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PUBLIC LAW 89.429-MAY 24, 1966

79 Stat. 121.

[80 STAT.

(d) Section 101(b)(6) of Public Law 89-82 is amended by striking therefrom the figure "$2,000,000'" for project 66-6-c, land acquisition, Brookhaveu National Laboratory, New York, and substituting therefor the figure "$2,500,000". SEC. 107. RESC^ISSIOX.—Section lOB of Public Law 89-82, except for funds heretofore obligated, is rescinded. Approved May 21, 1966.

Public Law 89-429 May 24, 1966 rS 32831



AN ACT

To promote private financing of credit needs and to provide for an eflBcient and orderly method of liquidating financial assets held by Federal credit agencies, and for other purposes.

Be it enacted by the Senate and House of Representatives of the saTe^rA*t'^V°1966 ^'^^'^^^ States of Amevica in Congress assembled, That this Act may • be cited as the "Participation Sales Act of 1966''. SEC. 2. (a) Section 302(c) of the Federal National Mortgage Asso12 us^c fy n '-'i'ltion Charter Act is amended— (1) by inserting " (1) ' ' immediately following"(c)"; (2) by inserting after "undertakings and activities" a comma and "hereinafter in this subsection called 'trusts',"; (3) by striking "obligations offered to it by the Housing and Home Finance Agency or its Administrator, or by such Agency's constituent units or agencies or the heads thereof, or any first mortgages in which the United States or any agency or instrumentality thereof" in the first sentence thereof and inserting "mortgages or other types of obligations in which any department or agency of the United States listed in paragraph (2) of this subsection"; (4) by striking out the third sentence thereof and substituting therefor the following: "Participations or other instruments issued by the Association pursuant to this subsection shall to the same extent as securities which are direct obligations of or obligations guaranteed as to principal or interest by the United States be deemed to be exempt securities within the meaning of laws administered by the Securities and Exchange Commission."; and (5) by striking out the fourth sentence thereof, Post, p. 1236. (b) Section 302(c) of such Act is further amended by adding the following: of^rust's'^'^"'^"* "^^) Subject to the limitations provided in paragraph (4) of this subsection, one or more trusts may be established as provided in this subsection by each of the following departments or agencies: " (A) The Farmers Home Administration of the Department of Agriculture, but only with respect to operating loans, direct farm ownership loans, direct housing loans, and direct soil and water loans. Such trusts may not be established with respect to loans for housing for the elderly under sections 502 and 515(a) 63 Stat. 433; of the Housing Act of 1949, nor with respect to loans for nonfarm 76 Stat. 67 1 42 USC 1472, recreational development. 1485. " (B) The Office of Education of the Department of Health, Education, and Welfare, but only with respect to loans for construction of academic facilities. " (C) The Department of Housing and Urban Development, except that such authority may not be used with respect to secondary market operations of the Federal National Mortgage Association.

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