2012 US Code
Title 12 - Banks and Banking
Chapter 11 - FEDERAL HOME LOAN BANKS (§§ 1421 - 1449)
Section 1423 - Federal Home Loan Bank districts; number and boundaries; establishment of Federal Home Loan Banks; names
Publication Title | United States Code, 2012 Edition, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 11 - FEDERAL HOME LOAN BANKS Sec. 1423 - Federal Home Loan Bank districts; number and boundaries; establishment of Federal Home Loan Banks; names |
Contains | section 1423 |
Date | 2012 |
Laws in Effect as of Date | January 15, 2013 |
Positive Law | No |
Disposition | standard |
Source Credit | July 22, 1932, ch. 522, §3, 47 Stat. 726; July 14, 1952, ch. 723, §10(c), 66 Stat. 604; Pub. L. 101-73, <!-- PDFPage:275 -->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. |
Statutes at Large References | 47 Stat. 726 66 Stat. 604 72 Stat. 339 73 Stat. 4 103 Stat. 412 122 Stat. 2786 |
Public Law References | Public Law 85-508, Public Law 86-3, Public Law 101-73, Public Law 110-289 |
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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.)
Amendments2008—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,”.
Admission of Alaska and Hawaii to StatehoodAlaska was admitted into the Union on Jan. 3, 1959, on issuance of Proc. No. 3269, Jan. 3, 1959, 24 F.R. 81, 73 Stat.
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