12 U.S.C. § 1447 — Repealed. Pub. L. 106–102, title VI,

Page 337 TITLE 12—BANKS AND BANKING § 1451 (b) Voluntary mergers authorized (1) In general Any Federal Home Loan Bank may, with the approval of the Director and of the boards of directors of the Banks involved, merge with another Bank. (2) Regulations required The Director shall promulgate regulations establishing the conditions and procedures for the consideration and approval of any vol- untary merger described in paragraph (1), in- cluding the procedures for Bank member ap- proval. (July 22, 1932, ch. 522, § 26, 47 Stat. 740; Pub. L. 101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110–289, div. A, title II, §§ 1204(8), 1209, 1214, July 30, 2008, 122 Stat. 2786, 2789, 2791.) Editorial Notes AMENDMENTS 2008—Pub. L. 110–289, § 1209, designated existing provi- sions as subsec. (a), inserted heading, and added subsec. (b). Pub. L. 110–289, § 1204(8), substituted ‘‘the Director’’ for ‘‘the Board’’ wherever appearing. Subsec. (a). Pub. L. 110–289, § 1214, which directed in- sertion of ‘‘At least 30 days prior to liquidating or reor- ganizing any Bank under this section, the Director shall notify the Bank of its determination and the facts and circumstances upon which such determination is based. The Bank may contest that determination in a hearing before the Director, in which all issues shall be determined on the record pursuant to section 554 of title 5.’’ at the end of this section, was executed by making the insertion at the end of subsec. (a), to re- flect the probable intent of Congress and the amend- ment by Pub. L. 110–289, § 1209. See above. 1989—Pub. L. 101–73 substituted ‘‘Board’’ for ‘‘board’’ wherever appearing. § 1447. Repealed. Pub. L. 106–102, title VI, § 606(c), Nov. 12, 1999, 113 Stat. 1454 Section, act July 22, 1932, ch. 522, § 27, as added Pub. L. 103–204, § 18, Dec. 17, 1993, 107 Stat. 2401, related to Housing Opportunity Hotline program. A prior section 1447, act July 22, 1932, ch. 522, § 27, 47 Stat. 740, related to institutions authorized to sub- scribe for stock of banks, prior to repeal by Pub. L. 101–73, title VII, § 704(c), Aug. 9, 1989, 103 Stat. 416. § 1448. Effect of partial invalidity of chapter If any provision of this chapter, or the applica- tion thereof to any person or circumstances, is held invalid, the remainder of the chapter, and the application of such provision to other per- sons or circumstances, shall not be affected thereby. (July 22, 1932, ch. 522, § 28, 47 Stat. 740.) § 1449. Reservation of right to amend or repeal chapter The right to alter, amend, or repeal this chap- ter is expressly reserved. (July 22, 1932, ch. 522, § 30, 47 Stat. 741.) CHAPTER 11A—FEDERAL HOME LOAN MORTGAGE CORPORATION Sec. 1451. Definitions. Sec. 1452. Federal Home Loan Mortgage Corporation. 1453. Capitalization of Federal Home Loan Mort- gage Corporation. 1454. Purchase and sale of mortgages; residential mortgages; conventional mortgages; terms and conditions of sale or other disposition; authority to enter into, perform, and carry out transactions. 1455. Obligations and securities of the Corporation. 1456. Immunity of Corporation; audits and report- ing requirements; data collection; Housing Advisory Council. 1457. Prohibited activities; penalties for violations by organizations, officers and members of organizations, and individuals. 1458. Territorial applicability. 1459. Separability. § 1451. Definitions As used in this chapter— (a) The term ‘‘Board of Directors’’ means the Board of Directors of the Corporation. (b) The term ‘‘Corporation’’ means the Federal Home Loan Mortgage Corporation created by this chapter. (c) The term ‘‘law’’ includes any law of the United States or of any State (including any rule of law or of equity). (d) The term ‘‘mortgage’’ includes such classes of liens as are commonly given or are legally ef- fective to secure advances on, or the unpaid pur- chase price of, real estate under the laws of the State in which the real estate is located or a manufactured home that is personal property under the laws of the State in which the manu- factured home is located together with the cred- it instruments, if any, secured thereby, and in- cludes interests in mortgages. (e) The term ‘‘organization’’ means any cor- poration, partnership, association, business trust, or business entity. (f) The term ‘‘prescribe’’ means to prescribe by regulations or otherwise. (g) The term ‘‘property’’ includes any prop- erty, whether real, personal, mixed, or other- wise, including without limitation on the gen- erality of the foregoing choses in action and mortgages, and includes any interest in any of the foregoing. (h) The term ‘‘residential mortgage’’ means a mortgage which (1) is a mortgage on real estate, in fee simple or under a leasehold having such term as may be prescribed by the Corporation, upon which there is located a structure or struc- tures designed in whole or in part for residential use, or which comprises or includes one or more condominium units or dwelling units (as defined by the Corporation) and (2) has such characteris- tics and meets such requirements as to amount, term, repayment provisions, number of families, status as a lien on such real estate, and other- wise, as may be prescribed by the Corporation. The term ‘‘residential mortgage’’ also includes a loan or advance of credit insured under title I of the National Housing Act [12 U.S.C. 1702 et seq.] whose original proceeds are applied for in order to finance energy conserving improvements, or the addition of a solar energy system, to resi- dential real estate. The term ‘‘residential mort- gage’’ also includes a loan or advance of credit for such purposes, or purchased from any public utility carrying out activities in accordance