Page:United States Statutes at Large Volume 86.djvu/338

 296

PUBLIC LAW 92-318-JUNE 23, 1972

[86 STAT.

''•GP:XERAL PROVISIOX FOR LOAX TROGRAM

acfioM^ ''""*

Rules and regulations.

**"

^^80 Stat. 612, 62 Stat. 984; 75 Stat. 53 9; 80 tat. 307.

,;> Posf, p. 3 01.

"SEC. 743. (a) Financial transactions of the Commissioner under this part, except with respect to administrative expenses, shall be final and conclusive on all officers of the Government and shall not be reviewable by any court. "(b) I n the performance of, and with respect to, the functions, powers, and duties vested in him by this part, the Connnissioner may— "(1) prescHbe such rules and regulations as may be necessary ^^ carry out the purposes of this part; "(2) sue and be sued in any court of record of a State having general jurisdiction or in any district court of the United States, and such district courts shall have jurisdiction of civil actions arising under this part without regard to the amount in controversy, and any action instituted under this subsection by or against the Commissioner shall survive notwithstanding any change in the person occupying the office of the Commissioner or any vacancy in such office; but no attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Commissioner or property under his control, and nothing herein shall be construed to except litigation arising out of activities under this part from the application of sections 507(b) and 517 and 2679 of title 28, United States Code: "(3) forcclose ou ally property or commence any action to protect Or euforce any right conferred upon him by any law, contract, Qj, other agreement, and bid for and purchase at any foreclosure or any other sale any property in connection with which he has made a loan pursuant to this part; and, in the event of any such acquisition (and notwithstanding any other provisions of law relating to the ac(iuisition, handling, or disposal of real property hj the United States), complete, administer, remodel and convert, dispose of, lease, and otherwise deal with, such property; except that (1) such action shall not preclude any other action by him to recover any deficiency in the amounts loaned and (2) any such acquisition of real property shall not deprive any State or political subdivision thereof of its civil or criminal jurisdiction in and over such property or impair the civil rights under the State or, local laws of the inhabitants on such property; "(4) sell or exchange at public or private sale, or lease, real or personal property, and sell or exchange any securities or obligations, upon such terms as he may fix; "(5) subject to the specific limitations in this part, consent to the modification, with respect to the rate of interest, time of payment of any installment of principal or interest, security, or any other term of any contract or agreement to which he is a party or which has been transferred to him pursuant to this section; and "(6) include in any contract or instrument made pursuant to this part such other covenants, conditions, or provisions (including provisions designed to assure against use of the facility, constructed with the aid of a loan under this part, for purposes described in section 782(1)), as he may deem necessary to assure that the purpose of this part will be achieved. " R E V O L VIX G L O A N F U N D A N D INSURANCE FUND

"SEC. 744. (a) There is hereby created within the Treasury a separate fund for higher education academic facilities loans and loan insurance (hereafter in this section called the 'fund') which shall be available to the Commissioner without fiscal year limitation as a

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