Page:United States Statutes at Large Volume 103 Part 1.djvu/460

 103 STAT. 432 PUBLIC LAW 101-73 —AUG. 9, 1989 this title, the Secretary shall, not later than the expiration of the 45- day period following the submission of the request, approve the request or transmit to the Congress a report explaining why the request has not been approved. The period may be extended for an additional 15-day period if the Secretary requests additional information from the Corporation, but the 45-day period may not be extended for any other reason or for any period in addition to or other than the 15-day period. If the Secretary fails to transmit the report to the Congress within the 45-day period or 60-day period, as the case may be, the Corporation may proceed as if the request had been approved.", (d) COMMON STOCK. — (1) IN GENERAL.— Section 304(a) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1453(a)) is amended to read as follows: "(a)(1) The common stock of the Corporation shall consist of— "(A) nonvoting common stock, which shall be issued only to Federal home loan banks; and "(B) voting common stock, which shall be issued to such holders in the manner and amount, and subject to any limita- tions on concentration of ownership, as may be established by the (Corporation. "(2) The nonvoting common stock and the voting common stock ^ shall have such par value and other characteristics as the Corpora- voting rights, each share being entitled to 1 vote. The free transfer- ability of the voting common stock at all times to any person, firm, corporation or other entity shall not be restricted except that, as to the (Corporation, it shall be transferable only on the books of the Corporation. Nonvoting common stock of the Corporation shall be evidenced in the manner and shall be transferable only to the extent, to the trcmsferees, and in the manner, provided by the Corporation. ". 12 USC 1453 (2) CONVERSION OF STOCK.— On the date of the enactment of ^°^- this Act, each share of outstanding senior participating pre- ferred stock of the Federal Home Loan Mortgage Corporation, with a par value of $2,50 per share, shall be changed into and 1 shall become 1 share of voting common stock of the Corporation. Such voting common stock shall, with respect to the nonvoting common stock of the Corporation, retain all of the rights, I ' priorities and privileges of the senior participating preferred '' stock. The transformation of the senior participating preferred stock into voting common stock under this paragraph shall be deemed to satisfy the obligation of the Corporation to redeem senior participating preferred stock for non-callable common stock. (3) CONFORMING AMENDMENTS. — (A) SUBSCRIPTIONS OF FEDERAL HOME LOAN BANKS. —Sec- tion 304(b) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1453(b)) is amended by inserting "nonvoting" before "common". (B) ALLOCATION OF SUBSCRIPTIONS. —Section 304(c) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. X 1453(c)) is amended by striking "such" and by inserting "nonvoting common" before "stock". (C) RETIREMENT OF STOCK.— Section 304(d) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1453(d)) is
 * '' tion provides, llie voting common stock shall be vested with all

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