ยง 303. Establishment of corporation. There is hereby created a
corporation which shall be known as "The Mortgage Facilities
Corporation." The principal office of the corporation shall be in the
borough of Manhattan in the county of New York. Within ten days after
such office is established and, within ten days after the removal of
such office, the corporation shall notify the secretary of state of the
street address in such borough where its principal office is located,
and the secretary of state shall note such address upon his records.
Except as otherwise provided in this article, the corporation shall be
possessed of all the powers, privileges and immunities which now are or
hereafter may be conferred on corporations with capital stock by the
stock corporation law and the general corporation law or the business
corporation law and for such purposes shall be deemed to have been
organized under the provisions of said laws. Process in any action or
proceeding against the corporation may be served upon the secretary of
state, as the agent of the corporation for such purposes. Such process
shall be served in the manner prescribed in section three hundred six of
the business corporation law for service against a domestic business or
transportation corporation, accompanied by the fee for such service as
prescribed therein and the secretary of state shall forthwith send one
of the copies served upon him to the corporation at its principal
office. If such corporation fails to commence business by June first,
nineteen hundred fifty-seven, its existence shall terminate and the
provisions of this article shall become null and void. For the purposes
of this section only the corporation shall be deemed to have commenced
business when two and one-half per centum of the capital stock thereof
shall have been paid into the treasury and ten members shall have
qualified as hereinafter provided. Once having commenced business, the
duration of the corporation shall be perpetual.