Page:United States Statutes at Large Volume 82.djvu/579

This page needs to be proofread.
[82 STAT. 537]
[82 STAT. 537]
PUBLIC LAW 90-000—MMMM. DD, 1968

82 STAT. ]

PUBLIC LAW 90^48-AUG. 1, 1968


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 Mprtgage Association (hereinafter referred to as the 'corporation'), which shall retain the assets and liabilities acquired and incurred under sections 303 and 304 prior to ^^ ^^^ ^J;^such effective date. The corporation shall have succession until dis- 1719. solved by Act of Congress. I t 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) b ^ striking out "the Association is authorized"' and inserting in lieu thereof "each of the bodies corporate hamed 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) 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 ", consistent with section 307,". (f) Section 3 0 2 (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

78 Stat. soo.


(i) Section 303(a) of such Act is amended— ^,0^*0^ ^ih 12 USC '"'° (1) by striking out "nonvoting common stock" and inserting in '^ ""'^ 1718. 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