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12 U.S.C. § 1432 — Incorporation of banks; corporate powers; housing project loans
Federal law — U.S. Code and appendices · legal_authorities
**(a)** The directors of each Federal Home Loan Bank shall, in accordance with such rules and regulations as the Director may prescribe, make and file with the Director at the earliest practicable date after the establishment of such bank, an organization certificate which shall contain such information as the Director may require. Upon the making and filing of such organization certificate with the Director, such bank shall become, as of the date of the execution of its organization certificate, a body corporate, and as such and in its name as designated by the Director it shall have power to adopt, alter, and use a corporate seal; to make contracts; to purchase or lease and hold or dispose of such real estate as may be necessary or convenient for the transaction of its business; to sue and be sued, to complain and to defend, in any court of competent jurisdiction, State or Federal; to select, employ, and fix the compensation of such officers, employees, attorneys, and agents as shall be necessary for the transaction of its business,; 11 So in original. to define their duties, require bonds of them and fix the penalties thereof, and to dismiss at pleasure such officers, employees, attorneys, and agents; and, by the board of directors of the bank, to prescribe, amend, and repeal by-laws governing the manner in which its affairs may be administered, consistent with applicable laws and regulations, as administered by the Director. No officer, employee, attorney, or agent of a Federal home loan bank who receives compensation, may be a member of the board of directors. Each such bank shall have all such incidental powers, not inconsistent with the provisions of this chapter, as are customary and usual in corporations generally.
**(b)** Subject to such regulations as may be
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Source file: Laws/federal/codes/united-states-code/title-12/section-1432-incorporation-of-banks-corporate-powers-housing-project-loans--501b944df9.md
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Source location: Title 12, Chapter 11, § 1432; chapter-011-federal-home-loan-banks.md
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**(a)** The directors of each Federal Home Loan Bank shall, in accordance with such rules and regulations as the Director may prescribe, make and file with the Director at the earliest practicable date after the establishment of such bank, an organization certificate which shall contain such information as the Director may require. Upon the making and filing of such organization certificate with the Director, such bank shall become, as of the date of the execution of its organization certificate, a body corporate, and as such and in its name as designated by the Director it shall have power to adopt, alter, and use a corporate seal; to make contracts; to purchase or lease and hold or dispose of such real estate as may be necessary or convenient for the transaction of its business; to sue and be sued, to complain and to defend, in any court of competent jurisdiction, State or Federal; to select, employ, and fix the compensation of such officers, employees, attorneys, and agents as shall be necessary for the transaction of its business,; 11 So in original. to define their duties, require bonds of them and fix the penalties thereof, and to dismiss at pleasure such officers, employees, attorneys, and agents; and, by the board of directors of the bank, to prescribe, amend, and repeal by-laws governing the manner in which its affairs may be administered, consistent with applicable laws and regulations, as administered by the Director. No officer, employee, attorney, or agent of a Federal home loan bank who receives compensation, may be a member of the board of directors. Each such bank shall have all such incidental powers, not inconsistent with the provisions of this chapter, as are customary and usual in corporations generally.
**(b)** Subject to such regulations as may be prescribed by the Director, one or more Federal home loan banks may acquire, hold, or dispose of, in whole or in part, or facilitate such acquisition, 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2181&num=0&edition=prelim), as now or hereafter in effect, or loans, or interests therein, having the benefit of any guaranty under [section 2184 of title 22](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2184&num=0&edition=prelim) or any commitment or agreement with respect to such loans, or interests therein, made pursuant to either of such sections. This authority extends to the acquisition, holding, and disposition 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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization to issue guarantees to eligible investors** To carry out the policy of [section 2181 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2181&num=0&edition=prelim), the President is authorized to issue guaranties to eligible investors (as defined in section 2198(c) 11 See References in Text note below. of this title) assuring against losses incurred in connection with loans made for projects meeting the criteria set forth in [section 2181 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2181&num=0&edition=prelim). The total principal amount of guaranties issued under this subpart or heretofore issued under prior housing guaranty authorities, which are outstanding at any one time, shall not exceed $2,558,000,000. The authority of this section shall continue through September 30, 1992. The President may issue regulations from time to time with regard to the terms and conditions upon which such guaranties shall be issued and the eligibility of lenders.
**(b) Emphasis on certain activities** Activities carried out under this section shall emphasize—
(1) projects which provide improved home sites to poor families on which to build shelter, and related services;
(2) projects comprised of expandable core shelter units on serviced sites;
(3) slum upgrading projects designed to conserve and improve existing shelter;
(4) shelter projects for low-income people designed for demonstration or institution building purposes; and
(5) community facilities and services in support of projects authorized under this section to improve the shelter occupied by the poor.
**(c) Use of solar energy technology** In issuing guaranties under this section with respect to projects in a country w
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Guarantees to Export-Import Bank; financial transactions with private sector in Central American countries** In order to enable the Export-Import Bank of the United States (hereafter in this section referred to as the “Bank”) to determine that there exists reasonable assurance of repayment as required under section 2(b)(1)(B) of the Export-Import Bank Act of 1945 [[12 U.S.C. 635(b)(1)(B)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section635/b/1/B&num=0&edition=prelim)], the agency primarily responsible for administering subchapter I of this chapter (hereafter in this section referred to as the “Agency”) is authorized to provide guarantees to the Bank for liabilities to be incurred by the Bank in connection with guarantees or insurance provided under the Export-Import Bank Act of 1945 [[12 U.S.C. 635](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section635&num=0&edition=prelim) et seq.] for financing for transactions involving the export of goods and services for the use of the private sector in Central American countries.
