§ 1718. Capitalization of Federal National Mortgage Association

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1934

   National Housing Act.”

   Pub. L. 73–847 · 48 Stat. 1246

   Enacted · 12 U.S.C. § 1718

   June 27, 1934, ch. 847, title III, § 303, 48 Stat. 1254

   Source evidence

   Code source credit
   June 27, 1934, ch. 847, title III, § 303, 48 Stat. 1254

2. 1956

   Public Law not identified

   Substituted · 12 U.S.C. § 1718(b)

   Subsec. (b). Act Aug. 7, 1956, substituted provisions which required mortgage sellers to make contributions equal to not more than 2 percent of the unpaid principal amount of mortgages or greater or lesser percentage as the Association may determine, but not less than 1 percent, for former provisions that contributions equal 3 percent of the unpaid amount of the mortgages or such greater percentage as from time to time the Association may determine

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (b). Act Aug. 7, 1956, substituted provisions which required mortgage sellers to make contributions equal to not more than 2 percent of the unpaid principal amount of mortgages or greater or lesser percentage as the Association may determine, but not less than 1 percent, for former provisions that contributions equal 3 percent of the unpaid amount of the mortgages or such greater percentage as from time to time the Association may determine.

3. 1957

   Pub. L. 85–10 § 1(a) · 71 Stat. 7

   Inserted · 12 U.S.C. § 1718(d)

   Pub. L. 85–10, § 1(a), inserted sentence directing Secretary of the Treasury to accept additional $50,000,000 of preferred stock issued by Association

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 85–10, § 1(a), inserted sentence directing Secretary of the Treasury to accept additional $50,000,000 of preferred stock issued by Association.

4. 1957

   Pub. L. 85–10 § 1(b) · 71 Stat. 7

   1. Inserted · 12 U.S.C. § 1718(e)

      Pub. L. 85–10, § 1(b), inserted “the first sentence of” before “subsection (d)” in first sentence

   2. Inserted · 12 U.S.C. § 1718(e)

      Pub. L. 85–10, § 1(b), inserted sentence providing that Association stock delivered to Treasury pursuant to second sentence of subsec. (d) of this section be in exchange for Association notes of $50,000,000

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 85–10, § 1(b), inserted “the first sentence of” before “subsection (d)” in first sentence, and inserted sentence providing that Association stock delivered to Treasury pursuant to second sentence of subsec. (d) of this section be in exchange for Association notes of $50,000,000.

5. 1957

   Housing Act of 1957

   Pub. L. 85–104 § 201 · 71 Stat. 294

   Substituted · 12 U.S.C. § 1718(b)

   Pub. L. 85–104, § 201, substituted provisions which fixed capital contributions payments at maximum of 2 percent and minimum of 1 percent of unpaid principal amounts of mortgages purchased or to be purchased under section 1719 of this title, for former provisions which provided for capital contributions payments equal to 2 percent of the unpaid principal amounts of mortgages purchased by the Association or equal to such greater or lesser percentage but not less than 1 percent, as the Association might determine

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 85–104, § 201, substituted provisions which fixed capital contributions payments at maximum of 2 percent and minimum of 1 percent of unpaid principal amounts of mortgages purchased or to be purchased under section 1719 of this title, for former provisions which provided for capital contributions payments equal to 2 percent of the unpaid principal amounts of mortgages purchased by the Association or equal to such greater or lesser percentage but not less than 1 percent, as the Association might determine.

   Enacted provision · exact public law section
   Sec. 201. secondary market operations The first sentence of section 303 (b) of the National 12 USC 1718. Housing Act is amended to read as follows: “The Association shall accumulate funds for its capital surplus account from private sources by requiring each mortgage seller to make payments of nonrefundable capital contributions, equal to not more than 2 per centum nor less than 1 per centum of the unpaid principal amounts of mortgages purchased or to be purchased by the Association from such seller under section 304, as determined from time to time by the Association, taking into consideration conditions in the mortgage market and the general economy.”

6. 1957

   Housing Act of 1957

   Pub. L. 85–104 § 202(a) · 71 Stat. 294

   Substituted · 12 U.S.C. § 1718(d)

   Pub. L. 85–104, § 202(a), substituted “$115,000,000” for “$50,000,000” in second sentence

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 85–104, § 202(a), substituted “$115,000,000” for “$50,000,000” in second sentence.

   Enacted provision · exact public law section
   (a) The second sentence of section 303 (d) of the National 12 USC 1718. Housing Act is amended by striking out “$50,000,000” and inserting in lieu thereof “$115,000,000”.

7. 1957

   Housing Act of 1957

   Pub. L. 85–104 § 202(b) · 71 Stat. 294

   Substituted · 12 U.S.C. § 1718(e)

   Pub. L. 85–104, § 202(b), substituted “$115,000,000” for “$50,000,000” in second sentence

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 85–104, § 202(b), substituted “$115,000,000” for “$50,000,000” in second sentence.

   Enacted provision · exact public law section
   (b) The second sentence of section 303 (e) of such Act is amended by striking out “$50,000,000” and inserting in lieu thereof “$115,000,000”.

8. 1961

   Housing Act of 1961

   Pub. L. 87–70 § 603(b) · 75 Stat. 149

   Changed · 12 U.S.C. § 1718(b)

   Pub. L. 87–70, § 603(b), directed the Association to require each borrower to make payments, equal to not more than one-half of one per centum of the amount lent to the borrower under section 1719 of this title

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 87–70, § 603(b), directed the Association to require each borrower to make payments, equal to not more than one-half of one per centum of the amount lent to the borrower under section 1719 of this title.

   Enacted provision · exact public law section
   (b) The first sentence of section 303(b) of such Act is amended by inserting immediately before the period at the end thereof the following: “; and by requiring each borrower to make such payments, equal to not more than one-half of 1 per centum of the amount lent by the Association to such borrower under section 304”.

9. 1961

   Housing Act of 1961

   Pub. L. 87–70 § 603(c) · 75 Stat. 149

   Inserted · 12 U.S.C. § 1718(c)

   Pub. L. 87–70, § 603(c), required issuance of stock to borrowers and inserted “(adjusted by reason of any payments into surplus required by the Association)”

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 87–70, § 603(c), required issuance of stock to borrowers and inserted “(adjusted by reason of any payments into surplus required by the Association)”.

