§ 1453. Capitalization of Federal Home Loan Mortgage Corporation

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. 1970

   Emergency Home Finance Act of 1970

   Pub. L. 91–351 title III § 304 · 84 Stat. 450

   Enacted · 12 U.S.C. § 1453

   Pub. L. 91–351, title III, § 304, July 24, 1970, 84 Stat. 454

   Source evidence

   Code source credit
   Pub. L. 91–351, title III, § 304, July 24, 1970, 84 Stat. 454

   Enacted provision · exact public law section
   Sec. 304. capital stock (a) The capital stock of the Corporation shall consist of nonvoting common stock which shall be issued only to Federal home loan banks and shall have such par value and such other characteristics Transfer. as the Corporation prescribes. Stock of the Corporation shall be evidenced in such manner and shall be transferable only to such extent, to such transferees, and in such manner, as the Corporation prescribes. (b) The Federal home loan banks shall from time to time subscribe, at such price not less than par as the Corporation shall from time to time fix, for such amounts of common stock as the Corporation prescribes, and such banks shall pay therefor at such time or times and in such amount or amounts as may from time to time be fixed by call of the Corporation. The amount of the payments for which such banks may be obligated under such subscriptions shall not exceed a cumulative total of $100,000,000. (c) Subscriptions of the respective Federal home loan banks to such stock shall be allocated by the Corporation. (d) The Corporation may retire at any time all or any part of the stock of the Corporation, or may call for retirement all or any part of the stock of the Corporation by (1) publishing a notice of the call in the Federal Register or providing such notice in such other manner as the Corporation may determine to be appropriate, and (2) depositing with the Treasurer of the United States, for the purpose of such retirement, funds sufficient to effect such retirement. No call for the retirement of any stock shall be made, and no stock shall be retired without call, if immediately after such action, the total of the stock not called for retirement and of the reserves and surplus of the Corporation would be less than $100,000,000. The retirement of stock shall be at the par value thereof, or at the price at which such stock was issued if such price is greater than par value. No declaration of any dividend on stock of the Corporation shall be effective with respect to stock which at the time of such declaration is the subject of an outstanding retirement call the effective date of which has arrived.

2. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 731(d)(1) · 103 Stat. 183

   Amended · 12 U.S.C. § 1453(a)

   Pub. L. 101–73, § 731(d)(1), amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “The capital stock of the Corporation shall consist of nonvoting common stock which shall be issued only to Federal home loan banks and shall have such par value and such other characteristics as the Corporation prescribes. Stock of the Corporation shall be evidenced in such manner and shall be transferable only to such extent, to such transferees, and in such manner as the Corporation prescribes.”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 101–73, § 731(d)(1), amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “The capital stock of the Corporation shall consist of nonvoting common stock which shall be issued only to Federal home loan banks and shall have such par value and such other characteristics as the Corporation prescribes. Stock of the Corporation shall be evidenced in such manner and shall be transferable only to such extent, to such transferees, and in such manner as the Corporation prescribes.”

   Enacted provision · exact public law section
   (1) In general.— Section 304(a) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1453(a)) is amended to read as follows: “(a) (1) The common stock of the Corporation shall consist of— “(A) non voting common stock, which shall be issued only to Federal home loan banks; and “(B) voting common stock, which shall be issued to such holders in the manner and amount, and subject to any limitations on concentration of ownership, as may be established by the Corporation. “(2) The nonvoting common stock and the voting common stock shall have such par value and other characteristics as the Corporation provides. The voting common stock shall be vested with all voting rights, each share Being entitled to 1 vote. The free transfer-ability of the voting common stock at all times to any person, firm, corporation or other entity shall not be restricted except that, as to the Corporation, it shall be transferable only on the books of the Corporation. Nonvoting common stock of the Corporation shall be evidenced in the manner and shall be transferable only to the extent, to the transferees, and in the manner, provided by the Corporation.”.

3. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 731(d)(3)(A) · 103 Stat. 183

   Substituted · 12 U.S.C. § 1453(b)

   Pub. L. 101–73, § 731(d)(3)(A), substituted “nonvoting common stock” for “common stock”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 101–73, § 731(d)(3)(A), substituted “nonvoting common stock” for “common stock”.

