12 U.S.C. 24: Corporate powers of associations

2008

• Pub. L. 110–289, which directed substitution of "is designed primarily to promote the public welfare, including the welfare of" for "promotes the public welfare by benefitting primarily" in first sentence, was executed by making the substitution for "promotes the public welfare by be… (Housing and Economic Recovery Act of 2008) Law text

2006

• Pub. L. 109–351 amended par. generally. Prior to amendment, par. read as follows: "Eleventh. To make investments designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families (such as by providing housing, services, or job… (Financial Services Regulatory Relief Act of 2006) Law text
• Pub. L. 109–173, in fifth sentence, substituted "Deposit Insurance Fund" for "affected deposit insurance fund". (Federal Deposit Insurance Reform Conforming Amendments Act of 2005) Law text
• Pub. L. 109–171 repealed Pub. L. 104–208, §2704(d)(7). See 1996 Amendment note below. (Deficit Reduction Act of 2005) Law text

1999

• Pub. L. 106–102 inserted at end "In addition to the provisions in this paragraph for dealing in, underwriting, or purchasing securities, the limitations and restrictions contained in this paragraph as to dealing in, underwriting, and purchasing investment securities for the national b… (Gramm-Leach-Bliley Act) Law text

1996

• Pub. L. 104–208, §101(c) [§710(b)], in seventh sentence, inserted "Bank for Economic Cooperation and Development in the Middle East and North Africa," after "the Inter-American Development Bank". (Magnuson-Stevens Fishery Conservation and Management Act) Law text
• Pub. L. 104—208, §2704(d)(7), which directed the amendment of the fifth sentence by substituting "Deposit Insurance Fund" for "affected deposit insurance fund", was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above. (Deficit Reduction Act of 2005) Law text

1994

• Pub. L. 103–325, §347(b), in last sentence of first par., substituted "(15 U.S.C. 78c(a)(41)). The exception provided for the securities described in subparagraphs (A), (B), and (C) shall be subject to such regulations" for "(15 U.S.C. 78c(a)(41))), subject to such regulations".
• Pub. L. 103–325, §322(a)(1)(A), in fifth proviso inserted "or depository institution holding companies (as defined in section 1813 of this title)" after "(except to the extent directors' qualifying shares are required by law) by depository institutions".
• Pub. L. 103–325, §322(a)(1)(B), which directed substitution in fifth proviso of "services to or for other depository institutions, their holding companies, and the officers, directors, and employees of such institutions and companies, and in providing correspondent banking services at the request o…
• Pub. L. 103–325, §206(c), substituted "(B) are small business related securities (as defined in section 3(a)(53) of the Securities Exchange Act of 1934); or (C) are mortgage related securities" for "or (B) are mortgage related securities".

1993

• Pub. L. 103–182 inserted "the North American Development Bank," after "Inter-American Development Bank,".

1992

• Pub. L. 102–485 added par. Eleventh.

1990

• Pub. L. 101–513 inserted "the European Bank for Reconstruction and Development," before "the Inter-American Development Bank," and substituted "the African Development Bank, the Inter-American Investment Corporation, or the International Finance Corporation," for "the African Developm…

1988

• Pub. L. 100–449 temporarily inserted provisions authorizing national banking associations to deal in, underwrite, and purchase Canadian government obligations for the association's own account. See Effective and Termination Dates of 1988 Amendment note below.

1987

• Pub. L. 100–86 added par. Tenth.

1984

• Pub. L. 98–473 inserted reference to the Inter-American Investment Corporation.
• Pub. L. 98–440 inserted provision that the limitations and restrictions contained in this paragraph as to an association purchasing investment securities for its own account shall not apply to securities offered and sold pursuant to section 15 U.S.C. 77d(5), or that are mortgage related securities …

1983

• Pub. L. 97–457 substituted "10 per centum of the association's" for "10 per centum of its" after "exceed at any time".

1982

• Pub. L. 97–320 substituted "Provided further, That notwithstanding any other provision of this paragraph, the association may purchase for its own account shares of stock of a bank insured by the Federal Deposit Insurance Corporation or a holding company which owns or controls such an…

1981

• Pub. L. 97–35 inserted reference to the African Development Bank.

1980

• Pub. L. 96–221 inserted proviso relating to purchase of stock in bankers' banks.