   Enacted provision · exact public law section
   (c) Section 303(c) of such Act is amended by striking out the first sentence and by inserting in lieu thereof the following: “The Association shall issue from time to time, to each mortgage seller or borrower, its common stock (only in denominations of $100 or multiples thereof) evidencing any capital contributions (adjusted by reason of any payments into surplus required by the Association) made by such seller or borrower pursuant to subsection (b) of this section.”

10. 1965

    Housing and Urban Development Act of 1965

    Pub. L. 89–117 title X § 1004(b) · 79 Stat. 451

    Inserted · 12 U.S.C. § 1718(b)

    Pub. L. 89–117 inserted “other” sources to private sources as the areas from which the Association shall accumulate funds for its capital surplus account

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 89–117 inserted “other” sources to private sources as the areas from which the Association shall accumulate funds for its capital surplus account.

    Enacted provision · exact public law section
    (b) Section 303(b) of such Act is amended by inserting “and other” 12 USC 1718. after “private” in the first sentence.

11. 1966

    Pub. L. 89–566 § 2(a) · 80 Stat. 738

    Changed · 12 U.S.C. § 1718(d)

    Pub. L. 89–566, § 2(a), raised from $115,000,000 to $225,000,000 the amount of the par value of the preferred stock of the Association which the Secretary of the Treasury is authorized and directed to accept in addition to the original $21,000,000

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 89–566, § 2(a), raised from $115,000,000 to $225,000,000 the amount of the par value of the preferred stock of the Association which the Secretary of the Treasury is authorized and directed to accept in addition to the original $21,000,000.

    Enacted provision · exact public law section
    (a) The second sentence of section 303(d) of the National Housing Act is amended by striking out “$115,000,000” and inserting in lieu thereof “$225, 000, 000”.

12. 1966

    Pub. L. 89–566 § 2(b) · 80 Stat. 738

    Substituted · 12 U.S.C. § 1718(e)

    Pub. L. 89–566, § 2(b), substituted “$225,000,000” for “$115,000,000” in second sentence

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 89–566, § 2(b), substituted “$225,000,000” for “$115,000,000” in second sentence.

    Enacted provision · exact public law section
    (b) The second sentence of section 303(e) of such Act is amended by striking out “$115, 000, 000” and inserting in lieu thereof “$225,000,000”.

13. 1967

    Pub. L. 90–19 § 1(j)(2) · 81 Stat. 17

    Substituted · 12 U.S.C. § 1718(a)

    Pub. L. 90–19, § 1(j)(2), substituted “Secretary of the Treasury’s” for “Secretary’s” in last sentence

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 90–19, § 1(j)(2), substituted “Secretary of the Treasury’s” for “Secretary’s” in last sentence.

    Enacted provision · exact public law section
    (1) by striking out “Federal Housing Administration” each place it appears and inserting in lieu thereof “Department of Housing and Urban Development”;

14. 1967

    Pub. L. 90–19 § 1 · 81 Stat. 17

    Substituted · 12 U.S.C. § 1718(g)

    Pub. L. 90–19, § 1(l), substituted “Secretary of Housing and Urban Development” for “Housing and Home Finance Administrator”

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 90–19, § 1(l), substituted “Secretary of Housing and Urban Development” for “Housing and Home Finance Administrator”.

    Enacted provision · exact public law section
    (1) by striking out “Federal Housing Administration” each place it appears and inserting in lieu thereof “Department of Housing and Urban Development”;

15. 1968

    Housing and Urban Development Act of 1968

    Pub. L. 90–448 § 802(i) · 82 Stat. 476

    1. Struck · 12 U.S.C. § 1718(a)

       Pub. L. 90–448, § 802(i), (s)(1), changed common stock of the Association from nonvoting common stock with a par value of $100 to common stock, without par value, vested with all voting rights and each share entitled to one vote with rights of cumulative voting at all elections of directors, provided that the free transferability of the common stock shall not be restricted except that, as to the corporation, it shall be transferable only on the books of the corporation, struck out provisions which permitted retirement of the preferred stock only out of funds of the capital surplus and the general surplus accounts of the Association, and which prohibited retirements of common stock if, as a consequence, the amount thereof remaining outstanding would be less than $100,000,000

    2. Substituted · 12 U.S.C. § 1718(a)

       Pub. L. 90–448, § 802(i), (s)(1), changed common stock of the Association from nonvoting common stock with a par value of $100 to common stock, without par value, vested with all voting rights and each share entitled to one vote with rights of cumulative voting at all elections of directors, provided that the free transferability of the common stock shall not be restricted except that, as to the corporation, it shall be transferable only on the books of the corporation, substituted provisions requiring retirement of preferred stock to be made as rapidly as possible subsequent to the effective date of section 808 of the Housing and Urban Development Act of 1968, for provisions which required retirement as rapidly as the Association shall deem feasible, and “corporation” for “Association” in six places

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 90–448, § 802(i), (s)(1), changed common stock of the Association from nonvoting common stock with a par value of $100 to common stock, without par value, vested with all voting rights and each share entitled to one vote with rights of cumulative voting at all elections of directors, provided that the free transferability of the common stock shall not be restricted except that, as to the corporation, it shall be transferable only on the books of the corporation, struck out provisions which permitted retirement of the preferred stock only out of funds of the capital surplus and the general surplus accounts of the Association, and which prohibited retirements of common stock if, as a consequence, the amount thereof remaining outstanding would be less than $100,000,000, and substituted provisions requiring retirement of preferred stock to be made as rapidly as possible subsequent to the effective date of section 808 of the Housing and Urban Development Act of 1968, for provisions which required retirement as rapidly as the Association shall deem feasible, and “corporation” for “Association” in six places.

    Enacted provision · exact public law section
    (i) Section 303(a) of such Act is amended— 68 stat. 613. 12 USC 1719. (1) by striking out “nonvoting common stock” and inserting in lieu thereof “common stock, without par value, which shall be vested with all voting rights, each share being entitled to one vote with rights of cumulative voting at all elections of directors”; (2) by striking out “nonvoting preferred stock” and inserting in lieu thereof “nonvoting preferred stock, with a par value of $100 per share,”; (3) by striking out the second and third sentences thereof and inserting in lieu thereof “The free transferability of the common stock at all times to any person, firm, corporation, or other entity shall not be restricted except that, as to the corporation, it shall be transferable only on the books of the corporation.”; (4) by striking out “of the capital surplus and the general surplus accounts”; (5) by striking out “retire” and inserting in lieu thereof “retire, at par,”; and (6) by striking out “the Association shall deem feasible” and inserting in lieu thereof “possible subsequent to the effective date established pursuant to section 808 of the Housing and Urban Development Act of 1968”.