   Enacted provision · exact public law section
   (A) Subscriptions of federal home loan banks.— Section 304(b) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1453(b)) is amended by inserting “nonvoting” before “common”.

4. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 731(d)(3)(B) · 103 Stat. 183

   Substituted · 12 U.S.C. § 1453(c)

   Pub. L. 101–73, § 731(d)(3)(B), substituted “nonvoting common stock” for “such stock”

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 101–73, § 731(d)(3)(B), substituted “nonvoting common stock” for “such stock”.

   Enacted provision · exact public law section
   (B) Allocation of subscriptions.— Section 304(c) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1453(c)) is amended by striking “such” and by inserting “nonvoting common” before “stock”.

5. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 731(d)(3)(C) · 103 Stat. 183

   Inserted · 12 U.S.C. § 1453(d)

   Pub. L. 101–73, § 731(d)(3)(C), inserted “nonvoting common” before “stock” wherever appearing

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 101–73, § 731(d)(3)(C), inserted “nonvoting common” before “stock” wherever appearing.

   Enacted provision · exact public law section
   (C) Retirement of stock.— Section 304(d) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1453(d)) is amended by inserting “nonvoting common” before “stock” each place it appears.

6. 1992

   Federal Housing Enterprises Financial Safety and Soundness Act of 1992

   Pub. L. 102–550 § 1382(i)(2) · 106 Stat. 3672

   1. Redesignated · 12 U.S.C. § 1453(a)

      Pub. L. 102–550, § 1382(i)(2), (3)(C), redesignated par. (1) as subsec. (a)

   2. Struck · 12 U.S.C. § 1453(a)

      Pub. L. 102–550, § 1382(i)(2), (3)(C), struck out provisions of par. (1)(A) which related to common stock of Corporation consisting in part of nonvoting common stock issued only to Federal home loan banks, restate provisions of par. (1)(B) as text of subsec. (a)

   3. Redesignated · 12 U.S.C. § 1453(a)

      Pub. L. 102–550, § 1382(i)(2), (3)(C), redesignated par. (2) as subsec. (b)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 102–550, § 1382(i)(2), (3)(C), redesignated par. (1) as subsec. (a), struck out provisions of par. (1)(A) which related to common stock of Corporation consisting in part of nonvoting common stock issued only to Federal home loan banks, restate provisions of par. (1)(B) as text of subsec. (a), and redesignated par. (2) as subsec. (b).

   Enacted provision · exact public law section
   (2) in subsection (a)(1), by striking “(1) The common stock” and all that follows and inserting the following: “The common stock of the Corporation shall consist of voting common stock, which shall be issued to such holders in the manner and amount, and subject to any limitations on concentration of ownership, as may be established by the Corporation.”; and

7. 1992

   Federal Housing Enterprises Financial Safety and Soundness Act of 1992

   Pub. L. 102–550 § 1382(i)(1) · 106 Stat. 3672

   1. Redesignated · 12 U.S.C. § 1453(b)

      Pub. L. 102–550, § 1382(i)(1), (3), redesignated subsec. (a)(2) as (b)

   2. Struck · 12 U.S.C. § 1453(b)

      Pub. L. 102–550, § 1382(i)(1), (3), struck out “nonvoting common stock and the” before “voting common stock shall have such”

   3. Struck · 12 U.S.C. § 1453(b)

      Pub. L. 102–550, § 1382(i)(1), (3), struck out at end “Nonvoting common stock of the Corporation shall be evidenced in the manner and shall be transferable only to the extent, to the transferees, and in the manner, provided by the Corporation.”

