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20

Section

Page
Alterations, advances to finance..

10a,

11
Altering, penalty for false

21 (b)

18
Amendment of bylaws.-

12

14-15
Amendment of Reconstruction Finance Act, section 2.-. 6 (1)

5
Amortized home-mortgage loan:
Defined.

2 (8)

2
Collateral for advance

10 (a) 2, 10 (b) 9-11
Annual report, to Speaker of House of Representatives

18
Application:
Of borrower for advance..

9

9
Of member for stock reduction...

6 (c)

3-4
Appraisal, authority for.--

10 (b) 10-11
Appropriation for expenses.

18 (a), 19 17-18
Assessments, for expenses..

18 (b), 19 17-18
Attorneys:

For Federal Home-Loan Bank Board, compensation, em-
ployment selection.--.

19

17-18
For Federal home loan banks bonding, compensation, dis-
missal, employment selection...

12

14-15
Personal liability affecting collateral for advance...

10 (b) 10-11

B

13

3

Board (See Federal Home Loan Bank Board) defined.--

2 (1)

1
Bonds:
Acceptable by banks in payment of obligations.

15
Consolidated bonds issuable by Board..

11 (c), 13 12, 15
Issuable by banks with approval of Board..

11 (a)

12
Lawful investment, as.

15

15-16
Nature of, in respect of the United States.

15

15-16
Borrow, banks authorized to..

11 (a)

12
Building and loan associations:
Eligibility of..--

4 (a), 4 (b) 3
Inspection and regulation of---

4 (c)

3
Bylaws, making, amendment, and repeal.

12

14-15

с
Capital:
Amount, minimum.--

6 (a)

3
Impairment, effect of..

6 (i)

6
Capital stock:
Additional stock issuable at not less than par.

6 (b)
Adjustable by Board in proportion to unpaid principal
outstanding-

6 (c)

3-4
Authorized issue, minimum.-

6 (a)

3
Cancelation. (See Capital stock, surrender and cancela-

tion.)
Hypothecation of

6 (h)

5
Installment payments for...

6 (d)

5
Minimum issuable at par.

6 (b)

3
Original subscription to..

6 (c)

3-4
Par value..

6 (b)

3
Reduction on application of member.

6 (c)

3-4
Security for indebtedness of member.

10 (c)

11
Surrender and cancelation:
On failure to comply with rules and regulations.. 6 (i)

6
On insolvency of member bank.

6 (i)

6
On reduction of excess held by member.

6 (i)

6
On withdrawal of member.--.

6 (i)

6
Tax exemption.--

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13

15
Transfer of:
In general.

6 (h)

5
To member or new member.

6 (j)

6
United States:
As purchaser-

5
Retirement of stock owned by ---

6 (8)

6 ()

--

Section Page
Circulating notes, issuance to national banking associations... 29

21
Circulating privilege, suspension of prohibitions re United
States bonds -

29

21
Collateral:
Additional deposits by banks may be required by Board.. 11 (d)

12
Return to borrower on liquidation of indebtedness (See also
Advances, collateral, security)---

6 (i)

6
Compensation. (See Agents, Attorney, Employers, Officers,

Directors.)
Comptroller of Currency, use of records of

22 (a)

19
Consolidated bank bonds and debentures, exempt from tax-

ation.---
Cooperative banks, eligibility of..

4 (a), 4 (b) 3
Council, advisory

8a

8-9
Counterfeiting of obligations, penalty for..

21 (b)

18
Criminal actions. (See Penalties.)
Criminal code of United States, application to...

21 (e)

19
Customs receipts, excepted from powers as depositary-

14

15

13

15

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D
Debentures:

Issuance by banks, authority and limitations-
Issuance of consolidated debentures by Board.

Taxation.
Deceit, penalty for.
Definitions..
Deposits:

Acceptance by banks from members..

By banks with other Federal home loan banks---
District of Columbia:

Application of act to.

Stock subscriptions by its institutions.--
Districts:

Allocation of borrower to..
Division into..
Location --

Number.
Dividends---

Restrictions controlling declaration and payment.
Division of member banks into groups.---

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E
Embezzlement, penalty for.

21 (c)

18-19
Estate taxes, no exemption from...