    Effective date note
    For effective date of amendment by title VIII of Pub. L. 90–448, see section 808 of Pub. L. 90–448, set out as an Effective Date note under section 1716b of this title.

16. 1968

    Housing and Urban Development Act of 1968

    Pub. L. 90–448 § 802(j) · 82 Stat. 476

    1. Substituted · 12 U.S.C. § 1718(b)

       Pub. L. 90–448, § 802(j), (s)(1), substituted “corporation” for “Association”

    2. Substituted · 12 U.S.C. § 1718(b)

       Pub. L. 90–448, § 802(j), (s)(1), substituted “fees, which may be regarded as elements of pricing, with” for “fees for its services with”

    3. Struck · 12 U.S.C. § 1718(b)

       Pub. L. 90–448, § 802(j), (s)(1), struck out sentence which stated this subsection shall be subject to the exceptions set forth in section 1722 of this title

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 90–448, § 802(j), (s)(1), substituted “corporation” for “Association” in six places, and “fees, which may be regarded as elements of pricing, with” for “fees for its services with”, and struck out sentence which stated this subsection shall be subject to the exceptions set forth in section 1722 of this title.

    Enacted provision · exact public law section
    (j) Section 303(b) of such Act is amended— (1) by striking out “for its services” and inserting in lieu thereof “, which may be regarded as elements of pricing,”; and (2) by striking out the last sentence.

    Effective date note
    For effective date of amendment by title VIII of Pub. L. 90–448, see section 808 of Pub. L. 90–448, set out as an Effective Date note under section 1716b of this title.

17. 1968

    Housing and Urban Development Act of 1968

    Pub. L. 90–448 § 802(k) · 82 Stat. 476

    1. Substituted · 12 U.S.C. § 1718(c)

       Pub. L. 90–448, § 802(k), (s)(1), substituted “corporation” for “Association”

    2. Substituted · 12 U.S.C. § 1718(c)

       Pub. L. 90–448, § 802(k), (s)(1), substituted “the aggregate amount of cash dividends paid on account of any share of such stock shall not exceed any rate which may be determined from time to time by the Secretary of Housing and Urban Development to be a fair rate of return after consideration of the current earnings and capital condition of the corporation” for “the general surplus account of the Association shall not be reduced through the payment of dividends applicable to such common stock which exceed in the aggregate 5 per centum of the par value of the outstanding common stock of the Association”

    3. Inserted · 12 U.S.C. § 1718(c)

       Pub. L. 90–448, § 802(k), (s)(1), inserted provisions authorizing the corporation to issue additional shares in return for appropriate payments into capital or capital and surplus, directing the corporation to require each services of its mortgages to own a minimum amount of common stock of the corporation, and prescribing the minimum amount

    4. Struck · 12 U.S.C. § 1718(c)

       Pub. L. 90–448, § 802(k), (s)(1), struck out provisions which related to issuance of common stock only in denominations of $100 or multiples thereof

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 90–448, § 802(k), (s)(1), substituted “corporation” for “Association” in five places, and “the aggregate amount of cash dividends paid on account of any share of such stock shall not exceed any rate which may be determined from time to time by the Secretary of Housing and Urban Development to be a fair rate of return after consideration of the current earnings and capital condition of the corporation” for “the general surplus account of the Association shall not be reduced through the payment of dividends applicable to such common stock which exceed in the aggregate 5 per centum of the par value of the outstanding common stock of the Association”, inserted provisions authorizing the corporation to issue additional shares in return for appropriate payments into capital or capital and surplus, directing the corporation to require each services of its mortgages to own a minimum amount of common stock of the corporation, and prescribing the minimum amount, and struck out provisions which related to issuance of common stock only in denominations of $100 or multiples thereof.

    Enacted provision · exact public law section
    (k) Section 303(c) of such Act is amended— (1) by striking out “(only in denominations of $100 or multiples thereof)”; (2) by inserting immediately after the first sentence the following: “In addition to the shares of common stock issued under the foregoing sentence, the corporation may issue additional shares in return for appropriate payments into capital or capital and surplus. The corporation shall at all times require each servicer of its mortgages to own a minimum amount of common stock of the corporation, measured by its stated value. Such minimum amount shall not exceed 2 per centum, as determined from time to time by the corporation with the approval of the Secretary of Housing and Urban Development, of the aggregate outstanding principal balances of all mortgages of the corporation which have been purchased subsequent to the effective date established pursuant to section 808 or the Housing and Urban Development Act of 1968 and which are then serviced by such servicer for the corporation.”; and (3) by striking out “the general surplus account of the Association shall not be reduced through the payment of dividends applicable to such common stock which exceed in the aggregate 5 per centum of the par value of the outstanding common stock of the Association” and inserting in lieu thereof “the aggregate amount of cash dividends paid on account of any share of such stock shall not exceed any rate which may be determined from time to time by the Secretary’ of Housing and Urban Development to be a fair rate of return after consideration of the current earnings and capital condition of the corporation”.

    Effective date note
    For effective date of amendment by title VIII of Pub. L. 90–448, see section 808 of Pub. L. 90–448, set out as an Effective Date note under section 1716b of this title.

18. 1968

    Housing and Urban Development Act of 1968

    Pub. L. 90–448 § 802 · 82 Stat. 476

    1. Substituted · 12 U.S.C. § 1718(d)

       Pub. L. 90–448, § 802(l), (s), substituted “corporation” for “Association”

    2. Substituted · 12 U.S.C. § 1718(d)

       Pub. L. 90–448, § 802(l), (s), substituted “corporation’s” for “Association’s”

    3. Inserted · 12 U.S.C. § 1718(d)

       Pub. L. 90–448, § 802(l), (s), inserted provisions prohibiting issuance of preferred stock subsequent to the effective date established pursuant to section 808 of the Housing and Urban Development Act of 1968

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 90–448, § 802(l), (s), substituted “corporation” for “Association” in six places, and “corporation’s” for “Association’s”, and inserted provisions prohibiting issuance of preferred stock subsequent to the effective date established pursuant to section 808 of the Housing and Urban Development Act of 1968.

