§ 1432. Incorporation of banks; corporate powers; housing project loans

Footnotes

1. 1 So in original.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1932

   Federal Home Loan Bank Act

   Pub. L. 72–522 § 12 · 47 Stat. 725

   Enacted · 12 U.S.C. § 1432

   July 22, 1932, ch. 522, § 12, 47 Stat. 735

   Source evidence

   Code source credit
   July 22, 1932, ch. 522, § 12, 47 Stat. 735

   Enacted provision · exact public law section
   Sec. 12. incorporation of banks, and corporate powers The directors of each Federal Home Loan Bank shall, Establishment, on filing organization certificate. in accordance with such rules and regulations as the board may prescribe, make and file with the board at the earliest practicable date after the establishment of such bank, an organization certificate which shall contain such information as the board may require. Upon the making and filing of such organization certificate with the board, such bank shall become, as of the date of the execution of its organization certificate, a body corporate, and as such and in its Authority, duties, etc. name as designated by the board 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, but no bank building Limitation on building. shall be bought or erected to house any such bank, nor shall any such bank make any lease for such purpose which has a term of more than ten years; 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, subject to the approval of the board; 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 its board of directors, to prescribe, amend, and repeal by-laws, 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 Bank president may also be director. a Federal Home Loan Bank may also be a member of the board of directors thereof, but no other officer, employee, attorney, or agent No paid officer, etc., to be director. of such 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 Act, as are customary and usual in corporations generally.

2. 1966

   Demonstration Cities and Metropolitan Development Act of 1966

   Pub. L. 89–754 title X § 1016(a) · 80 Stat. 1255

   Substituted · 12 U.S.C. § 1432

   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

   Source evidence

   Code amendment note
   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.

   Enacted provision · exact public law section
   (a) The second sentence of section 12 of the Federal Home Loan Bank Act (12 U.S.C. 1432) is amended by striking out “but 47 Stat. 735. no bank building shall be bought or erected to house any such bank, nor shall any such bank make any lease” and inserting in lieu thereof “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”.

3. 1968

   Housing and Urban Development Act of 1968

   Pub. L. 90–448 title XVII § 1717 · 82 Stat. 476

   1. Amended · 12 U.S.C. § 1432

      Pub. L. 90–448 designated existing provisions as subsec. (a)

   2. Added · 12 U.S.C. § 1432

      Pub. L. 90–448 added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 90–448 designated existing provisions as subsec. (a) and added subsec. (b).

   Enacted provision · exact public law section
   Sec. 1717. federal home wan bank act Section 12 of the Federal Home Loan Bank Act, as amended (12 U.S.C. 1432), is amended by inserting “(a)” after “Sec. 47 stat. 735; 80 Stat. 1293. 12.”, and by adding at the end thereof a new subsection as follows: “(b) Subject to such regulations as may be prescribed by the Board, one or more Federal home loans 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 221 of the Foreign Assistance Act of 1961, as now or hereafter in effect, or loans, or interests therein, having the benefit of any guaranty under section 224 of such Act, or any commitment or agreement with respect to such loans, or interests therein, made pursuant to either of such sections.”

4. 1970

   Housing and Urban Development Act of 1970

   Pub. L. 91–609 title IX § 907(a) · 84 Stat. 1770

   Amended · 12 U.S.C. § 1432(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

   Source evidence

   Code amendment note
   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.

   Enacted provision · exact public law section
   (a) Section 12(b) of the Federal Home Loan Bank Act (12 U.S.C. 1432(b)) is amended by adding at the end a new sentence 82 Stat. 609. as follows: “This authority extends to the acquisition, holding, and disposition of loans, or interests therein, having the benefit of any guaranty under section 221 or 222 of the Foreign Assistance Act of 1961, as amended by section 105 of the Foreign Assistance Act of 83 Stat. 807. 22 USC 2181, 2182. 1969 or as hereafter amended or extended, or of any commitment or agreement for any such guaranty.”

5. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 title VII § 701(b)(1) · 103 Stat. 183

   Substituted · 12 U.S.C. § 1432(a)

   Pub. L. 101–73 substituted “Board” for “board” wherever appearing

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 101–73 substituted “Board” for “board” wherever appearing.

   Enacted provision · exact public law section
   (1) In general— Except as otherwise specifically provided in 12 USC 1421 et seq. this title, the Federal Home Loan Bank Act is amended by striking “board” (other than in section 7) and “Federal Home Loan Bank Board” each place such terms appear and inserting “Board”.

6. 1999

   Pub. L. 106–102 § 606(d)(1) · 113 Stat. 1338

   1. Struck · 12 U.S.C. § 1432(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”

   2. Struck · 12 U.S.C. § 1432(a)

      Pub. L. 106–102, § 606(d)(1), struck out “subject to the approval of the Board” after “necessary for the transaction of its business”

   3. Repealed · 12 U.S.C. § 1432(a)

      Pub. L. 106–102, § 606(d)(1), 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

   4. Substituted · 12 U.S.C. § 1432(a)

      Pub. L. 106–102, § 606(d)(1), substituted “board of directors” for “Board of directors” after “may be a member of the”

   Source evidence

   Code amendment note
   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”.

   Enacted provision · exact public law section
   (1) in subsection (a)— (A) by striking “, but, except” and all that follows through “ten years”; (B) by striking “subject to the approval of the Board” the first place that term appears; (C) by striking “and, by its Board of directors,” and all that follows through “agent of such bank,” and inserting “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”; and (D) by striking “Board of directors” where such term appears in the penultimate sentence and inserting “board of directors”; and

7. 1999

   Pub. L. 106–102 § 606(d)(2) · 113 Stat. 1338

   Substituted · 12 U.S.C. § 1432(b)

   Pub. L. 106–102, § 606(d)(2), substituted “Federal home loan banks” for “Federal home loans banks”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 106–102, § 606(d)(2), substituted “Federal home loan banks” for “Federal home loans banks”.

   Enacted provision · exact public law section
   (2) in subsection (b), by striking “loans banks” and inserting “loan banks”.

8. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 div. A title II § 1204(8) · 122 Stat. 2654

   1. Substituted · 12 U.S.C. § 1432(a)

      Pub. L. 110–289 substituted “administered by the Director” for “administered by the Finance Board” wherever appearing

   2. Substituted · 12 U.S.C. § 1432(a)

      Pub. L. 110–289 substituted “the Director” for “the Board” wherever appearing

   Source evidence

   Code amendment note
   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.

   Enacted provision · exact public law section
   (8) by striking 12 USC 1422 et al. “the Board” each place that term appears and inserting “the Director”;

9. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1204(8) · 122 Stat. 2654

   Substituted · 12 U.S.C. § 1432(b)

   Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board”.

   Enacted provision · exact public law section
   (8) by striking 12 USC 1422 et al. “the Board” each place that term appears and inserting “the Director”;

14 of 14 references resolved to an enrolled provision