13

15
Examination:

Consent by applicant as a condition precedent to advance. 22 (b) 19-20
Cost of, allocation.--

8

8
Governmental agencies may aid in..

22 (a)

19
May be required by Board...

8

8
Semiannual, of Federal home loan banks..

20
Examiners, duties and powers..

20

18
Exemption. (See Taxation.)
Expenses:
Appropriation for

18 (a), 19 17, 18
Assessments for--

18 (b)

17
Payment of..

19

17-18

F

Failure of borrower to comply with regulations, effect. ----
False altering, penalty for.---
False statement, penalty for..
Falsifying accounts, penalty for.--
Federal Advisory Council.

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Federal Home Loan Bank Board:

Section Page Appointment, coinpensation, oath of office, political affili- f 144 ation, salary, term, filling of vacancies

16-17 Acting chairman, to be designated by chairman.

17;

16-17 Chairman, to be designated by the President.

16-17 Defined..

2 (1)

1 Duties and powers: In general

17

16-17 In interbank relations:

To regulate purchase or participation in advances
by banks

10 (d)

11 To issue consolidated bonds..

11 (c)

12 To issue consolidated debentures.

11 (b)

12 To adjust equities between banks.

11 (d)

12 To require loans, deposits, purchases between banks..

11 (f) 12-13 To require the rediscounting of discounted notes. 11 (f) 12-13 To direct any bank to acquire the assets or

assume the liabilities of a liquidated or
reorganized bank ---

26

20 To regulate the making of advances to members. 9, 10 (a) 9, 9-11

(b), (c), (d), 10a To regulate the making of advances to nonmembers. 10b 10-11 To regulate advances to nonsubscribing borrowers--- 6 (e)

4-5 To regulate unsecured advances.

11 (8)

13 To allocate banks to cities.

3

2 To regulate power of banks to issue bonds, debentures, and other obligations--

11 (a)

12 To regulate power of banks to borrow.

11 (a)

12 To determine the amount of collateral depositable in lieu of stock..

6 (e)

4-5 To regulate collateral deposited by banks..

11 (d)

12 To regulate charge-offs for depreciation.

16

16 To appoint certain of the directors of the banks.. 7 (b), (c),

6,8

(d), (h) To designate chairman of each bank.

7 To approve compensation of directors

7 (i)

8 To divide and to adjust districts--

3

2 To incur and allow for necessary expenditures - 19

17-18 To supplement insufficient examination of borrowers. 8

8 To determine financial conditions of borrowing institutions...

4 (a) (3)

2-3 To regulate investment of banks' current assets--- 11 (g), 11 (h) 13 To regulate investment of reserves

16

16 To limit the operation of any bank.

8

8 To liquidate any bank.-.

20 To use mails free.--

19

17-18 To classify members of each bank...

7 (e)

7 To deprive nonmembers of privileges of further ad

6 To regulate organization of banks.

12

14-15 To regulate personnel of banks.

13,17 15, 16-17 To select and employ personnel necessary to assist it. 19

17-18 To remove members after hearing

6 (i)

6 To reorganize any bank.-

26

20 To report annually to Speaker of House

20 To require periodic reports from banks.

20 To determine minimum of capital stock.

6 (a) To call payments on stock subscribed by Secretary of Treasury-

6 (f)

5 To fix price at which additional stock shall be issued. 6 (b)

3 To require retirement stock owned by the United States.

6 (g)

5 To open stock subscription books.

6 (a)

3 To withhold payment for stock retired on liquidation of member

6 (i)

6 To make statistical surveys.

8

7 (8)

26

vances..

6 (i)

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7 (b)

Federal home loan banks:

Section Page Di Apportionment of districts..

3

2 Capital. (See Capital.) Capital Stock. (See Capital Stock.) Consolidated bonds and debentures, excempt from taxation.-date

13

15 Directors: Appointment: Originally by Board..

7 (d)

7 Successive, of four members by Board.

6 Where stockholding of member banks insufficient..

7 (h)

7-8 Chairman, designation of..

7 (8)

7 Classification as to groups.

7 (e)

7 Compensation of...

7 (i)

8 Election of, rules and regulations fixable by Board.. 7 (e)

7 Qualifications

7 (a), (b), (c), (d) 6-7 Succession...

