Page:United States Statutes at Large Volume 106 Part 1.djvu/587

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 555 fill the offices as may be provided for in the bylaws, with such functions, powers, and duties as may be prescribed by the bylaws or by the Board of Directors, and such persons shall be the officers of the Association and shall discharge all such functions, powers, and duties.". (b) AUTHORITY OF ASSOCIATION.— Subparagraph (C) of section 439(d)(1) of the Act is amended to read as follows: 20 USC 1087-2. "(C) to buy, sell, hold, insure, underwrite, and otherwise deal in obligations issued for the purpose of financing or refinancing the construction, reconstruction, renovation, improvement, or purchase at institutions of higher education of any of the following facilities (including me under- Iying property) and materials at an eligible institution of higher education: " (i) educational and training facilities; "(ii) housing for students and facilities; " (iii) Hbrary facilities, including the acquisition of library materials at institutions of higher education; and "(iv) related equipment, instrumentation, and furnishings for facilities and materials described in clause (i) or (iii); except that not more than 15 percent of the value of transactions entered into under this subparagraph shall involve transactions of the type described in clause (ii);". (c) RESTRICTIONS ON ACTIVITIES.— Section 439(d)(5) of the Act is amended by striking "third highest rating" and inserting "second highest rating". (d) STOCK OF ASSOCIATION. — Subsection (f) of section 439 of the Act is amended to read as follows: "(f) STOCK OF THE ASSOCIATION. — "(1) VOTING COMMON STOCK. —The Association shall have voting common stock having such par value as may be fixed by its Board of Directors from time to time. Each share of voting common stock shall be entitled to one vote with rights of cumulative voting at all elections of directors. "(2) NUMBER OF SHARES; TRANSFERABILITY. —The maximum niunber of shares of voting common stock that the Association may issue and have outstanding at any one time shall be fixed by the Board of Directorsfi*omtime to time. Any voting common stock issued shall be fully transferable, except that, as to the Association, it shall be transferred only on the books of the Association. "(3) DIVIDENDS.— To the extent that net income is earned and reahzed, subject to subsection (g)(2), dividends may be declared on voting common stock by the Board of Directors. Such dividends as may be declared by the Board of Directors shall be paid to the holders of outstanding shares of voting common stock, except that no such dividends shall be payable with respect to any share which has been called for redemption past the effective date of such call. "(4) SINGLE CLASS OF VOTING COMMON STOCK. —As of the effective date of the EUgher Education Amendments of 1992, all of the previously aumorized shares of voting common stock and nonvoting common stock of the Association shall be converted to shares of a single class of voting common stock on a share-for-share basis, without any further action on the part

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