Page:United States Statutes at Large Volume 48 Part 1.djvu/1290

 1264 Federal H omc Loan Bank Act ,ame ndmen t. Vol. 47, p. 725. "Ho me Mo rtg ag e", defined. Home Owners ' Loan Act, amendments. Ante, p. 129. Home mortgage", defined . Ante, pp . 129, 643 . Federal Home L oan Banks . Vol.47, p. 727 Minimum subscrip- t ion . Contracts under Ag- ricultural Adjustment A ct. Ante, p 337 . Participation in, by members of Congress . Interstate Commerce Act, amendment Vol . 24, p. 387 U.S.C.,p.1671. Reduced rates for transportation of com- modities . 73d CONGRESS. SESS . II. CH. 847. JUNE 27, 1934. obtain funds for carrying out the purposes of this section or for the redemption of any of its outstanding bonds called in for retirement ; and the Corporation is further authorized to increase its total bond issue in an amount equal to the amount of the bonds so called in and retired ." (b) Section 4(m) of the Home Owners' Loan Act of 1933, as amended, is amended by striking out " $200,000,000 " and inserting in lieu thereof " $ 300,000,000 ". SEC. 507. Subdivision (6) of section 2 of the Federal Home Loan Bank Act is amended so as to read as follows "( 6) The term `home mortgage' means a mortgage upon real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed, upon which there is located a dwelling for not more than three families, and shall include, in addition to first mortgages, such classes of first liens as are commonly given to secure advances on real estate by institutions authorized under this Act to become members, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby ." SEC. 508 . (a) Section 2(c) of the Home Owners' Loan Act of 1933, as amended, is amended by striking out " under a renewable lease for not less than ninety-nine years " and inserting in lieu thereof "(1) under a lease for not less than ninety-nine years which is renew- able, or (2) under a lease having a per iod of not les s than fifty years to run from the date the mortgage was executed ". (b) Section 4(c) of such Act, as amended, is amended by striking out " under a lease renewable for not less than ninety-nine years " and inserting in lieu thereof "(1) under a lease for not less than ninety-nine years which is renewable, or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed ". SEC. 509 . Section 6 of the Federal Home Loan Bank Act is amended by striking out " $1,500 " in subsections (c) and (e) and inserting in lieu thereof " $500 ". SEC. 510 . The Act entitled "An Act relating to contracts and agree- ments under the Agricultural Adjustment Act ", approved January 25, 1934, is amended by inserting before the period at the end thereof a comma and the following : " the Federal Farm Loan Act, as amended, the Emergency Farm Mortgage Act of 19 33, as amended, the Federal Farm Mortgage Corporation Act, as amended, the Farm Credit Act of 1933, as amended, and the Home Owners' Loan Act of 1933, as amended ". SEC. 511 . Section 22 of the Interstate Commerce Act, as amended, is further amended by adding at the end thereof the following new sentence : " Nothing in this Act shall prevent any carrier or carriers subject to this Act from giving reduced rates for the transportation of commodities to be specified by the Commission as hereinafter provided, to or from any section of the country, with the object of improv ing Na tion-w ide h ousing stand ards a nd pr ovidin g empl oy- ment and stimulating industry, if such reduced rates have first been authorized by order of the Commission (with or without a hearing) ; but in such order the Commission shall specify the commodities as to which this provision shall be declared effective and shall specify the period during which such reduced rates are to remain in effect ."