69 S T A T. ]
PUBLIC LAW 345-AUG. U, 1955
641
utive branch of the Government: Provided, That the functions vested in the Chairman of said board under clause (2) of the last sentence of subsection (b) of section 2 of said reorganization plan are hereby transferred to said board. Notwithstanding any other provision of law, said board, the Chairman thereof except as herein otherwise provided, and the Federal Savings and Loan Insurance Corporation, respectively, shall have and may exercise all functions which they respectively had or could exercise, immediately prior to the effective date of the Housing Amendments of 1955 or immediately prior to the effective date of the Independent Offices Appropriation Act, 1955. 68 Stat, 272. Said board shall annually make a report of its operations (including g rRses p o r t to Cone. those of the Federal Savings and Loan Insurance Corporation) to the Congress as soon as practicable after the first day of January in each year. The name of the Home Loan Bank Board is hereby changed to 'Federal Home I^oan Bank Board'." (b) Subsection (e) of section 406 of the National Housing Act, as g^essf"'* ^"^"^ amended (12 U.S.C. 1729 (e)), is hereby amended by striking the 68 Stat. 643. words "Housing and Home Finance Administrator" and inserting in lieu thereof the word "Congress". SEC. 110. The Home Owners' Loan Act of 1933, as amended, is hereby amended by striking the proviso at the end of the second paragraph of section 5(c) and inserting: '"'•Provided, That no such loan, ifu^c M^M (C). unless so insured or guaranteed, shall be made in excess of $2,500.". FEDERAL SAVINGS A N D LOAN INSURANCE
CORPORATION ADMISSION
FEES
SEC. 111. The National Housing Act, as amended, is hereby amended by striking section 403(d) and inserting: " (d) Any institution which applies after the effective date of the Housing Amendments of 1955 for insurance under this title shall pay, in the event its application is approved, an admission fee in such amount as the Corporation shall determine, taking into consideration the total cost of processing all insurance applications." COMMUNITY FACILITIES
ADMINISTRATION
SEC. 112. Section 702 of the Housing Act of 1954 is hereby amended to read as follows: "SEC. 702. (a) In order (1) to encourage municipalities and other public agencies to maintain at all times a current and adequate reserve of planned public works the construction of which can rapidly be commenced, particularly when the national or local economic situation makes such action desirable, and (2) to help attain maximum economy and efficiency in the planning and construction of public works, the Administrator is hereby authorized to make advances to public agencies (notwithstanding the provisions of section 3648 of the Revised Statutes, as amended) to aid in financing the cost of engineering and architectural surveys, designs, plans, working drawings, specifications, or other action preliminary to and in preparation for the construction of public works: Provided, That the making of advances hereunder shall not in any way commit the Congress to appropriate funds to assist in financing the construction of any public works so planned: And provided further, That advances outstanding to public agencies in any one State shall at no time exceed 10 per centum of the aggregate then authorized to be appropriated to the revolving fund established pursuant to subsection (e) of this section. "(b) No advance shall be made hereunder with respect to any individual project unless it is planned to be constructed within a reasonable period of time, unless it conforms to an overall State, local, or 54402 O - 55 - 41
i | use m^6(d).
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31 USC 529.
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