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12 U.S.C. § 1453 — Capitalization of Federal Home Loan Mortgage Corporation

submitted 56 years ago by Pub. L. 91-351 to r/title-12-BANKS-AND-BANKING · 121 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section establishes the Corporation’s voting common stock. It sets its voting rights, characteristics, and transfer rules.

(a) Common stock; issuance The common stock of the Corporation must consist of voting common stock, which must be issued to such holders in the manner and amount, and subject to any limitations on concentration of ownership, as may be established by the Corporation. (b) Par value The voting common stock must have such par value and other characteristics as the Corporation provides. The voting common stock must be vested with all voting rights, each share being entitled to 1 vote. The free transferability of the voting common stock at all times to any person, firm, corporation or other entity must not be restricted but, as to the Corporation, it must be transferable only on the books of the Corporation.

the actual law source: uscode.house.gov ↗public domain
(a) Common stock; issuance

The common stock of the Corporation shall consist of voting common stock, which shall be issued to such holders in the manner and amount, and subject to any limitations on concentration of ownership, as may be established by the Corporation.

(b) Par value

The voting common stock shall have such par value and other characteristics as the Corporation provides. The voting common stock shall be vested with all voting rights, each share being entitled to 1 vote. The free transferability of the voting common stock at all times to any person, firm, corporation or other entity shall not be restricted except that, as to the Corporation, it shall be transferable only on the books of the Corporation.

Source credit: (Pub. L. 91–351, title III, § 304, July 24, 1970, 84 Stat. 454; Pub. L. 101–73, title VII, § 731(d)(1), (3), Aug. 9, 1989, 103 Stat. 432; Pub. L. 102–550, title XIII, § 1382(i), Oct. 28, 1992, 106 Stat. 4004.)

history & why it existsrecord from the source credit
  • 1970Enacted · Pub. L. 91-351 · 84 Stat. 454
  • 1989Amended · Pub. L. 101-73 · 103 Stat. 432
  • 1992Amended · Pub. L. 102-550 · 106 Stat. 4004

A history note hasn’t been published yet. The record shows enactment by Pub. L. 91-351 on 1970-07-24.

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