Page:United States Statutes at Large Volume 60 Part 1.djvu/1102

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60 STAT.] 79TH CONG. , 2D SESS.-CH. 964-AUG. 14, 1946 may declare the amount unpaid immediately due and payable, and that, without the consent of the Secretary, no final payment shall be accepted, or release of the Secretary's interest be made, less than five years after the making of the loan; and "(7) contain the provisions for refinancing specified in section 44 (c). "(c) Except as provided in paragraph (6) of subsection (b), no instrument provided for in this section shall prohibit the prepayment of any sum due under it. "(d) No provision of section 75, as amended, of the Act entitled 'An Act to establish a uniform system of bankruptcy throughout the United States', approved July 1, 1898 (U. S . C . 1940 ed., title 11, sec. 203), otherwise applicable in respect to any indebtedness incurred under this title by any beneficiary thereof, shall be applicable in respect of such indebtedness until such beneficiary has repaid at least 15 per centum thereof. "EQUITABLE DISTRIBUTION OF LOANS AND MORTGAGE INSURANCE "SEC. 4. In making loans and insuring mortgages under this title, the amount which is devoted to such purposes during any fiscal year shall be distributed equitably among the several States and Territories on the basis of farm population and the prevalence of tenancy, as determined by the Secretary: Provided,That there may be distributed to each State such amounts as are necessary to insure mortgages or finance loans pursuant to all bona fide applications from veterans qualified under section 1 hereof: Provided further, That there may be disbursed in any fiscal year to each State or Territory such amount not in excess of $100,000 as is determined by the Secretary to be neces- sary to finance loans in such State or Territory under this title. "APPROPRIATION "SEC. 5. To carry out the provisions of this title with respect to tenant-purchase loans, there is authorized to be appropriated not to exceed $50,000,000 for each fiscal year beginning with the fiscal year ending June 30, 1947, and such further sums as may be necessary in carrying out the provisions of this title during such fiscal year, with respect to tenant purchase loans and insured mortgages. "FARM TENANT MORTGAGE INSURANCE FrUD "SEC. 11 . (a) There is hereby created a fund, to be known as the 'farm tenant-mortgage insurance fund' (hereinafter in this title referred to as the 'fund'), which shall be used by the Secretary as a revolving fund for carrying out the provisions of this title with respect to mortgages insured under section 12 and to mortgages accepted for the account of the fund under section 13. There is authorized to be appropriated to the Secretary the sum of $25,000,000 to constitute such fund. "(b) Moneys in the fund not needed for current operations shall be deposited with the Treasurer of the United States to the credit of the fund or invested in direct obligations of the United States or obli- gations guaranteed as to principal and interest by the United States. The Secretary may purchase, with money in the fund, any notes issued by the Secretaryo SecretSeretary of the Treasury to obtain money for the fund. "(c) All amounts deposited in or credited to the fund and the pro- ceeds of investments of amounts in the fund shall be used only for pur- poses to which the fund is specifically authorized to be devoted under this title and shall not be diverted to any other use. 1075 Ante, p. 1069. Prepayment. Nonapplicability. 47 Stat. 1470 . 11 U. S. C., Snpp. V, § 203. Ante, p. 230 . Veterans' applica- tions. Ante, p. 1072. Appropriations au- thorized. Revolving fund. Post, pp. 1076,1077. Appropriation au- thorized. Moneys not needed for current operations. Use of fund.