Page:United States Statutes at Large Volume 62 Part 1.djvu/1238

 PUBLIC LAWS-CH. 784-JULY 1, 1948 I 48 Stat. 1247; 55 Stat. 55. 12U. . c. §§1707- 1715c, 1736-1742; Supp. I, §§ 1737, 1738. Ante, p. 101; post, pp. 1209, 1268 -1275. " OBLIGATIONS "SEC. 302. The Association is authorized to issue and have outstand- ing at any time notes or other obligations in an aggregate amount not to exceed (1) forty times the amount of its capital and surplus, and in no event to exceed (2) the current unpaid principal of mortgages held by it and insured under the provisions of titles II and VI of this Act and guaranteed under section 501, 502, or 505 (a) of the Service- men's Readjustment Act of 1944, as amended, plus the amount of its cash on hand and on deposit and the amortized value of its invest- ments in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by, the United States. " INV ESTMENT OF FUNDS "SEC. 303. Moneys of the Association not invested in mortgages or in operating facilities shall be kept in cash on hand or on deposit, or invested in bonds or other obligations of, or in bonds or other obliga- tions guaranteed as to principal and interest by, the United States; except that the Association shall keep and maintain such reserves as it may deem necessary. " TAXATION PROVISIONS "SEC. 304. The Association, including its franchise, capital, reserves surplus, mortgage loans, income, and stock shall be exempt from all taxation now or hereafter imposed by the United States, by any Terri- tory dependency, or possession thereof, or by any State, county, munic- ipahty, or local taxing authority, except that any real property of the o [62 STAT. Powers of Associa- "(c) The Association created under this section shall have succession . from the date of its organization unless it is dissolved by order of the Administrator as hereinafter provided, or by Act of Congress, and shall have power- " (1) to adopt and use a corporate seal; " (2) to make contracts; "(3) to sue and be sued; complain and defend, in any court of law or equity, State or Federal; "(4) to conduct its business in any State of the United States, or in the District of Columbia, Alaska, Hawaii, Puerto Rico, or the Virgin Islands, and to have one or more offices in such State, or in the District of Columbia, Alaska, Hawaii, or Puerto Rico, one of which offices shall be designated at the time of organization as its principal office; "(5) to do all things as are necessary or incidental to the proper management of its affairs and the proper conduct of its business. Capitalstock. "(d) The Association may have a capital stock of not to exceed $20,000,000 and paid-in surplus of $1,000,000, subscribed by the Recon- struction Finance Corporation. " (e) The Association, for the purpose of all actions by or against it, real, personal, or mixed, and all suits in equity, shall be deemed a citizen of the place in which its principal office is located. Restriction on use "(f) No individual association, partnership, or corporation, except the Association organized under this section, shall hereafter use the words 'Federal National Mortgage Association' or any combination of such words, as the name or a part thereof under which he or it shall do business. Every individual, partnership, association, or corpora- tion violating this prohibition shall be guilty of a misdemeanor and shall be punished by a fine of not exceeding $100 or imprisonment not exceeding thirty days, or both, for each day during which such viola- tion is committed or repeated. The provisions of section 5243 of the 12U.S .. s 58. Revised Statutes shall not apply to the Association created under this title.

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