Page:United States Statutes at Large Volume 82.djvu/651

 82 STAT. ]

PUBLIC LAW 90-448-AUG. 1, 1968

(1) by inserting " (1) immediately before "invest"; (2) by striking out " (1) " before "secured"; (3) by inserting ", now or hereafter in effect, after "National Housing Act"; and (4) by striking out all that follows " (2) " and inserting in lieu thereof the following: "acquire and hold investments in housing project loans, or interests therein, having the benefit of any guaranty under section 221 of the Foreign Assistance Act of 1961, as now or hereafter in effect, or loans, or interests therein, having the benefit of any guaranty under section 224 of such Act, or any commitment or agreement with respect to such loans, or interests therein, made pursuant to either of such sections." (f) Section 5(c) of such Act i.s amended by adding immediately before the last paragraph thereof the following new paragraph: "Any such association may invest in loans, or interests ui loans, to financial institutions with respect to which the United States or any agency or instrumentality thereof ha.s any function of examination or supervision, or to any broker or dealer registered with the Securities and Exchange Commission, secured by loans, obligations, or investments in which it has any statutory authority to invest directly." FEDERAL H O M E L 0. \ N B A N K

609

^^?1^'- 46 5. 75 Stat. 429. ^^ ^^^ ^^^'^' ^9 Stat. ess. "*' 12 USC i464.

ACT

SEC. 1717. Section 12 of the Federal Home Loan Bank Act, as amended (12 U.S.C. 1432), is amended by inserting " (a) " after "SEC. Jl,^^,^';J^^^' 80 Stat. 1293. 12.", and by adding at the end thereof a new subsection as follows: " (b) Subject to such regulations as may be prescribed by the Board, one or more Federal home loans banks may acquire, hold, or dispose of, in whole or in part, or facilitate such acquisition, holding, or disposition by members of any such bank of, housing project loans, or interests therein, having the benefit of any guaranty under section 221 of the Foreign Assistance Act of 1961, as now or hereafter in effect, or loans, or interests therein, having the benefit of any guaranty under section 224 of such Act, or any commitment or agreement with respect to such loans, or interests therein, made pursuant to either of such sections." FEDERAL RESERVE ACT

SEC. 1718. Section 24 of the Federal Reserve Act, as amended (12 U.S.C. 371), is amended— (1) by striking out "twenty-four months", wherever it appears in the third paragraph and inserting in lieu thereof "thirty-six months"; (2) by striking out "when the entire amount of such obligation is sold to the association", wherever it appears in the first and second paragraphs, and inserting in lieu thereof "in whole or in part and at any time or times prior to the maturity of such obligation"; and (3) by striking out the last paragraph and inserting in lieu thereof the following: "Loans made to any borrower (i) where the association looks for repayment by relying primarily on the borrower's general credit standing and forecast of income, with or without other security, or (ii) where the association relies on other security as collateral for the loans (including but not limited to a guaranty of a third party), and where, in either case described in clause (i) or (ii) above, the association wishes to take a mortgage, deed of trust, or other instrument upon real estate (whether or not constituting a first lien) as a precaution

73 Stat. 489; 79 Stat. S09.

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