Page:United States Statutes at Large Volume 82.djvu/583

 82 STAT. ]

PUBLIC LAW 90-448-AUG. 1, 1968

541

for the purpose of such law his employment by the corporation without a break in continuity of service shall be deemed to be employment by the Government of the Ignited States. The corporation shall contribute to the Civil Service Retirement and Disability Fund a sum as provided by section 8334(a) of title 5, Ignited States Code, except so Stat. seg. that such sum shall be determined by applying to the total basic pav (as defined in 5 U.S.C. 8331(3) and except as hereinafter provided) ^^ s'^'- -'64. paid to the employees of the corporation who are covered by the civil service retirement law, the per centum rate determined annually by the United States Civil Service Commission to be the excess of the total normal cost per centum rate of the civil service retirement system over the employee deduction rate specified in section 8334(a) of title 5, United States Code. The corporation shall also pay into the Civil Service Retirement and Disability Fund such portion of the cost of administration of the fund as is determined by the United States Civil Service Commission to be attributable to its employees. Notwithstanding the foregoing provisions, there shall not be considered for the purposes of the civil service retirement law that portion of the basic pay in any one year of any officer or employee of the corporation which exceeds the basic pay provided for in section 5312 of title 5, United States Code, on the last day of such year. Except as provided in this 8° ^tat. 46o. subsection, the corporation shall not be subject to the provisions of title 5, United States Code." ' so Stat. 378. (cc) Section 309(e) of such Act is amended— es Stat. 620. (1) by striking out "body corporate created by section 302 and 12 USC 1723a. inserting in lieu thereof "bodies corporate named in section 302(a)(2)"; (2) by inserting ", 'Government National Mortgage Association'," immediately following " 'Federal National Mortgage Association' "; and (3) by striking out the second sentence and inserting in lieu thereof the following: "Violations of the foregoing sentence may be enjoined by any court of general jurisdiction at the suit of the proper body corporate. I n any such suit, the plaintiff may recover any actual damages flowing from such violation, and, in addition, shall be entitled to punitive damages (regardless of the existence or nonexistence of actual damages) of not exceeding $100 for each day during which such violation is committed or repeated." (dd) Section 309(g) of such Act is amended to read as follows: y.Ztt"^!,!^!^^"^^ banks, custodians. " (g) The Federal Reserve banks are authorized and directed to act as depositaries, custodians, and fiscal agents for each of the bodies corporate named in section 302(a)(2), for its own account or as fiduciary, Ante, p. 536. and such banks shall be reimbursed for such services in such manner as may be agreed upon; and each of such bodies corporate may itself act in such capacities, for its own account or as fiduciary, and for the account of others." (ee) Section 309 of such Act is amended by adding at the end thereof the following new subsection: " (h) The Secretary of Housing and Urban Development shall have general regulatory power over the Federal National Mortgage Association and shall make such rules and regulations as shall be necessary and proper to insure that the purposes of this title are accomplished. No stock, obligation, security, or other instrument shall be issued by the corporation without the prior approval of the Secretary. The Secretary may require that a reasonable portion of the corporation's mortgage purchases be related to the national goal of providing adequate housing for low and moderate income families, but with reasonable economic return to the corporation. The Secretary may examine and audit the books and financial transactions of the corporation, and

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