PUBLIC LAW 90-448-AUG.
able at the option of the corporation before maturity in such manner as may be stipulated in such obligations. Any of such obligations may be made convertible into shares of common stock in such manner, at such price or prices, and at such time or times as may be stipulated therein. The total principal amount of such subordinated obligations which may be outstanding at any one time shall not exceed two times the sum of (1) the capital of the corporation represented by its outstanding common stock and (2) its surplus and undistributed earnings at such time. The outstanding total principal amount of such obligations, which are entirely subordinated to the obligations of the corporation issued or to be issued under subsection (b), shall be deemed to be capital of the corporation for the purpose of determining the aggregate amount of obligations issued under subsection (b) which may be outstanding at any one time. Obligations issued by the corporation under this subsection shall, to the same extent as securities which are direct obligations of or obligations guaranteed as to.principal or interest by the United States, be deemed to be exempt securities within the meaning of laws administered by the Securities and Exchange Commission. The corporation shall insert appropriate language in all of its obligations issued under this subsection clearly indicating that such obligations, together with the interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or of any agency or instrumentality thereof other than the corporation. The corporation is authorized to purchase in the open market any of its obligations outstanding under this subsection at any time and at any price." SPECIAL ASSISTANCE
79^stat°493^^' 12 USC 1720.
^^^- ^^^- Section 305(c) of the National Housing Act is amended— (1) by striking out "and" after "July 1, 1967,"; and (2) by striking out the period and inserting in lieu thereof ", and by $500,000,000 on July 1, 1969." AMENDMENTS TO OTHER
u us^c f72^i note. jJltVt^^'^' 42 USC 1452b. 79 Stat. 669. 42 USC 3534.
^2^^sc 31 u^c 846^
^^^- ^P"^- (^) Section 306(b) of the Housing Act of 1959 is amended by striking out "Federal National Mortgage Association pursuant" and inserting in lieu thereof "Government National Mortgage Association pursuant". (^) Section 312(d) of the Housing Act of 1964 is amended by striking out "Federal" and inserting in lieu thereof "Government". (c) Section 5(b) of the Department of Housing and Urban Development Act is amended— (1) by striking out "The Federal" and inserting in lieu thereof "The Government"; and (2) by striking out ", and the position of the President of said Association is hereby allocated among the positions referred to in section 7(c) hereof". (^^ Section 7(b) of the Department of Housing and Urban Development Act is repealed. (^) Section 101 of the Government Corporation Control Act is amended by striking out "Federal National Mortgage Association" and inserting in lieu thereof "Government National Mortgage (f) Section 13(4)(F) of the Public Buildings Act of 1959 is amended by striking out "Federal" and inserting in lieu thereof "Government".