144 ARTICLE 11.

tion 12B of the Federal Reserve Act) passed by the Congress of the United
States and approved June 16th, 1933, and any amendment or amend-
ments thereto, and every such banking institution is likewise authorized
and permitted if such action is approved by a vote of a majority of its
Board of Directors, to withdraw from the Temporary Federal Deposit
Insurance Fund and/or the Federal Deposit Insurance Corporation
and/or to terminate its status as an insured bank and/or to withdraw
from the Federal Reserve System, and to sell and dispose of any stock
that it may own in any Federal Reserve Bank and in said Federal De-
posit Insurance Corporation in accordance with the provisions of said
"Banking Act of 1933" (Section 12B of the Federal Reserve Act) or any
amendment or amendments thereto, and generally, every such banking
institution is authorized and empowered to from time to time accept the
benefits conferred by said "Banking Act of 1933" (Section 12B of the
Federal Reserve Act) or any amendment or amendments thereto, and to
perform the corresponding obligations imposed by said Act or any amend-
ment or amendments thereto, which are applicable to such banking insti-
tution, and from time to time to do, or cause to be done, any and all acts,
and to execute, acknowledge and deliver, or cause to be executed, acknowl-
edged and delivered, any and all instruments in writing necessary or
proper for such banking institution to obtain the benefits, exercise the
privileges, and to subject itself to the obligations of said "Banking Act
of 1933" (Section 12B of the Federal Reserve Act) or any amendment or
amendments thereto, including the admission from time to time of such
banking institution as a member of the Temporary Federal Deposit Insur-
ance Fund and/or as a member and stockholder of the Federal Deposit
Insurance Corporation or as an insured bank, and/or as a member of the
Federal Reserve System, and as a stockholder of any Federal Reserve
Bank, and the withdrawal of such banking institution as a member or
stockholder of said Fund or Funds or Corporation or Corporations, and
the powers hereby conferred may be exercised from time to time as from
time to time such action may be approved by the vote of a majority of
the Board of Directors of such banking institution. ¹

1933 (Special Sess. ), ch. 16. 1935, ch. 515.

64C. Whenever any banking institution organized under the laws of
this State, which is a member of the Federal Deposit Insurance Corpora-
tion, shall be closed in accordance with the provisions of Sections 8A or 9
of this Article and said Federal Deposit Insurance Corporation shall pay
or make available for payment the insured deposit liabilities of such
closed institution, the Corporation, whether or not it shall have become
receiver or liquidator of such closed banking institution, as herein pro-

¹ Sec 2 of ch. 15 of the acts of the Special Session of 1933 reads as follows:
"Should any section, or part of a section of this act be held to be invalid for any
reason, such holding shall not be construed as affecting the validity of any remain-
ing section or part of a section of this act, it being the legislative intent that the
remainder of this act shall stand, notwithstanding the invalidity of such section or
part of a section. "