Page:United States Statutes at Large Volume 49 Part 1.djvu/342

 74Tn CO NGRESS. SESS. I. CH. 150 . MAY 28, 1935 . 297 employee, agent, or attorney in any State or district office of the C orporation, who has not been a bona fide resid ent of the Stat e served by su ch office for a period of at le ast one year im mediately prece ding the date of his appointment ." SEC . 14 . Subsection of section 4 of the Home Owners' Loan Act Vol . 4s, p. 644' (1) Bond exchange where of 1933, as amended, is amended by striking out the last comma lien bold by institution therein and the following : " or in any case in which the home mort- 'n liquidation. gage or other obligation or lien is held by an institution which is in liquidation " . SEC. 15 . Subsection (h) of section 4 of the Home Owners' Loan Act potation quafiC flea r- of 1933, as amended, is amended by striking out the period at the end Lions. 48, pp thereof and inserting in lieu thereof a colon and the following : U . S . C ., p . 473. " Provided, That no person shall be allowed to act as appraiser if he is in the employ of any company holding a loan on the property, or if he is interested in the subject matter of the loan ." SEC . 16. Subsection (m) of section 4 of the Home Owners' Loan Act of 1933, as amended, is amended by striking out " $300 .000,000 " and inserting in lieu thereof " $400 ,000 ,000 ". SEC. 17. (a) S ection 4 o f the Home Owners' L oan Act of 1933, as amended, is amended by adding at the end thereof a new subsection to read as follows "(n) The Corporation is authorized to purchase Federal Home Loan Bank bonds, debentures, or notes, or consolidated Federal Home Loan Bank bonds or debentures. The Corporation is also authorized to purchase full-paid-income shares of Federal Savings and Lo an Associations after the funds made available to the Secretary of the Treasury for the purchase of such shares have been exhausted. S uch purchases of shares shall be on the same terms and conditions as have been heretofore authorized by law for the purchase of such shares by the Secretary of the Tre asury : P rovi ded, That the total amount of such shares in any one association held by the Secretary of the Trea sury and t he Corpora tion shall not exce ed the tot al amount of such shares heretofore authorized to be held by the Secretary of the Treasury in any one association. The Corporation is also authorized to purchase shares in any institution which is (1) a member of a Federal Home Loan Bank, or (2) whose accounts are insured under title IV of the National Housing Act, if the institution is eligible for insur ance under such title ; and t o make deposits and purchase ce rtifi- cates of deposit and investment certificates in any such institution. Of the total authorized bond issue of the Corporation $300,000,000 shall be available for the purposes of this subsection, without discrimi- nat ion in f avor of F eder ally cha rter ed as soci atio ns, and bonds of the Corporation not exceeding such amount may be sold for the purposes of this subsection ." (b) Section 9 of the Act entitled "An Act to guarantee the bonds of the Home O wners' L oan Cor poration, to am end the Home Ow ners' Loan Act of 1933, and for other purposes ", approved April 27, 1934, is hereby repealed. SEC. 18 . Subsection (c) of section 5 of the Home Owners' Loan Act of 1933, as amended, is amended by striking out the period at the end thereof a nd inserting in lieu thereof a colon and the f ollowing : "And provided further, That any such association which is converted from a State-chartered institution may continue to make loans in the territory in which it made loans while operating under State charter ." SEC . 19. Section 6 of the Home Owners' Loan Act of 1933, as amended, is amended (1) by striking out "$500,000" and inserting in lieu thereof "$700,000 ", and (2) by adding at the end of the section 131 ; Amount for cash ad- van ces, inc reased . Vol. 48, pp. 645, 1264. Vol. 48, pp. 645, 1264 . Bond, etc ., purchases authorized . Terms and condi- tions . Proviso . Maximu m amount . Authority to pur- chase shar es of certain institutions, etc . Sum available ; bond sal e author ized . Bond purchases of Federal Home Loan Banks ; repealed . Vol. 48, p . 646. Federal savings and loan associations . Vo l. 48, p. 132 ; U.S.C.,p.474. State chartered insti- tutions converted into, may continue local busin ess . Encouragement of saving and home fi- nancing . Vol. 48, pp. 734, 647.