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12 U.S.C. § 1433 — Exemption from taxation; obligations acceptable as credit on debt of home owner
Federal law — U.S. Code and appendices · legal_authorities
Any and all notes, debentures, bonds, and other such obligations issued by any bank, and consolidated Federal Home Loan Bank bonds and debentures, shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. The bank, including its franchise, its capital, reserves, and surplus, its advances, and its income, shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority; except that in 11 So in original. Word “in” probably should not appear. any real property of the bank shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed. The notes, debentures, and bonds issued by any bank, with unearned coupons attached, shall be accepted at par by such bank in payment of or as a credit against the obligation of any home-owner debtor of such bank.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1433-exemption-from-taxation-obligations-acceptable-as-credit-on-debt-of-home--304de4c9d7.md
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Source location: Title 12, Chapter 11, § 1433; chapter-011-federal-home-loan-banks.md
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Any and all notes, debentures, bonds, and other such obligations issued by any bank, and consolidated Federal Home Loan Bank bonds and debentures, shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. The bank, including its franchise, its capital, reserves, and surplus, its advances, and its income, shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority; except that in 11 So in original. Word “in” probably should not appear. any real property of the bank shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed. The notes, debentures, and bonds issued by any bank, with unearned coupons attached, shall be accepted at par by such bank in payment of or as a credit against the obligation of any home-owner debtor of such bank.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** Notwithstanding any other provision of law, the Director shall charter a corporation to be known as the Financing Corporation.
**(b) Management of Financing Corporation**
(1) **Directorate** — The Financing Corporation shall be under the management of a directorate composed of 3 members as follows:
(A) The Director of the Office of Finance of the Federal Home Loan Banks (or the head of any successor to such office).
(B) 2 members selected by the Director from among the presidents of the Federal Home Loan Banks.
(2) **Terms** — Each member appointed under paragraph (1)(B) shall be appointed for a term of 1 year.
(3) **Vacancy** — If any member leaves the office in which such member was serving when appointed to the Directorate—
(A) such member’s service on the Directorate shall terminate on the date such member leaves such office; and
(B) the successor to the office of such member shall serve the remainder of such member’s term.
(4) **Equal representation of banks** — No president of a Federal Home Loan Bank may be appointed to serve an additional term on the Directorate until such time as the presidents of each of the other Federal Home Loan Banks have served as many terms on the Directorate as the president of such bank (before the appointment of such president to such additional term).
(5) **Chairperson** — The Director shall select the chairperson of the Directorate from among the 3 members of the Directorate.
(6) **Staff**
(A) *No paid employees* — The Financing Corporation shall have no paid employees.
(B) *Powers* — The Directorate may, with the approval of the Director, authorize the officers, employees, or agents of the Federal Home Loan Banks to act for and on behalf of the Financing Corporation in such manner as m
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1441
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The purpose of the Resolution Funding Corporation is to provide funds to the Resolution Trust Corporation to enable the Resolution Trust Corporation to carry out the provisions of this chapter.
**(b) Establishment** There is established a corporation to be known as the Resolution Funding Corporation.
**(c) Management of Funding Corporation**
(1) **Directorate** — The Funding Corporation shall be under the management of a Directorate composed of 3 members as follows:
(A) The director of the Office of Finance of the Federal Home Loan Banks (or the head of any successor office).
(B) 2 members selected by the Thrift Depositor Protection Oversight Board from among the presidents of the Federal Home Loan Banks.
(2) **Terms** — Of the 2 members appointed under paragraph (1)(B), 1 shall be appointed for an initial term of 2 years and 1 shall be appointed for an initial term of 3 years. Thereafter, such members shall be appointed for a term of 3 years.
(3) **Vacancy** — If any member leaves the office in which such member was serving when appointed to the Directorate—
(A) such member’s service on the Directorate shall terminate on the date such member leaves such office; and
(B) the successor to the office of such member shall serve the remainder of such member’s term.
(4) **Equal representation of banks** — No president of a Federal Home Loan Bank may be appointed to serve an additional term on the Directorate until such time as the presidents of each of the other Federal Home Loan Banks have served as many terms as the president of such bank.
(5) **Chairperson** — The Thrift Depositor Protection Oversight Board shall select the chairperson of the Directorate from among the 3 members of the Directorate.
(6) **Staff**
(A) *No paid employees
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1441b
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Federal law — U.S. Code and appendices · legal_authorities
Page 307
TITLE 12—BANKS AND BANKING
§ 1435
1 So in original. Word ‘‘in’’ probably should not appear.
home loan banks may acquire, hold, or dispose
of, in whole or in part, or facilitate such acquisi-
tion, holding, or disposition by members of any
such bank of, housing project loans, or interests
therein, having the benefit of any guaranty
under section 2181 of title 22, as now or hereafter
in effect, or loans, or interests therein, having
the benefit of any guaranty under section 2184 of
title 22 or any commitment or agreement with
respect to such loans, or interests therein, made
pursuant to either of such sections. This author-
ity extends to the acquisition, holding, and dis-
position of loans, or interests therein, having
the benefit of any guaranty under section 2181 or
2182 of title 22 or such sections as hereafter
amended or extended, or of any commitment or
agreement for any such guaranty.
(July 22, 1932, ch. 522, § 12, 47 Stat. 735; Pub. L.
89–754, title X, § 1016(a), Nov. 3, 1966, 80 Stat. 1293;
Pub. L. 90–448, title XVII, § 1717, Aug. 1, 1968, 82
Stat. 609; Pub. L. 91–609, title IX, § 907(a), Dec. 31,
1970, 84 Stat. 1811; Pub. L. 101–73, title VII,
§ 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub.
L. 106–102, title VI, § 606(d), Nov. 12, 1999, 113
Stat. 1454; Pub. L. 110–289, div. A, title II,
§ 1204(8), (10), July 30, 2008, 122 Stat. 2786.)
Editorial Notes
REFERENCES IN TEXT
Section 2184 of title 22, referred to in subsec. (b),
which related to housing projects in Latin American
countries, was omitted in the general amendment made
by section 105 of Pub. L. 91–175, Dec. 30, 1969, 83 Stat.
807. See section 2182 of Title 22, Foreign Relations and
Intercourse.
AMENDMENTS
2008—Subsec. (a). Pub. L. 110–289 substituted ‘‘admin-
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1433
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