**(b) Extent of guarantees; agreements; reserve fund**
(1) Guarantees provided by the Agency pursuant to the authority of subsection (a) shall be for short-term guarantees and insurance extended by the Bank which shall be repayable within a period not to exceed one year from the date of arrival at the port of importation of the goods and services covered by such guarantees or insurance. Guarantees or insurance extended by the Bank and guaranteed by the Agency pursuant to subsection (a) shall be provided by the Bank in accordance with criteria and procedures agreed to by the Agency and the Bank. Such agreement shall also provide for the establishment of a reserve fund by the Agency, with such fu
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Federal law — U.S. Code and appendices · legal_authorities
The Congress recognizes that shelter, including essential urban development services, is among the most fundamental of human needs. Shelter for most people in the developing countries consists largely of domestic materials assembled by local labor. While recognizing that most financing for such shelter must come from domestic resources, the Congress finds that carefully designed programs involving United States capital and expertise can increase the availability of domestic financing for improved shelter and related services for low-income people by demonstrating to local entrepreneurs and institutions that providing low-cost shelter can be financially viable. The Congress reaffirms, therefore, that the United States should continue to assist developing countries in marshalling resources for low-cost shelter. Particular attention should be given to programs which will support pilot projects for low-cost shelter or which will have a maximum demonstration impact on local institutions and national policy. The Congress declares that the long run goal of all such programs should be to develop domestic construction capabilities and to stimulate local credit institutions to make available domestic capital and other management and technological resources required for effective low-cost shelter programs and policies.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Number; election; qualifications; conflicts of interest**
(1) **In general** — Subject to paragraphs (2) through (4), the management of each Federal Home Loan Bank shall be vested in a board of 13 directors, or such other number as the Director determines appropriate.
(2) **Board makeup** — The board of directors of each Bank shall be comprised of—
(A) member directors, who shall comprise at least the majority of the members of the board of directors; and
(B) independent directors, who shall comprise not fewer than ⅖ of the members of the board of directors.
(3) **Selection criteria**
(A) *In general* — Each member of the board of directors shall be—
(i) elected by plurality vote of the members, in accordance with procedures established under this section; and
(ii) a citizen of the United States.
(B) *Independent director criteria*
(i) *In general* — Each independent director that is not a public interest director under clause (ii) shall have demonstrated knowledge of, or experience in, financial management, auditing and accounting, risk management practices, derivatives, project development, or organizational management, or such other knowledge or expertise as the Director may provide by regulation.
(ii) *Public interest* — Not fewer than 2 of the independent directors shall have more than 4 years of experience in representing consumer or community interests on banking services, credit needs, housing, or financial consumer protections.
(iii) *Conflicts of interest* — No independent director may, during the term of service on the board of directors, serve as an officer of any Federal Home Loan Bank or as a director, officer, or employee of any member of a Bank, or of any person that receives advances from a Bank.
(4) **Defi
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Federal law — U.S. Code and appendices · legal_authorities
Page 306
TITLE 12—BANKS AND BANKING
§ 1432
1 So in original.
in the judgment of at least 4 members of the board an
emergency exists requiring such action’’ after ‘‘empow-
ered to permit,’’, was executed by striking out ‘‘or
whenever in the judgment of at least four members of
the board an emergency exists requiring such action’’,
as the probable intent of Congress. The amendment
probably should also have struck out the comma after
‘‘empowered to permit’’ and the words ‘‘, to require,’’
after ‘‘such action’’.
Pub. L. 101–73, § 701(b)(1), (3)(A), substituted ‘‘Board’’
for ‘‘board’’ wherever appearing.
Subsec. (g). Pub. L. 101–73, § 710(b)(6), struck out ‘‘or
nonmember borrowers’’ after ‘‘made to members’’
wherever appearing.
Subsec. (h). Pub. L. 101–73, § 710(b)(6), struck out ‘‘or
nonmember borrowers’’ after ‘‘advances to members’’.
Pub. L. 101–73, § 701(b)(1), (3)(A), substituted ‘‘Board’’
for ‘‘board’’.
Subsec. (i). Pub. L. 101–73, § 701(c)(2), inserted ‘‘Fed-
eral’’ before ‘‘Home Loan Bank System’’.
Pub. L. 101–73, § 701(b)(1), (2), substituted ‘‘Chair-
person of the Board’’ for ‘‘Chairman of the Federal
Home Loan Bank Board’’.
Subsec. (k). Pub. L. 101–73, § 709(3), amended subsec.
(k) generally. Prior to amendment, subsec. (k) read as
follows: ‘‘The Federal Home Loan Banks are hereby au-
thorized, as directed by the Board, to make loans to the
Federal Savings and Loan Insurance Corporation. All
such loans shall be made in accordance with the provi-
sions of section 1725(d) of this title.’’
1982—Subsec. (k). Pub. L. 97–320 added subsec. (k).
1980—Subsec. (e). Pub. L. 96–221 designated existing
provisions as par. (1) and added par. (2).
1979—Subsec. (h). Pub. L. 96–153 inserted provisions
relating to stock, obligations, or other securities
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