Page:United States Statutes at Large Volume 47 Part 1.djvu/749

 72d CONGRESS. SESS. I. CHS. 521, 522. JU LY 21; 22, 1932. 725 (b Subdivision (1) of section 502 of such Act, as amended Direct n oansate de. ~U. S. C.i Sup. V, title 38, sec. 642 (1) ), is amended by striking out creased. ` 41/2 per centum " and inserting in lieu thereof " 3% per centum " . The am endments made b y subsections (a) and (b) of this f Pear loa ns not af. section shall not apply with respect to interest accrued prior to the date of the enactment of this Act . SEc . 3 . Subdivision (m) of section 502 of such Act, as amended (U. S. C., Sup. V, title 38, sec. 642 (m) ), is hereby amended to read as fol lows "(m) Loans made by the Administrator of Veterans' Affairs under Funds avanable for this section may at his option be made o ut of the United States t 0v i.43,p.12s. Government life insurance fund, or out of the Adjusted Service Certificate Fund created under section 505. In case of loans made out of the United States Government life insurance fund the fund s hall be entitled to recei ve inter est at th e rate o f 41/ 2 per centum per intceer'smtp°tacton of annum, compounded annually, but t in respect of interest on any such loan accruing after this subdivision as amended takes effect, the a mount. by which interest at such rate exceeds 31/2 per centum per annum,ccomp ounded annually, shall be aid to the United States Government life insurance fund out ofp the Adjusted Service Certificate Fund ". Approved, July 21, 1932 . "(CHAPTER 522 .1 AN ACT 1-1 To cr eate Federal Hom e Loan Banks, t o provide for t he supervision thereof, and 	 CH .	I 22,1932. R,12280.]	for other purposes . [Public, No. 394 .] Be it enacted by the Senate and House o f Representatives o f the United States o f America in Congress assembled, That this 4ct may Fed er al Ho me Lo an be cited as the " Federal Home Loan Bank Act ." Bank Act . DEF INI TIO NS Definitions . SEC . 2. As used in this Act- (1) The term "board" means the Federal Home Loan Bank `Board ." Board . (2) The term "Federal Home Loan Bank" means a bank estab- "F ederal Home Lo an lished by the board under authority of this Act . BO'k. " (3) The term " State " includes the District of Columbia, Puerto "State ." Rico, the Virgin Islands of the United States, and the Territories ,of Alaska and Hawaii . (4) The term "member'! (except when used in reference to a "Membe. " excep- member of the board) means any instituti on which has subscribed t`en . for the stock of a Federal Home Loan Bank . (5) The term "home mortgage loan" means a loan made by a Rome mortgag e member or a nonmember borrower upon the security of a home loan . mortgage . (6) The term " home mortgage " means a first mortgage upon real "Home mortgage." estate, in fee simple, or leasehold under a renewable lease for not less than ninety-nine years, upon which there is located a dwelling for not more than three families, and shall include, in addition to fir st mor tgages, such clas ses of first liens as ar e com monly given to secure advances on real estate by institutions authorized under this Act to become memb ers, under the laws of the State in which the rea l esta te is locate d, to gether with the cr edit i nstru ments, if an y, secured thereby.