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i department, establishment, or instrumentality and may avail

2 itself of the use of information, services, facilities, and per3 sonnel thereof, and may pay compensation therefor, and all 4 of the foregoing are hereby authorized to provide the same 5 to the Corporation as it may request.

(c) Funds of the Corporation may be invested in such 7 investments as the Board of Directors may prescribe. Any

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8 Federal Reserve bank or Federal home loan bank, or any

9 bank as to which at the time of its designation by the Cor

10 poration there is outstanding a designation by the Secretary 11 of the Treasury as a general or other depositary of public

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money, may be designated by the Corporation as a depositary

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or custodian or as a fiscal or other agent of the Corporation, 14 and is hereby authorized to act as such depositary, custodian,

or agent. When designated for that purpose by the Secretary 16 of the Treasury, the Corporation shall be a depositary of 17 public money, under such regulations as may be prescribed 18 by the Secretary of the Treasury, and may also be employed 19 as fiscal or other agent of the United States, and it shall per

20 form all such reasonable duties as such depositary or agent as

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(d) All notes, bonds, debentures, or other obligations of 23 the Corporation, or other securities (including stock) of the 24 Corporation, and the interest, dividends, or other income

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1 therefrom, shall be exempt from all taxation (except estate,

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2 inheritance, and gift taxes) now or hereafter imposed by the 3 United States, by any territory, dependency, or possession 4 thereof, or by any State, county, municipality, or local taxing 5 authority. The foregoing exemption from taxation (except as 6 to taxation imposed by the United States) shall include 7

exemption from taxation measured by such obligations or 8 securities or by such interest, dividends, or other income, and 9 from inclusion of such obligations or securities, or such inter10 est, dividends, or other income, in the measure of any such

taxation. The Corporation, including its franchise, activities, 12 capital, reserves, surplus, and income, shall be exempt from

, 13 all taxation now or hereafter imposed by the United States,

by any territory, dependency, or possession thereof, of by any 15 State, county, municipality, or local taxing authority, except 16 that any real property of the Corporation shall be subject to 17 State, territorial, county, municipal, or local taxation to the

same extent according to its value as other real property is 19 taxed. Nothing in this subsection shall affect the applicability 20 of the Public Debt Act of 1941, as amended. The provisions 21 of this subsection shall be applicable without regard to any

other law, including without limitation on the generality of

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the foregoing section 3301 of the Internal Revenue Code of

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1954, except laws hereafter enacted by Congress expressly

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in limitation of this subsection.

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(e) Notwithstanding section 1349 of title 28 of the

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2 United States Code or any other provision of law, (1) the 3 Corporation shall be deemed to be an agency included in 4 sections 1345 and 1442 of said title 28, (2) all civil actions

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to which the Corporation is a party shall be deemed to arise

6 under the laws of the United States, and the district courts of

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the United States shall have original jurisdiction of all such

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actions, without regard to amount or value, and (3) any civil or other action, case, or controversy in a court of a State, or

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in any court other than a district court of the United States,

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to which the Corporation is a party may at any time before the trial thereof be removed by the Corporation, without the

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giving of any bond or security, to the district court of the

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United States for the district and division embracing the place

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where the same is pending, or, if there is no such district

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court, to the district court of the United States for the district

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in which the principal office of the Corporation is located, by following any procedure for removal of causes in effect at the

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time of such removal. No attachment or execution shall be

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issued against the Corporation or any of its property before final judgment in any State, Federal, or other court.

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SEC. 4. (a) The Corporation shall have nonvoting capital stock divided into shares of a par value of $100 each,

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composed of two classes, preferred and common. Dividends

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1 shall be declared only out of net earnings remaining after all 2 reserves and chargeoffs which may be required by the board

3 of directors have been provided for. Preferred stock, which

4 shall be issued only to Federal home loan banks, shall be 5 preferred as to the assets of the Corporation and shall be

6 entitled to cumulative preferred dividends at the rate of 2

per centum per annum of the outstanding amounts paid in

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8 thereon, for the time that such amounts are outstanding.

9 Common stock shall be issued only in accordance with sec

10 tion 5. No dividends shall be declared on common stock in

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any semiannual period beginning January 1 or July 1 in 12 excess of a total of 1 per centum of the par value thereof un13 less all preferred stock (except such preferred stock as is 14 included in the next to last sentence of subsection (d) of 15 this section) is accorded a pro rata participation to the extent

16 of such excess. Stock of each class shall be evidenced in such

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manner, and shall be transferable only to such extent, to such 18 transferees, and in such manner, as the Corporation may pre19 scribe. Any amount of stock required or permitted by this 20 Act may be adjusted by the Corporation to the next higher

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(b) The Federal home loan banks shall from time to 23 time subscribe, at such price not less than par as the Cor

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poration shall from time to time fix, for such amounts of

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preferred stock as the Corporation shall prescribe, and such

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1 banks shall pay therefor at such time or times and in such 2 amount or amounts as may from time to time be fixed by 3 call of the Corporation. The amount of the payments for 4 which such banks may be obligated under such subscriptions

5 shall not exceed a cumulative total of $100,000,000.

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(c) Subscriptions of the respective Federal home loan

7 banks to such stock shall be allocated by the Corporation in 8

proportion to the ratio which the outstanding amounts paid

in on capital stock of each of said banks at the end of the 10 calendar month which ends next prior to the date of the

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enactment of this Act bears to the total of the outstanding

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amounts paid in on the capital stock of all of said banks at

13 the end of said calendar month.

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(d) The Corporation at any time may retire all or any part of the stock of the Corporation, or may call for retirement all or any part of the stock of the Corporation by publishing a notice of the call in the Federal Register or in such other manner as the Corporation may determine and deposit

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ing with the Treasurer of the United States, for the purpose

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of such retirement, funds sufficient to effect such retirement:

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Provided, That no common stock shall be retired at

any

time

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when there is outstanding any preferred stock which has not been called for retirement: Provided further, That no call for the retirement of any stock shall be made, and no stock shall be retired without call, if, immediately after such

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