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73d CON GRESS . SESS . I. CH. 64. J UNE 13, 1933 . of such associations shall be exempt both as to their value and the Exception income therefrom from all taxation (except surtaxes, estate, inheri- tance, and gift taxes) now or hereafter imposed by the United States
and no State, Terri torial, county , muni cipal, or loca l taxi ng auth ority shall impose any tax on such associations or their franchise, capital, reserves, surplus, loans, or income greater than that imposed by such authority on other similar local mutual or cooperative thrift and home financing institutions . Federal H ome Loan (i) Any member of a Federal Home Loan Bank may convert itself member may convert into a Federal Savings into a Federal Savings and Loan Associat ion under this Act upon a and Loan Association . vote of its stockholders as provided by the law under which it oper- ates ; but such conversion shall be subject to such rules and regula- tions as the Board may prescribe, and thereafter the converted asso- ciation shall be entitled to all the benefits of this section and shall be Post, pp . 645, 646 .
subject to exa mination and regulation to the same exte nt as other associations incorporated pursuant to this Act . Encouragement of
ENCOURAGEMENT OF SAVING AND HO ME FINANCING saving and home fi- na ncing . SEC . 6 . To enable the Board to encourage local thrift and local home financing and to promote, organize, and develop the associa- Appropriation an- tions herein provided for or similar associations organized under tbori,,d . Post, p. 276 . local laws, there is hereby authorized to be appropriated, out of any money in th e Trea sury not ot herwis e appr opria ted, t he sum of $150,000, to be immediately available and remain available un til expended, subj ect to the ca ll of the Boa rd, which sum, or so much thereof as may be necessary, the Board is authorized to use in its discretion for the accomplishment of the purposes of this section without regard to the provisions of any other law governing the expenditure of public funds . A pplic abili ty of pro-
SEC. 7. The provisions of this Act shall apply to the continental visions .
United States, to the Territories of Alaska and Hawaii, and to Puerto Rico an d the Virgin Islands . Penalties.
PENALTIES False
statements, misrepresentations, etc . SEO. 8. (a) Who ever makes an y statement, k nowing it to be false or whoever w illfully over values any se curity, for th e purpose of influencing in any way the action of the Home Owners' Loan Cor- poration or the Board or an association upon any application, advance, discount, purchase, or repurchase agreement, or loan, under this Act, or any extension thereof by renewal deferment, or action or other- wise, or the acceptance, release, or substitution of security therefor, shall be punished by a fine of not more than $5,000, or by imprison- ment for not more than two years, or both . F orger y, co unter feit-
(b) Whoever (1) falsely makes, forges, or counterfeits any note, ing, etc' debenture, bond, or other obligation or coupon, in imitation of or purporting to be a note, debenture, bond, or other obligation, or cou- pon, issued by the Home Owners' Loan Corporation or an association ; or (2) passes, utters, or publishes, or attempts to pass, utter, or publ ish, any fal se, forg ed, or c ount erfe ited not e, d eben ture , bond, or other obligation, or coupon, purporting to have been issued by the Home Owners' Loan Corporation or an association, knowing the same to be false, forged, or counterfeited ; or (3) falsely alters any note, debenture, bond or other obligation, or coupon, issued or purporting to have been issued by the Home Owners' Loan Corporation or an association ; or (4) passes, utters, or publishes, or attempts to pass, utter, or publ ish, as true any fal sely al tered or spur ious no te, de ben- ture, bond, or other obligation, or coupon, issued or put -porting to have been issued by the Home Owners' Loan Corporation or an
