Page:United States Statutes at Large Volume 76.djvu/1031

 76 STAT. ]

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PUBLIC LAW 87.834-OCT. 16, 1962

" (A) which either (i) is an insured institution within the meaning of section 401(a) of the National Housing Act (12 U.S.C., sec. 1724(a)), or (ii) is subject by law to supervision and examination by State or Federal authority having supervision over such associations; " (B) substantially all of the business of which consists of acquiring the savings of the public and investing in loans described in subparagraph (C); " (C) at least 90 percent of the amount of the total assets of which (as of the close of the taxable"year) consists of (i) cash, (ii) obligations of the United States or of a State or political subdivision thereof, stock or obligations of a corporation which is an instrumentality of the United States or of a State or political subdivision thereof, and certificates of deposit in, or obligations of, a corporation organized under a State law which specifically authorizes such corporation to insure the deposits or share accounts"bf member associations, (iii) loans secured by an interest in real property and loans made for the improvement of real property, (iv) loans secured by a deposit or share of a member, (v) property acquired through the liq^uidation of defaulted loans d e s c r i e d in cUiuse (iii), and (vi) property used by the association in the conduct of the business described in subparagraph < • * > !.

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" ( i J) ot the assets of which taken mto account under sub[wiragraph (C) as assets constituting the 90 percent of total assets—-* "(i) at least 80 percent of the amount of such assets consists of assets described in clauses (i), (ii), (iv), and (vi) of such subparagraph and of loans secured by an interest in retrt property which is (or, from the proceeds of the loan, will become) residential real property of real property used primarily for church purposes, loans made for the improvement of residential real property or real property used primarily for church purposes, or property acquired through the liquidation of defauIted loans deseribed in this clause; and "(ii) at least 60 percent of the amount of such assets consists of assets described in clauses (i), (ii), (iv), and (vi) of such subparagraph and of loans secare^ by an interest in real property which is (or, from the proceeds of the loan, will become) residential real property containing 4 or fewer family units or real property used primarily for church purposes, loans made for the improvement of residential real property containing 4 or fewer family units or real property used primarily for church purposes, or property acquired through the liquidation of defaulted loans described in this clause; " (E) not more than 18 percent of the amount of the total assets of which (as of the close of the taxable year) consists of assets other than those described in clause (i) of subparagraph (D), and not more than 36 percent of the amount of the total assets of which (as of the close of the taxable year) consists of assets other than those described in clause (ii) of subparagraph (D); and " (F) except for property described in subparagraph (C), not more than 3 percent of the assets of which consists of stock of any corporation.

48 Stat. i25s.

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