Section 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.