Page:United States Statutes at Large Volume 69.djvu/682

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PUBLIC LAW 345-AUG. 11, 1955

[69 S T A T.

the land as the Administrator deems adequate to protect the financial interest of the Federal Government. The Administrator may, at any time that he deems it to be in the public interest to do so, dispose, under authority of other provisions of this Act, of any laud acquired by him pursuant to this paragraph. Any land acquired by the Administrator pursuant to this paragraph which has not been disposed of within five years after its acquisition shall be disposed of by him as expeditiously as possible in the public interest in accordance with other authority contained in this Act. Notwithstanding the provisions of section 306 of this Act or any other provisions of law, no payments in lieu of taxes shall be made for any tax year beginning subsequent to the^date of the acquisition of title to the property by the Administrator." H O M E LOAN B A N K BOARD

SEC. 109. (a) The Federal Home Loan Bank Act, as amended, is hereby amended— 12 USC H^26(i). (1) ^y striking the first sentence of section 6(i) and inserting: "Any member other than a Federal savings and loan association may withdraw from membership in a Federal Home Loan Bank six months after filing with the board written notice of intention so to do, and the board may, after hearing, remove any member from membership, or deprive any nonmember borrower of the privilege of obtaining further advances, if, in the opinion of the board, such member or nonmember borrower (i) has failed to comply with any provision of this Act or regulation of the board made pursuant thereto; (ii) is insolvent: Provided, That any member of a bank which is a building and loan association, savings and loan association, cooperative bank, or homestead association shall be deemed insolvent if the assets of such member are less than its obligations to its creditors and others, including the holders of its withdrawable accounts; or (iii) has a management or homefinancing policy of a character inconsistent with sound and economical home financing or with the purposes of this Act."; 12 USC* \A2h») (^^ ^^ striking the period at the end of section 7(a) and inserting a colon and the following: Provided, That the board may by regulation increase the number of elective directors of any Federal Home Loan Bank having a district which includes five or more States to a number not exceeding twice the number of States comprising such district, but such additional elective directors shall be apportioned as nearly as may be practicable in the same manner and order as is provided for the apportionment of elective directors under subsections (c) and (d) hereof: ProwWec?/wrAer, That there shall be not less than one elective director from any of the States nor more than three elective directors from any of the States in any district referred to in the preceding proviso and in no event shall the total number of elective directors in any one district exceed eleven. The term 'States' as used in the preceding provisos shall mean the States of the Union and the District of Columbia."; I2 USC*M|7. (^) ^y inserting " (a) " after the section number in section 17 and adding at the end thereof a new subsection (b) as follows: Lc^n*BaJik BoMd? "(b) The Home Loan Bank Board which was, pursuant to Reor12 ^u^s0^^143 7 ganization Plan Numbered 3 of 1947, established and made a connote, stituent agency of the Housing and Home Finance Agency shall, from the effective date of the Housing Amendments of 1955, cease to be such a constituent agency and shall be an independent agency (including the Federal Savings and Loan Insurance Corporation) in the exec-

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