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1 officers, and employees thereof, including any field service

2 thereof, in carrying out its duties under this Act.

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4 SEC. 204. Mortgage marketing corporations and mort

5 gage insurance corporations organized under this Act shall 6 be subject to taxation to the same extent as State-char7 tered corporations, except that no State or political subdi8 vision thereof shall impose any tax on any such corporation 9 or its franchise, capital, reserves, surplus, loans, income, or 10 stock, or its securities or the income therefrom, at a greater 11 rate than that imposed by such State on corporations, do12 mestic or foreign, engaged in similar business within the 13 State.

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EXPENSES

SEC. 205. The expenses of carrying out the provisions 16 of this Act shall be borne out of appropriations to the Joint 17 Board. Beginning at such time as this Act has been in 18 effect for three full calendar years, the Joint Board shall, at 19 the beginning of each calendar year, levy an assessment 20 against corporations organized pursuant to the provisions of 21 this Act, based upon such equitable principles as the Joint 22 Board shall determine, in amounts sufficient to provide for the

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expenses of carrying out the provisions of this Act for such 24 calendar year. In addition, the assessments for each of the 25 first ten years for which assessments are levied shall be in

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an amount equal to one-tenth of the total expenses of carry

2 ing out the provisions of this Act for the first three full calen

3 dar years and fraction thereof, if any, that this Act has been 4 in effect. Funds received by the Joint Board as a result of 5 the assessments levied against corporations organized pur6 suant to this Act shall be paid into the Treasury.

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FORFEITURE OF CHARTER

8 SEC. 206. Should any mortgage insurance corporation 9 or mortgage marketing corporation organized under this Act 10 violate or fail to comply with any of the provisions of this 11 Act, or of any regulations prescribed thereunder, all of its 12 rights, privileges, and franchises conferred by this Act may 13 thereby be forfeited. Before any such corporation shall be 14 declared dissolved, or its rights, privileges, and franchises for15 feited, any noncompliance with or violation of this Act shall 16 be adjudged by a court of the United States of competent 17 jurisdiction in a suit brought for that purpose in the district, 18 State, or other place subject to the jurisdiction of the United 19 States in which the principal office of such company is 20 located. Any such suit shall be brought by the United States 21 by the Attorney General at the instance of the Joint Board. 22 In the event the charter is forfeited under the provisions of 23 this section, the Joint Board shall take possession of 24 the assets of the corporation, and title to such assets shall be 25 vested in the Joint Board. The Joint Board shall use the

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1 assets to discharge the liabilities of the corporation, includ2 ing the expenses of liquidation, and any assets remaining 3 after the discharge of all liabilities shall be distributed to the 4 stockholders.

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6 SEC. 207. Whenever, in the judgment of the Joint 7 Board, any person has engaged or is about to engage in any acts or practices which constitute or, if consummated, will 9 constitute a violation of any provision of this Act, or of any

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regulation thereunder, the Joint Board may make applica11 tion to the proper district court of the United States, or a 12 United States court of any place subject to the jurisdiction. 13 of the United States, for an order enjoining such acts or practices, or for an order enforcing compliance with such provision, or regulation, and such courts shall have jurisdic

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tion of such actions and, upon a showing by the Board that 17 such person has engaged or is about to engage in any such acts or practices, a permanent or temporary injunction, restraining order, or other order shall be granted without

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20 bond.

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REMOVAL OF DIRECTOR, OFFICER, OR OTHER PERSONNEL
SEC. 208. Whenever the Joint Board determines that

any director, officer, attorney, employee, or agent of a cor-
poration organized under this Act has violated any law

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1 relating to such corporation or has engaged in unsafe or 2 unsound practices in conducting the business of such cor3 poration, the Joint Board shall cause notice to be served 4 upon such director, officer, attorney, employee, or agent 5 to appear before such Joint Board to show cause why he 6 should not be removed from office. A copy of such order 7 shall be sent to each director of the corporation concerned 8 by registered mail. If, after granting such director, officer, 9 attorney, employee, or agent a reasonable opportunity to be 10 heard, the Joint Board finds that he has violated any law 11 relating to such corporation or has engaged in unsafe or 12 unsound practices in conducting the business of such cor13 poration, the Joint Board, in its discretion, may order 14 that such director, officer, attorney, employee, or agent be 15 removed from office. A copy of such order shall be served 16 upon such director, officer, attorney, employee, or agent. 17 A copy of such order shall also be served upon the corpora18 tion affected, whereupon such director, officer, attorney, 19 employee, or agent shall cease to be a director, officer, at20 torney, employee, or agent of such corporation. Any such 21 director, officer, attorney, employee, or agent removed from 22 office as herein provided who thereafter participates in any 23 manner in the management of such corporation, or as an 24 attorney, employee, or agent thereof, shall be fined not

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more than $5,000, or imprisoned for not more than five

years, or both, in the discretion of the court.

REVIEW OF ORDER; REHEARING

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SEC. 209. Any person who has been removed from 5 office by an order of the Joint Board may obtain a review 6 of such order in the court of appeals of the United States, 7 within any circuit where the act or practice took place or 8 where such person resides or carries on business, by filing in 9 the court, within sixty days from the date of the service of 10 such order, a written petition praying that the order of the 11 Joint Board be set aside. A copy of such petition shall be 12 forthwith transmitted by the clerk of the court to the Joint 13 Board, and thereupon the Joint Board shall file in the court 14 the record in the proceeding, as provided in section 2112 of 15 title 28, United States Code. Upon such filing of the peti16 tion the court shall have jurisdiction of the proceeding and 17 of the question determined therein concurrently with the 18 Joint Board until the filing of the record and shall have

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power to make and enter a decree affirming, modifying, or 20 setting aside the order of the Joint Board, and enforcing the 21 same to the extent that such order is affirmed and to issue 22 such writs as are ancillary to its jurisdiction or are necessary 23 in its judgment to prevent injury. The findings of the Joint 24 Board as to the facts, if supported by evidence, shall be con

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