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such incidental powers as shall be necessary to carry out
SEC. 6. For the purposes of this Act, the Corporation
5 shall have power to borrow money, and to issue notes, bonds, 6 debentures, or other such obligations upon such terins and 7 conditions as the Board may determine, but the amount of 8 all such obligations outstanding at any one time shall not
9 exceed ten times the sum of its capital, surplus, and reserves. 10 Such notes, bonds, debentures, or other such obligations are
li hereby declared to be legal investments for federally char12 tered savings and loan associations. Moneys of the Corpora13 tion not required for current operation shall be deposited
14 with the Treasurer of the United States or, upon the
of the Secretary of the Treasury, in any Federal Reserve 16 bank or in any Federal home loan bank, or shall be in17 vested in obligations of, or obligations guaranteed as to
principal and interest by, the United States. When desig19
nated for that purpose by the Secretary of the Treasury, the 20
Corporation shall be a depository of public money, under 21 such regulations as may be prescribed by the Secretary of 22
the Treasury, and may also be employed as fiscal agent of 23 the United States, and it shall perform all such reasonable 24 duties as such depository or agent as may be required of it.
SEC. 7. The Corporation shall make an annual report of 3 its operations to the Congress as soon as practicable after the 4 first day of January in each year. Such report may be a part 5 of the annual report of the Federal Home Loan Bank Board.
USE OF CORPORATE NAME
SEC. 8. No individual, association, partnership, or cor
8 poration, except the body corporate created by section 3
of this Act, shall hereafter use the words "Home Mortgage
Corporation”, or any combination of such words, as a name 11
or part thereof under which he or it does business, but
this sentence shall not make unlawful the use of any name 13 under which business is being done on the date of the
enactment of this Act. Any individual, association, partnership, or corporation violating this prohibition shall be guilty of a misdemeanor and shall be punished by a fine of not
exceeding $100 for each day during which such violation
SEC. 9. (a) Section 201 of the Government Corporation
Control Act is amended by striking out “and (5) Federal
Deposit Insurance Corporation” and inserting in lieu thereof the following: “(5) Federal Deposit Insurance Corporation,
and (6) Home Mortgage Corporation”.
1 (b) In order that the Corporation may be supplied 2 with such forms of obligations or certificates as it may 3 need for issuance under this Act, the Secretary of the 4 Treasury is authorized, upon request of the Corporation, to
prepare such forms as shall be suitable and approved by 6 the Corporation, to be held in the Treasury subject to de7 livery upon order of the Corporation. The engraved plates, 8 dies, bed pieces, and other material executed in connection 9 therewith shall remain in the custody of the Secretary of 10 the Treasury. The Corporation shall reimburse the Sec11
retary of the Treasury for any expenses incurred in the 12 preparation, custody, and delivery of such forms.
S. 811-SECTION BY SECTION OUTLINE
Section 1. Title: "Home Mortgage Corporation Act."
Section 3. (a) Power given to the Home Mortgage Corporation by buy and sell participations in mortgages on residential properties containing not more than four family units.
(b) The Corporation to be managed by a Board made up of members of the Federal Home Loan Bank Board and the presidents of the Federal home loan banks, one of which presidents to be Chairman.
(c) Corporation shall have principal office in District of Columbia, with agencies in such other places as may be appropriate.
Section 4. (a) Capital stock of Corporation shall be in shares of $100 par value each. The Federal home loan banks shall subscribe to the preferred stock, at the call of the Board from time to time, up to a $50 million aggregate, in proportion to the outstanding capital of each bank at time of the call.
(b) Each Federal home loan bank member shall be eligible to purchase the common stock, and shall do so in an amount approximating 1 percent of the dollar volume of mortgage loans sold by such member to the Corporation. Common stock may be redeemed under certain conditions.
(c) Cash deposit permitted in lieu of purchase of stock by any member not permitted by law to invest in such stock.
(a) Provision for retirement of stock if such retirement does not reduce the assets of the Corporation to less than (1) $50 million, or (2) one-tenth of the dollar amount of the outstanding obligations of the Corporation, whichever is the greater. Senior stock shall be retired first.
(e) Ten percent of net earnings shall be transferred to reserves for losses annually until reserves equal 50 percent of outstanding capital, and thereafter 5 percent of net earnings shall be so transferred. After allocations to loss reserves, Board may pay dividends from remaining net earnings.
Section 5. General Powers of Corporation : Those normal to other governmental agencies.
Section 6. Authorization to borrow money and to issue obligations therefor up to 10 times the aggregate of outstanding assets. Such obligations will be legal investments for Federal savings and loan associations. Corporation authorized to invest in U.S. obligations or obligations guaranteed as to principal and interest by the United States. Secretary of the Treasury may designate Corporation as depositary of public money and it may be employed as fiscal agent for United States.
Section 7. Corporation shall make annual report to Congress.
Section 8. Use of any combination of words such as “Home Mortgage Corporation" prohibited to others, subject to $100 a day penalty for violation.
Section 9. (a) Amends Government Corporation Control Act to include Home Mortgage Corporation.
(b) Provision for Treasury to supply Corporation with such forms of obligations or certificates as it may need for issuance under the act, subject to reimbursement of the Secretary of Treasury for expenses thereby incurred.
IN THE SENATE OF THE UNITED STATES
SEPTEMBER 10, 1963 Mr. SPARKMAN (by request) introduced the following bill; which was read
twice and referred to the ('ommittee on Banking and Currency
A BILL To empower the Federal National Mortgage Association to deal
in conventional mortgages and to provide otherwise for its
further development as a secondary market facility. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 That section 302 (b) of the Federal National Mortgage
4 Association Charter Act is amended to read as follows:
“(b) For the purposes set forth in section 301 and sub
6 ject to the limitations and restrictions of this title:
“The Association is authorized under section 304, pur
8 suant to commitments or otherwise, to purchase, lend on 9 the security of, service, sell, or otherwise deal in any mort10 gages which are insured under the National Housing Act, or