§ 303. Establishment of corporation. There is hereby created a\ncorporation which shall be known as "The Mortgage Facilities\nCorporation." The principal office of the corporation shall be in the\nborough of Manhattan in the county of New York. Within ten days after\nsuch office is established and, within ten days after the removal of\nsuch office, the corporation shall notify the secretary of state of the\nstreet address in such borough where its principal office is located,\nand the secretary of state shall note such address upon his records.\nExcept as otherwise provided in this article, the corporation shall be\npossessed of all the powers, privileges and immunities which now are or\nhereafter may be conferred on corporations with capital stock by the\nstock corporation law and the g
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§ 303. Establishment of corporation. There is hereby created a\ncorporation which shall be known as "The Mortgage Facilities\nCorporation." The principal office of the corporation shall be in the\nborough of Manhattan in the county of New York. Within ten days after\nsuch office is established and, within ten days after the removal of\nsuch office, the corporation shall notify the secretary of state of the\nstreet address in such borough where its principal office is located,\nand the secretary of state shall note such address upon his records.\nExcept as otherwise provided in this article, the corporation shall be\npossessed of all the powers, privileges and immunities which now are or\nhereafter may be conferred on corporations with capital stock by the\nstock corporation law and the general corporation law or the business\ncorporation law and for such purposes shall be deemed to have been\norganized under the provisions of said laws. Process in any action or\nproceeding against the corporation may be served upon the secretary of\nstate, as the agent of the corporation for such purposes. Such process\nshall be served in the manner prescribed in section three hundred six of\nthe business corporation law for service against a domestic business or\ntransportation corporation, accompanied by the fee for such service as\nprescribed therein and the secretary of state shall forthwith send one\nof the copies served upon him to the corporation at its principal\noffice. If such corporation fails to commence business by June first,\nnineteen hundred fifty-seven, its existence shall terminate and the\nprovisions of this article shall become null and void. For the purposes\nof this section only the corporation shall be deemed to have commenced\nbusiness when two and one-half per centum of the capital stock thereof\nshall have been paid into the treasury and ten members shall have\nqualified as hereinafter provided. Once having commenced business, the\nduration of the corporation shall be perpetual.\n