12 U.S.C. 1427: Directors

2008

• Pub. L. 110–289, §1202(1), added subsec. (a) and struck out former subsec. (a) which related to number, appointment and election, qualifications, and conflicts of interest of Federal Home Loan Bank directors. (Housing and Economic Recovery Act of 2008) Law text · (a)
• Pub. L. 110–289, §1202(3), designated existing provisions as par. (1), inserted subsec. (b) and par. (1) headings, substituted "Each member directorship" for "Each elective directorship", and added par. (2). (Housing and Economic Recovery Act of 2008) Law text · (b)
• Pub. L. 110–289, §1202(2), which directed substitution of "member" for "elective" wherever appearing, was not executed in subsec. (b) because of subsequent amendment by Pub. L. 110–289, §1202(3)(A). See Amendment and Codification notes above. (Housing and Economic Recovery Act of 2008) Law text · (b)
• Pub. L. 110–289, §1204(8), substituted "the Director" for "the Board" in two places. (Housing and Economic Recovery Act of 2008) Law text · (b)
• Pub. L. 110–289, §1204(8), (9), substituted "the Director" for "the Board" wherever appearing and "The Director" for "The Board". (Housing and Economic Recovery Act of 2008) Law text · (c)
• Pub. L. 110–289, §1202(4)(B), in second sentence, inserted "(A) except as provided in clause (B) of this sentence," before "if at any time" and ", and (B) clause (A) of this sentence shall not apply to the directorships of any Federal Home Loan Bank resulting from the merger of any 2 or more such B… (Housing and Economic Recovery Act of 2008) Law text · (c)
• Pub. L. 110–289, §1202(4)(A), substituted "member" for "elective" wherever appearing before "directorship" or "directorships", except second place appearing in second sentence and each place appearing in fifth sentence. (Housing and Economic Recovery Act of 2008) Law text · (c)
• Pub. L. 110–289, §1202(2), which directed substitution of "member" for "elective" wherever appearing, was not executed in subsec. (c) because of subsequent amendment by Pub. L. 110–289, §1202(4)(A). See Amendment and Codification notes above. (Housing and Economic Recovery Act of 2008) Law text · (c)
• Pub. L. 110–289, §1204(9), (10), substituted "the Director" for "the Finance Board" and "The Director" for "The Board'. (Housing and Economic Recovery Act of 2008) Law text · (d)
• Pub. L. 110–289, §1202(5), in first sentence, struck out ", whether elected or appointed," after "each director" and substituted "4 years" for "3 years", in second sentence, struck out "or appointed" after "first elected" and substituted "July 30, 2008" for "November 12, 1999" and "¼" for "1/3", an… (Housing and Economic Recovery Act of 2008) Law text · (d)
• Pub. L. 110–289, §1204(8), (9), substituted "The Director" for "The Board" in two places and "the Director" for "the Board". (Housing and Economic Recovery Act of 2008) Law text · (e)
• Pub. L. 110–289, §1202(6)(B), struck out "appointed or" before "elected" in two places. (Housing and Economic Recovery Act of 2008) Law text · (f)
• Pub. L. 110–289, §1202(6)(A), (C), redesignated par. (3) as (2), substituted "Election process" for "Elected bank directors" in heading, struck out "elective" after "in any" and after "If any" in text, and struck out former par. (2). Prior to amendment, text of par. (2) read as… (Housing and Economic Recovery Act of 2008) Law text · (f), (3)
• Pub. L. 110–290, §1204(8), substituted "the Director" for "the Board" in two places. Law text · (h)
• Pub. L. 110–289, §1202(2), substituted "member" for "elective". (Housing and Economic Recovery Act of 2008) Law text · (h)
• Pub. L. 110–289, §1202(7), substituted "Each" for "Subject to paragraph (2), each" in par. (1), added par. (2), and struck out former par. (2) which related to limitations on compensation of members of the board of directors of a Federal home loan bank. (Housing and Economic Recovery Act of 2008) Law text · (i)
• Pub. L. 110–289, §1202(8), added subsec. (l) relating to transition rule. (Housing and Economic Recovery Act of 2008) Law text · (l)
• Pub. L. 110–289, §1113(b), added subsec. (l) relating to withholding of compensation. (Housing and Economic Recovery Act of 2008) Law text · (l)

