Page:United States Statutes at Large Volume 48 Part 1.djvu/672

 646 73d CONGRESS. SESS. II. CH. 168. APRIL 27, 1934 . Treasury for the repurchase of such shares by such associations Limi tatio n. shall be made at the discretion of the Board ; but no such associa- tion sha ll be requ este d to repur chase any such shar es i n any one year in an amount in excess of 10 per centurn of the total amount invested in such shares by the Secretary of the Treasury. Su ch repurchases shall be made in accordance with the rules and regula- tions prescribed by the Board for such associations. Employment as fiscal "(k) When designated for that purpose by the Secretary of the age nts . Treasury, any Federal savings and loan association or member of any Federal Home Loan Bank may be employed as fiscal agent of the Government under such regulations as may be prescribed by said Secretary and shall perform all such reasonable duties as fiscal agent Agents for any other Fede ral i nstr ument al- of the Government as may be required of it . Any Federal savings ity . and loan association or member of any Federal Home Loan Bank may act as agent for any other instrumentality of the United States when designated for that purpose by such instrumentality of the Fed era l Hom e Loan United States ." Bank. S EC. 6 . Section 5(i) of the Home Owners' Loan Act of 1933 is Ante, p. 13 4. amended to read as follows Conversion in to Fed- eral savings and lo an "(i) Any member of a Federal Home Loan Bank may c onvert association authorized . itself into a Federal savings and loan association under this Act upon a vote of 51 per centum or more of the votes cast at a legal meeting called to consider such action ; but such conversion shall be subject to such rules and regulations as the Board may prescribe, and thereafter the converted association shall be entitled to all the bene- fits of this section and shall be subject to examination and regulation to the same extent as other associations incorporated pursuant to Federal Reserve Act, this Act." amendment. SEC. 7. (a) The first sentence of the eighth para raph of section Ante, P. ssb . Advances eserve 13 of the Federal Reserve Act, as amended, is further amended b y banks on Home own- inserting before the semicolon, after the words "Federal Farm ers' Loan Corporation » bonds . Mortgage Corporation Act, a comma and the following : or by Ante, p . 348 . the deposit or pledge of bonds issued under the provisions of sub- section (c) of section 4 of the Home Owners' Loan Act of 1933, as amended . " Purchase and sale of (b) Paragraph (b) of section 14 of the Federal Reserve Act, as corporation At, p 4bo nd, amended, is further amended by inserting after the words " bonds of the Federal Farm Mortgage Corporation having maturities from date of purchase of not exceeding six months ", a comma and the following : " bonds issued under the provisions of subsection (c) of section 4 of the Hom e Owners' Loan Act of 1933, as amended, and having maturities from date of purchase of not exceeding six months." Reserve ba nk as fiscal agent for corpo-SEC . 8 . The Federal Reserve banks are authorized, with the ration . approval of the Se cretary o f the Tre asury, to act as d epositari es, cus- todians, and fiscal agents for the Home Owners' Loan Corporation. H ome L oan Federal SE C. 9. The Home Owners' Loan Corporation is authorized to purchase by corpora- buy bonds or debentures of Federal Home Loan Banks upon such t ion . terms as may be agreed upon or to loan money to Federal Home Loan Banks upon such ter ms as may be agreed upon but not to exceed $50,000,000 shall be invested or advanced under this section. Home mortgages, acceptance as collateral SEC. 10 . The first sentence of section 10(b) of the Federal Home security . Loan Bank Act, as amended, is amended by inserting before the Vol.47,p. 732 . period at the end thereof a comma and the following : " unless the amount of the debt secured by such home mortgage is less than 50 per centum of the value of the real estate with respect to which the home mortgage was given, as such real estate was appraised when the home mortgage was made ".