Laws: Cases and Codes : U.S. Code : Title 12 : Section 1426
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U.S. Code as of:
01/19/04
Section 1426 - Notes
SOURCE
(July 22, 1932, ch. 522, Sec. 6, 47 Stat. 727; June 27, 1934, ch.
847, Sec. 509, 48 Stat. 1264; May 28, 1935, ch. 150, Sec. 2, 49
Stat. 293; June 27, 1950, ch. 369, Sec. 2, 64 Stat. 257; Aug. 11,
1955, ch. 783, title I, Sec. 109(a)(1), 69 Stat. 640; Pub. L.
87-210, Secs. 1, 2, Sept. 8, 1961, 75 Stat. 482, 483; Pub. L.
96-153, title III, Sec. 327, Dec. 21, 1979, 93 Stat. 1121; Pub. L.
97-320, title III, Secs. 353, 355, Oct. 15, 1982, 96 Stat. 1507,
1508; Pub. L. 97-457, Sec. 16, Jan. 12, 1983, 96 Stat. 2509; Pub.
L. 101-73, title VII, Secs. 701(b)(1), (3)(A), 706, 710(b)(2), (3),
715, Aug. 9, 1989, 103 Stat. 412, 416, 418, 421; Pub. L. 106-102,
title VI, Sec. 608, Nov. 12, 1999, 113 Stat. 1456; Pub. L. 106-569,
title XII, Sec. 1224, Dec. 27, 2000, 114 Stat. 3036.)
REFERENCES IN TEXT
The Federal Housing Enterprises Financial Safety and Soundness
Act of 1992, referred to in subsec. (a)(3)(B), is title XIII of
Pub. L. 102-550, Oct. 28, 1992, 106 Stat. 3941, which is classified
principally to chapter 46 (Sec. 4501 et seq.) of this title. For
complete classification of this Act to the Code, see Short Title
note under section 4501 of this title and Tables.
AMENDMENTS
2000 - Subsec. (a)(1). Pub. L. 106-569 substituted "18 months"
for "1 year" in introductory provisions.
1999 - Pub. L. 106-102 amended section generally, substituting
present provisions for provisions authorizing banks to issue
capital stock and providing for minimum subscriptions, retirement
of oversubscriptions, cancellation of oversubscriptions, aggregate
unpaid loan principal, reports and information, payments for stock,
transfer or hypothecation of stock, withdrawal or removal of
members, surrender and cancellation of stock, prepayment penalties,
disposal of stock, dividends, and acquisition of membership after
expiration of period of withdrawal.
1989 - Subsec. (a). Pub. L. 101-73, Secs. 701(b)(1), (3)(A),
706(1), redesignated subsec. (b) as (a), substituted "Board" for
"board", and struck out former subsec. (a) which related to minimum
amount of capital stock and subscription books.
Subsec. (b). Pub. L. 101-73, Secs. 701(b)(1), (3)(A), 706(1),
redesignated subsec. (c) as (b) and substituted "Board may" for
"Federal Home Loan Bank Board may" in par. (1), and "The Board" for
"The Federal Home Loan Bank Board" in par. (5). Former subsec. (b)
redesignated (a).
Subsecs. (c), (d). Pub. L. 101-73, Sec. 706(1), redesignated
subsecs. (d) and (h) as (c) and (d), respectively. Former subsec.
(c) redesignated (b).
Subsec. (e). Pub. L. 101-73, Sec. 710(b)(3), which directed
amendment of subsec. (e) by striking out "or deprive any nonmember
borrower of the privilege of further advances," after "remove any
member from membership," was executed by striking "or deprive any
nonmember borrower of the privilege of obtaining further advances,"
as the probable intent of Congress.
Pub. L. 101-73, Sec. 710(b)(2), struck out "or nonmember
borrower" after "such member" wherever appearing.
Pub. L. 101-73, Sec. 706(2), substituted "If any member's
membership in a Federal Home Loan Bank is terminated, the
indebtedness of such member to the Federal Home Loan Bank shall be
liquidated in an orderly manner (as determined by the Federal Home
Loan Bank), and upon completion of such liquidation, the capital
stock in the Federal Home Loan Bank owned by such member shall be
surrendered and canceled. Any such liquidation shall be deemed a
prepayment of any such indebtedness, and shall be subject to any
penalties or other fees applicable to such prepayment." for "In any
such case, the indebtedness of such member or nonmember borrower to
the Federal Home Loan Bank shall be liquidated, and the capital
stock in the Federal Home Loan Bank owned by such member shall be
surrendered and canceled, except that in the case of a voluntary
withdrawal, such liquidation shall be deemed a prepayment of any
such indebtedness, and shall be subject to any penalties applicable
to such prepayment."
