12 U.S.C. § 1435

Current through P.L. 118-47 (published on www.congress.gov on 03/23/2024)

Section 1435 - Obligations as lawful investments; liability of United States for debentures, etc., issued by banks

Obligations of the Federal Home Loan Banks issued with the approval of the Board or the Director under this chapter shall be lawful investments, and may be accepted as security, for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. The Federal reserve banks are authorized to act as depositaries, custodians, and/or fiscal agents for Federal Home Loan Banks in the general performance of their powers under this chapter. All obligations of Federal Home Loan Banks shall plainly state that such obligations are not obligations of the United States and are not guaranteed by the United States.

12 U.S.C. § 1435

July 22, 1932, ch. 522, §15, 47 Stat. 736; Pub. L. 101-73 §701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110-289 §1204(7), July 30, 2008, 122 Stat. 2786.

EDITORIAL NOTES

AMENDMENTS2008- Pub. L. 110-289 inserted "or the Director" after "the Board". 1989- Pub. L. 101-73 substituted "Board" for "board".

Director

The term "Director" means the Director of the Bureau.

State

The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.