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Capital stock-Continued.
United States:

Section
As purchaser---

6 (f)
Retirement of stock owned by ----

6 (g) Circulating notes, issuance to national banking associations-- 29 Circulating privilege, suspension of prohibitions re United

States bonds..
Collateral:

Additional deposits by banks may be required by Board.- 11 (d)
Return to borrower on liquidation of indebtedness (See
also Advances, collateral, security)--

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

Directors.)
Comptroller of Currency, use of records of..

22 (a)
Consolidated bank bonds and debentures, exempt from tax-
ation...

13 Cooperative banks, eligibility of ..

4 (a) Council, advisory-

8a Counterfeiting of obligations, penalty for.

21 (b) Criminal actions. (See Penalti Criminal code of United States, application to..--

21 (e) Customs receipts, excepted from powers as depositary.

14

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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) Estate taxes, no exemption from.

13 Examination:

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

8
Governmental agencies may aid in...

22 (a) May be required by Board

8 Semiannual, of Federal home loan banks.

20 Examiners, duties and powers.

20
Exemption. (See Taxation.)
Expenses:
Appropriation for..

18 (a)
Assessments for..

18 (b) Payment of...

19

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17 17

F

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

6 (i)
21 (b)
21 (a)
21 (c)

6 18 18 18

i i

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26

Section

Page Federal Advisory Council..

8a

8 Federal Home Loan Bank Board:

Appointment, compensation, oath of office, political affiliation, salary, term, filling of vacancies...

17

16 Acting chairman, to be designated by chairman.

17

16 Chairman, to be designated by the President.

17

16 Defined.

2 (1)

1 Duties and powers: In general.

17

16 In interbank relations:

To regulate purchase or participation in advances
by banks.

10 (d)

11 To issue consolidated bonds.

11 (c) 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 To require the rediscounting of discounted notes. 11 (f)

12 To direct any bank to acquire the assets or

assume the liabilities of a liquidated or reor-
ganized bank.

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

(b), (c), (d), 10a 9-11 To regulate the making of advances to nonmembers -- 10b

11 To regulate advances to nonsubscribing borrowers... 6 (e)

4 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 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),

(d), (h) 6-8 To designate chairman of each bank..

7 (g)

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 To supplement insufficient examination of borrowers. 8

8 To determine financial conditions of borrowing institutions

4 (a)

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

16 To limit the operation of any bank

8

8 To liquidate any bank..

26 To use mails free..

19

17 To classify members of each bank.-

7 (e)

7 To deprive nonmembers of privileges of further advances.

6 (i)

6 To regulate organization of banks.

12

14 To regulate personnel of banks.

17

16 To select and employ personnel necessary to assist it.. 19

17 To remove members after hearing

6 (i)

6 To reorganize any bank

20 To report annually to Speaker of House

20

18 To require periodic reports from banks.

20

17 To determine minimum of capital stock.

6 (a)

3 To call payments on stock subscribed by Secretary of

6 (f)

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

4 To require retirement of 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

8

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16

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Treasury

7 (8)

Federal home loan banks:

Section

Page Apportionment of districts.

3

2 Capital. (See Capital.) Capital Stock. (See Capital Stock.) Consolidated bonds and debentures, exempt from taxation.

13

15
Directors:
Appointment:
Originally by Board.

for 8. 7 (c) 7 Successive, of four members by Board..

(b)

6 Where stockholding of member banks insufficient

7 (h)

7 Chairman, designation of

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

7 (f)

7 Of original directors

7 (d), for 8. 7 (c) 7 Of those regularly appointed by Board.

7 (c)

7 Of those appointed by Board because stock holdings of member banks are insufficient..

7 (h)

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, 11 To issue bonds, debentures, and other obligations. 11 (a), 11 (b) 12 To borrow money

11 (a)

12 To make contracts.

12

14 To enjoy incidental corporate powers..

12

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

12

14 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

15 To liquidate indebtedness of nonmember on failure of enabling legislation...

6 (e) To carry net earnings to reserve.