    Enacted provision · exact public law section
    Sec. 802. amendments to the federal national mortgage association charter act (a) The heading of title III of the National Housing Act is amended by striking out “FEDERAL NATIONAL MORTGAGE ASSOCIATION” and inserting in lieu thereof “NATIONAL MORTGAGE ASSOCIATIONS”. (b) Section 301 of such Act is amended— (1) by striking out “in the Federal Government a”; (2) by striking out “facility for” and inserting in lieu thereof “facilities for”; (3) by striking out “of such facility” and inserting in lieu thereof “thereof”; (4) by striking out “facility to” and inserting in lieu thereof “facilities to”; and (5) by striking out “the existing mortgage portfolio of the Federal National Mortgage Association” and inserting in lieu thereof “federally owned mortgage portfolios”. (c) Section 302(a) of such Act is amended— (1) by inserting“(1)” immediately following“(a)”; (2) by striking out “(hereinafter referred to as the ‘Association’)”; and (3) by adding at the end thereof the fol lowing new paragraph: “(2) On the effective date established pursuant to section 808 of the Housing and Urban Development Act of 1968, the body corporate described in the foregoing paragraph shall cease to exist in that form and is hereby partitioned into two separate and distinct bodies corporate, each of which shall have continuity and corporate succession as a separated portion of the previously existing body corporate, as follows: “(A) One of such separated portions shall lie a body corporate without capital stock to be known as Government National Mortgage Association (hereinafter referred to as the ‘Association’), which shall lie in the Department of Housing and Urban Development and which shall retain the assets and liabilities acquired and incurred under sections 305 and 306 prior to such effective date, including any and all liabilities incurred pursuant to section 302(c). The Association shall have succession until dissolved by Act of Congress. It shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. Agencies or offices may be established by the Association in such other place or places as it may deem necessary or appropriate in the conduct of its business. “(B) The other such separated portion shall be a body corporate to be known as Federal National Mortgage Association (hereinafter referred to as the ‘corporation’), which shall retain the assets and liabilities acquired and incurred under sections 303 and 304 prior to 68 stat. 613. 12 USC 1718, 1719. such effective date. The corporation shall have succession until dissolved by Act of Congress. It shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue in civil actions, to be a resident thereof.” (d) Section 302(b) of such Act is amended— 12 USC 1717. (1) by striking out “the Association is authorized” and inserting in lieu thereof “each of the bodies corporate named in subsection (a) (2) is authorized”; (2) by striking out “lend (under section 304) on the security” (3) by inserting immediately before the colon in the first sentence “; and the corporation is authorized to lend on the security of any such mortgages and to purchase, sell, or otherwise deal in any securities guaranteed by the Association under section 306(g)”; and (4) j by striking out “no mortgage may be purchased” and inserting in lieu thereof “the Association may not purchase any mortgage”, (e) Section 302(c)(1) of such Act is amended by striking out 79 stat. 800. “, consistent with section 307,”. (f) Section 302(c)(2)(C) of such Act is amended to read as follows: “(C) The Department of Housing and Urban Development.” (g) Section 302(c)(2) of such Act is amended by striking out “incurred by the Federal National Mortgage” and inserting in lieu thereof “incurred by the”. (h) The heading of section 303 of such Act is amended to read as follows: “capitalization-—federal national mortgage association”. (i) Section 303(a) of such Act is amended— 68 stat. 613. 12 USC 1719. (1) by striking out “nonvoting common stock” and inserting in lieu thereof “common stock, without par value, which shall be vested with all voting rights, each share being entitled to one vote with rights of cumulative voting at all elections of directors”; (2) by striking out “nonvoting preferred stock” and inserting in lieu thereof “nonvoting preferred stock, with a par value of $100 per share,”; (3) by striking out the second and third sentences thereof and inserting in lieu thereof “The free transferability of the common stock at all times to any person, firm, corporation, or other entity shall not be restricted except that, as to the corporation, it shall be transferable only on the books of the corporation.”; (4) by striking out “of the capital surplus and the general surplus accounts”; (5) by striking out “retire” and inserting in lieu thereof “retire, at par,”; and (6) by striking out “the Association shall deem feasible” and inserting in lieu thereof “possible subsequent to the effective date established pursuant to section 808 of the Housing and Urban Development Act of 1968”. (j) Section 303(b) of such Act is amended— (1) by striking out “for its services” and inserting in lieu thereof “, which may be regarded as elements of pricing,”; and (2) by striking out the last sentence. (k) Section 303(c) of such Act is amended— (1) by striking out “(only in denominations of $100 or multiples thereof)”; (2) by inserting immediately after the first sentence the following: “In addition to the shares of common stock issued under the foregoing sentence, the corporation may issue additional shares in return for appropriate payments into capital or capital and surplus. The corporation shall at all times require each servicer of its mortgages to own a minimum amount of common stock of the corporation, measured by its stated value. Such minimum amount shall not exceed 2 per centum, as determined from time to time by the corporation with the approval of the Secretary of Housing and Urban Development, of the aggregate outstanding principal balances of all mortgages of the corporation which have been purchased subsequent to the effective date established pursuant to section 808 or the Housing and Urban Development Act of 1968 and which are then serviced by such servicer for the corporation.”; and (3) by striking out “the general surplus account of the Association shall not be reduced through the payment of dividends applicable to such common stock which exceed in the aggregate 5 per centum of the par value of the outstanding common stock of the Association” and inserting in lieu thereof “the aggregate amount of cash dividends paid on account of any share of such stock shall not exceed any rate which may be determined from time to time by the Secretary’ of Housing and Urban Development to be a fair rate of return after consideration of the current earnings and capital condition of the corporation”. (l) Section 303(d) of such Act is amended by striking out “$225,-000,000” and inserting in lieu thereof “$225,000,000; but no such stock may be issued subsequent to the effective date established pursuant, to section 808 of the Housing and Urban Development Act of 1968”. (m) Section 303 (f) of such Act. is amended by striking out “contributions, and” inserting in lieu thereof “contributions, to purchase additional shares of such stock, and”. (n) Section 303(g) of such Act is repealed. (o) The heading of section 304 of such Act is amended to read as follows: “SECONDARY MARKET OPERATIONS—FEDERAL NATIONAL MORTGAGE association”. (p) Section 304(a) (1) of such Act is amended by striking out “and the Association shall not purchase any mortgage insured or guaranteed prior to the effective date of the Housing Act of 1954”. (q) Section 304(b) of such Act is amended by striking out “earnings and in” and inserting in lieu thereof “earnings unless a greater ratio shall be fixed at any time or from time to time by the Secretary of Housing and Urban Development. In”. (r) Section 304(c) of such Act is amended by striking out “(1) all of the preferred stock of the Association held by the Secretary of the Treasury has been retired, or (2) ”. (s) Sections 303 and 304 of such Act, as amended by the foregoing subsections of this section, are further amended— (1) by striking out “Association” each place it appears and inserting in lieu thereof, in each such place, “corporation”; and (2) by striking out “Association’s” each place it appears and inserting in lieu thereof, in each such place, “corporation’s”. (t) The heading of section 305 of such Act is amended to read as follows: “special assistance functions—government national mortgage association”. (u) The heading of section 306 of such Act is amended to read as 68 stat. 618. 12 USC 1721. follows: “management and liquidating functions—government national mortgage association”. (v) Subsections (a) and (b) of section 307 of such Act are repealed. Repeal. 12 USC 1722. (w) Section 307 of such Act is further amended— (1) by striking out “Sec. 307.”; (2) by striking out “(c) All of the benefits and burdens incident to the administration of” and inserting in lieu thereof the following: “Sec. 307. All of the benefits and burdens incident to the administration of”; and (3) by striking out “board of directors of the Association” and inserting in lieu thereof “Secretary of Housing and Urban Development.” (x) The heading of section 308 of such Act is amended to read as follows: “management”. (y) Section 308 of such Act is amended— 12 USC 1723. (1) by inserting “(a)” immediately following “308”; (2) by striking out the first two sentences and inserting in lieu thereof “AH the powers and duties of the Government National Mortgage Association shall be vested in the Secretary of Housing and Urban Development and the Association shall be administered tinder the direction of the Secretary.”; (3) by striking out “the board shall determine” and inserting in lieu thereof “the Secretary shall determine”; (4) by striking out “Association. The chairman of the board” and inserting in lieu thereof “Association, and shall have power to adopt, amend, and repeal bylaws governing the performance of the powers and duties granted to or imposed upon it by law. The Secretary”; (5) by striking out “by the board of directors,” and inserting in lieu thereof “by the Secretary,”; (6) by striking out the last sentence; and (7) by adding at the end thereof the following new subsection: FNMA, Board of Directors. 