68 S T A T. ]
PUBLIC LAW 560-AUG. 2, 1954
the agencies of the Federal Government insuring or guaranteeing the mortgages. There shall be excluded from the total amounts set forth in this subsection and subsection (e) of this section the amounts of any mortgages which, subsequent to May 31, 1964, are transferred by law to the Association and held under the aforesaid separate accountability. " (d) The Association may issue to the Secretary of the Treasury its obligations in an amount outstanding at any one time sufficient to enable the Association to carry out its functions under this section, such obligations to mature not more than five years from their respective dates of issue, to be redeemable at the option of the Association before maturity in such manner as may be stipulated in such obligations. Each such obligation shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average rate on outstanding marketable obligations of the United States as of the last day of the month preceding the issuance of the obligation of the Association. The Secretary of the Treasury is authorized to purchase any obligations of the Association to be issued under this section, and for such purpose the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as now or hereafter in force, and the purposes for which securities may be issued under the Second Liberty Bond Act, as now or hereafter in force, are extended to include any purchases of the Association's obligations hereunder. "(e) Of the $3,650,000,000 total amount of investments, loans, purchases, and commitments heretofore authorized to be outstanding at any one time under this title III prior to the enactment of the Housing Act of 1954, a total of not to exceed $300,000,000 shall be applicable as provided in section 305 of this title, and a total of not to exceed $3,350,000,000 shall be applicable as provided in subsection (c) of this section.
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"SEPARATE ACCOUNTABILITY
"SEC. 307. (a) The Association shall establish and at all times maintain separate accountability for (1^ its secondary market operations authorized by section 304 hereof, (2) its special assistance func- ^^^"If^ ^P* ^^^' tions authorized by section 305 hereof, and (3) its management and liquidating functions authorized by section 306 hereof. "(b) With respect to the functions or operations of the Association under sections 305 and 306, respectively, of this title, (1) there shall be gf^"'** PP* ^^^' no recourse to the capitalization of the Association provided for by section 303 of this title, and (2) mortgage sellers shall not be required ^"*^' P- ^^3to make payment to the Association of the capital contributions provided for by section 303(b) of this title. "(c) All of the benefits and burdens incident to the administration of the functions and operations of the Association under sections 305 and 306, respectively, of this title, after allowance for related obliga- g/l"'®' PP- ^^^' tions of the Association, its prorated expenses, and the like, including amounts required for the establishment of such reserves as the board of directors of the Association shall deem appropriate, shall inure solely to the Secretary of the Treasury, and such related earnings or other amounts as become available shall be paid annually by the Association to the Secretary of the Treasury for covering into miscellaneous receipts.
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