FDIC Law, Regulations, Related Acts
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1000 - Federal Deposit Insurance Act
SEC. 15. ISSUANCE OF NOTES, DEBENTURES, BONDS, AND OTHER OBLIGATIONS; EXEMPTIONS.--
(a) General Rule.--All notes, debentures, bonds, or other such obligations issued by the Corporation shall be exempt, both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority: Provided, That interest upon or any income from any such obligations and gain from the sale or other disposition of such obligations shall not have any exemption, as such, and loss from the sale or other disposition of such obligations shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The Corporation, including its franchise, its capital, reserves, and surplus, and its income, shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority, except that any real property of the Corporation shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
[Codified to 12 U.S.C. 1825(a)]
[Source: Section 2[15(a)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 890), effective September 21, 1950, as amended by section 219(1) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 261), effective August 9, 1989]
(b) Other Exemptions.--When acting as a receiver, the following provisions shall apply with respect to the Corporation:
This subsection shall not apply with respect to any tax imposed (or other amount arising) under the Internal Revenue Code of 1986.
[Codified to 12 U.S.C. 1825(b)]
[Source: Section 2[15(b)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 219(2) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 261), effective August 9, 1989; section 720(a) of title VII of the Act of October 13, 2006 (Pub. L. No. 109--351; 120 Stat. 1998), effective October 13, 2006]
(c) Limitation on Borrowing.--
[Codified to 12 U.S.C. 1825(c)]
[Source: Section 2[15(c)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 219(2) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 261), effective August 9, 1989; as amended by section 102(a) of title I of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2236), effective December 19, 1991; section 602(a)(43) of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2290), effective September 23, 1994; section 8(a)(25) of the Act of February 15, 2006 (Pub. L. No. 109--173; 119 Stat. 3614), effective date shall take effect on the day of the merger of the Bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]
(d) Full Faith and Credit.--The full faith and credit of the United States is pledged to the payment of any obligation issued after [August 9, 1989], the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 by the Corporation, with respect to both principal and interest, if--
[Codified to 12 U.S.C. 1825(d)]
[Source: Section 2[15(d)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 219(2) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 261), effective August 9, 1989]
NOTES
Derivation. Section 15 derives from section 12B(p) of the Federal Reserve Act, as added by section 8 of the Act of June 16, 1933 (Pub. L. No. 66; 48 Stat. 177), effective June 16, 1933. Section 12B(p) of the Federal Reserve Act was amended by section 101[12B(p)] of title I of the Act of August 23, 1935 (Pub. L. No. 305; 49 Stat. 700), effective August 23, 1935. By section 1 of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 873), effective September 21, 1950, section 12B of the Federal Reserve Act was withdrawn as a part of that Act and was made a separate act known as the "Federal Deposit Insurance Act."
Sections 15(b)-(d) derive from section 219(2) of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 261), effective August 9, 1989.
1Editor's Note: Section 102(b) of Title I of
the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2237), as
amended by section 327 of Title III of the Act of September 3, 1994
(Pub. L. No. 103--325; 108 Stat. 2230) and section 2061 of Title II of
the Act of December 21, 1995 (Pub. L. No. 104--66; 109 Stat. 729)
directed the Comptroller General to submit reports to Congressional
committees not later than 90 days after the end of any calendar quarter
in which FDIC had any outstanding obligations pursuant to 12 U.S.C.
1825 on the FDIC's compliance with paragraph (c).
Section 106 (c) of Title I of the Act of October 19, 1996 (Pub. L.
No. 104--316; 110 Stat. 3831) repealed the requirement. Go back to Text