Page:United States Statutes at Large Volume 48 Part 1.djvu/1281

 73d C ONGRESS. SESS. II. CH. 847. JUNE 27, 1934. 1255 order the liquidation and winding up of its affairs. The expenses penxamination ex- of examination of any such association shall be assessed upon and paid for by the association in such manner and under such rules and regulations as the Administrator shall prescribe. For the purpos es Examiners, liabilities of this section, examiners appointed by the Administrator shall be of. subject to the same requirements, responsibilities, and penalties as are applicable to examiners under the national banking laws and the Federal Reserve Act, as amended, and, in the exercise of their functions, shall have the same powers and privileges as are vested in such examiners by law. RULES AND REGULATIONS R ules and regula- tions. SEC. 306 . The Administrator shall have power to provide by rules Governing liquida- tion, r eorga nizat ion, and regulations for the liquidation, reorganization, consolidation, or consolidation, merger. Appointment of con- merger of nati onal mortgage associations, including th e power to servator or receiver. appoint a conservator or a receiver to take charge of the affairs of any such association, to require an equitable readjustment of its capital structure, to release it from the control of a conservator or receiver, and to permit its further operation. TAXATION PROVISIONS SEC. 307 . National mortgage associations shall be subject to taxa- tion to the sa me exte nt as State-c hartere d corp oration s, exce pt tha t no State or political subdivision thereof shall impose any tax on any such association or its franchise, capital, reserves, surplus, loans, income, or stock, or its securities or the income therefrom, at a greater rate than that imposed by such State on corporations, domes- tic or foreign, engaged in similar business within the State. Noth- ing herein shall be construed to exempt the real property of such associations f rom taxation by any State or political s ubdivision thereof, to the same extent, according to its value, as other real prop- erty is taxed. DEP OSITARIES OF PUBL IC MONEYS SEC. 30 8 . When desig nated for tha t purpose by the Secretary of the Treasury any national mortgage association shall be a deposi- tary of public money, except receipts from customs, under such regulations as may be prescribed by said Secretary ; and it may also be employed as a financial agent of the Government ; and it shall perform all such reasonable duties as a depositary of public money and financial agent of the Government as may be required of it. Any national m ortgage assoc iation may ac t as agent for any other instrumentality of the United States when designated for that pur- pose by such instrumentality. TITLE IV-INSURANCE OF SAVINGS AND LOAN ACCOUNTS DEFINITIONS SCTION 1 401. As used in this title- (a) The term " insured institution " means an institution whose "Insured institu • accounts are insured under this title . tion . (b) The term " insured member " mean s an individu al, partner- "Insured member." ship, associ ation, or cor poration whic h holds an ins ured account . (c) The term " ins ured account " means a share, certificate, or "Insur ed acc ount ." deposit account of a type approved by the Federal Savings and Loan Insura nce Co rpora tion w hich i s held by a n insu red me mber 'So in original . Taxation provisions . Exemptions . Real property taxes . Depositaries of public mo neys . Designation by Ad- ministrator . Insurance of Savings and Loan Accounts . Definitions.