12 U.S.C. § 1446 - U.S. Code - Unannotated Title 12. Banks and Banking § 1446. Liquidation or reorganization; acquisition of assets by other banks; assumption of liabilities

(a)In general

Whenever the Director finds that the efficient and economical accomplishment of the purposes of this chapter will be aided by such action, and in accordance with such rules, regulations, and orders as the Director may prescribe, any Federal Home Loan Bank may be liquidated or reorganized, and its stock paid off and retired in whole or in part in connection therewith after paying or making provision for the payment of its liabilities. In the case of any such liquidation or reorganization, any other Federal Home Loan Bank may, with the approval of the Director, acquire assets of any such liquidated or reorganized bank and assume liabilities thereof, in whole or in part.

(b)Voluntary mergers authorized