Page:United States Statutes at Large Volume 48 Part 1.djvu/158

 132 Pay li mi tat ion . Franking privilege. Expenditures auth- ori zed. Division of expenses. Federal Hom e Loan Bank facilities. Admin istra tive rule s, etc. Corpo rati on b onds, etc ., retirement. Post, p 647. Liquidation proceed- ings. Payment of divi- dends. Post, p. 644 . Federal Savings and Loan Associations. Purpo ses o f or ganiz a- tion, operation, etc. Designation, powers, etc. Cap ita l. Retirement of shares. Limitation. Loans ; sec urity. Provisos . Maximum, on any one parcel. Other real estate. Each secured by first lien. Investment of as- sociation assets. 73d CONGRESS. SESS. I. CH. 64. JUNE 13, 1933 . without regard to the provisions of other laws applicable to the empl oyme nt or comp ensa tion of of ficer s, e mploy ees, atto rneys, or agents of the United States. No such officer, employee, attorney, or agent shall be paid compensation at a rate in excess of the rate provided by law in the case of the members of the Board. The Corporation shall be entitled to the free use of the United States mails for its official business in the same manner as the executive depa rtme nts o f the Gov ernme nt, a nd sh all deter mine its neces sary expenditures under this Act and the manner in which they shall be incurr ed, al lowed, and p aid, w ithout regard to th e prov isions of an y other law governing the expenditure of public funds. The Corpo- ration shall pay such proportion of the salary and expenses of the members of the Board and of its officers and employees as the Board may determine to be equitable, and may use the facilities of Federal Home Loan Banks, upon making reasonable compensation therefor as determined by the Board. (k) The Board is authorized to make such bylaws, rules and regulations, not inconsistent with the provisions of this section, as may be neces sary f or the prope r cond uct of the af fairs of the Corpo - ration. The Corporation is further authorized and directed to retire and cancel the bonds and stock of the Corporation as rapidly as the resources of the Corporation will permit. Upon the retirement of such stock, the reasonable value thereof as determined by the Board shall be paid into the Treasury of the United States and the receipts issued therefor shall be canceled. The Board shall proceed to liqui- date the Corporation when its purposes have been accomplished, and shall pay any surplus or accumulated funds into the Treasury of the United States. The Corporation may declare and pay such divi- dends to the United States as may be earned and as in the judgment of the Board it is proper for the Corporation to pay. FEDERAL SAVINGS AND LOAN ASSOCIATIONS SEC. 5. (a) In order to provide local mutual thrift institutions in which people may invest their funds and in order to provide for the financing of homes, the Board is authorized, under such rules and regulations as it may prescribe, to provide for the organization, incorporation, examination, operation, and regulation of associations to be known as " Federal Savings and Loan Associations ", and to issue charters therefor, giving primary consideration to the best practices of local mutual thrift and home-financing institutions in the United States. (b) Such associations shall raise their capital only in the form of payments on such shares as are authorized in their charter, which shares may be retired as is therein provided. No deposits shall be accepted and no certificates of indebtedness shall be issued except for such borrowed money as may be authorized by regulations of the Board. (c) Suc h asso ciatio ns sha ll len d thei r funds only on the secur ity of their shares or on the security of first liens upon homes or combi- nation of homes and business property within fifty miles of their home off ice : P rovi ded, Th at not more than $ 20,000 shall be lo aned on the security of a first lien upon any one such property ; except that not exceeding 15 per centum of the assets of such association may be loaned on other improved real estate without regard to said $20,000 limitati on, and w ithout re gard to s aid fift y-mile li mit, but secured b y first lien thereon : And provided further, That any portion of the assets of such associations may be invested in obligations of the United States or the stock or bonds of a Federal Home Loan Bank.