Page:United States Statutes at Large Volume 49 Part 1.djvu/340

 74T H CON GRESS. SESS. I. CH. 150 . MAY 28, 1935. 295 the United States, subject to such regulations, restrictions, and limita- tions as the Board may prescribe. Any such advance shall be subject to the following limitations as to amount " 1) If secured by b a mortgage insured under the provisions of title Limi tations on II of the National Housing Act, the advance may be for an amount amoun t of loam . 48, p . I?A7. not in excess of 90 per centum of the unpaid principal of the mortgage loan . "(2) If secured by a home mortgage given in respect of an amor- tized home mortgage loan which was for an original term of six years or more, or in cases where shares of stock, which are pledged as security for such loan, mature in a period of six years or more, the advance may be for an amount not in excess of 65 per centum of the unpaid principal of the home mortgage loan ; but in no case shall the amount of the advance exceed 60 per centum of the value of the real estate securing the home mortgage loan . "(3) If secured by a home mortgage given in respect of any other home mortgage loan, the advance shall not be for an amount in excess of 50 per centum of the unpaid principal of the home mortgage loan ; but in no case shall the amount of such advance exceed 40 per centum of the value of the real estate securing the home mortgage loan. "(4) If s ecured b y obliga tions of the Uni ted Stat es, or obligati ons full y guaran teed by the Unit ed State s, the a dvance shall no t be for an amou nt in ex cess of the face value o f such o bligati ons ." SEC. 6 . Clauses numbered (1) and (2) of subsection (b) of section Vol. 47, p. 73'2 ; 10 of the Federal Home Loan Bank Act, as amended, are amended to u .s.C.,p.467. read as follows : "(1) the home mortgage loan secured by it has more Rome mortgages as than twenty years to run to maturity, or (2) the home mortgage security . exce eds $20, 000, or ". SEC. 7. The Federal Home Loan Bank Act, as amended, is amended Vol .47,p .731 ;Vol .48, by adding after section 10a the following new section : P .1261 . "SEC. 10b . Each Federal Home Loan Bank is authorized to make Nonmember borrow- ers ; advances to . advances to nonmember mortgagees approved under title II of the Wt .a8~ 1247 . National Housing Act . Such mortgagees must be chartered institu- tions having succession and subject to the inspection and supervision of some governmental agency, and whose principal activity in the mortgage field m ust consist of lending their o wn funds . Su ch secu rity . adva nces sha ll not b e subjec t to the other p rovisio ns and r estricti ons of t his Act, but sha ll be ma de upon the secu rity of insured mortgag es, insured under title II of the National Housing Act . Advances made Interest rates, terms, under the terms of this section shall be at such rates of interest and etc' upo n such terms and c onditi ons as shall be de termin ed by the Fe d- eral Home Loan B ank Board but no advance may b e for an amount Amount. in excess of 90 per centum of the unpaid principal of the mortgage loan given as security ." SEC . 8 . The first sentence of section 13 of the Federal Home Loan Tax exemptions ; co n- solidated Federal Ho me Bank Act, as amended, is amended to read as follows : "Any and all Loan Bank bonds. notes, debentures, bonds, and other such obligations issued by any vol . 47,p.735. bank, and consolidated Federal Home Loan Bank bonds and deben- tu res, sha ll be ex empt bot h as to principa l and in terest from all taxa- tion (except surtaxes, estate, inheritance, and gift taxes) now or he reafte r impo sed by the U nited States, by a ny Ter ritory , depe nd- ency, or possession thereof, or by any State, county, municipality, or local taxing authority ." SEC . 9. Section 19 of the Federal Home Loan Bank Act, as as Receipts from bank amended, is amended by adding at the end thereof the following new t Vol . C,7,47u. 737; s ente nce : The receip ts of the Bo ard de rived from a ssessm ents u pon upon the Federal Home Loan Banks and from other sources (except receipts from the sale of consolidated Federal Home Loan Bank