   4. Struck · 12 U.S.C. § 1453(b)

      Pub. L. 102–550, § 1382(i)(1), (3), struck out former subsec. (b) which read as follows: “The Federal home loan banks shall from time to time subscribe, at such price not less than par as the Corporation shall from time to time fix, for such amounts of nonvoting common stock as the Corporation prescribes, and such banks shall pay therefor at such time or times and in such amount or amounts as may from time to time be fixed by call of the Corporation. The amount of the payments for which such banks may be obligated under such subscriptions shall not exceed a cumulative total of $100,000,000.”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 102–550, § 1382(i)(1), (3), redesignated subsec. (a)(2) as (b), struck out “nonvoting common stock and the” before “voting common stock shall have such”, struck out at end “Nonvoting common stock of the Corporation shall be evidenced in the manner and shall be transferable only to the extent, to the transferees, and in the manner, provided by the Corporation.”, and struck out former subsec. (b) which read as follows: “The Federal home loan banks shall from time to time subscribe, at such price not less than par as the Corporation shall from time to time fix, for such amounts of nonvoting common stock as the Corporation prescribes, and such banks shall pay therefor at such time or times and in such amount or amounts as may from time to time be fixed by call of the Corporation. The amount of the payments for which such banks may be obligated under such subscriptions shall not exceed a cumulative total of $100,000,000.”

   Enacted provision · exact public law section
   (1) by striking subsections (b), (c), and (d);

8. 1992

   Federal Housing Enterprises Financial Safety and Soundness Act of 1992

   Pub. L. 102–550 § 1382(i)(1) · 106 Stat. 3672

   Struck · 12 U.S.C. § 1453(c)

   Pub. L. 102–550, § 1382(i)(1), struck out subsec. (c) which read as follows: “Subscriptions of the respective Federal home loan banks to nonvoting common stock shall be allocated by the Corporation.”

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 102–550, § 1382(i)(1), struck out subsec. (c) which read as follows: “Subscriptions of the respective Federal home loan banks to nonvoting common stock shall be allocated by the Corporation.”

   Enacted provision · exact public law section
   (1) by striking subsections (b), (c), and (d);

9. 1992

   Federal Housing Enterprises Financial Safety and Soundness Act of 1992

   Pub. L. 102–550 § 1382(i)(1) · 106 Stat. 3672

   Struck · 12 U.S.C. § 1453(d)

   Pub. L. 102–550, § 1382(i)(1), struck out subsec. (d) which read as follows: “The Corporation may retire at any time all or any part of the nonvoting common stock of the Corporation, or may call for retirement all or any part of the nonvoting common stock of the Corporation by (1) publishing a notice of the call in the Federal Register or providing such notice in such other manner as the Corporation may determine to be appropriate, and (2) depositing with the Treasurer of the United States, for the purpose of such retirement, funds sufficient to effect such retirement. No call for the retirement of any nonvoting common stock shall be made, and no nonvoting common stock shall be retired without call, if immediately after such action, the total of the nonvoting common stock not called for retirement and of the reserves and surplus of the Corporation would be less than $100,000,000. The retirement of nonvoting common stock shall be at the par value thereof, or at the price at which such nonvoting common stock was issued if such price is greater than par value. No declaration of any dividend on nonvoting common stock of the Corporation shall be effective with respect to nonvoting common stock which at the time of such declaration is the subject of an outstanding retirement call the effective date of which has arrived.”

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 102–550, § 1382(i)(1), struck out subsec. (d) which read as follows: “The Corporation may retire at any time all or any part of the nonvoting common stock of the Corporation, or may call for retirement all or any part of the nonvoting common stock of the Corporation by (1) publishing a notice of the call in the Federal Register or providing such notice in such other manner as the Corporation may determine to be appropriate, and (2) depositing with the Treasurer of the United States, for the purpose of such retirement, funds sufficient to effect such retirement. No call for the retirement of any nonvoting common stock shall be made, and no nonvoting common stock shall be retired without call, if immediately after such action, the total of the nonvoting common stock not called for retirement and of the reserves and surplus of the Corporation would be less than $100,000,000. The retirement of nonvoting common stock shall be at the par value thereof, or at the price at which such nonvoting common stock was issued if such price is greater than par value. No declaration of any dividend on nonvoting common stock of the Corporation shall be effective with respect to nonvoting common stock which at the time of such declaration is the subject of an outstanding retirement call the effective date of which has arrived.”

   Enacted provision · exact public law section
   (1) by striking subsections (b), (c), and (d);

14 of 14 references resolved to an enrolled provision