Page:United States Statutes at Large Volume 94 Part 1.djvu/203

 PUBLIC LAW 96-221—MAR. 31, 1980

94 STAT. 153

Development Act of 1968, and investments in any partner- 42 USC 3931. ship, limited partnership, or joint venture formed pursuant to section 907(a) or 907(c) of such Act. 42 USC 3937. "(O) HOUSING AND URBAN DEVELOPMENT GUARANTEED IN-

VESTMENTS.—Loans as to which the association has the benefit of any guaranty under title IV of the Housing and Urban Development Act of 1968, under part B of the Urban Growth and New Community Development Act of 1970, or under section 802 of the Housing and Community Development Act of 1974 as in effect on or after the date of enactment of the Depository Institutions Deregulation and Monetary Control Act of 1980, or of a commitment or agreement therefor.

42 USC 3901. 42 USC 4511. 42 USC 1440,12 ^^ ^^^' ^'*Ante, p. 132.

"(P) STATE HOUSING CORPORATION INVESTMENTS.—Invest-

ments in, commitments to invest in, loans to, or commitments to lend to any State housing corporation, provided that such obligations or loans are secured directly, or indirectly through an agent or fiduciary, by a first lien on improved real estate which is insured under the provisions of the National Housing Act and that in the event of default, 12 USC 1701. the holder of such obligations or loans would have the right directly, or indirectly through an agent or fiduciary, to cause to be subject to the satisfaction of such obligations or loans the real estate described in the first lien or the insurance proceeds under the National Housing Act. "(Q) INVESTMENT COMPANIES.—An association may invest

in, redeem, or hold shares or certificates in any open-end management investment company which is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and the portfolio of which is 15 USC 80a-5l. restricted by such management company's investment policy, changeable only if authorized by shareholder vote, solely to any such investments as an association by law or regulation may, without limitation as to percentage of assets, invest in, sell, redeem, hold, or otherwise deal with. The Board shall prescribe rules and regulations to imple- Rules and ment the provisions of this subparagraph. regulations. "(2) LOANS OR INVESTMENTS LIMITED TO 20 PER CENTUM OF

ASSETS.—The following loans or investments are permitted, but authority conferred in the following subparagraphs is limited to not in excess of 20 per centum of the assets of the association for each subparagraph: "(A) COMMERCIAL REAL ESTATE LOANS.—Loans on security

of first liens upon other improved real estate. "(B) CONSUMER LOANS AND CERTAIN SECURITIES.—An association may make secured or unsecured loans for personal, family, or household purposes, and may invest in, sell, or hold commercial paper and corporate debt securities, as defined and approved by the Board. "(3)

LOANS OR INVESTMENTS LIMITED TO 5 PER CENTUM OF

ASSETS.—The following loans or investments are permitted, but the authority conferred in the following subparagraphs is limited to not in excess of 5 per centum of assets of the association for each subparagraph: "(A) EDUCATION LOANS.—Loans made for the payment of expenses of college, university, or vocational education. "(B)

COMMUNITY DEVELOPMENT INVESTMENTS.—Invest-

ments in real property and obligations secured by liens on

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