12 USC 1723. “(b) The Federal National Mortgage Association shall have a board of directors which shall consist of fifteen persons, one-third of whom shall be appointed annually by the President of the United States, and I he remainder of whom shall be elected annually by the common stockholders. The board shall at all times have as members appointed by the President at least one person from the homebuilding industry, at least one person from the mortgage lending industry, and at least one person from the real estate industry. Each member of the board of directors shall be appointed or elected for a term ending on the date of the next annual meeting of the stockholders, except that any such member may be removed from office by the President for good cause. Any elective seat on the board which becomes vacant after the annual election of the directors shall be filled by the board, but only for the unexpired portion of the term. Any appointive seat which becomes vacant shall be filled by appointment of the President, but only for the unexpired portion of the term. Within the limitations of law and regulation, the board shall determine the general policies which shall govern the operations of the corporation, and shall have power to adopt, amend, and repeal bylaws governing the performance of the powers and duties granted to or imposed upon it by law. The board of directors shall select and effect the appointment of qualified persons to fill the offices of president and vice president, and such other offices as may be provided for in the bylaws. Any member of the board who is a full-time officer or employee of the Federal Government shall not, as such member, receive compensation for his services.” (z) Section309(a) of such Act is amended— (1) by striking out “The Association” and inserting in lieu thereof “Each of the bodies corporate named in section 302(a)(2)”; (2) by striking out “by its board of directors, to adopt, amend, and repeal bylaws governing the performance of the powers and duties granted to or imposed upon it by law;”; (3) by striking out “conduct its business” and inserting in lieu thereof “conduct its business without regard to any qualification or similar statute”; (4) by striking out “the Association may deem” and inserting in lieu thereof “it may deem”; and (5) by striking out “the purposes of the Association” and inserting in lieu thereof “its purposes”. (aa) Section 309(c) of such Act is amended— (1) by striking out“(1)”; (2) by striking out “The Association” and inserting in lieu thereof “(1) The Association”; (3) by striking out “, and (2) the Association shall, with respect to its secondary market operations under section 304 after the cutoff date referred to in section 303(d) of this title, pay annually to the Secretary of the Treasury, for covering into miscellaneous receipts, an amount equivalent to the amount of Federal income taxes for which it would be subject if it were not exempt from such taxes with respect to such secondary market operations”; and (4) by adding at the end thereof the following new paragraph: “(2) The corporation, including its franchise, capital, reserves, surplus, mortgages or other security holdings, and income, shall be exempt from all taxation now or hereafter imposed by any State, territory, possession, Commonwealth, or dependency of the United States, or by the District of Columbia, or by any county, municipality, or local taxing authority, except that any real property of the corporation shall be subject to State, territorial, county, municipal, or local taxation to the same extent as other real property is taxed.” (bb) Section 309 (d) of such Act is amended— (1) by in setting “(1)” immediately following “(d)”; (2) by striking out “Chairman of the Board” and inserting in lieu thereof “Secretary of Housing and Urban Development”; (3) by striking out “agents,” and inserting in lieu thereof “agents of the Association,”; and (4) by adding at the end thereof the following new paragraph: “(2) The board of directors of the corporation shall have the power to select and appoint or employ such officers, attorneys, employees, and agents, to vest them with such powers and duties, and to fix and to cause the corporation to pay such compensation to them for their services, as it. may determine; and any such action shall be without, regard to the Federal civil service and classification laws. Appointments, promotions, and separations so made shall be based on merit and efficiency, and no political tests or qualifications shall be permitted or given consideration. Each officer and employee of the corporation who is employed by the corporation prior to the termination of the transitional period referred to in section 810(b) of the Housing and Urban Post, p. 546. Development Act of 1968 and who on the day previous to the beginning of such employment will have been subject to the civil service 80 stat. 564. 5 USC 8331–8348.. retirement law (subch. III of ch. 83 of title 5, United States Code) shall, so long as his employment by the corporation continues without a break in continuity of service, continue to be subject to such law; and for the purpose of such law his employment by the corporation without a break in continuity of service shall be deemed to be employment by the Government of the United States. The corporation shall contribute to the Civil Service Retirement and Disability Fund a sum as provided by section 8334(a) of title 5, United States Code, except 80 stat. 569. that such sum shall be determined by applying to the total basic pay (as defined in 5 US.C. 8331(3) and except as hereinafter provided) 80 Stat. 564. paid to the employees of the corporation who are covered by the civil service retirement law, the per centum rate determined annually by the United States Civil Service Commission to be the excess of the total normal cost per centum rate of the civil service retirement system over the employee deduction rate specified in section 8334(a) of title 5, United States Code. The corporation shall also pay into the Civil Service Retirement and Disability Fund such portion of the cost of administration of the fund as is determined by the United States Civil Service Commission to be attributable to its employees. Notwithstanding the foregoing provisions, there shall not be considered for the purposes of the civil service retirement law that portion of the basic pay in any one year of any officer or employee of the corporation which exceeds the basic pay provided for in section 5312 of title 5, United States Code, on the last day of such year. Except as provided in this 80 stat. 460. subsection, the corporation shall not be subject to the provisions of title 5, United States Code.” 80 stat. 378. (cc) Section 309 (e) of such Act is amended— 68 stat. 620. 12 USC 1723a. (1) by striking out “body corporate created by section 302” and inserting in lieu thereof “bodies corporate named in section 302(a)(2)”; (2) by inserting “, ‘Government National Mortgage Association’,” immediately following“ ‘Federal National Mortgage Association’”; and (3) by striking out the second sentence and inserting in lieu thereof the following: “Violations of the foregoing sentence may be enjoined by any court of general jurisdiction at the suit of the proper body corporate. In any such suit, the plaintiff may recover any actual damages flowing from such violation, and, in addition, shall be entitled to punitive damages (regardless of the existence or nonexistence of actual damages) of not exceeding $100 for each day during which such violation is committed or repeated.” (dd) Section 309 (g) of such Act is amended to read as follows: Federal Reserve banks, custodians. “(g) The Federal Reserve banks are authorized and directed to act as depositaries, custodians, and fiscal agents for each of the bodies corporate named in section 302(a) (2), for its own account or as fiduciary, Ante, p. 536. and such banks shall be reimbursed for such services in such manner as may be agreed upon; and each of such bodies corporate may itself act in such capacities, for its own account or as fiduciary, and for the account of others.” (ee) Section 309 of such Act is amended by adding at the end thereof the following new subsection: “(h) The Secretary of Housing and Urban Development shall have general regulatory power over the Federal National Mortgage Association and shall make such rules and regulations as shall be necessary and proper to insure that the purposes of this title are accomplished. No stock, obligation, security, or other instrument shall be issued by the corporation without the prior approval of the Secretary. The Secretary may require that a reasonable portion of the corporation’s mortgage purchases be related to the national goal of providing adequate housing for low and moderate income families, but with reasonable economic return to the corporation. The Secretary may examine and audit the books and financial transactions of the corporation, mid he may require the corporation to make such reports on its activities as he deems advisable.” (ff) Section 311 of such Act is amended— (1) by striking out “the Association” and inserting in lieu thereof “either of the bodies corporate named in section 302(a) (2)”; and (2) by adding at the end thereof the following: “All stock, obligations, securities, participations, or other instruments issued pursuant to this title shall, to the same extent as securities which are direct obligations of or obligations guaranteed as to principal or interest by the United States lie deemed to be exempt securities within the meaning of laws administered by the Securities and Exchange Commission; but all such issuances shall lie made only with the approval of the Secretary of Housing and Urban Development.”

