Page:United States Statutes at Large Volume 49 Part 1.djvu/1233

 1 188 Renovation, etc ., loans. Li mit on amount to any instit ution. Limit on liability aut hor ize d to be in- curred by Adm in is- trator. C ond iti ons pr e- scribed. Interest, etc. Amount. Real property im- proved by apartment hou ses, etc. Preci se. Equipment, etc ., loans. Authority to dispose of ac quired property, et c. Transfer of insurance. Sect ion r epeal ed. Vol. 48, p. 1247 ; U.S.C.,p.476. 74TH CONGRESS. SESS. II. CH. 165 . APRIL 3, 1936. there no longer exists any necessity for such insurance in order to make ample credit available, for the purpose of financing alterations, repairs, and additions upon improved real property, and the purchase and installation of equipment and machinery upon such real property, by the owners thereof or by lessees of such real property under a lease e xpiring not les s than s ix mont hs after the ma turity of the loan or advance of credit. In no case shall the insurance granted by the Administrator under this section to any such financial institution on the loans, advances of credit, and purchases made by such fin ancial institut ion for such pu rposes on and a fter Ap ril 1, 1936, exceed 10 per centum of the total amount of such loans, advances of credit, and purchases. The total liability incurred by the Admin- istrator for all insurance heretofore and hereafter granted under this section shall not exceed in the aggregate $100,000,000. "(b) No insurance shall be granted under this section to any such finan cial inst itut ion w ith respe ct t o any obl igati on r epres enti ng any such loan, advance of cred it, or p urchase by it ( 1) unle ss the obligation bears such interest, has such maturity, and contains such other terms, conditions, and restrictions as the Administrator shall prescribe in order to make credit available for the purposes of this title, and (2) unless the amount of such loan, advance of credit, or purchase is not in e xcess of $2,000, except t hat in the case of any su ch loan, advance of credit, or purchase made for the purpose of such financ ing with respec t to rea l prope rty alre ady imp roved b y apart- ment or multiple-family ho uses, hotels, office, bus iness, or other com- merc ial build ings, hos pita ls, o rpha nages , co llege s, sc hool s, ch urch es, or manufacturing or industrial plants, or improved by some other structure which is to be converted into a structure of any of the types herein enum erated, such insurance may be granted if th e amount of the loan, advance of credit, or purchase is not in excess of $50,000 : Provided, That after April 1, 1936, no insurance shall be granted under this section to any such financial institution with respect to any obligation representing any such loan, advance of credit or purchase by it in the amount of $2,000 or less for the pur- pose of financing the purchase and installation of equipment and machinery upon improved real property. "(c) Notwithstanding any other provision of law, the Administrator shall have the power, under regulations to be prescribed by him and approved by the Secretary of the Treasury, to assign or sell at public or private sale, or otherwise dispose of, any evidence of debt, con- tract, claim, property, or security assigned to or held by him in con- nec tion with the pay ment of i nsur ance here tofor e or her eafte r granted under this section, and to collect or compromise all obliga- tions assigned to or held by him and all legal or equitable rights accruing to him in connection with the payment of such insurance until such time as such obligations may be referred to the Attorney General for suit or collection . "(d) The Administrator is authorized and empowered, under such regula tions as he may prescri be, to transfer to any such a pproved financial institution any insurance in connection with any loans and advances of credit which may be sold to it by another approved financial institution ." SEC. 2. Section 3 of title I of the National Housing Act, as amende d, is he reby re pealed . Approved, April 3, 1936.