Page:United States Statutes at Large Volume 56 Part 1.djvu/330

 PUBLIC LAWS-CH. 319-MAY 26, 1942 Maturity. 55 Stat. 57. 12U.S.C. 1738 (b) (3: Premium c 655tat. 57. 12 U.S. C. 1738 (c). Occupancy for war work Post,p. 30 55 Stat. 58 12U. S.C. 1739 (a). 55 Stat. 59 12U.S. C § 1739 (c). 55 Stat. 59 12U. 8. C 1739 (d). Execution tures. "$7,500"; (3) striking out "$8,000" and inserting in lieu thereof "$9,500"; and (4) striking out "$10,500" and inserting in lieu thereof "$12,000". SEC. 3 . Section 603 (b) (3) of such Act, as amended, is hereby thereof the word "twenty-five". bharges. SEC. 4 . Section 603 (c) of such Act, as amended, is hereby amended ,supp.I, by (1) striking the third sentence thereof and inserting in lieu thereof the following sentence: "If the Administrator finds, upon the presentation of a mortgage for insurance and the tender of the initial premium charge and such other charges as the Administrator may require, that the mortgage complies with the provisions of this title, such mortgage may be accepted for insurance by endorsement or otherwise as the Administrator may prescribe; but no mortgage shall be accepted for insurance under this title unless the Adminis- trator finds that the project with respect to which the mortgage is executed is an acceptable risk in view of the emergency referred to in this section."; (2) substituting the word "title" for the word "section" in the last sentence thereof; and (3) inserting at the end priority thereof the following new sentence: "The Administrator is further authorized to prescribe such procedures as in his judgment are necessary to secure to war workers occupancy priority with respect to properties which have not been previously occupied and which 3 are covered by mortgages insured under this section and section 608." Supp, SEC. 5. Section 604 (a) of such Act, as amended, is amended by striking the words "this title" where they first appear and inserting in lieu thereof "section 603". upp. I, SEC. 6. Section 604 (c) of such Act, as amended, is amended by striking the word "section" and inserting in lieu thereof the word "title"., upp.I SEC. 7 . Section 604 (d) of such Act, as amended, is hereby amended o by (1) striking out the second sentence thereof and inserting in lieu ofdeben- thereof the following sentences: "All such debentures shall be dated as of the date foreclosure proceedings were instituted, or the property was otherwise acquired by the mortgagee after default, and shall bear interest from such date at a rate determined by the Administrator, with the approval of the Secretary of the Treasury, at the time the mortgage was accepted for insurance, but not to exceed 3 per centum per annum, payable semiannually on the 1st day of January and the 1st day of July of each year. Such debentures as are issued in exchan-ge for property covered by mortgages accepted for insurance under this section on or after the date of enactment of the National Housing Act Amendments of 1942, shall mature ten years after the date thereof. Such debentures as are issued in exchange for property covered by mortgages accepted for insurance under this section prior to the date of the enactment of the National Housing Act Amend- ments of 1942, shall mature three years after the 1st day of July following the maturity date of the mortgage on the property in exchange for which the debentures were issued: Provided, That any of deben- mortgagee entitled to receive such debentures may elect to receive in lieu thereof debentures which shall mature ten years after the date thereof."; and (2) striking the word "section" appearing in the last sentence and inserting in lieu thereof the word "title". - uI SEC. 8. Section 604 (g) of such Act, as amended, is hereby amended by (1) striking out the word "section" in each of the first two places where it appears and inserting in each such place the word "title"; and (2) inserting before the word "unless" the words "with respect to mortgages insured under section 603". Maturity. 65 Stat. 6 12U. S.C 1 1739 (g). [56 STAT.
 * Supp.i, amended by striking out the word "twenty" and inserting in lieu

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