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Bc, 25(a) FEDERAL RESERVE ACT 
of some court of record or notary public, who shall cer- 
tify thereto under the seal of such court or notary, and 
thereafter the certificate shall be forwarded to the Federal 
Reserve Board to be filed and preserved in its office. 
Upon duly making and filing articles of association and 
an organization certificate, and after the Federal Reserve 
Board 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, all of whom shall be citizens of the 
United States; 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 em- 
Ployees, or any thereof, at pleasure and appoint others 
to fill their places; to prescribe, by its board of directors, 
by-laws not inconsistent with law or with the regulations 
of the Federal Reserve Board 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. 
Each corporation so organized shall have power, under 
such rules and regulations as the Federal Reserve Board 
may prescribe: 
(8) To purchase, sell, discount, and negotiate, with or 
without its indorsement or guaranty, notes, drafts, 
checks, bills of exchange, acceptances, including bankers’ 
acceptances, cable transfers, and other evidences of 
indebtedness; to purchase and sell, with or without its 
indorsement or guaranty, securities, including the 
obligations of the United States or of any State thereof 
but not including shares of stock in any corporation 
except as herein provided; to accept bills or drafts drawn 
upon it subject to such limitations and restrictions as 
the Federal Reserve Board may impose; to issue letters 
57