Page:United States Statutes at Large Volume 68 Part 1.djvu/654

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PUBLIC LAW 560-AUG. 2, 1954

ST A T,

"OBLIGATIONS OF ASSOCIATION LEGAL INVESTMENTS

"SEC. 311. All obligations issued by the Association shall be lawful investments, and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposit of which shall be under the authority and control of the United States or any officer or officers thereof. "SHORT TITLE

59 Stat. 597. 31 USC 846. Ante, p. 613. 12 USC 24.

47 Stat. 734. 12 USC 1431.

12 USC 1436.

48 Stat. 132. 12 USC 1464.

Repeals. 63 Stat. 58. 48 USC 484e. 65 Stat. 6 9 9, 315. 1 2 U S e 1716-1, 1716a. Transfer of fimctions.

64 Stat. 1277. 1 2 U S e 1716 note.

"SEC. 312. This title III may be referred to as the 'Federal National Mortgage Association Charter Act'." SEC. 202. The Federal National Mortgage Association, established pursuant to the provisions of title III of the National Housing Act as in effect prior to July 1, 1948, and named in section 101 of the Government Corporation Control Act, as amended, shall be the body corporate referred to in section 302 of title III of the National Housing Act, as amended by the Housing Act of 1954. SEC. 203. The penultimate sentence of paragraph Seventh of section 5136 of the Revised Statutes, as amended, is hereby amended by striking "or obligations of national mortgage associations" and inserting "or obligations of the Federal National Mortgage Association". SEC. 204. (a) Subsection (h) of section 11 of the Federal Home Loan Bank Act, as amended, is hereby amended by inserting after "in obligations of the United States" a comma and the following: "in obligations of the Federal National Mortgage Association,". The last sentence of section 16 of said Act is amended by inserting after "in direct obligations of the United States" a comma and the following: "in obligations of the Federal National Mortgage Association,". (b) The first paragraph of subsection (c) of section 5 of the Home Owners' Loan Act of 1933, as amended, is hereby amended by inserting in the second proviso before the colon and after "Federal Home Loan Bank" the following: "or in the obligations of the Federal National Mortgage Association". SEC. 205. Subsection (b) of section 2 of the Alaska Housing Act, as amended, is hereby repealed. SEC. 206. Public Law 243, Eighty-second Congress, approved October 30, 1951, as amended, is hereby repealed. Subsection (a) of section 608 of Public Law 139, Eighty-second Congress, approved September 1, 1951, is hereby repealed. SEC. 207. The functions of the Housing and Home Finance Administrator (including the function of making payments to the Secretary of the Treasury) under section 2 of Reorganization Plan Numbered 22 of 1950, together with the notes and capital stock of the Federal National Mortgage Association held by said Administrator thereunder, are hereby transferred to the Federal National Mortgage Association. TITLE III — S L U M C L E A R A N C E AND URBAN

63 Stat. 416. 42 USC 1 4 5 11460.

Poat, p. 624.

RENEWAL

SEC. 301. The heading of title I of the Housing Act of 1949, as amended, is hereby amended to read " TITLE I—SLUM CLEARANCE A N D U R B A N R E N E W A L ". SEC. 302. Title I of said Act, as amended, is hereby amended by inserting the following new section immediatelv after the heading of title I: uURBAN R E N E W A L F U N D "SEC. 100. The authorizations, funds, and appropriations available pursuant to sections 102 and 103 hereof shall constitute a fund, to be known as the 'Urban Renewal Fund', and shall be available for ad-

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