PUBLIC LAW 94-482—OCT. 12, 1976
90 STAT. 2141
sufficient capital noted in the audit. A copy of each report shall be furnished to the Secretary of Health, Education, and AVelfare and to the Association. "(1) All obligations issued by the Association shall be lawful investments, and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposit of which shall be under authority or control of the United States or of any officer or officers thereof. All stock and obligations issued by the Association pursuant to this section shall be deemed to be exempt securities within the meaning of laws administered by the Securities and Exchange Commission, to the same extent as securities which are direct obligations of, or obligations guaranteed as to principal or interest by, the United States. The Association shall, for the purposes of section 14(b)(2) of the Federal Reserve Act, be deemed to be an agency of the United States. 12 USC 355. " (m) In order to furnish obligations for delivery by the Association, the Secretary of the Treasury is authorized to prepare such obligations in such form as the Board of Directors may approve, such obligations Avhen prepared to be held in the Treasury subject to delivery upon order by the Association. The engraved plates, dies, bed pieces, and so forth, executed in connection therewith shall remain in the custody of the Secretary of the Treasury. The Association shall reimburse the Secretary of the Treasury for any expenditures made in the preparation, custody, and delivery of such obligations. "(n) The Association shall, as soon as practicable after the end of Report to each fiscal year, transmit to the President and the Congress a report of President and its operations and activities during each year. u FIVE-YEAR XONDISCIIAROEABILITY OF CERTAIN LOAN DEBTS
"SEC. 439A. (a) A debt which is a loan insured or guaranteed under 20 USC 1087-3. the authority of this part may be released by a discharge in bankruptcy under the Bankruptcy Act only if such discharge is granted after the five-year period (exclusive of any applicable suspension of the repayment period) beginning on the date of commencement of the repayment period of such loan, except that prior to the expiration of that five-year period, such loan may be released only if the court in which the proceeding is pending determines that payment from future income or other wealth will impose an undue hardship on the debtor or his dependents. "(b) Subsection (a) of this section shall be effective with respect to Effective date, any proceedings begun under the Bankruptcy Act on or after Septem- H USC 1 note, ber 30, 1977. " C R I M IX A L PENALTIES
"SEC. 440. (a) Any person who knowingly and willfully embez- 20 USC 1087-4.. zles, misapplies, steals, or obtains by fraud, false statement, or forgery any funds, assets or property provided or insured under this part shall be fined not more than $10,000 or imprisoned for not more than five years, or both; but if the amount so embezzled, misapplied, stolen or obtained by fraud, false statement, or forgery does not exceed $200, the fine shall be not more than $1,000 and imprisonment shall not exceed one year, or both. "' ' *'^ "(b) Any person who knowingly and willfully makes any false statement, furnishes any false information, or conceals any material information in connection with an application for a finding by the Commissioner under section 435(b)(4)(A) or (B), for the purpose of
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