Page:United States Statutes at Large Volume 55 Part 1.djvu/86

 55 STAT.] 77TH CONG., 1ST SESS.-CH. 31 -MAR. 28, 1941 the Administrator deeds of conveyances, deeds of release, assign- ments, and satisfactions of mortgages, and any other written instru- ment relating to real property or any interest therein heretofore or hereafter acquired by the Administrator pursuant to the provisions of this Act, may be exercised by the Administrator or by any Assist- ant Administrator appointed by him, without the execution of any express delegation of power or power of attorney: Provided, That nothing in this subsection shall be construed to prevent the Admin- istrator from delegating such power by order or by power of attorney in his discretion, to any officer, agent, or employee he may appoint. "(h) No mortgagee or mortgagor shall have and no certificate of Mortgagee's tor mort claim shall be construed to give to any mortgagee or mortgagor, any veyed property. right or interest in any property conveyed to the Administrator or in any claim assigned to him; nor shall the Administrator owe any duty to any mortgagee or mortgagor with respect to the handling or disposal of any such property or the collection of any such claim. "SEC. 605. (a) Moneys in the Defense Housing Insurance Fund Deposit of surplus not needed for the current operations of the Federal Housing Admin- istration under this title shall be deposited with the Treasurer of the United States to the credit of the Defense Housing Insurance Fund, or invested in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by the United States. The Administrator may, with the approval of the Secretary turPchase ofideben of the Treasury, purchase in the open market debentures issued under tor. the provisions of section 604. Such purchases shall be made at a price which will provide an investment yield of not less than the yield obtainable from other investments authorized by this section. ebentures so purchased shall be canceled and not reissued. "(b) Premium charges, adjusted premium charges, and appraisal to Fund. and other fees received on account of the insurance of any mortgage accepted for insurance under this title, the receipts derived from the property covered by such mortgage and claims assigned to the Admin- istrator in connection therewith shall be credited to the Defense Housing Insurance Fund. The principal of, and interest paid and to be paid on debentures issued under this title, cash adjustments, and expenses incurred in the handling, management, renovation, and dis- posal of properties acquired under the title shall be charged to the Defense Housing Insurance Fund. "SEC. 606. Nothing in this title shall be construed to exempt any proTeatn real real property acquired and held by the Adnlinistrator under this title from taxation by any State or political subdivision thereof, to the same extent, according to its value, as other real property is taxed. "SEc. 607. The Administrator is authorized and directed to make R an l renul-s such rules and regulations as may be necessary to carry out the pro- visions of this title." 48 Stat. 1246 . SEC. 2. Section 1 of title I of such Act, as amended, is further 12 u.. c. 1702. amended by striking the words "titles II and III" each time they appear, and inserting in lieu thereof the words "titles II, III, and VI". 48 Stat. 1247. SEC. 3. Section 5 of title I of such Act, as amended, is amended by 12 -. .s. 1706. striking the words "titles II and III" and inserting in lieu thereof the words "titles II, III, and VI". 5 Stt. 9. SEC. 4. (a) Section 201 of title II of such Act, as amended, is i2u. s .c. 707. amended (1) by striking out the words "district, or Territory" in sub- section (a) of such section, and (2) by adding at the end thereof the following new subsection: "(d) The term 'State' includes the several States, and Alaska Hawaii, Puerto Rico, the District of Columbia, and the Virgin Islands.' 61

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