Page:United States Statutes at Large Volume 48 Part 1.djvu/671

 73d C ONGRESS. SESS. II. CH. 168 . APRIL 27, 1934 . 645 "(m) In all cases where the Corporation is authorized to advance ca sh advances for cash to provide for necessary maintenance and to make necessary ho me maintenance . repairs it is also authorized to advance cash or exchange bonds for the rehabilitation, modernization, rebuilding and enlargement of Rehabilitation, etc . the homes financed ; and in all cases where the Corporation has acquired a home mortgage or other obligation or lien it is authorized to advance cash or exchange bonds to provide for the maintenance, repair, rehabilitation, modernization, rebuilding, and enl argement of t he homes fina nced and to ta ke an additio nal lien, mortgage, or conveyance to secure such additional advance or to take a new home mortgage for the whole indebtedness ; but the total Limit atio n . amount advanced shall in no case exceed the respective amounts or percentages of value of the real estate as elsewhere provided in this section. Not to exceed $200,000,000 of the proceeds derived from Maximum all owance for m ainte nanc e of real the sale of bonds of the Corortion shall be used in making cash property. adva nces to prov ide for nece ssar y ma inte nanc e an d ne cess ary repa irs and for the rehabilitation, modernization, rebuilding and enlarge- ment of real estate securing the home mortgages and other obligations and liens acquired by the Corporation under this section. SEC. 3 . The six th sentence of section 4 (d ) of the Home Owners' Ext ens ion home owner auth oriz e d. Loan Act of 1933 is amended to read as follows : "The Corporation may at any time grant an extension of time to any home owner for the payment of any installment of principal or interest owed by him to the Corporation if, in the judgment of the Corporation, the circumstances of the home owner and the condition of the security justify such extension ." SEC. 4. Subsection (g) of section 4 of the Home Owners' Loan Ante, p. 131. Act of 1933 is hereby amended to read as follows : "(g) The Corporation is further authorized to exchange bonds Redemption of (g) los t si nce on January 1, and to advance cash to redeem or recover homes lost by the owners 1930. by foreclosure or forced sale by a trustee under a deed of trust or under power of attorney, or by voluntary surrender to the mort- gagee subsequent to January 1, 1930, subject to the limitations provided in subsection (d) of this section ." 1 Federal savings and SEC. 5 . Section 5 of the Home Owners' Loan Act of 1933 1S loan associations. amended by adding at the end thereof the following new subsections

A a le, In vestment 34. in full "(j) In addition to the authority to subscribe for preferred shares paid income shares of, on call of Hom e Loan in Federal savings and loan associations, the Secretary of the Treas- Board . ury is authorized on behalf of the United States to subscribe for any amount of full paid income shares in such associations, and it shall be the duty of the Secretary of the Treasury to subscribe for such full paid income shares upon the request of the Federal Home Lo an Bank Board . Payment on such shares may be called from Payments. time to time by the association, subject to the approval of said Board and the Secretary of the Treasury, and such payments shall be made from the funds appropriated pursuant to subsection (g) of this section ; but the amount paid in by the Secretary of the Treasury for shares under this subsection and such subsection (g ), toge ther m Maximum ximum invest- shall at no time exceed 75 per centum of the total investment in the shares of such association by the Secretary of the Treasury and other shareholders. Each such association shall issue receipts for Receipts. such payments by the Secretary of the Treasury in such form as may be approved by said Board and such receipts shall be evidence of the interest of the United States in such full paid income shares years, rement eafter s to the extent of the amount so paid. No request for the repurchase of the full paid income shares purchased by the Secretary of the Treasury shall be made for a period of five years from the date of such purchase, and thereafter requests by the Secretary of the