Page:United States Statutes at Large Volume 62 Part 1.djvu/510

 PUBLIC LAWS--CH. 50-JUNE 19, 1948 June 19, 1948 [I. 6121 [Public Law 672] Life insurance, D.C. 48 Stat. 1163,1152 . D. C. Code §§ 35- 6n,35-635. Government bonds. Municipal, e t c., bonds. Bonds of specified agencies, etc. 58 Stat. 291. 38U.S.C.§694- 694j. Pest, p. 1275. Bonds, etc., secured by first lien on real estate. [CHAPTER 503] AN ACT To amend section 35 of chapter III of the Act of June 19, 1934, entitled "An Act to regulate the business of life insurance in the District of Columbia", as amended, and to repeal section 36 of said chapter III of said Act, as amended, so as to permit certain additional investments. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 36 of chapter III of the Act of June 19, 1934, entitled "An Act to regulate the business of life insurance in the District of Columbia", as amended, is hereby repealed, and that section 35 of said chapter III of said Act, as amended, is amended to read as follows: "SEC. 35. INVESTMENTS OF FUNDS OF DOMESTIC COMPANIES.- A domestic company shall invest its funds only in- "(1) Bonds, notes, or other evidences of indebtedness of the United States, any State, Territory or possession of the United States, the District of Columbia, the Dominion of Canada, any province of the Dominion of Canada, or of any administration, agency, authority, or instrumentality of any of the political units enumerated. "(2) Bonds, notes, or other evidences of indebtedness guaranteed or insured as to principal and interest by the United States, any State, Territory or possession of the United States, the District of Columbia, the Dominion of Canada, any Province of the Dominion of Canada, or by an administration, agency, authority, or instrumentality of any of the political units enumerated. "(3) Bonds, notes, or other evidences of indebtedness issued, guar- anteed, or insured as to principal and interest by a city, county, drain- age district, road district, school district, tax district, town, township, village or other civil administration, agency, authority, instrumen- tality or subdivision of a State, Territory or possession of the United States, or the District of Columbia, or of the Dominion of Canada, or any province thereof, provided such obligations are authorized by law and are (a) direct and general obligations of the issuing, guaran- teeing, or insuring governmental unit, administration, agency, author- ity, district, subdivision, or instrumentality; or (b) payable from designated revenues pledged to the payment of the principal and interest thereof. "(4) Legally authorized bonds, debentures, notes, collateral trust certificates, and other such evidences of indebtedness, and share certif- icates, which have been or may be issued by (a) the Federal home- loan bank; (b) the Home Owners' Loan Corporation; (c) any Fed- eral savings and loan association; (d) the Reconstruction Finance Corporation; (e) the Federal Farm Loan Board; (f) any Federal land bank; (g) the Federal Intermediate Credit Bank; (h) any hous- ing authority organized under the public housing laws of the Dis- trict of Columbia or any State of the United States, or in notes, bonds, or loans secured by mortgage or deed of trust insured under the provisions of the National Housing Act, as amended, or guar- anteed or insured pursuant to the provisions of title III of an Act of Congress of the United States of June 22, 1944, cited as the 'Serv- icemen s Readjustment Act of 1944', as heretofore or hereafter amended, or by any entity, corporation, or agency which has been or which may be created by or authorized by any Act which has been enacted, or which may hereafter be enacted by the Congress of the United States, or any amendment thereto, which has for its purpose the relief of, refinancing of, or assistance to owners of mortgaged or encumbered homes, farms, or other real estate. (5)( (a) Bonds, notes~ or loans secured byfirst lien on real estate in te United States or Dominion of Canada worth at least 40 per centum more than the amount loaned thereon: Provided, That this 480 [62 STAT.

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