Pub. L. 101-73, Secs. 701(b)(1), (3)(A), 706(1), redesignated
subsec. (i) as (e), substituted "Board" for "board" wherever
appearing, and struck out former subsec. (e) which related to loans
to institutions not authorized to subscribe to stock.
Subsec. (f). Pub. L. 101-73, Secs. 701(b)(1), (3)(A), 706(1),
redesignated subsec. (j) as (f), substituted "Board" for "board",
and struck out former subsec. (f) which related to subscription by
United States, maximum amounts, and payments.
Subsec. (g). Pub. L. 101-73, Sec. 706(1), redesignated subsec.
(k) as (g) and struck out former subsec. (g) which related to
retirement of stock of United States.
Subsec. (h). Pub. L. 101-73, Sec. 715, substituted "10" for
"five".
Pub. L. 101-73, Sec. 706(3), substituted "charter as a Federal
savings association (as defined in section 1813 of this title)" for
"charter from the Federal Home Loan Bank Board".
Pub. L. 101-73, Sec. 706(1), redesignated subsec. (m) as (h).
Former subsec. (h) redesignated (d).
Subsecs. (i) to (k). Pub. L. 101-73, Sec. 706(1), redesignated
former subsecs. (i) to (k) as (e) to (g), respectively.
Subsec. (m). Pub. L. 101-73, Sec. 706(1), redesignated former
subsec. (m) as (h).
1983 - Subsec. (m). Pub. L. 97-457 substituted "banks or in
connection with obtaining a charter from the Federal Home Loan Bank
Board" for "Banks" after "between".
1982 - Subsec. (c)(2). Pub. L. 97-320, Sec. 353, struck out cl.
(i) limitations which had prohibited members from reducing stock to
less than the amount held on Sept. 8, 1961, except for a reduction
at any time to not less than 2 percent of its aggregate unpaid loan
principal as of the beginning of the calendar year in which
reduction was made, but not less than $500, or if reduced to less
than 2 percent, such reduction to be in the discretion of the
Board; and reenacted cl. (ii) limitations as par. (2), substituting
"the Board defining such term" for "said Board defining said term".
Subsec. (i). Pub. L. 97-320, Sec. 355(a), provided for treatment
of a liquidation of indebtedness, in the case of a voluntary
withdrawal of an institution from membership, as a prepayment of
the indebtedness, subject to applicable prepayment penalties.
Subsec. (m). Pub. L. 97-320, Sec. 355(b), added subsec. (m).
1979 - Subsec. (c)(2)(ii). Pub. L. 96-153 substituted "twenty"
for "twelve".
1961 - Subsec. (c). Pub. L. 87-210, Sec. 1, amended subsection
generally, and among other changes, authorized the bank to adjust
at the end of each calendar year, under Board regulations, the
stock held by each member, to retire stock of members in excess of
required amounts, prohibited members to reduce stock to less than
the amount held on Sept. 8, 1961, except for a reduction at any
time to not less than 2 percent of its aggregate unpaid loan
principal as of the beginning of the calendar year in which
reduction is made, but not less than $500, or if reduced to less
than 2 percent, such reduction to be in the discretion of the
Board, provided that no bank shall act so as to cause the aggregate
outstanding advances, within the meaning of regulations of the
Board defining said term, to exceed 12 times the amounts paid in by
members for outstanding capital stock held by such members, defined
term "aggregate unpaid loan principal" and authorized the board to
require members to submit reports and information for purposes of
this subsection.
Subsec. (l). Pub. L. 87-210, Sec. 2, repealed subsec. (l) which
required members to acquire, hold and maintain their stock holding
in an amount equal to at least 2 per centum of the aggregate of the
unpaid principal of such member's home mortgage loans,
home-purchase contracts, and similar obligations, but not less than
$500, and provided for the retirement of Government-owned stock.
1955 - Subsec. (i). Act Aug. 11, 1955, provided that a Federal
savings and loan association may not withdraw voluntarily, inserted
proviso clause in item (ii), and inserted provisions authorizing
removal of a member institution which has a management or
home-financing policy of a character inconsistent with sound and
economical home financing or with the purposes of this chapter.
1950 - Subsec. (l). Act June 27, 1950, added subsec. (l).
1935 - Subsec. (k). Act May 28, 1935, omitted exception clause
relating to stock held by the United States.
1934 - Subsecs. (c), (e). Act June 27, 1934, substituted "$500"
for "$1,500".
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