Page:United States Statutes at Large Volume 82.djvu/580

 538

12 us^c tns

R^p^ai-

PUBLIC LAW 90-448-AUG. 1, 1968

(2) by striking out the last sentence. (^) Section 303(c) of such Act is amended— (1) by striking out "(only in denominations of $100 or multiples thereof)"; (2) by inserting immediately after the first sentence the following: " I n addition to the shares of common stock issued under the foregoing sentence, the corporation may issue additional shares in return for appropriate payments into capital or capital and surplus. The corporation shall at all times require each servicer of its mortgages to own a minimum amount of common stock of the corporation, measured by its stated value. Such minimum amount shall not exceed 2 per centum, as determined from time to time by the corporation with the approval of the Secretary of Housing and LTrban Development, of the aggregate outstanding principal balances of all mortgages of the corporation which have been purchased subsequent to the effective date established pursuant to section 808 of the Housing and Urban Development Act of 1968 and which are then serviced by such servicer for the corporation."; and (3) by striking out "the general surplus account of the Association shall not be reduced through the payment of dividends applicable to such common stock which exceed in the aggregate 5 per centum of the par value of the outstanding common stock of the Association" and inserting in lieu thereof "the aggregate amount of cash dividends paid on account of any share of such stock shall not exceed any rate which may be determined from time to time by the Secretary of Housing and Urban Development to be a fair rate of return after consideration of the current earnings and capital condition of the corporation". (1) Section 303(d) of such Act is amended by striking out "$22-5,000,000" and inserting in lieu thereof "$225,000,000; but no such stock may be issued subsequent to the effective date established pursuant to section 808 of the Housing and Urban Development Act of 1968". (m) Section 303(f) of such Act is amended by striking out "contributions, and" inserting in lieu thereof "contributions, to purchase additional shares of such stock, and". (n) Section 303(g) of such Act is repealed. (o) The heading of section 304 of such Act is amended to read as f o l l o w s: "SECONDARY M A R K E T OPERATIONS GAGE ASSOCIATION".

68 Stat. 615; ^^2 USC ^m9.

12 USC 1720.

[82 STAT.

FEDERAL NATIONAL MORT-

(p) Section 304(a)(1) of such Act is amended by striking out "and ^1"^^ Association shall not purchase any mortgage insured or guaranteed prior to the effective date of the Housing Act of 1954". (q) Section 304(b) of such Act is amended by striking out "earnings and in" and inserting in lieu thereof "earnings unless a greater ratio shall be fixed at any time or from time to time by the Secretary of Housing and Urban Development. In". (r) Section 304(c) of such Act is amended by striking out " (1) all of the preferred stock of the Association held by the Secretary of the Treasury has been retired, or (2) ". (s) Sections 303 and 304 of such Act, as amended by the foregoing subsections of this section, are further amended— (1) by striking out "Association" each place it appears and inserting in lieu thereof, in each such place, "corporation"; and (2) by striking out "Association's each place it appears and inserting in lieu thereof, in each such place, "corporation's". (t) The heading of section 305 of such Act is amended to read as follows:

"SPECIAL

ASSISTANCE

MORTGAGE ASSOCIATION".

FUNCTIONS

GOVERNMENT

NATIONAL

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