    Effective date note
    For effective date of amendment by title VIII of Pub. L. 90–448, see section 808 of Pub. L. 90–448, set out as an Effective Date note under section 1716b of this title.

19. 1968

    Housing and Urban Development Act of 1968

    Pub. L. 90–448 § 802(s) · 82 Stat. 476

    1. Substituted · 12 U.S.C. § 1718(e)

       Pub. L. 90–448, § 802(s), substituted “corporation” for “Association”

    2. Substituted · 12 U.S.C. § 1718(e)

       Pub. L. 90–448, § 802(s), substituted “corporation’s” for “Association’s”

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 90–448, § 802(s), substituted “corporation” for “Association” in four places, and “corporation’s” for “Association’s”.

    Enacted provision · exact public law section
    (s) Sections 303 and 304 of such Act, as amended by the foregoing subsections of this section, are further amended— (1) by striking out “Association” each place it appears and inserting in lieu thereof, in each such place, “corporation”; and (2) by striking out “Association’s” each place it appears and inserting in lieu thereof, in each such place, “corporation’s”.

    Effective date note
    For effective date of amendment by title VIII of Pub. L. 90–448, see section 808 of Pub. L. 90–448, set out as an Effective Date note under section 1716b of this title.

20. 1968

    Housing and Urban Development Act of 1968

    Pub. L. 90–448 § 802(m) · 82 Stat. 476

    1. Substituted · 12 U.S.C. § 1718(f)

       Pub. L. 90–448, § 802(m), (s)(1), substituted “corporation” for “Association” in two places

    2. Inserted · 12 U.S.C. § 1718(f)

       Pub. L. 90–448, § 802(m), (s)(1), inserted provisions authorizing purchase of additional shares of stock of the corporation

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 90–448, § 802(m), (s)(1), substituted “corporation” for “Association” in two places and inserted provisions authorizing purchase of additional shares of stock of the corporation.

    Enacted provision · exact public law section
    (m) Section 303 (f) of such Act. is amended by striking out “contributions, and” inserting in lieu thereof “contributions, to purchase additional shares of such stock, and”.

    Effective date note
    For effective date of amendment by title VIII of Pub. L. 90–448, see section 808 of Pub. L. 90–448, set out as an Effective Date note under section 1716b of this title.

