1. Suits
Arising Out of Foreign Banking Business Notwithstanding any other provision of law all suits of a civil nature
at common law or in equity to which any corporation organized under
the laws of the United States shall be a party, arising out of transactions
involving international or foreign banking, or banking in a dependency
or insular possession of the United States, or out of other international
or foreign financial operations, either directly or through the agency,
ownership, or control of branches or local institutions in dependencies
or insular possessions of the United States or in foreign countries,
shall be deemed to arise under the laws of the United States, and
the district courts of the United States shall have original jurisdiction
of all such suits; and any defendant in any such suit may, at any
time before the trial thereof, remove such suits from a State court
into the district court of the United States for the proper district
by following the procedure for the removal of causes otherwise provided
by law. Such removal shall not cause undue delay in the trial of such
case and a case so removed shall have a place on the calendar of the
United States court to which it is removed relative to that which
it held on the State court from which it was removed.
[12 USC 632. As added
by act of June 16, 1933 (48 Stat. 184).]
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2. Suits Involving Federal Reserve Banks Notwithstanding any other provision of law, all suits
of a civil nature at common law or in equity to which any Federal
Reserve bank shall be a party shall be deemed to arise under the laws
of the United States, and the district courts of the United States shall have
original jurisdiction of all such suits; and any Federal Reserve bank
which is a defendant in any such suit may, at any time before the
trial thereof, remove such suit from a State court into the district
court of the United States for the proper district by following the
procedure for the removal of causes otherwise provided by law. No
attachment or execution shall be issued against any Federal Reserve
bank or its property before final judgment in any suit, action, or
proceeding in any State, county, municipal, or United States court.
[12 USC 632.
As added by act of June 16, 1933 (48 Stat. 184).]
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3. Federal Reserve Banks Receiving Property
of Foreign States and Central Banks Whenever (1) any Federal Reserve bank has received any property from
or for the account of a foreign state which is recognized by the Government
of the United States, or from or for the account of a central bank
of any such foreign state, and holds such property in the name of
such foreign state or such central bank; (2) a representative of such
foreign state who is recognized by the Secretary of State as being
the accredited representative of such foreign state to the Government
of the United States has certified to the Secretary of State the name
of a person as having authority to receive, control, or dispose of
such property; and (3) the authority of such person to act with respect
to such property is accepted and recognized by the Secretary of State,
and so certified by the Secretary of State to the Federal Reserve
bank, the payment, transfer, delivery, or other disposal of such property
by such Federal Reserve bank to or upon the order of such person shall
be conclusively presumed to be lawful and shall constitute a complete
discharge and release of any liability of the Federal Reserve bank
for or with respect to such property.
[12 USC 632. As added
by act of April 7, 1941 (55 Stat. 131).]
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4. Insured Banks Receiving Property of Foreign States and Central
Banks Whenever (1) any insured bank
has received any property from or for the account of a foreign state
which is recognized by the Government of the United States, or from
or for the account of a central bank of any such foreign state, and
holds such property in the name of such foreign state or such central
bank; (2) a representative of such foreign state who is recognized
by the Secretary of State as being the accredited representative of
such foreign state to the Government of the United States has certified
to the Secretary of State the name of a person as having authority
to receive, control, or dispose of such property; and (3) the authority
of such person to act with respect to such property is accepted and
recognized by the Secretary of State, and so certified by the Secretary
of State to such insured bank, the payment, transfer, delivery, or
other disposal of such property by such bank to or upon the order
of such person shall be conclusively presumed to be lawful and shall
constitute a complete discharge and release of any liability of such
bank for or with respect to such property. Any suit or other legal
proceeding against any insured bank or any officer, director, or employee
thereof, arising out of the receipt possession, or disposition of
any such property shall be deemed to arise under the laws of the United
States and the district courts of the United States shall have exclusive
jurisdiction thereof, regardless of the amount involved; and any such
bank or any officer, director, or employee thereof which is a defendant
in any such suit may, at any time before trial thereof, remove such
suit from a State court into the district court of the United States
for the proper district by following the procedure for the removal
of causes otherwise provided by law.
[12 USC 632. As added
by act of April 7, 1941 (55 Stat. 132).]
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5. Licenses Relating to Property of Foreign States and Central
Banks Nothing in this section shall
be deemed to repeal or to modify in any manner any of the provisions of
the Gold Reserve Act of 1934 (ch. 6, 48 Stat. 337), as amended, the
Silver Purchase Act of 1934 (ch. 674, 48 Stat. 1178), as amended,
or subdivision (b) of section 5 of the Act of October 6, 1917 (40
Stat. 411), as amended, or any actions, regulations, rules, orders,
or proclamations taken, promulgated, made, or issued pursuant to any
of such statutes. In any case in which a license to act with respect
to any property referred to in this section is required under any
of said statutes, regulations, rules, orders, or proclamations, notification
to the Secretary of State by the proper Government officer or agency
of the issuance of an appropriate license or that appropriate licenses
will be issued on application shall be a prerequisite to any action
by the Secretary of State pursuant to this section, and the action
of the Secretary of State shall relate only to such property as is
included in such notification. Each such notification shall include
the terms and conditions of such license or licenses and a description
of the property to which they relate.
[12 USC 632. As added
by act of April 7, 1941 (55 Stat. 132).]
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6. Definitions For the purposes of this section, (1) the term “property” includes
gold, silver, currency, credits, deposits, securities, choses in action,
and any other form of property, the proceeds thereof, and any right,
title, or interest therein; (2) the term “foreign state” includes
any foreign government or any department, district, province, county,
possession, or other similar governmental organization or subdivision
of a foreign government, and any agency or instrumentality of any
such foreign government or of any such organization or subdivision;
(3) the term “central bank” includes any foreign bank or banker authorized
to perform any one or more of the functions of a central bank; (4)
the term “person” includes any individual, or any corporation, partnership,
association, or other similar organization; and (5) the term “insured
bank” shall have the meaning given to it in section 12B of this Act.
[12 USC 632.
As added by act of April 7, 1941 (55 Stat. 132). Section 12B was withdrawn
and enacted as a separate act by act of Sept. 21, 1950 (64 Stat. 873);
for definition of “insured bank” under that act, see 12 USC 1813(h).]
