6 1 and thereafter at least 5 per centum of such net earnings 2 annually shall be transferred to such reserve for losses until 3 such reserve is 100 per centum of the total capital of the 4 Corporation. After payment of or provision for expenses 5 and the allocation to loss reserves as herein provided, the 6 Board is authorized to declare and pay dividends from the 7 remaining net earnings of the Corporation which are not in 8 the judgment of the Board required for the purposes of the 9 Corporation. GENERAL POWERS SEC. 5. The Corporation shall have power (1) to adopt and use a corporate seal; (2) to have succession until dissolved by Act of Congress; (3) to sue and be sued, complain and defend, in any court of law or equity, State or Federal; (4) to make contracts; (5) to appoint and to fix the compensation of such officers, employees, attorneys, or agents as shall be necessary for the performance of its duties under this Act, without regard to the provisions of any other law relating to the employment or compensation of officers or employees of the United States, and nothing in this Act or any other provision of law shall be construed to prevent the appointment and compensation, as an officer, 7 employee, attorney, or agent of the Corporation, of any officer, attorney, or employee of any board, corporation, commission, establishment, executive department, or instrumentality of the Government; (6) to utilize with the consent of and in the discretion of any department, establishment, board, commission, corporation, or other instrumentality of the Government, including any field service, any such entity being referred to hereinafter in this subsection as "agency", such of the facilities, information, and per sonnel of such agency as it deems necessary to carry out its duties under this Act, and to pay compensation there for, and each agency is authorized to furnish the same to the Corporation upon request made by the chairman of the Board; (7) to use the United States mails for the official business of the Corporation in the same manner as the executive departments of the Government; (8) subject to the Government Corporation Control Act, to determine the necessity for and the character and amount of its obligations and expenditures, and the manner in which they shall be incurred, allowed, and paid; and (9) to exercise by the Board, or by duly authorized officers or agents, all powers granted by this Act, and 1 2 3 8 such incidental powers as shall be necessary to carry out the powers so granted. BORROWINGS 4 SEC. 6. For the purposes of this Act, the Corporation 5 shall have power to borrow money, and to issue notes, bonds, 6 debentures, or other such obligations upon such terms and 7 conditions as the Board may determine, but the amount of 8 all such obligations outstanding at any one time shall not 9 exceed ten times the sun of its capital, surplus, and reserves. 10 Such notes, bonds, debentures, or other such obligations are 11 hereby declared to be legal investments for federally char12 tered savings and loan associations. Moneys of the C'orpora13 tion not required for current operation shall be deposited 14 with the Treasurer of the United States or, upon the approval 15 of the Secretary of the Treasury, in any Federal Reserve 16 bank or in any Federal home loan bank, or shall be in17 vested in obligations of, or obligations guaranteed as to 18 principal and interest by, the United States. When desig19 nated for that purpose by the Secretary of the Treasury, the 20 Corporation shall be a depository of public money, under 21 such regulations as may be prescribed by the Secretary of 22 the Treasury, and may also be employed as fiscal agent of 23 the United States, and it shall perform all such reasonable 24 duties as such depository or agent as may be required of it. 2 SEC. 7. The Corporation shall make an annual report of 3 its operations to the Congress as soon as practicable after the 4 first day of January in each year. Such report may be a part 5 of the annual report of the Federal Home Loan Bank Board. 6 USE OF CORPORATE NAME 7 SEC. 8. No individual, association, partnership, or cor8 poration, except the body corporate created by section 3 9 of this Act, shall hereafter use the words "Home Mortgage 10 Corporation", or any combination of such words, as a name 11 or part thereof under which he or it does business, but 12 this sentence shall not make unlawful the use of any name 13 under which business is being done on the date of the 14 15 enactment of this Act. Any individual, association, partner ship, or corporation violating this prohibition shall be guilty 16 of a misdemeanor and shall be punished by a fine of not 17 18 19 20 21 exceeding $100 for each day during which such violation is committed or repeated. MISCELLANEOUS SEC. 9. (a) Section 201 of the Government Corporation Control Act is amended by striking out "and (5) Federal 22 Deposit Insurance Corporation" and inserting in lieu thereof the following: "(5) Federal Deposit Insurance Corporation, and (6) Home Mortgage Corporation", 10 1 (b) In order that the Corporation may be supplied 2 with such forms of obligations or certificates as it may 3 need for issuance under this Act, the Secretary of the 4 Treasury is authorized, upon request of the Corporation, to 5 prepare such forms as shall be suitable and approved by 6 the Corporation, to be held in the Treasury subject to de7 livery upon order of the Corporation. The engraved plates, 8 dies, bed pieces, and other material executed in connection 9 therewith shall remain in the custody of the Secretary of 10 the Treasury. The Corporation shall reimburse the Sec11 retary of the Treasury for any expenses incurred in the 12 preparation, custody, and delivery of such forms. |