEDERAL COURT JURISDICTION.-

(A) IN GENERAL.-Except as provided in subparagraph (0), all suits of a civil
nature at common law or in equity to which the Corpration, 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 Corpration may,
without bond or seurity, 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 fied against the Corpration 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 actionFed Depoit Illun Cortl

FDI Act, ~9

llS6

Federal Deposit Insurance Act

10-31.94

(i) to which the Corpration, in the Corpration'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 deposi-

tory institution, or obligations owing to, depositors, creditors, or stockholders by the State
insured depsitory 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 Oirectors 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 court of appeal.
(Codified to 12 u.s. C. /81 9(b)J

(Source: Section 2(9(b)/ of the Act of September 21. /950 (Pub L. No. 797), effective
title l/ of the Act of Augut 9. 1989 (Pub.
September 21. 1950. as added by section 209(4) of
L. No. 10/-73; 103 Stat. 216), effective Augut 9. /989; as amended by section /6/(d) of
I of

title

the Act of December 19. 1991 (Pub. L. No. /02-242; 105 Stat. 2286). effective December

/9, 1991/

NOTES
Derivation. Section 9 derives from section 12B(j) of the Federal Reserve Act, as

added by section 8 of the Act of June 16,
1933 (Pub. L. No. 66; 48 Slat. i 72), effec-

tive June 16, 1933. Section l2B(j) of the
Federal Reserve Act was amended by sec-

tion i 0 I (i 2B(j)) of title I of the Act of
August 23, 1935 (Pub. L. No. 305; 49 Stat.
692), effective August 23, 1935, By section
I of the Act of September 21, 1950 (Pub. L.
No. 797; 64 Stat. 873), effective September

effective October 28, 1974, provides as
follows:
"SEC. Ill. No offcer or agency of

the United States shall have any authori.
ty to require the Securities and Exchange
Commission, the Board of Governors of
the Federal Reserve System, the Federal

Deposit Insurance Corpration, the Fed-

eral Home Loan Bank Board, or the
National Credit Union Administration to
submit legislative recommendations, or

21, 1950, setion 12B of the Federal Re-

testimony, or comments on legislation, to

serve Act was withdrawn as a part of that
Act and was made a separate act known as

any offcer or agency of the United States

the "Federal Deposit Insurance Act."

to the submission of such recommenda-

Section 9(b) was added by setion 209 of
title II of the Act of August 9, 1989 (Pub. L.
No. 101-73; 103 Stat. 216), effective August 9, 1989.

Independenc of FDIC with repe to the
submisio of report to the Congrss. Setion 1 11 of title I of the Act of October 28,
1974 (Pub. L. No. 93-495; 88 Stat. 1506),

for approval, comments, or review, prior

tions, testimony, or comments to the
Congress if such recommendations, testi.
mony, or comments to the Congress

include a statement indicating that the
views expressed therein are those of the
agency submitting them and do not necessarily represent the views of the Presi-

dent."

(The page following this is i i 71.)

FDI Act, §9

Fedl Depoit IIl.raaa COfriOD