10 1 relating to such corporation or has engaged in unsafe or 2 unsound practices in conducting the business of such cor3 poration, the Joint Board shall cause notice to be served 4 upon such director, officer, attorney, employee, or agent 5 to appear before such Joint Board to show cause why he 6 should not be removed from office. A copy of such order 7 shall be sent to each director of the corporation concerned 8 by registered mail. If, after granting such director, officer, 9 attorney, employee, or agent a reasonable opportunity to be 10 heard, the Joint Board finds that he has violated any law 11 relating to such corporation or has engaged in unsafe or 12 unsound practices in conducting the business of such cor13 poration, the Joint Board, in its discretion, may order 14 that such director, officer, attorney, employee, or agent be 15 removed from office. A copy of such order shall be served 16 upon such director, officer, attorney, employee, or agent. 17 A copy of such order shall also be served upon the corpora18 tion affected, whereupon such director, officer, attorney, 19 employee, or agent shall cease to be a director, officer, at20 torney, employee, or agent of such corporation. Any such 21 director, officer, attorney, employee, or agent removed from 22 office as herein provided who thereafter participates in any 23 manner in the management of such corporation, or as an 24 attorney, employee, or agent thereof, shall be fined not 11 1 2 3 4 more than $5,000, or imprisoned for not more than five years, or both, in the discretion of the court. REVIEW OF ORDER; REHEARING SEC. 209. Any person who has been removed from 5 office by an order of the Joint Board may obtain a review 6 of such order in the court of appeals of the United States, 7 within any circuit where the act or practice took place or 8 where such person resides or carries on business, by filing in 9 the court, within sixty days from the date of the service of 10 such order, a written petition praying that the order of the 11 Joint Board be set aside. A copy of such petition shall be 12 forthwith transmitted by the clerk of the court to the Joint 13 Board, and thereupon the Joint Board shall file in the court 14 the record in the proceeding, as provided in section 2112 of 15 title 28, United States Code. Upon such filing of the peti16 tion the court shall have jurisdiction of the proceeding and 17 of the question determined therein concurrently with the 18 Joint Board until the filing of the record and shall have power to make and enter a decree affirming, modifying, or 20 setting aside the order of the Joint Board, and enforcing the 21 same to the extent that such order is affirmed and to issue 22 such writs as are ancillary to its jurisdiction or are necessary 23 in its judgment to prevent injury. The findings of the Joint 24 Board as to the facts, if supported by evidence, shall be con 19 12 1 clusive. To the extent that the order of the Joint Board is 2 affirmed, the court shall thereupon issue its own order com3 manding obedience to the terms of such order of the Joint 4 Board. If either party shall apply to the court for leave to 5 adduce additional evidence, and shall show to the satisfaction 6 of the court that such additional evidence is material and 7 that there were reasonable grounds for the failure to adduce 8 such evidence in the proceeding before the Joint Board the 9 court may order such additional evidence to be taken before the Joint Board and to be adduced upon the hearing in such manner and upon such terms and conditions as to the court 10 11 12 13 may seem proper. The Joint Board may modify its findings as to the facts, or make new findings, by reason of the addi14 tional evidence so taken, and it shall file such modified or 15 new findings, which, if supported by evidence, shall be con16 clusive and its recommendation, if any, for the modification 17 or setting aside of its original order, with the return of such 18 additional evidence. The judgment and decree of the court 19 shall be final, except that the same shall be subject to review 20 by the Supreme Court upon certiorari, as provided in section 21 1254 of title 28, United States Code. 1 2 3 4 13 TITLE III-MORTGAGE INSURANCE CORPORATIONS ESTABISHMENT SEC. 301. Any number of natural persons, who are citi 5 zens and residents of the United States, but not less than five, 6 may apply to the Joint Board for authority to establish a 7 mortgage insurance corporation, and at the time of such ap8 plication shall transmit to the Joint Board articles of associa9 tion, signed and sealed by each of the incorporators and 10 acknowledged before a judge of any court of record or a 11 notary public, which shall contain (1) the name of the as12 sociation, (2) the place where its principal office or place 13 of business is to be located, and (3) such information with 14 respect to its capital stock and its powers as the Joint Board may by regulation require. If the Joint Board is of the 16 opinion that the incorporators transmitting the articles of 17 association are persons of good repute and the articles of 18 association meet the requirements of the Act, it shall issue or cause to be issued to such incorporators a certificate of ap20 proval, and the association shall become, as of the date of 15 19 14 1 issuance of such certificate, a body corporate by the name. 3 4 set forth in its articles of association. INSURANCE AUTHORIZATION SEC. 302. (a) Any mortgage insurance corporation or 5 ganized as provided in section 301 shall be authorized to— (1) insure not less than 100 per centum of the unpaid principal and interest on loans in the form of obligations secured by mortgages as hereinafter provided; and 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 (2) establish, through action by its board of directors, an adequate insurance premium for such insurance which shall be set, and the initial capital be allocated, so that there shall be maintained at all times unimpaired capital, surplus, and undivided profits in an aggregate amount, upon the basis of market value, of not less than 5 percentum of the unpaid principal amounts of all outstanding contracts of mortgage insurance, and at least 50 per centum of the capital shall be invested in obligations of or guaranteed by the United States and the remainder in other obligations or securities approved by the Joint Board. All other funds shall be safely invested with due regard to the purpose of the corporation. (b) A loan insured by a mortgage insurance corpora 25 tion organized under this title shall have a maximum |