21. 1968

    Housing and Urban Development Act of 1968

    Pub. L. 90–448 § 802(n) · 82 Stat. 476

    Repealed · 12 U.S.C. § 1718(g)

    Pub. L. 90–448, § 802(n), repealed subsec. (g) which directed Secretary of Housing and Urban Development to transmit recommendations for eventual transfer of operations to private shareholders

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 90–448, § 802(n), repealed subsec. (g) which directed Secretary of Housing and Urban Development to transmit recommendations for eventual transfer of operations to private shareholders.

    Enacted provision · exact public law section
    (n) Section 303(g) of such Act is repealed.

    Effective date note
    For effective date of amendment by title VIII of Pub. L. 90–448, see section 808 of Pub. L. 90–448, set out as an Effective Date note under section 1716b of this title.

22. 1970

    Housing and Urban Development Act of 1970

    Pub. L. 91–609 title IX § 902 · 84 Stat. 1770

    1. Substituted · 12 U.S.C. § 1718(b)

       Pub. L. 91–609 substituted “may accumulate” and “private sources” for “shall accumulate” and “private and other sources”, respectively

    2. Struck · 12 U.S.C. § 1718(b)

       Pub. L. 91–609 struck out “nor less than 1 per centum” after “2 per centum”

    3. Inserted · 12 U.S.C. § 1718(b)

       Pub. L. 91–609 inserted “with the approval of the Secretary of Housing and Urban Development” after “as determined from time to time by the corporation”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 91–609 substituted “may accumulate” and “private sources” for “shall accumulate” and “private and other sources”, respectively, struck out “nor less than 1 per centum” after “2 per centum”, and inserted “with the approval of the Secretary of Housing and Urban Development” after “as determined from time to time by the corporation”.

    Enacted provision · exact public law section
    Sec. 902. purchase of fnma stock Section 303(b) of the National Housing Act is amended— (1) by striking out “shall accumulate” and inserting in lieu thereof “may accumulate”; (2) by striking out “and other”; (3) by striking out “nor less than 1 per centum”; and (4) by inserting “with the approval of the Secretary of Housing and Urban Development” immediately after “as determined from time to time by the corporation”.

23. 1974

    Housing and Community Development Act of 1974

    Pub. L. 93–383 § 806(g) · 88 Stat. 634

    Struck · 12 U.S.C. § 1718(a)

    Pub. L. 93–383, § 806(g), struck out provisions relating to issuance, par value, retirement, etc., of nonvoting preferred stock

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 93–383, § 806(g), struck out provisions relating to issuance, par value, retirement, etc., of nonvoting preferred stock.

    Enacted provision · exact public law section
    (g) Section 303(a) of such Act is amended— 12 USC 1718. (1) by striking out all of the first sentence which follows “directors” and inserting in lieu thereof a period; and (2) by striking out everything after the second sentence.

24. 1974

    Housing and Community Development Act of 1974

    Pub. L. 93–383 § 806(h) · 88 Stat. 634

    1. Substituted · 12 U.S.C. § 1718(c)

       Pub. L. 93–383, § 806(h), substituted provisions relating to purchases subsequent to Sept. 1, 1968, for provisions relating to purchases subsequent to the effective date established under section 808 of the Housing and Urban Development Act of 1968

    2. Struck · 12 U.S.C. § 1718(c)

       Pub. L. 93–383, § 806(h), struck out provisions relating to retirement of all outstanding preferred stock

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 93–383, § 806(h), substituted provisions relating to purchases subsequent to Sept. 1, 1968, for provisions relating to purchases subsequent to the effective date established under section 808 of the Housing and Urban Development Act of 1968, and struck out provisions relating to retirement of all outstanding preferred stock.

    Enacted provision · exact public law section
    (h) Section 303(c) of such Act is amended— 12 USC 1718. (1) by striking out “the effective date established pursuant to section 808 of the Housing and Urban Development Act of 1968” in the fourth sentence and inserting in lieu thereof “September 1, 1968,”; and (2) by striking out the proviso in the last sentence.

25. 1974

    Housing and Community Development Act of 1974

    Pub. L. 93–383 § 806(i) · 88 Stat. 634

    Struck · 12 U.S.C. § 1718(d)

    Pub. L. 93–383, § 806(i), struck out subsec. (d) authorizing issuance of preferred stock to Secretary of the Treasury

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 93–383, § 806(i), struck out subsec. (d) authorizing issuance of preferred stock to Secretary of the Treasury.

    Enacted provision · exact public law section
    (i) Subsections (d) and (e) of section 303 of such Act are repealed. Repeal.

26. 1974

    Housing and Community Development Act of 1974

    Pub. L. 93–383 § 806(i) · 88 Stat. 634

    Struck · 12 U.S.C. § 1718(e)

    Pub. L. 93–383, § 806(i), struck out subsec. (e) relating to exchange of preferred stock delivered to Secretary of the Treasury pursuant to subsec. (d) of this section

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 93–383, § 806(i), struck out subsec. (e) relating to exchange of preferred stock delivered to Secretary of the Treasury pursuant to subsec. (d) of this section.

    Enacted provision · exact public law section
    (i) Subsections (d) and (e) of section 303 of such Act are repealed. Repeal.

27. 1982

    Garn-St Germain Depository Institutions Act of 1982

    Pub. L. 97–320 § 707(a)(1) · 96 Stat. 1469

    Inserted · 12 U.S.C. § 1718(a)

    Pub. L. 97–320, § 707(a)(1), inserted provision that the corporation may have preferred stock on such terms and conditions as the board of directors shall prescribe

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 97–320, § 707(a)(1), inserted provision that the corporation may have preferred stock on such terms and conditions as the board of directors shall prescribe.

    Enacted provision · exact public law section
    (1) by inserting after the first sentence the following: “The corporation may have preferred stock on such terms and conditions as the board of directors shall prescribe.”; and

28. 1982

    Garn-St Germain Depository Institutions Act of 1982

    Pub. L. 97–320 § 707(a)(2) · 96 Stat. 1469

    Struck · 12 U.S.C. § 1718(a)

    Pub. L. 97–320, § 707(a)(2), struck out “common” before “stock at all times”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 97–320, § 707(a)(2), struck out “common” before “stock at all times”.

    Enacted provision · exact public law section
    (2) by striking out “common” in the last sentence thereof,

29. 1988

    Housing and Community Development Act of 1987

    Pub. L. 100–242 title IV § 442 · 101 Stat. 1815

    Inserted · 12 U.S.C. § 1718(a)

    Pub. L. 100–242 inserted after first sentence “The corporation may eliminate such rights of cumulative voting by a resolution adopted by its board of directors and approved by the holders of a majority of the shares of common stock voting in person or by proxy at the annual meeting, or other special meeting, at which such resolution is considered.”

