12-U.S.C.-1432
§1432 – Incorporation of Banks; Corporate Powers; Housing Project Loans
Pathway
Title 12 > Chapter 11 > Section 1432
Details
- Reference: Section 1432
- Legend: §1432 – Incorporation of Banks; Corporate Powers; Housing Project Loans
- USCode Year: 2013
Provision Content
(a) The directors of each Federal Home Loan Bank shall, in accordance with such rules and regulations as the Director may prescribe, make and file with the Director at the earliest practicable date after the establishment of such bank, an organization certificate which shall contain such information as the Director may require. Upon the making and filing of such organization certificate with the Director, such bank shall become, as of the date of the execution of its organization certificate, a body corporate, and as such and in its name as designated by the Director it shall have power to adopt, alter, and use a corporate seal; to make contracts; to purchase or lease and hold or dispose of such real estate as may be necessary or convenient for the transaction of its business; to sue and be sued, to complain and to defend, in any court of competent jurisdiction, State or Federal; to select, employ, and fix the compensation of such officers, employees, attorneys, and agents as shall be necessary for the transaction of its business,; to define their duties, require bonds of them and fix the penalties thereof, and to dismiss at pleasure such officers, employees, attorneys, and agents; and, by the board of directors of the bank, to prescribe, amend, and repeal by-laws governing the manner in which its affairs may be administered, consistent with applicable laws and regulations, as administered by the Director. No officer, employee, attorney, or agent of a Federal home loan bank who receives compensation, may be a member of the board of directors. Each such bank shall have all such incidental powers, not inconsistent with the provisions of this chapter, as are customary and usual in corporations generally.
(b) Subject to such regulations as may be prescribed by the Director, one or more Federal home loan banks may acquire, hold, or dispose of, in whole or in part, or facilitate such acquisition, holding, or disposition by members of any such bank of, housing project loans, or interests therein, having the benefit of any guaranty under section 2181 of title 22, as now or hereafter in effect, or loans, or interests therein, having the benefit of any guaranty under section 2184 of title 22 or any commitment or agreement with respect to such loans, or interests therein, made pursuant to either of such sections. This authority extends to the acquisition, holding, and disposition of loans, or interests therein, having the benefit of any guaranty under section 2181 or 2182 of title 22 or such sections as hereafter amended or extended, or of any commitment or agreement for any such guaranty.
(July 22, 1932, ch. 522, §12, 47 Stat. 735; Pub. L. 89–754, title X, §1016(a), Nov. 3, 1966, 80 Stat. 1293; Pub. L. 90–448, title XVII, §1717, Aug. 1, 1968, 82 Stat. 609; Pub. L. 91–609, title IX, §907(a), Dec. 31, 1970, 84 Stat. 1811; Pub. L. 101–73, title VII, §701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 106–102, title VI, §606(d), Nov. 12, 1999, 113 Stat. 1454; Pub. L. 110–289, div. A, title II, §1204(8), (10), July 30, 2008, 122 Stat. 2786.)
References in Text
Section 2184 of title 22, referred to in subsec. (b), which related to housing projects in Latin American countries, was omitted in the general amendment made by section 105 of Pub. L. 91–175, Dec. 30, 1969, 83 Stat. 807. See section 2182 of Title 22, Foreign Relations and Intercourse.
Amendments
2008—Subsec. (a). Pub. L. 110–289 substituted administered by the Director for administered by the Finance Board and the Director for the Board wherever appearing.
Subsec. (b). Pub. L. 110–289, §1204(8), substituted the Director for the Board.
1999—Subsec. (a). Pub. L. 106–102, §606(d)(1), struck out , but, except with the prior approval of the Board, no bank building shall be bought or erected to house any such bank, or leased by such bank under any lease for such purpose which has a term of more than ten years after convenient for the transaction of its business, struck out subject to the approval of the Board after necessary for the transaction of its business, substituted and, by the board of directors of the bank, to prescribe, amend, and repeal by-laws governing the manner in which its affairs may be administered, consistent with applicable laws and regulations, as administered by the Finance Board. No officer, employee, attorney, or agent of a Federal home loan bank for and, by its Board of directors, to prescribe, amend, and repeal bylaws, rules, and regulations governing the manner in which its affairs may be administered; and the powers granted to it by law may be exercised and enjoyed subject to the approval of the Board. The president of a Federal Home Loan Bank may also be a member of the Board of directors thereof, but no other officer, employee, attorney, or agent of such bank,, and, in penultimate sentence, substituted board of directors for Board of directors after may be a member of the.
Subsec. (b). Pub. L. 106–102, §606(d)(2), substituted Federal home loan banks for Federal home loans banks.
1989—Subsec. (a). Pub. L. 101–73 substituted Board for board wherever appearing.
1970—Subsec. (b). Pub. L. 91–609 extended authority to make housing project loans to acquisition, holding, and disposition of loans, or interest therein, having benefit of any guaranty under section 2181 or 2182 of title 22 or such sections as hereafter amended or extended, or of any commitment or agreement for any such guaranty.
1968—Pub. L. 90–448 designated existing provisions as subsec. (a) and added subsec. (b).
1966—Pub. L. 89–754 substituted but, except with the prior approval of the board, no bank building shall be bought or erected to house any such bank, or leased by such bank under any lease for but no bank building shall be bought or erected to house any such bank, nor shall any such bank make any lease in second sentence.
U.S. Encyclopedia of Law Coverage
Chapter 11 – Federal Home Loan Banks in the Legal Encyclopedia: Banking Law
In this entry about Chapter 11 – Federal Home Loan Banks, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-1430B in the Legal Encyclopedia: Loans
In this entry about 12-U.S.C.-1430B, find legal reference material, bibliographies and premiere content related to loans in the American Encyclopedia of Law, presenting a comprehensive view of the United States loans-specific issues, written by authorities in the field.
12-U.S.C.-1430A in the Legal Encyclopedia: Housing
In this entry about 12-U.S.C.-1430A, find legal reference material, bibliographies and premiere content related to housing in the American Encyclopedia of Law, presenting a comprehensive view of the United States housing-specific issues, written by authorities in the field.
Title 12 – Banks And Banking in the Legal Encyclopedia: Banks
In this entry about Title 12 – Banks And Banking, find legal reference material, bibliographies and premiere content related to banks in the American Encyclopedia of Law, presenting a comprehensive view of the United States banks-specific issues, written by authorities in the field.
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