Page:United States Statutes at Large Volume 82.djvu/578

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PUBLIC LAW 90-448-AUG. 1, 1968

[82 STAT.

TITLE VIII—SECONDARY MORTGAGE MARKET PURPOSES

Federal National Mortgage Association. 68 Stat. 615. 12 USC 1719. Government National Mortgage Association.

12 USC 1720, 1721.

SEC. 801. The purposes of this title include the partition of the Federal National Mortgage Association as heretofore existing into two separate and distinct corporations, each of which shall have continuity and corporate succession as a separated portion of the previously existing corporation. One of such corporations, to be known as Federal National Mortgage Association, will be a Government-sponsored private corporation, will retain the assets and liabilities of the previously existing corporation accounted for under section 304 of the Federal National Mortgage Association Charter Act, and will continue to operate the secondary market operations authorized by such section 304. The other, to be known as Government National Mortgage Association, will remain in the Government, will retain the assets and liabilities of the previously existing corporation accounted for under sections 305 and 306 of such Act, and will continue to operate the special assistance functions and management and liquidating functions authorized by such sections 305 and 306. AMENDMENTS TO THE FEDERAL NATIONAL MORTGAGE ASSOCIATION CHARTER ACT

68 Stat. 612. 12 USC 1716.

12 USC 1717.

SEC. 802. (a) The heading of title III of the National Housing Act is amended by striking out " FEDERAL N A T I O N A L M O R T G A G E ASSOCIATION " and inserting in lieu thereof " N A T I O N A L MORTGAGE ASSOCIATIONS". (b) Section 301 of such Act is amended— (1) by striking out "in the Federal GoveiTiment a"; (2) by striking out "facility for" and inserting in lieu thereof "facilities for"; (3) by striking out "of such facility" and inserting in lieu thereof "thereof"; (4) by striking out "facility to " and inserting in lieu thereof "facilities to "; and (5) by striking out "the existing mortgage portfolio of the Federal National Mortgage Association" and inserting in lieu thereof "federally owned mortgage portfolios". (c) Section 302(a) of such Act is amended— (1) by inserting " (1) " immediately following " (a) "; (2) by striking out "(hereinafter referred to as the 'Associat i o n ') "; and (3) by adding at the end thereof the following new paragraph: " (2) On the effective date established pursuant to section 808 of the Housing and Urban Development Act of 1968, the body corporate described in the foregoing paragraph shall cease to exist in that form and is hereby partitioned into two separate and distinct bodies corporate, each of which shall have continuity and corporate succession as a separated portion of the previously existing body corporate, as follows: " (A) One of such separated portions shall be a body corporate without capital stock to be known as Government National Mortgage Association (hereinater referred to as the 'Association'), which shall be in the I>epartment of Housing and Urban Development and which shall retain the assets and liabilities acquired and incurred under sections 305 and 306 prior to such effective date, including any and all liabilities incurred pursuant to section 302(c). The Association shall have succession until dissolved by Act of Congress. I t shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. Agencies or

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