Page:United States Statutes at Large Volume 84 Part 1.djvu/521

 84 STAT. ]

PUBLIC LAW 91-351-JULY 24, 1970

463

the following: "or witliin the State in which such home office is located"; and (2) by substituting the word "section" for the word "proviso" used in the last clause of the second proviso. RESERVKS OF I N S U R E D

INSTITUTIONS

SEC. Y07. Section •108(b) of the National Housing Act (12 U.S.C. 1726(b)) is amended by inserting after '•''Provided. That" the second 4/8131^*298^^^' place the term appears the following: "the Corporation may extend 73 stat". 804! the twenty-year limitation hereinabove prescribed by not more than ten years in the case of any insured institution if it determines such action to be necessary to meet mortgage needs: Provided, further, lliat". SAVIN(JS AND LOAN

ASSCXJIATIONS AS P E N S I O N

ITRUSl'EES

SEC. 708. Section o(c) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464(c)) is amended by inserting before the next to the last 48 Stat. 132; paragraph a new paragraph as follows: ^^ ^*^** ^'^^' "Any such association is authorized to act as trustee of any trust created or organized in the I mited States and forming part of a stock bonus, pension, or profit-sharing plan which qualifies or qualified for specific tax treatment under section 401(d) of the Internal Revenue Code of 1954, if the funds of such trust are invested only in savings ^^ use 4of' accounts or deposits in such association or in obligations or securities issued by such association. All funds held in such fiduciary capacity by any such association may be commingled for appropriate purposes of investment, but individual records shall be kept by the fiduciary for each participant and shall show in proper detail all transactions engaged in under the authority of this paragraph." MAXIMUM

I/)AN

ON

SINCJLE-FAMILY

DWELLING

SEC. 709. Section 5(c) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464(c)) is amended by striking out "$40,000" in the first 78 stat, 804. proviso and inserting in lieu thereof "$45,000". COLLEGE H O U S I N ( } (JRANT

AUTHORIZATION

SEC. 710. Section 401(f)(2) of the Housing Act of 1950 is amended by striking out all that follows "increased by" and inserting in lieu thereof "$6,300,000 on July 1, 1970". NATIONAL HOUSING

PARTNERSHIPS

SEC. 711. Title IX of the Housing and Urban Development Act of 1968 is amended by adding after section 911 the followins: new section: ^

' STATE

83 Stat. 390. ^^ "^*^ ^^'*^'

=

4

2

REGULATION

"SEC. 912. Nothing contained in this title shall preclude a State or other local jurisdiction from imposing, in accordance with the laws of such State or other local jurisdiction, any valid nondiscriminatory tax, obligation, or regulation on the partnership as a taxable and or legal entity, but no limited partner of the partnership not otherwise subject to taxation or regulation by or judicial process of a State or other local

82 Stat. 547. 3940.

u s e 3931-

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