16 To select, employ, and regulate personnel...

12
To purchase, hold, lease, or dispose of real estate 12
To renew 1-year advances to nonmembers.--

6 (e)
To dispose of stock to member or new member..
To sue or be sued..--

12
Investment:
Of current assets.

11 (8)

13 Of other assets.

11 (h) Of reserves

16

16 Investment character of its obligations.

15

15 Liquidation..

26

20 Location..

3

2 Number

3

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

15

15 Organization certificate.

12

14 Reorganization.

26

20 Succession..

25 Title

3

2 Unlawful advertising, penalty for..

21 (d)

19 Unlawful use of name, penalty for..

21 (d)

18 Federal Reserve Act, shall relate to examiners.

20

18 Federal Reserve banks, authority to aid.

15

15 Use of records of..

22 (a) Forgery, penalty for

21 (b)

18 Franking privilege..

19

17

6 (j)

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G

Gift taxes, no exemption from...

Section

13

Page

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H
Hawaii, application of Act to..
Home mortgage, defined.---
Home mortgage loan, defined. (See also Advances, amount,
collateral) --

Net cost of, as determining permissibility of advances..
Housing:

Real estate may not be purchased for.--
Lease for, not longer than 10 years.-

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6 11 15 15 6 2

Impairment, capital, result on liquidation.--

6 (i) Improvements, advances to finance.

10a Income, exemption from taxation of

13 Inheritance taxes, no exemption from...

13 Involvency of borrower, consequences of .

6 (i) Installment home mortgage loan, defined.

2 (8) Interest rate:

Charged home owner, effect on eligibility-
On loans made under section 2 of National Housing Act. 10a
On loans made to nonmembers under title II of National
Housing Act.--..

10b On notes of borrower securing advances.

10 (c) Investment: Of current assets..

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

16

3 11

11 11

13 16

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M
Member:

Classification of.
Defined..
Of board. (See Federal Home Loan Bank Board.)
Removal of after hearing--
Secured advances to..

Unsecured advances to..
Membership:

Institutions eligible, in general...
Organizations eligible, in general..
Requirements for...

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N

18

29

20

National Bank Act, provisions shall relate to examiners. 20
National banking associations, extension of circulating priv-

ileges to.
National Housing Act:

Advances to members, on mortgages insured thereunder.. 10 (a), (1)
Advances to nonmember mortgagees approved thereunder. 10b
Advances under section 2 thereof.

10a

9 11 11

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12 15

Oath of office, Federal Home Loan Bank Board members.---- 17
Obligations. (See also Bonds, Debentures):
Authority to issue.-

11 (a)
United States not liable thereon.

15 Officers, bonding, compensation, dismissal, duties, employment, and selections

12 Organization certificate, filing of

12 Organizations, eligibility of

24 (a) Overvaluation, willful, penalty for.

21 (a)

14 14 20 18

15 18-19

12

P Payment, obligations acceptable in.

13 Penalties for unlawful acts..

21 (a), (b), (c), (d), (e) Pledge of assets not permitted while debentures are outstand ing-

11 (b) Powers. (See Federal Home Loan Bank Board-duties and

powers; Federal home loan banks—duties and powers.) President of Federal Home Loan Bank eligible as director.--- 12 President of the United States to appoint Chairman of the Board...

17 Public funds, Federal home loan bank may be depositary of.. 14 Puerto Rico, application of Act to..

2 (3)

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R
Real property:

May be leased, purchased, held, and disposed of..------- 12
May not be acquired or leased for more than 10 years for
housing --

12 Taxes, no exemption from.

13 Valuation, certification of.

10 (b) Receipts from assessments deposited in Treasury

19 Reconstruction Finance Corporation Act, amendment to, section 2

6 (f) Rediscounting of discounted notes.

11 (f) Removal of member after hearing

6 (i) Reorganization of Federal home loan banks.

26 Repairs, advances to finance

10a Report, annual to Speaker of House of Representatives. 20 Reports, periodic, to Board from banks..

20 Reserve: Addition of earnings to...

16 Impairment precludes dividends...

16 Retirement of capital stock: On liquidation of Federal home loan bank.

26 Owned by the United States..

6 (g)

5 12

6 20 11 18 18

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S
Savings banks, eligibility of..
Savings and Loan Advisory Council.
Savings and loan associations, eligibility of.
Secretary of the Treasury:

Duties imposed upon.

Subscription to stock by
Security. (See Advances, Eligibility):

Deposit of stock of member as

Deposit required of nonmember borrower.
Separability, provision for.
State, defined..

23
6 (f)

10 (c)
6 (e)
28
2 (3)

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