§ 1446. Liquidation or reorganization; acquisition of assets by other banks; assumption of liabilities

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 § 26 · 47 Stat. 725

   Enacted · 12 U.S.C. § 1446

   July 22, 1932, ch. 522, § 26, 47 Stat. 740

   Source evidence

   Code source credit
   July 22, 1932, ch. 522, § 26, 47 Stat. 740

   Enacted provision · exact public law section
   Sec. 26. Whenever the board finds that the efficient and economical accomplishment of the purposes of this Act will be aided by such action, and in accordance with such rules, regulations, and orders as the board 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 board, acquire assets of any such liquidated or reorganized bank and assume liabilities thereof, in whole or in part.

2. 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. § 1446

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

   Source evidence

   Code amendment note
   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”.

3. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1209 · 122 Stat. 2654

   1. Amended · 12 U.S.C. § 1446

      Pub. L. 110–289, § 1209, designated existing provisions as subsec. (a)

   2. Inserted · 12 U.S.C. § 1446

      Pub. L. 110–289, § 1209, inserted heading

   3. Added · 12 U.S.C. § 1446

      Pub. L. 110–289, § 1209, added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 110–289, § 1209, designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).

   Enacted provision · exact public law section
   SEC. 1209. VOLUNTARY MERGERS.   Section 26 of the Federal Home Loan Bank Act (12 U.S.C. 1446) is amended— (1) by striking “Whenever” and inserting “(a) In General.—Whenever”; and (2) by adding at the end the following: “(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.” .

4. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

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

   Substituted · 12 U.S.C. § 1446

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

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 110–289, § 1204(8), substituted “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”;

5. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1214 · 122 Stat. 2654

   Changed · 12 U.S.C. § 1446(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

   Source evidence

   Code amendment note
   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.

   Enacted provision · exact public law section
   SEC. 1214. LIQUIDATION OR REORGANIZATION OF A FEDERAL HOME LOAN BANK.   Section 26 of the Federal Home Loan Bank Act (12 U.S.C. 1446) is amended by adding at the end the following: “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 Records. 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, United States Code.”.

7 of 7 references resolved to an enrolled provision