12-U.S.C.-1446
§1446 – Liquidation Or Reorganization; Acquisition of Assets By Other Banks; Assumption of Liabilities
Pathway
Title 12 > Chapter 11 > Section 1446
Details
- Reference: Section 1446
- Legend: §1446 – Liquidation Or Reorganization; Acquisition of Assets By Other Banks; Assumption of Liabilities
- USCode Year: 2013
Provision Content
(a) In general
Whenever the Director finds that the efficient and economical accomplishment of the purposes of this chapter will be aided by such action, and in accordance with such rules, regulations, and orders as the Director may prescribe, any Federal Home Loan Bank may be liquidated or reorganized, and its stock paid off and retired in whole or in part in connection therewith after paying or making provision for the payment of its liabilities. In the case of any such liquidation or reorganization, any other Federal Home Loan Bank may, with the approval of the Director, acquire assets of any such liquidated or reorganized bank and assume liabilities thereof, in whole or in part. At least 30 days prior to liquidating or reorganizing any Bank under this section, the Director shall notify the Bank of its determination and the facts and circumstances upon which such determination is based. The Bank may contest that determination in a hearing before the Director, in which all issues shall be determined on the record pursuant to section 554 of title 5.
(b) Voluntary mergers authorized
(1) In general
Any Federal Home Loan Bank may, with the approval of the Director and of the boards of directors of the Banks involved, merge with another Bank.
(2) Regulations required
The Director shall promulgate regulations establishing the conditions and procedures for the consideration and approval of any voluntary merger described in paragraph (1), including the procedures for Bank member approval.
(July 22, 1932, ch. 522, §26, 47 Stat. 740; Pub. L. 101–73, title VII, §701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110–289, div. A, title II, §§1204(8), 1209, 1214, July 30, 2008, 122 Stat. 2786, 2789, 2791.)
Amendments
2008—Pub. L. 110–289, §1209, designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
Pub. L. 110–289, §1204(8), substituted the Director for the Board wherever appearing.
Subsec. (a). Pub. L. 110–289, §1214, which directed insertion of At least 30 days prior to liquidating or reorganizing any Bank under this section, the Director shall notify the Bank of its determination and the facts and circumstances upon which such determination is based. The Bank may contest that determination in a hearing before the Director, in which all issues shall be determined on the record pursuant to section 554 of title 5. at the end of this section, was executed by making the insertion at the end of subsec. (a), to reflect the probable intent of Congress and the amendment by Pub. L. 110–289, §1209. See above.
1989—Pub. L. 101–73 substituted Board for board wherever appearing.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-1438A in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-1438A, 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.-1445 in the Legal Encyclopedia: Loans
In this entry about 12-U.S.C.-1445, 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.-1444 in the Legal Encyclopedia: Housing
In this entry about 12-U.S.C.-1444, 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.
12-U.S.C.-1434 in the Legal Encyclopedia: Banks
In this entry about 12-U.S.C.-1434, 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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