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word “Federal” with any of such words, as a name or a part of a name under which he or it shall do business (except in the case of a name under which business is being done at the time of the enactment of this Act), or (2) which is not a Federal Home Loan Bank, to advertise or represent in any way that he or it is a Federal Home Loan Bank, or to publish or display any sign, symbol, or advertisement reasonably calculated to convey the impression that he or it is a Federal Home Loan Bank, or (3) which is not a member, to advertise or represent in any way that he or it is a member, or to publish or display any sign, symbol, or advertisement reasonably calculated to convey the impression that he or it is a member. Violations of this section shall be punishable by a fine of not exceeding $1,000 or by imprisonment of not exceeding one year, or both.

(e) The provisions of sections 112, 113, 114, 115, 116, and 117 of the Criminal Code of the United States (U. S. C., title 18, secs. 202 to 207, inclusive), insofar as applicable, are extended to apply to contracts or agreements of any Federal Home Loan Bank under this Act, which, for the purposes hereof, shall be held to include advances, loans, discounts, and purchase and repurchase agreements; extensions and renewals thereof; and acceptances, releases, and substitutions of security therefor.

MISCELLANEOUS

Sec. 22. (a) In order to enable the board to carry out the provisions of this Act, the Treasury Department, the Comptroller of the Cur. rency, the Federal Reserve Board,20 and the Federal reserve banks are hereby authorized, under such conditions as they may prescribe, to make available to the board in confidence for its use and the use of any Federal Home Loan Bank such reports, records, or other information as may be available, relating to the condition of institutions with respect to which any such Federal Home Loan Bank has had or contemplates having transactions under this Act or relating to persons whose obligations are offered to or held by any Federal Home Loan Bank, and to make through their examiners or other employees, for the confidential use of the board or any Federal Home Loan Bank, examinations of such institutions.

(b) Every institution which shall apply for advances under this Act shall, as a condition precedent thereto, consent to such examination as the bank or the board may require for the purposes of this Act and,'or that reports of examinations by constituted authorities may be furnished by such authorities to the bank or the board upon request therefor.

Seo. 23. In order that the Federal Home Loan Banks may be supplied with such forms of stock, debentures, and bonds as may be necessary under this Act, the Secretary of the Treasury is authorized to prepare such forms thereof as shall be suitable and approved by the board, which shall be held in the Treasury subject to delivery, upon order of the board. The engraved plates, dies, and bed pieces executed in connection therewith shall remain in the custody of the Secretary of the Treasury. The board shall reimburse the Secretary of the Treasury

20 Sec. 203 (a) of The Banking Act of 1935 (49 Stat. 684, 12 U. S. C. 221) changed the name "Federal Reserve Board” to “Board of Governors of the Federal Reserve System."

for any expense incurred in the preparation, custody, and delivery of such stock, debentures, and bonds.

Sec. 24.' (a) Any organization organized under the laws of any State and subject to inspection and regulation under the banking or similar laws of such State shall be eligible to become a member under this Act if

(1) it is organized solely for the purpose of supplying credit to its members;

(2) its membership (A) is confined exclusively to building and loan associations, savings and loan associations, cooperative banks, and homestead associations; or (B) is confined exclusively to savings banks; and

(3) of the institutions to which its membership is confined which are organized within the State, its membership includes a majority

of such institutions. (b) In all respects, but subject to such additional rules and regulations as the board may provide, any such organization shall be a member for the purposes of this Act.

Sec. 25. Each Federal Home Loan Bank shall have succession until dissolved by the board under this Act or by further Act of Congress.

SEC. 28. Whenever the board finds that the efficient and economical accomplishment of the purposes of this Act will be aided by such action, and in accordance with such rules, regulations, and orders as the board may prescribe, any Federal Home Loan Bank may be liquidated or reorganized, and its stock paid off and retired in whole or in part in connection therewith after paying or making provision for the payment of its liabilities. In the case of any such liquidation or reorganization, any other Federal Home Loan Bank may, with the approval of the board, acquire assets of any such liquidated or reorganized bank and assume liabilities thereof, in whole or in part.

SEO. 27. Any institution, except a national bank, trust company, or other banking organization organized under any law of the United States, including the laws relating to the District of Columbia, shall be authorized to subscribe for stock of a Federal Home Loan Bank if otherwise eligible to make such subscription under the terms of this Act, any provision in any such law to the contrary notwithstanding:

SEC. 28. If any provision of this Act, or the application thereof to any person or circumstances, is held invalid, the remainder of the Act, and the application of such provision to other persons or circumstances, shall not be affected thereby.

