12 U.S.C. § 1435 — Obligations as lawful investments; liability of United States for debentures, etc., issued by banks
submitted 94 years ago by ch. 522 to r/title-12-BANKS-AND-BANKING · 117 words · no verdicts yet
Each Federal Home Loan Bank must maintain reserves and may pay dividends only from earnings left after required deductions. The Director may temporarily suspend some reserve requirements or authorize dividends in the specified severe-financial-condition and Financing Corporation situations.
Obligations of the Federal Home Loan Banks issued with the approval of the Board or the Director* under this chapter must be lawful investments, and may be accepted as security, for all fiduciary, trust, and public funds the investment or deposit of which must be under the authority or control of the United States or any officer or officers of it. The Federal reserve banks are authorized to act as depositaries, custodians, and/or fiscal agents for Federal Home Loan Banks in the general performance of their powers under this chapter. All obligations of Federal Home Loan Banks must plainly state* that such obligations are not obligations of the United States and are not guaranteed by the United States.
Obligations of the Federal Home Loan Banks issued with the approval of the Board or the Director* under this chapter shall be lawful investments, and may be accepted as security, for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. The Federal reserve banks are authorized to act as depositaries, custodians, and/or fiscal agents for Federal Home Loan Banks in the general performance of their powers under this chapter. All obligations of Federal Home Loan Banks shall plainly state* that such obligations are not obligations of the United States and are not guaranteed by the United States.
Source credit: (July 22, 1932, ch. 522, § 15, 47 Stat. 736; 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(7), July 30, 2008, 122 Stat. 2786.)
- 1932Enacted · Act of July 22, 1932, ch. 522 · 47 Stat. 736
- 1989Amended · Pub. L. 101-73 · 103 Stat. 412
- 2008Amended · Pub. L. 110-289 · 122 Stat. 2786
A history note hasn’t been published yet. The record shows enactment by ch. 522 on 1932-07-22.
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