1974

• Pub. L. 93–383 substituted "section 6(g) of the United States Housing Act of 1937" for references to section 1421a(b) of title 42 wherever appearing, struck out "either" before "(1)", "(which obligations shall have a maturity of not more than eighteen months)" in cl. (1) and "or" befo…

1973

• Pub. L. 93–234 authorized investments by national banks in agricultural credit corporations.
• Pub. L. 93–224 inserted "or obligations of the Federal Financing Bank" after "or obligations, participations, or other instruments of or issued by the Federal National Mortgage Association or the Government National Mortgage Association".
• Pub. L. 93–100 inserted provision that the association may purchase shares of stock issued by state housing corporations incorporated in the state in which the association is located and make investments in loans and commitments for loans to such corporations with certain limitations.

1972

• Pub. L. 92–500 inserted "or obligations of the Environmental Financing Authority" after "Government National Mortgage Association".
• Pub. L. 92–349 inserted provisions that limitations and restrictions contained in this section as to dealing in and underwriting investment securities shall not apply to obligations of the Washington Metropolitan Area Transit Authority which are guaranteed by the Secretary of Transportation under s…
• Pub. L. 92–318 included obligations or other instruments or securities of the Student Loan Marketing Association.

1970

• Pub. L. 91–375 made limitations and restrictions contained in this section as to dealing in and underwriting investment securities inapplicable to bonds, notes and other obligations issued by the United States Postal Service.

1968

• Pub. L. 90–448, §807(j), inserted "or the Government National Mortgage Association" after "Federal National Mortgage Association".
• Pub. L. 90–448, §911, authorized the association to purchase for its own account shares of stock issued by a corporation authorized to be created pursuant to sections 3931–3940 of title 42, and to make investments in a partnership, limited partnership, or joint venture formed pursuant to section 39…
• Pub. L. 90–448, §1705(h), included obligations issued by any State or political subdivision or any agency of a State or political subdivision for housing, university, or dormitory purposes.
• Pub. L. 90–448, §804(c), added par. Ninth.

1967

• Pub. L. 90–19 substituted "Secretary of Housing and Urban Development (hereafter in this sentence referred to as the 'Secretary')" for "Federal Housing Administrator"; and "Secretary" for "Housing and Home Finance Administrator" after "local public agency and the", for "Administrator"…

1966

• Pub. L. 89–754 made limitations and restrictions for dealing, underwriting, and purchasing for its own account of investment securities inapplicable to obligations which are insured by Secretary of Housing and Urban Development under provisions relating to mortgage insurance for group…
• Pub. L. 89–369 inserted provisions that limitations and restrictions contained in this section as to dealing in and underwriting investment securities shall not apply to obligations issued by the Asian Development Bank.

1964

• Pub. L. 88–560 substituted "or obligations, participations, or other instruments of or issued by the Federal National Mortgage Association" for "or obligations of the Federal National Mortgage Association".

1959

• Pub. L. 86–372 substituted "monies in an aggregate amount which (together with any other monies irrevocably committed to the payment of interest on such obligations) will suffice to pay, when due, the interest on and all installments (including the final installment) of the principal …
• Pub. L. 86–278 substituted "any" for "either" before "of said organizations" in last sentence.
• Pub. L. 86–230 struck out "or the Home Owners' Loan Corporation" after "Federal Home Loan Banks".
• Pub. L. 86–147 inserted provisions that limitations and restrictions contained in this section as to dealing in and underwriting investment securities shall not apply to obligations issued by the Inter-American Development Bank.
• Pub. L. 86–137 inserted provisions that limitations and restrictions contained in this section as to dealing in and underwriting investment securities shall not apply to bonds, notes and other obligations issued by the Tennessee Valley Authority.
• Pub. L. 86–372 substituted "monies in an aggregate amount which (together with any other monies irrevocably committed to the payment of interest on such obligations) will suffice to pay, when due, the interest on and all installments (including the final installment) of the principal …
• Pub. L. 86–278 substituted "any" for "either" before "of said organizations" in last sentence.
• Pub. L. 86–230 struck out "or the Home Owners' Loan Corporation" after "Federal Home Loan Banks".
• Pub. L. 86–147 inserted provisions that limitations and restrictions contained in this section as to dealing in and underwriting investment securities shall not apply to obligations issued by the Inter-American Development Bank.
• Pub. L. 86–137 inserted provisions that limitations and restrictions contained in this section as to dealing in and underwriting investment securities shall not apply to bonds, notes and other obligations issued by the Tennessee Valley Authority.