12 U.S.C. § 1423 | Federal Home Loan Bank districts; number and boundaries; establishment of Federal Home Loan Banks; names

(a)

In general

As soon as practicable the Director shall divide the continental United States, Puerto Rico, the Virgin Islands, Guam, and the Territories of Alaska and Hawaii into not less than eight nor more than twelve districts. Such districts shall be apportioned with due regard to the convenience and customary course of business of the institutions eligible to and likely to subscribe for stock of a Federal Home Loan Bank to be formed under this chapter, but no such district shall contain a fractional part of any State. The districts thus created may be readjusted and new districts may from time to time be created by the Director, not to exceed twelve in all. Such districts shall be known as Federal Home Loan Bank districts and may be designated by number. As soon as practicable the Director shall establish, in each district, a Federal Home Loan Bank at such city as may be designated by the Director. Its title shall include the name of the city at which it is established.

(b)

Authority to reduce districts

Notwithstanding subsection (a), the number of districts may be reduced to a number less than 8—

(1)

section 1446(b) of this title pursuant to a voluntary merger between Banks, as approved pursuant to ; or

(2)

section 4617 of this title pursuant to a decision by the Director to liquidate a Bank pursuant to .

July 22, 1932, ch. 522, § 3 47 Stat. 726 July 14, 1952, ch. 723, § 10(c)66 Stat. 604 Pub. L. 101–73, title VII, § 701(b)(1)Aug. 9, 1989103 Stat. 412 Pub. L. 110–289, div. A, title IIJuly 30, 2008122 Stat. 2786(, ; , ; , (3)(A), , ; , §§ 1204(8), 1210, , , 2790.)

Editorial Notes

Amendments

Pub. L. 110–289, § 12102008—, 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.

Pub. L. 101–731989— substituted “Board” for “board” wherever appearing.

July 14, 19521952—Act , inserted “Guam,” after “Virgin Islands,”.

Executive Documents

Admission of Alaska and Hawaii to Statehood

Jan. 3, 1959Jan. 3, 1959cAug. 21, 1959Aug. 21, 1959cPub. L. 85–508July 7, 195872 Stat. 339 section 21 of Title 48 Pub. L. 86–3Mar. 18, 195973 Stat. 4 section 491 of Title 48Alaska was admitted into the Union on , on issuance of Proc. No. 3269, , 24 F.R. 81, 73 Stat. 16, and Hawaii was admitted into the Union on , on issuance of Proc. No. 3309, , 24 F.R. 6868, 73 Stat. 74. For Alaska Statehood Law, see , , , set out as a note preceding , Territories and Insular Possessions. For Hawaii Statehood Law, see , , , set out as a note preceding .