12 U.S.C. § 1432 | Incorporation of banks; corporate powers; housing project loans

(a)

1 So in original.

The directors of each Federal Home Loan Bank shall, in accordance with such rules and regulations as the Director may prescribe, make and file with the Director at the earliest practicable date after the establishment of such bank, an organization certificate which shall contain such information as the Director may require. Upon the making and filing of such organization certificate with the Director, such bank shall become, as of the date of the execution of its organization certificate, a body corporate, and as such and in its name as designated by the Director 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; 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,;  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 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 Director. No officer, employee, attorney, or agent of a Federal home loan 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 chapter, as are customary and usual in corporations generally.

(b)

section 2181 of title 22 section 2184 of title 22 Subject to such regulations as may be prescribed by the Director, one or more Federal home loan 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 , as now or hereafter in effect, or loans, or interests therein, having the benefit of any guaranty under or any commitment or agreement with respect to such loans, or interests therein, made pursuant to either of such sections. This authority extends to the acquisition, holding, and disposition of loans, or interests therein, having the 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.

July 22, 1932, ch. 522, § 12 47 Stat. 735 Pub. L. 89–754, title X, § 1016(a)Nov. 3, 196680 Stat. 1293 Pub. L. 90–448, title XVII, § 1717Aug. 1, 196882 Stat. 609 Pub. L. 91–609, title IX, § 907(a)Dec. 31, 197084 Stat. 1811 Pub. L. 101–73, title VII, § 701(b)(1)Aug. 9, 1989103 Stat. 412 Pub. L. 106–102, title VI, § 606(d)Nov. 12, 1999113 Stat. 1454 Pub. L. 110–289, div. A, title II, § 1204(8)July 30, 2008122 Stat. 2786(, ; , , ; , , ; , , ; , (3)(A), , ; , , ; , (10), , .)

Editorial Notes

References in Text

Section 2184 of title 22 section 105 of Pub. L. 91–175Dec. 30, 196983 Stat. 807 section 2182 of Title 22, referred to in subsec. (b), which related to housing projects in Latin American countries, was omitted in the general amendment made by , , . See , Foreign Relations and Intercourse.

Amendments

Pub. L. 110–2892008—Subsec. (a). substituted “administered by the Director” for “administered by the Finance Board” and “the Director” for “the Board” wherever appearing.

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

Pub. L. 106–102, § 606(d)(1)1999—Subsec. (a). , 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”.

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

Pub. L. 101–731989—Subsec. (a). substituted “Board” for “board” wherever appearing.

Pub. L. 91–6091970—Subsec. (b). 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.

Pub. L. 90–4481968— designated existing provisions as subsec. (a) and added subsec. (b).

Pub. L. 89–7541966— 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.