SEC. 29. That notwithstanding any provisions of law prohibiting bonds of the United States from bearing the circulation privilege, for a period of three years from the date of enactment of this Act all outstanding bonds of the United States heretofore issued or issued during such period, bearing interest at a rate not exceeding 338 per centum per annum, shall be receivable by the Treasurer of the United States as security for the issuance of circulating notes to national banking associations, and upon the deposit with the Treasurer of the United States by a national banking association of any such bonds, such association shall be entitled to receive circulating notes in the same manner and to the same extent and subject to the same conditions and limitations now provided by law in the case of 2 per centum gold bonds of the United States bearing the circulation privilege; except that the limitation contained in section 9 of the Act of July 12, 1882, as amended, with respect to the amount of lawful money which may be deposited with the Treasurer of the United States by national banking associations for the purpose of withdrawing bonds held as security for their circulating notes, shall not apply to the bonds of the United States to which the circulation privilege is extended by this section and which are held as security for such notes. Nothing contained in this section shall be construed to modify, amend, or repeal any law relating to bonds of the United States which now bear the circulation privilege.

As used in this section, the word "bonds" shall not include notes, certificates, or bills issued by the United States.

There are hereby authorized to be appropriated such sums as may be necessary to carry out the provisions of this section.

Sec. 30. The right to alter, amend, or repeal this Act is hereby expressly reserved. Federal Home Loan Bank Act, approved July 22, 1932.

. Home Owners' Loan Act of 1933, approved June 13, 1933.

An Act to Guarantee the bonds of the Home Owners' Loan Corporation, approved April 27, 1934.

National Housing Act, approved June 27, 1934.

An Act to Provide Additional Home-Mortgage Relief, approval May 28, 1935.

An Act to amend the National Housing Act, approved March 28, 1941.

30657941-4

HOME OWNERS' LOAN ACT OF 1933 AS AMENDED 1

[PUBLIC, No. 43—73D CONGRESS]

(H. R. 5240]

AN ACT To provide emergency relief with respect to home mortgage indebted

ness, to refinance home mortgages, to extend relief to the owners of homes occupied by them and who are unable to amortize their debt elsewhere, to amend the Federal Home Loan Bank Act, to increase the market for obligations of the United States and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Home Owners' Loan Act of 1933."

DEFINITIONS

SEC. 2. As used in this Act

(a) The term “Board” means the Federal Home Loan Bank Board created under the Federal Home Loan Bank Act. (b) The term "Corporation

“Corporation” means the Home Owners' Loan Corporation created under section 4 of this Act.

(c) The term “home mortgage” means a first mortgage on real estate in fee simple or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable, or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed, upon which there is located a dwelling or dwellings for not more than four families, which is used in whole or in part by the owner as a home or held by him as his homestead, and which has a value of not to exceed $20,000; and the term "first mortgage” includes such classes of first liens as are commonly given to secure advances on real estate under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby.?

(d). The term “association” means a Federal Savings and Loan Association chartered by the Board as provided in section 5 of this Act.

1 48 Stat. 128, 12 U. S. C. 1461 et seq., as amended by An Act to Guarantee the Bonds of the Home Owners' Loan Corporation (Public, No. 178, 73d Cong., S. 2999, approved April 27, 1934, 48 Stat. 643, 12 U. S. C. 1463, 1463a, 1464, 1465, 1467. 1468); and as amended by the National Housing Act (Public, No. 479, 73d Cong., H. R. 9620, pproved June 27, 1934, 48 Stat. 1246, 12 U. S. C. 1462, 1463); and as amended by An Act to Provide Additional HomeMortgage Relief (Public, No. 76, 74th Cong.. H. R. 6021, approved May 28, 1935, 49 Stat. 293, 12 U. S. C. 1462. 1463, 1464. 1465, 1467) ; and as amended by An Act to amend the Social Security Act (Public, No. 379, 76th Cong., H. R. 6635, approved August 10, 1939, 53 Stat. 1402, 12 U. S. C. 1464); and as amended by An Act to allow the Home Owners' Loan Corporation to extend the period of amortization of home loans from 15 to 25 years (Public, No. 381, 76th Cong., S. 628, approved August 11, 1939, 53 Stat. 1403, 12 U. S. Č. 1463).

2 Sec. 2 (c) of the Home Owners' Loan Act of 1933 (48 Stat. '129, 12 U. S. C. 1462) originally read as follows:

The term 'home mortgage' means a first mortgage on real estate in fee simple or on a leasehold under a renewable lease for not less than ninety-nine years, upon which there is located a dwelling for not more than four families, used by the owner as a home or held by him as his homestead, and having a value not exceeding $20,000; and the term 'first mort.

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