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U.S. Code as of:
01/19/04
Section 614. Organization certificate; acknowledgment; forwarding to, filing, and approval by Board of Governors of the Federal Reserve System; permit to do business; body corporate; name; seal; corporate succession; contracts; suits; directors, officers, and employees; bylaws
The persons signing the organization certificate shall duly
acknowledge the execution thereof before a judge of some court of
record or notary public, who shall certify thereto under the seal
of such court or notary, and thereafter the certificate shall be
forwarded to the Board of Governors of the Federal Reserve System
to be filed and preserved in its office. Upon duly making and
filing articles of association and an organization certificate, and
after the Board of Governors of the Federal Reserve System has
approved the same and issued a permit to begin business, the
association shall become and be a body corporate, and as such and
in the name designated therein shall have power to adopt and use a
corporate seal, which may be changed at the pleasure of its board
of directors; to have succession for a period of twenty years
unless sooner dissolved by the act of the shareholders owning
two-thirds of the stock or by an act of Congress or unless its
franchises become forfeited by some violation of law; to make
contracts; to sue and be sued, complain, and defend in any court of
law or equity; to elect or appoint directors; and, by its board of
directors, to appoint such officers and employees as may be deemed
proper, define their authority and duties, require bonds of them,
and fix the penalty thereof, dismiss such officers or employees, or
any thereof, at pleasure and appoint others to fill their places;
to prescribe, by its board of directors, bylaws not inconsistent
with law or with the regulations of the Board of Governors of the
Federal Reserve System regulating the manner in which its stock
shall be transferred, its directors elected or appointed, its
officers and employees appointed, its property transferred, and the
privileges granted to it by law exercised and enjoyed.
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