Page:United States Statutes at Large Volume 53 Part 1.djvu/697

 CODIFICATION OF INTERNAL REVENUE LAWS FEDEBAL BESERVE BANKS Federal reserve banks, including the capital stock and surplus therein and the income derived therefrom, shall be exempt from Federal * * * taxa- tion. (Dec. 23, 1913, c. 6, § 7, 38 Stat. 258; March 3, 1919, c. 101, § 1, 40 Stat. 1314.) (U. S. C., Title 12, § 531.) FEDERAL SAVINGS AND LOAN ASSOCIATIONS Such associations, including their franchises, capital, reserves and surplus, and their loans and income, shall be exempt from all taxation now or here- after imposed by the United States, and all shares of such associations shall be exempt both as to their value and the income therefrom from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States; (June 13, 1933, c. 64, § 5 (h), 48 Stat. 133 .) (U. S. C ., Title 12, § 1464 (h).) FEDERAL SAVINGS AND LOAN INSURANOE OOBPORATIOX All notes, bonds, debentures, or other obligations issued by the Corporation shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, * * *. The Corporation, including its franchise, capital, reserves, surplus, and income, shall be exempt from all taxation now or here- after imposed by the United States, * * *. (June 27, 1934, c. 847, § 402 (e), 48 Stat. 1257.) (U. S. 0., Title 12, § 1725 (e).) HOME OWNERS LOAN COBPORATION The bonds issued by the Corporation under section 4 (c) of the Home Owners Loan Act of 1933, amended, are exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States * * *. The Corporation, in- cluding its franchise, its capital, reserves and surplus, shall likewise be exempt from such taxation; * * *. (June 13, 1933, § 4 (c), 48 Stat 129 as amended by April 27, 1934, c. 168, § 1, 48 Stat. 644.) (U. S. C., Title 12, § 1463 (c).) JOINT STOCK LAND BANKS See Federal Land Banks. MUTUAL MORBTAGE INSURANCE FUND Such debentures as are issued in exchange for property covered by mortgages insured under section 203 or section 207 prior to the date of enactment of the National Housing Act Amendments of 1938 shall be subject only to such Fed- eral, * * * taxes as the mortgages in exchange for which they are issued would be subject to in the hands of the holder of the debentures * * *. Such debentures as are issued in exchange for property covered by mortgages insured after the date of enactment of the National Housing Act Amendments of 1938 shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States * * *. (National Housing Act § 204 (d), as amended by Feb. 3, 1938, c. 13, § 3, 52 Stat. 14.) NATIONAL FARM LOAN ASSOCIATIONS See Federal Land Banks. NATIONAL MORTGAGE ASSOCIATIONS All notes, bonds, debentures, or other obligations issued by any national mortgage association shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or here- after imposed by the United States, * * *. Every national mortgage asso- ciation, including its franchise, capital, reserves, surplus, mortgage loans, in- come, and stock, shall be exempt from taxation now or hereafter imposed by the United States, * * *. (June 27, 1934, c. 847, § 307, as amended by Feb. 3, 1938, c. 13, § 8, 52 Stat. 24). PRODUCTION CEDIT ASSOCIATIONS See Production Credit Corporations. CXCII

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