Page:United States Statutes at Large Volume 48 Part 1.djvu/1280

 1254 73d C ONGRESS. SESS. II. CH. 847. JUNE 27, 1934 . Penalty for violation- violating this prohibition shall be guilty of a misdemeanor and shall be punished by a fine of not exceeding $100 or imprisonment not exceeding thirty days, or both, for each day during which such app .S .,se. .5243,p.1014, violation is committed or repeated. The provisions of section 5243 of the Revised Statutes shall not apply to associations created under this title. Obligations of asso- ciations. Authority to hav e outstanding. Aggregate amount. Borrowing b y associ- atio n, re stric tion . Investment of funds. OBLIG ATIONS OF NAT IONAL M ORTGAGE ASSOC IATIONS SEC. 302 . Each national mortgage association is authorized to issue and have outstanding at any time notes, bonds, debentures, or other such obligations in an aggregate amount not to exceed (1) ten times the aggregate par value of its outstanding capital stock, and in no event to exceed (2) the current face value of mortgages held by it and insured under the provisions of title II of this Act, plus the amount of its cash on hand and on deposit and the amount of its investments in bonds or obligations of, or guaranteed as to prin- cipal a nd interest b y, the United States. No national mortgage association shall borrow money except through the issuance of such notes, bonds, debentures, or other obligations, or issue any such notes, bonds, debentures, or other obligations, except with the approval of the Administrator and under such rules and regulations as h e shall presc ribe. INVESTMENT OF FUNDS SEC. 30 3 . Moneys of any national mortgage association not invested in first mortgages or other liens as provided in section 301, or in operating facilities approved by the Administrator, shall be kept in cash on hand or on deposit, or invested in bonds or other mailetenavnrn i og obligations of, or guaranteed as to principal and interest by the reserves. United States ; except that each such association shall keep and maintain such reserves as the Administrator shall by rules and regulations prescribe. Man age me nt of ac- quired property. MAN AGE MEN T OF A CQUI RED PR OPE RTI ES SEC. 304. Subject to such rules and regulations as the Adminis- trator shall prescribe, any national mortgage association shall have power to deal with, rent, renovate, modernize, or sell for cash or credit, or otherwise dispose of, with a view to assuring a maximum financial return to the association, any property acquired by it as a result of foreclosure proceedings. Examinations and EXAMIN ATIONS AND LIQUID ATION liquidation. Power s of Adm inis- SEC. 3 05. The Adm inistrator sha ll have power to provide f or the trator. periodic examination of the affairs of every national mortgage asso- ciation and shall have power to terminate the existence of any such association and order its liquidation and the winding up of its affairs wben fi ndi ng of in any case in which the Administrator finds that the association is violations hereof. violat ing any provi sions o f this title or any rule or regul ation t here- under, or in any case in which he finds that the association is con- Of impairm ent of ducting its business in an unsafe and unbusinesslike manner. In any case in which the Administrator finds, upon examination of the affairs of any such association, that the capital of such association is substantially impaired, and if, within thirty days after the Admin- istrator has notified the association of the existence of such impair- ment, the capital is not restored to the satisfaction of the Adminis- trator, he shall terminate the existence of such association and shall