Page:United States Statutes at Large Volume 48 Part 1.djvu/155

 73d CONGRESS. SESS. I. CH. 64. JUNE 13, 1933 . 129 (b) The term " Corporation " means the Home Owners' Loan "Corporation ." Corporation created under section 4 of this Act. (c) The term " home mortgage " means a first mortgage on real estate in fee simple or on a leasehold under a renewable lease for not less than ninety-nine years, upon which there is located a dwelling for not more than four families, used by the owner as a home or held by him as his homestead, and having a value not exceeding $20,000 ; and the term " first mortgage " includes such classes of first liens as are commonly given to secure advances on real estate under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby. (d) The term "association" means a Federal Savings and Loan Associa tion c harter ed by the Bo ard as provid ed in sectio n 5 of this Act. REPEAL OF DIRECT LOA N PROVISION OF FEDERAL HOME LOAN BANK ACT F ederal Home Loan Bank Act. SE C. 3. Subsection (d) of section 4 of the Federal Home Loan Repeal of direct loan provision. 47, Bank Act (providing for direct loans to home owners) is hereby repealed. repealed. "Home mortgage ." "First mortgage "Association ." P. 72 7, CREATION OF HOME OWNERS' LOAN CORPORATION SEC. 4. (a) The Board is hereby authorized and directed to create a corporation to be known as the Home Owners' Loan Corporation, which shall be an instru mental ity of the Un ited S tates, which shall have authority to sue and to be sued in any court of competent jurisdiction . Federal or State, and which shall be under the direction of the Board and o perate d by i t unde r such bylaws, rule s, and regu- lations as it may prescribe for the accomplishment of the purposes and intent of this section . The members of the Board shall con- stitute the board of directors of the Corporation and shall serve as such directors without additional compensation . (b) The Board shall determine the min imum amount of capital stock of the Corpo ration and i s auth orized to inc rease such c apital stock from time to time in such amounts as may be necessary, but not Subscri ptions by Sec- to exceed in the aggregate $200,000,000. Such stock shall be sub- retary of the Treasury. scribed for by the Secretary of the Treasury on behalf of the United States, and payments for such subscriptions shall be subject to call in whole or in part by the Board and shall be made at such time or times as the Secretary of the Treasury deems advisable. The Cor- Receipts as evidence of stock ownership. porati on shall issue to the Secre tary of t he Treasu ry receip ts for pa y- ments by him for or on account of such stock, and such receipts shall payments to be made be evidence of the stock ownership of the United States. In order by allocations from to enable the Secretary of the Treasury to make such payments when Reconstruction Fi- nance Corporation. call ed, t he Re const ruct ion F inanc e Co rpora tion is a uthor ized and directed to allocate and make available to the Secretary of the Treas- ury the sum of $200,000,000, - or so much thereof as may be necessary, and for such purpose the amount of the notes, bonds, debentures, or other such obliga tions which the Re constru ction Financ e Corp oratio n is authorized and empowered under section 9 of the Reconstruction Finance Corporation Act, as amended, to have outstanding at any one time, is hereby increased by such amounts as may be necessary. (c) The Corporation is authorized to issue bonds in an aggregate amount not to exceed $2,000,000,000, which may be sold by the Corporation to obtain funds for carrying out the purposes of this section, or exchanged as hereinafter provided. Such bonds shall be issued in such denominations as the Board shall prescribe, shall mature within a period of not more than eighteen years from the date of their issue, shall bear interest at a rate not to exceed 4 per centum 86637 0 -34-9 H ome Ow ners' Loan Corporation. Creation of, as United States agent under direction, etc., of the Board. Post, p. 506. Board members to constitute board of dire cto rs of Cor por a- tion. Determination of amount, authorized capital stock. Notes, etc ., of Corpo- ration increas ed. Vol. 47, p. 9, amended. Corporation author- ized to issue interest bearing bonds. Post, pp. 643, 1263. Denominations, ma- turity, etc.