Page:United States Statutes at Large Volume 84 Part 2.djvu/477

 84 STAT. ]

PUBLIC LAW 91^09-DEC. 31, 1970

1807

(b) Section 508(b) of such Act is amended by striking out "shall" "usc^'ms' wherever it appears in the first and second sentences and inserting in lieu thereof "may". (c) Section o l 5 (b)(l) of such Act is amended by striking out 76stat. 67i; "$300,000" and inserting in lieu thereof "$750,000". ^^fus Jf485. (d) Section 517(j)(3) of such Act is amended by inserting after 79 Stat. 499.' "collections" the following: "or necessary to obtain credit reports 42 USC i487. on applicants or borrowers". (e) Section 520 of such Act is amended by striking out "5,500" and ^^ ^tau 50^2^ inserting in lieu thereof "10,000".

TITLE IX—MISCELLANEOUS L I A B I L I T Y OF F N M A TO UNITED

STATES

SEC. 901. (a) I n accordance with the provisions of section 303(a) of the National Housing Act concerning payment of a prescribed part of the general surplus and reserves of the corporation, the Federal National Mortgage Association shall pay to the Secretary of the Treasury $52,386,117. (b) I n accordance with the provisions of section 309(c) of the National Housing Act as it existed prior to September 1, 1968, the Federal National Mortgage Association shall pay to the Secretary of the Treasury the remaining income tax equivalent of $16,479,604, plus interest (1) on $2,977,442 at the rate of 6 per centum from September 16, 1967, until the date of payment; (2) on $13,442,424 at the rate of 6 per centum from September 16, 1968, until the date of payment; and (3) on $59,738 at 6 per centum from November 16, 1968, until the date of payment. (c) The receipt by the Secretary of the Treasury of the amounts required to be paid by subsections (a) and (b) of this section shall constitute a full and final settlement of all matters affected by such subsections. The United States shall be made a party defendant in any case against any person who is, has been, or may be a director, officer, employee, or agent of the Federal National Mortgage Association because of any action taken pursuant to subsection (a) or (b) of this section, and any judgment awarded the Federal National Mortgage Association shall be paid in the same manner as a judgment against the United States. (d) Section 302(a) of the National Housing Act, as amended, is further amended by adding at the end thereof the following new paragraph: "(3) The partition transaction effected pursuant to the foregoing paragraph constitutes a reorganization within the meaning of section 3 6 8 (a)(1)(E) of the Internal Revenue Code of 1954; and for the purposes of such Code, no gain or loss is recognized by the previously existing body corporate by reason of the partition, and the basis and holding period of the assets of the corporation immediately following such partition are the same as the basis and holding period of such assets immediately prior to such partition." (e) Section 810(a) of the Housing and Urban Development Act of 1968 is amended by adding at the end thereof the following sentence: "For the purposes of the Internal Revenue Code of 1954, no gain or loss is recognized by the holders of such stock on such change, and the basis and holding period of such stock in the hands of the stockholders immediately after such change are the same as the basis and holding period of such stock in their hands immediately prior to such change."

82^ltrt^5'3V^' 12 USC 1718. Jncome tax, pay12 USC 1723a.

82^stat^5'36^^' 12 USC 1717.

siljlc^iesf'

^2 Stat. 545. note."^^ ^7i6h 68A Stat. 3. ^^ ^^^ ^'

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