103D CONGRESS
I 103D CONGRESS 2D SESSION H. R. 4076 To amend the Federal Home Loan Bank Act to provide for the representation of Guam and the Virgin Islands on the boards of directors of the appropriate Federal home loan banks. IN THE HOUSE OF REPRESENTATIVES MARCH 17, 1994 Mr. UNDERWOOD (for himself and Mr. DE LUGO) introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs A BILL To amend the Federal Home Loan Bank Act to provide for the representation of Guam and the Virgin Islands on the boards of directors of the appropriate Federal home loan banks. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. REPRESENTATION OF GUAM AND THE VIRGIN 3 ISLANDS ON BOARDS OF DIRECTORS OF AP- 4 PROPRIATE FEDERAL HOME LOAN BANKS. 5 Section 7(e) of the Federal Home Loan Bank Act 6 (12 U.S.C. 1427(e)) is amended by striking the 3d 7 sentence. 8 2 •HR 4076 IH SEC. 2. …
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I 103D CONGRESS 2D SESSION H. R. 4076 To amend the Federal Home Loan Bank Act to provide for the representation of Guam and the Virgin Islands on the boards of directors of the appropriate Federal home loan banks. IN THE HOUSE OF REPRESENTATIVES MARCH 17, 1994 Mr. UNDERWOOD (for himself and Mr. DE LUGO) introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs A BILL To amend the Federal Home Loan Bank Act to provide for the representation of Guam and the Virgin Islands on the boards of directors of the appropriate Federal home loan banks. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. REPRESENTATION OF GUAM AND THE VIRGIN 3 ISLANDS ON BOARDS OF DIRECTORS OF AP- 4 PROPRIATE FEDERAL HOME LOAN BANKS. 5 Section 7(e) of the Federal Home Loan Bank Act 6 (12 U.S.C. 1427(e)) is amended by striking the 3d 7 sentence. 8 2 •HR 4076 IH SEC. 2. IMMEDIATE APPOINTMENT OF ADDITIONAL DIREC- 1 TORS TO SERVE UNTIL DIRECTORS FROM 2 GUAM AND THE VIRGIN ISLANDS ARE ELECT- 3 ED. 4 (a) IN GENERAL.—Notwithstanding any limitation 5 contained in section 7 of the Federal Home Loan Bank 6 Act on the number of elective directors on the board of 7 directors of any Federal home loan bank, the Federal 8 Housing Finance Board shall appoint— 9 (1) an additional elective director to the board 10 of directors for the Federal home loan bank whose 11 district includes Guam to represent members (of 12 such bank) which are located in Guam; and 13 (2) an additional elective director to the board 14 of directors for the Federal home loan bank whose 15 district includes the Virgin Islands to represent 16 members (of such bank) which are located in the 17 Virgin Islands. 18 (b) TERM.—An elective member appointed under a 19 paragraph of subsection (a) shall serve until an elective 20 director who represents the members described in such 21 paragraph is first elected, in accordance with section 7 of 22 the Federal Home Loan Bank Act, to the board of direc- 23 tors of the bank referred to in such paragraph. 24 (c) VACANCY.—Any vacancy in a position established 25 under subsection (a) before the end of the term described 26 3 •HR 4076 IH in subsection (b) shall be filled in the manner in which 1 the original appointment was made. 2 Æ