Sec. 1. FEDERAL DEPOSIT INSURANCE CORPORATION.1
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## SECTION 1 FEDERAL DEPOSIT INSURANCE CORPORATION.1 **[**[12 U.S.C. 1811](/us/usc/t12/s1811)**]** 1The first section of the Act of September 21, 1950 (chapter 967; 64 Stat. 873) provides that the Act may be cited as the “Federal Deposit Insurance Act”. ###
(a)Establishment of Corporation There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the “Corporation”) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this Act, and which shall have the powers hereinafter granted. ###
(b)Asset Disposition Division ####
(1)Establishment The Corporation shall have a separate division of asset disposition. ####
(2)Management The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors. ####
(3)Responsibilities of division The division of asset disposition shall carry out all of the responsibilities of the Corporation under this Act relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.
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- 64 Stat. 873
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