§ 1423. — Federal Home Loan Bank districts; number and boundaries; establishment of Federal Home Loan Banks; names.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1423]
TITLE 12--BANKS AND BANKING
CHAPTER 11--FEDERAL HOME LOAN BANKS
Sec. 1423. Federal Home Loan Bank districts; number and
boundaries; establishment of Federal Home Loan Banks; names
As soon as practicable the Board shall divide the continental United
States, Puerto Rico, the Virgin Islands, Guam, and the Territories of
Alaska and Hawaii into not less than eight nor more than twelve
districts. Such districts shall be apportioned with due regard to the
convenience and customary course of business of the institutions
eligible to and likely to subscribe for stock of a Federal Home Loan
Bank to be formed under this chapter, but no such district shall contain
a fractional part of any State. The districts thus created may be
readjusted and new districts may from time to time be created by the
Board, not to exceed twelve in all. Such districts shall be known as
Federal Home Loan Bank districts and may be designated by number. As
soon as practicable the Board shall establish, in each district, a
Federal Home Loan Bank at such city as may be designated by the Board.
Its title shall include the name of the city at which it is established.
(July 22, 1932, ch. 522, Sec. 3, 47 Stat. 726; July 14, 1952, ch. 723,
Sec. 10(c), 66 Stat. 604; Pub. L. 101-73, title VII, Sec. 701(b)(1),
(3)(A), Aug. 9, 1989, 103 Stat. 412.)
Amendments
1989--Pub. L. 101-73 substituted ``Board'' for ``board'' wherever
appearing.
1952--Act July 14, 1952, inserted ``Guam,'' after ``Virgin
Islands,''.
Admission of Alaska and Hawaii to Statehood
Alaska was admitted into the Union on Jan. 3, 1959, on issuance of
Proc. No. 3269, Jan. 3, 1959, 24 F.R. 81, 73 Stat. c16, and Hawaii was
admitted into the Union on Aug. 21, 1959, on issuance of Proc. No. 3309,
Aug. 21, 1959, 24 F.R. 6868, 73 Stat. c74. For Alaska Statehood Law, see
Pub. L. 85-508, July 7, 1958, 72 Stat. 339, set out as a note preceding
section 21 of Title 48, Territories and Insular Possessions. For Hawaii
Statehood Law, see Pub. L. 86-3, Mar. 18, 1959, 73 Stat. 4, set out as a
note preceding section 491 of Title 48.