7 (b)

(b), c), d) 6-7 Term of office: Of director filling vacancy --

7 (e)

7 Of original directors

7 (d)

7 Of those regularly appointed by Board...

7 (c)

6-7 ti

Of those appointed by Board because stock hold-
ings of member banks are insufficient.----

7 (h)

7-8 Vice chairman, designation of..-

7 (8)

7 Duties and powers: In general.

11 (a)

12 To deny application for advances.

9

9 To grant advances with Board approval.----- 9, 10 (a), 10b 9, 9-11 To issue bonds, debentures, and other obligations.. 11(a), 11 (b) 12 To borrow money

11 (a)

12 To make contracts.

12

14-15 To enjoy incidental corporate powers.

12

14-15 To adopt, alter, and use a corporate seal..

12

14-15 To act as depositary of public money

14

15 To accept deposits by members..

11 (e)

12 To act as financial agent of the Government..

14 To liquidate indebtedness of nonmember on failure of enabling legislation -

6 (e)

4-5 To carry net earnings to reserve.

16

16 To select, employ, and regulate personnel.

12

14-15 To purchase, hold, lease, or dispose of real estate. 12

14-15 To renew 1-year advances to nonmembers --

6 (e)

4-5 To dispose of stock to member or new member.

6 ()

6 To sue or be sued..

12

14-15 Investment: Of current assets.

13 Of other assets.. Of reserves

( 16

16 Investment character of its obligations..

15 11598: 15–16 Liquidation.

28 29 30

20 Location..

3

2 Number.

3

2 Obligations must state the United States is not obligor or guarantor.

15

15-16 Organization certificate..

12

14-15 Reorganization.

26

20 Succession.

25

20 Title...

3

2 Unlawful advertising, penalty for.

21 (d)

19 Unlawful use of name, penalty for..

21 (d)

19 Federal Reserve Act, shall relate to examiners.

20

18 Federal Reserve banks, authority to aid.

15

15-16 Use of records of..

22 (a)

19 Forgery, penalty for.

21 Franking privilege..

19

17-18

15

11 11

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Section
13

Gift taxes, no exemption from..

Page

15

2 (5)

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6 (i)

H
Hawaii, application of Act to..

2 (3)

1

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Home mortgage, defined.

2 (6)
Home mortgage loan, defined. (See also Advances, amount,
collateral) -

1
Net cost of, as determining permissibility of advances--- 5

3
Housing:
Real estate may not be purchased for..

12

14-15
Lease for, not longer than 10 years.-

12

14-15

I
Impairment, capital, result on liquidation.

6
Improvements, advances to finance..

10a

11
Income, exemption from taxation of..

13

15
Inheritance taxes, no exemption from..

13

15
Insolvency of borrower, consequences of -

6 (i)

6
Installment home mortgage loan, defined.

2 (8)

2
Interest rate:
Charged home owner, effect on eligibility.

5

3
On loans made under section 2 of National Housing Act. 10a

11
On loans made to nonmembers under title II of National
Housing Act.

10b

11-12
On notes of borrower securing advances.

10 (c)
Investment:
Of current assets..

11 (g), 11 (h) 13
Of reserves.

16

16

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M
Member:
Classification of..

7 (e)

7
Defined ----

2 (4)

1
Of board. (See Federal Home Loan Bank Board.)
Removal of after hearing--

6 (i)

6
Secured advances to.---

10 (a), 10a 9-10, 11
Unsecured advances to ----

11 (8)

13
Membership:
Institutions eligible, in general..

27

20
Organizations eligible, in general..

24 (a), 24 (b) 20
Requirements for.

4 (a) (1), (2), (3) 2-3

N
National Bank Act, provisions shall relate to examiners... 20

18
National banking associations, extension of circulating
privileges to.

29

21
National Housing Act:
Advances to members insured thereunder---

10 (a), (1) 9
Advances to nonmembers insured thereunder-

10b

11-12
Advances under section 2 thereof.--

10a

11
Net cost of loan to home owner, as elegibility test.

5

3
Net earnings, allocation to reserve.

16

16
Nonmember borrower defined..

2 (9)

2
Notes of borrowers as primary obligation..-

10 (d)

11

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