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 100–242 inserted after first sentence “The corporation may eliminate such rights of cumulative voting by a resolution adopted by its board of directors and approved by the holders of a majority of the shares of common stock voting in person or by proxy at the annual meeting, or other special meeting, at which such resolution is considered.”

    Enacted provision · exact public law section
    SEC. 442. FNMA CUMULATIVE VOTING. Section 303(a) of the Federal National Mortgage Association Charter Act is amended by inserting after the first sentence the following 12 USC 1718. new sentence: “The corporation may eliminate such rights of cumulative voting by a resolution adopted by its board of directors and approved by the holders of a majority of the shares of common stock voting in person or by proxy at the annual meeting, or other special meeting, at which such resolution is considered.”.

30. 1992

    Federal Housing Enterprises Financial Safety and Soundness Act of 1992

    Pub. L. 102–550 § 1381(d)(1) · 106 Stat. 3672

    Inserted · 12 U.S.C. § 1718(a)

    Pub. L. 102–550, § 1381(d)(1), inserted at end “The corporation may issue shares of common stock in return for appropriate payments into capital or capital and surplus.”

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 102–550, § 1381(d)(1), inserted at end “The corporation may issue shares of common stock in return for appropriate payments into capital or capital and surplus.”

    Enacted provision · exact public law section
    (1) in subsection (a), by inserting after the period at the end the following new sentence: “The corporation may issue shares of common stock in return for appropriate payments into capital or capital and surplus.”;

31. 1992

    Federal Housing Enterprises Financial Safety and Soundness Act of 1992

    Pub. L. 102–550 § 1381(d)(2) · 106 Stat. 3672

    1. Added · 12 U.S.C. § 1718(b); 12 U.S.C. § 1718(c)

       Pub. L. 102–550, § 1381(d)(2), added subsecs. (b) and (c)

    2. Struck · 12 U.S.C. § 1718(b); 12 U.S.C. § 1718(c)

       Pub. L. 102–550, § 1381(d)(2), struck out former subsec. (b) which related to accumulation of surplus, fees and charges, and transfer of surplus funds to reserves and former subsec. (c) which related to issuance of common stock for capital contributions and payment of dividends

    Source evidence

    Code amendment note
    Subsecs. (b), (c). Pub. L. 102–550, § 1381(d)(2), added subsecs. (b) and (c) and struck out former subsec. (b) which related to accumulation of surplus, fees and charges, and transfer of surplus funds to reserves and former subsec. (c) which related to issuance of common stock for capital contributions and payment of dividends.

    Enacted provision · exact public law section
    (2) by striking subsections (b) and (c) and inserting the following new subsections: “(b) (1) The corporation may impose charges or fees, which may be regarded as elements of pricing, with the objective that all costs and expenses of the operations of the corporation should be within its income derived from such operations and that such operations should be fully self-supporting. “(2) All earnings from the operations of the corporation shall annually be transferred to the general surplus account of the corporation. At any time, funds of the general surplus account may, in the discretion of the board of directors, be transferred to reserves. “(c) (1) Except as provided in paragraph (2), the corporation may make such capital distributions (as such term is defined in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992) as may be declared by the board of directors. All capital distributions shall be charged against the general surplus account of the corporation. “(2) The corporation may not make any capital distribution that would decrease the total capital of the corporation (as such term is defined in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992) to an amount less than the risk-based capital level for the corporation established under section 1361 of such Act or that would decrease the core capital of the corporation (as such term is defined in section 1303 of such Act) to an amount less than the minimum capital level for the corporation established under section 1362 of such Act, without prior written approval of the distribution by the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development.”;

32. 1992

    Federal Housing Enterprises Financial Safety and Soundness Act of 1992

    Pub. L. 102–550 § 1381(d)(3) · 106 Stat. 3672

    1. Redesignated · 12 U.S.C. § 1718(d); 12 U.S.C. § 1718(f)

       Pub. L. 102–550, § 1381(d)(3), (4), redesignated subsec. (f) as (d)

    2. Struck · 12 U.S.C. § 1718(d); 12 U.S.C. § 1718(f)

       Pub. L. 102–550, § 1381(d)(3), (4), struck out “to make payments to the corporation of the nonrefundable capital contributions referred to in subsection (b) of this section, to receive stock of the corporation evidencing such capital contributions,” after “shall be authorized”

    3. Substituted · 12 U.S.C. § 1718(d); 12 U.S.C. § 1718(f)

       Pub. L. 102–550, § 1381(d)(3), (4), substituted “shares of common stock of the corporation” for “additional shares of such stock,”

    Source evidence

    Code amendment note
    Subsecs. (d), (f). Pub. L. 102–550, § 1381(d)(3), (4), redesignated subsec. (f) as (d), struck out “to make payments to the corporation of the nonrefundable capital contributions referred to in subsection (b) of this section, to receive stock of the corporation evidencing such capital contributions,” after “shall be authorized”, and substituted “shares of common stock of the corporation” for “additional shares of such stock,”.

    Enacted provision · exact public law section
    (3) in subsection (f)— (A) by striking “to make payments” and all that follows through “such capital contributions,”; and (B) by striking “additional shares of such stock,” and inserting “shares of common stock of the corporation”; and (4) by redesignating subsection (f) (as so amended) as sub-section (d).

33. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 div. A title I § 1161(b)(1) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1718(c)(2)

    Pub. L. 110–289 substituted “Director of the Federal Housing Finance Agency” for “Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development”

    Source evidence

    Code amendment note
    Subsec. (c)(2). Pub. L. 110–289 substituted “Director of the Federal Housing Finance Agency” for “Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development”.

    Enacted provision · exact public law section
    (1) in each of sections 303(c)(2) (12 U.S.C. 1718(c)(2)), 309(d)(3)(B) (12 U.S.C. 1723a(d)(3)(B)), and 309(k)(1) (12 U.S.C. 1723a(k)(1)), by striking “Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development” each place that term appears, and inserting “Director of the Federal Housing Finance Agency”; and

45 of 50 references resolved to an enrolled provision · 4 partial · 1 unresolved