Page:United States Statutes at Large Volume 49 Part 1.djvu/341

 296 74'm CONGRESS. SESS. I. CH. 150. MAY 28, 1935. Deposit withdrawal bonds and debentures issued under section 11) shall be deposited in and use . the Treasury of the United States, and may be from time to time withdrawn therefrom to defray the expenses of the Board, and the salaries of its members and employees, whose employment, compen- sation, leave, and expenses shall be governed solely by the provisions of this Act, specific amendments thereof, and rules and regulations of the Board not inconsistent therewith ." Home Owners' Loan SEC. 10. Sections 2 (c) and 4 (d) of the Home Owners' Loan Act Avoolf 1933, amended . of 1933, as amended, are amended by striking out " upon which there U.S.C.,p.471. is l ocated a dwelli ng for not more than four fam ilies, used by the Definiti ons modified, owner as a home or held by him as his homestead, and having a value "Rome mortgage" ; real estate" . not exceeding $20,000 " and inserting in lieu thereof " upon which there is located a dwelling or dwellings for not more than four families which is used in whole or in part by the owner as a home or held by him as his homestead, and which has a value of not to exceed $20,000 " . Vol. 48, pp. 129, 643, SEC . 11 . The first sentence of subsection (c) of section 4 of the 1263;U.S. C.,p. 472. Home Owners' Loan Act of 1933, as amended, is amended to read as follows : lZe and issue auth or- "(c) In o rder to provide for applicatio ns heretofore filed, for applications filed within thirty days after this amendment takes effect, and for carrying out the other purposes of this section, the Agg regat e amo unt. Corporation is authorized to issue bonds in an aggregate amount not to exceed $4,750,000,000, which may be exchanged as hereinafter pro- vide d, or which may be sold by the Corporation t o obtain funds for carr ying out the pu rposes of this section or for the redemption of Retirement of out. any of its outstanding bonds ; and the Corporation is further author- standing bonds author- ized to increase its total bond issue for the purpose of retiring its outstanding bonds by an amount equal to the amount of the bonds to be so retired (except bonds retired from payments of principal on loans), such retirement to be at maturity or by call or purchase or exchange or any method prescribed by the Board with the approval Proviso. of the Secretary of the Treasury : Provided, That no bonds issued Maturity date. under this subsection, as amended, shall have a maturity date later than 1952." Vol. 48, p. 131 . SEC . 12 . Subsection (d) of section 4 of the Home Owners' Loan Act of 1933, as amended, is amended by adding at the end thereof the following new paragraph Assessments up on " For the purposes of this Act, levies of assessments upon real prop- real property for public improvements. erty, made by any special district organized in any State for public Determination of im provem ents, s hall b e trea ted as gener al-tax levies are t reated. Th e reasonableness when Board shall determine the reasonableness of the total annual burden security offered as of taxes and assessments of all kinds upon any property offered as secu rity for the pa yment of a loan made by the C orporation and the effect of the total levies upon the loanable value of such property, but no d eduction shall be made from th e loanable val ue of any prope rty for levies not due at the time of making such loan in any instance where the total annual taxes and assessments borne by the said prop-, erty for all purposes does not exceed a sum which, in the discretion of the Board, is a reasonable annual tax burden for such Owners' - Loan vol.48,p.132. SE C. 13 . Subsection (j ) of section 4 of the Home Own ers Loan Act of 1933, as amended, is amended, effective ninety days after the date of enactment of this Act, by adding at the end thereof the following gel d •fƒoande - new sentence : " No person shall be appointed or retained as an officer, employee, agent, or attorney, at a fixed salary, in any regional or State office of the Corporation who is an officer or director of any firm, corporation, or association engaged in len ding money on r eal estate ; nor shall any person be appointed or retained as an officer,