12 CFR § 1277.21 - Issuance of capital stock.

---
identifier: "/us/cfr/t12/s1277.21"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 1277.21 - Issuance of capital stock."
title_number: 12
title_name: "Banks and Banking"
section_number: "1277.21"
section_name: "Issuance of capital stock."
chapter_name: "FEDERAL HOUSING FINANCE AGENCY"
subchapter_number: "D"
subchapter_name: "FEDERAL HOME LOAN BANKS"
part_number: "1277"
part_name: "FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS, CAPITAL STOCK AND CAPITAL PLANS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1426, 1436(a), 1440, 1443, 1446, 4511, 4513, 4514, 4526, 4612."
regulatory_source: "80 FR 12755, Mar. 11, 2015, unless otherwise noted."
cfr_part: "1277"
---


# 1277.21 Issuance of capital stock.

A Bank may issue either one or both classes of its capital stock (including subclasses), as authorized by § 1277.20, and shall not issue any other class of capital stock. A Bank shall issue its stock only to its members, or to former members to the extent those institutions are required to maintain a minimum stock investment for existing activities under the capital plan, and only in book-entry form. The Bank shall act as its own transfer agent. All capital stock shall be issued in accordance with the Bank's capital plan.