§ 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 § 306 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.