12 U.S.C. § 1423

Federal Home Loan Bank districts; number and boundaries; establishment of Federal Home Loan Banks; names

Read at: OLRCuscode.house.gov CornellLII GovInfogovinfo.gov JustiaTitle 12 CasesGoogle Scholar

(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 districtsNotwithstanding subsection (a), the number of districts may be reduced to a number less than 8—(1) pursuant to a voluntary merger between Banks, as approved pursuant to section 1446(b) of this title; or(2) pursuant to a decision by the Director to liquidate a Bank pursuant to section 4617 of this title.(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), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110–289, div. A, title II, §§ 1204(8), 1210, July 30, 2008, 122 Stat. 2786, 2790.)Editorial NotesAmendments

2008—Pub. L. 110–289, § 1210, 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.

1989—Pub. L. 101–73 substituted “Board” for “board” wherever appearing.

1952—Act July 14, 1952, inserted “Guam,” after “Virgin Islands,”.

Executive DocumentsAdmission of Alaska and Hawaii to Statehood

Alaska was admitted into the Union on Jan. 3, 1959, on issuance of Proc. No. 3269, Jan. 3, 1959, 24 F.R. 81, 73 Stat. c16, and Hawaii was admitted into the Union on Aug. 21, 1959, on issuance of Proc. No. 3309, Aug. 21, 1959, 24 F.R. 6868, 73 Stat. c74. For Alaska Statehood Law, see Pub. L. 85–508, July 7, 1958, 72 Stat. 339, set out as a note preceding section 21 of Title 48, Territories and Insular Possessions. For Hawaii Statehood Law, see Pub. L. 86–3, Mar. 18, 1959, 73 Stat. 4, set out as a note preceding section 491 of Title 48.

Notes of Decisions

Cited in 7 cases, 1952–2009 · leading case: United States v. Gaubert, 499 U.S. 315 (1991).

Sort: Relevance Newest Treatment

United States v. Gaubert, 499 U.S. 315 (1991). · cites it 2× “" [3] FHLB-D was one of the Federal Home Loan Banks (FHLB's) established by the FHLBB pursuant to 12 U. S. C. § 1423 . The FHLBB was specifically empowered to authorize the performance by FHLB personnel of "any function" of the FHLBB, except for adjudications and the…”

Coit Indep. Jt. Venture v. Fed. Sav. & Loan Ins., 489 U.S. 561 (1989). · cites it 2× “726 , 12 U. S. C. § 1423 . The Act also created the Federal Home Loan Bank Board to oversee the 12 home loan banks and to raise funds for them by selling bonds.”

Fahey v. O'Melveny & Myers Fed. Home Loan Bank of San Francisco v. O'Melveny & Myers, 200 F.2d 420 (9th Cir. 1952). · cites it 5× “Nor did the Act create, or purport to create, any so-called “proprietary rights” of association members in the continued existence of any Home Loan Bank, or “rights” of any kind which might be successfully interposed as a bar to ending the existence of a bank if Congress, or the…”

Town of Middleborough v. Hous. Appeals Comm., 449 Mass. 514 (Mass. 2007). “Each regional bank serves a discrete geographical area within the United States, 12 U.S.C. § 1423 (2000). “Supervised” by the Federal Housing Finance Board, each regional bank is a corporation owned by “member” banks that have subscribed to the stock of their respective Federal…”

Ass'n of Data Processing Serv. Organizations, Inc. v. Fed. Home Loan Bank, 421 F. Supp. 384 (S.D. Ohio 1976). “They were created in accordance with 12 U.S.C. § 1423 . Intervention in this matter was permitted by order of this Court on April 15, 1974.”

Auth. of the Former Inspector Gen. of the Fed. Hous. Fin. Bd. to Act as Inspector Gen. for the Fed. Hous. Fin. Agency (OLC 2009). “See 12 U.S.C.A. §§ 1423 , 1424, 1426 (West 2001 & Supp.”

Auth. of the Former Inspector Gen. for the Fed. Hous. Fin. Bd. to Act as Inspector Gen. for the Fed. Hous. Fin. Agency (OLC 2009). “See 12 U.S.C.A. §§ 1423 , 1424, 1426 (West 2001 & Supp.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.