1999

• Pub. L. 106–102, §606(a)(1), substituted ", and each of whom shall be either a bona fide resident of the district in which such bank is located or an officer or director of a member of such bank located in that district" for "and bona fide residents of the district in which such bank i… (Gramm-Leach-Bliley Act) Law text · (a)
• Pub. L. 106–102, §606(a)(2), substituted "The term of each director, whether elected or appointed, shall be 3 years. The board of directors of each Federal home loan bank and the Finance Board shall adjust the terms of members first elected or appointed after November 12, 1999, to ensu… (Gramm-Leach-Bliley Act) Law text · (d)
• Pub. L. 106–102, §606(a)(3), added subsec. (g) and struck out former subsec. (g) which read as follows: "The Board shall designate one of the directors of each bank to be chairman, and one to be vice chairman, of the board of directors of such bank." (Gramm-Leach-Bliley Act) Law text · (g)
• Pub. L. 106–102, §606(b), inserted heading, designated existing provisions as par. (1), inserted heading, substituted "Subject to paragraph (2), each bank may pay its directors" for "Each bank may pay its directors", and added par. (2). (Gramm-Leach-Bliley Act) Law text · (i)

1989

• Pub. L. 101–73, §707(1), inserted provisions relating to requirements for at least 2 of the directors and provisions respecting conflicts of interests, and substituted provisions relating to appointment under section 1422a of this title for provisions relating to appointment under sect… · (a)
• Pub. L. 101–73, §707(2), inserted after first sentence "No person who is an officer or director of a member that fails to meet any applicable capital requirement is eligible to hold the office of Federal Home Loan Bank director." · (b)
• Pub. L. 101–73, §707(3), amended subsec. (f) generally. Prior to amendment, subsec. (f) read as follows: "In the event of a vacancy in any appointive or elective directorship, such vacancy shall be filled through appointment by the Board for the unexpired term: Provided, That if any di… · (f)
• Pub. L. 101–73, §710(b)(4), struck out "or nonmember borrower" after "against any member". · (j)
• Pub. L. 101–73, §707(4), added subsec. (k). · (k)

1974

• Pub. L. 93–541 increased number of directors from twelve to fourteen, increased number of appointive directors from four to six, and in proviso relating to districts including five or more States, substituted provisions authorizing increase of appointive directors to a number not excee… · (a)

1962

• Pub. L. 87–676 included Commonwealth of Puerto Rico within term "States" or "State", and authorized Board to add an additional elective directorship to board of bank of any district in which Commonwealth of Puerto Rico is included at time such directorship is added and which doesn't in… · (e)

1961

• Pub. L. 87–211 authorized Board to increase appointive directors in any district which includes five or more States to a number not exceeding one-half number of elective directors, directed Board to exercise its authority to increase the elective directors to a number at least equal to… · (a)
• Pub. L. 87–211 amended subsection generally, substituting provisions relating to designation of elective directorships, nominations for such office, manner of election, and voting power of each member, for provisions which required four directors to be appointed by Board, limited their… · (b)
• Pub. L. 87–211 required number of elective directorships designated as representing members located in each separate State in a bank district to be determined by Board in approximate ratio of percentage of required stock of members located in that State at end of calendar year next pre… · (c)
• Pub. L. 87–211 established term of each elective directorship at two years and of each appointive directorship at four years, restricted eligibility for election of persons elected to each of three consecutive full terms and who have served for all or part of each of said terms, empowe… · (d)
• Pub. L. 87–211 amended subsection generally, substituting provisions permitting continuation of terms of elective and appointive directorships, empowering Board to shorten next succeeding term of any elective directorship to one year and to fill such term by appointment, defining terms… · (e)
• Pub. L. 87–211 substituted "In the event of a vacancy in any appointive or elective directorship, such vacancy shall be filled through appointment by the Board for the unexpired term" for "Any director appointed or elected as provided in this section to fill a vacancy shall hold office… · (f)
• Pub. L. 87–211 reenacted subsec. (g) without change. · (g)
• Pub. L. 87–211 authorized Board, prior to filing of the certificate mentioned in section 1432 of this title, to appoint directors and required Board to designate appointees as either appointive or elective directors, and struck out provisions which permitted directors appointed under t… · (h)

1959

• Pub. L. 86–349, §1, authorized increase of up to 13 in number of elective directors of bank having district which includes five or more States. · (a)
• Pub. L. 86–349, §2, authorized increase in number of appointive directors of up to one-half number of elective directors in district in which number of elective directors were increased pursuant to subsec. (a), and provided for expiration of term of initial incumbent of any office so e… · (b)