12 USC 1795d - Capital stock

U.S Code last checked for updates: Nov 22, 2024

§ 1795d.

Capital stock

(a)

Opening of books; minimum subscription

(b)

Requirements

The capital stock of the Facility—

(1)

shall be divided into shares having a par value of $50 each;

(2)

shall be paid for with cash or with securities of the United States or any Agency thereof in accordance with requirements the Board may impose;

(3)

shall share in dividend distributions at rates determined by the Board. However, rates on the required capital stock shall be without preference; and

(4)

shall not be transferred or hypothecated except as provided for herein.

(c)

Redemption of stock

(d)

Use of subscription amount

(e)

Restriction on advances to credit unions

(June 26, 1934, ch. 750, title III, formerly subch. III, § 305, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3721; Pub. L. 96–221, title III, § 309(a)(2), (4), (b)(1), Mar. 31, 1980, 94 Stat. 148, 149.)

cite as: 12 USC 1795d