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12 U.S.C. § 1747j — Transfer of certain functions to Association
Federal law — U.S. Code and appendices · legal_authorities
The functions of the Housing and Home Finance Administrator (including the function of making payments to the Secretary of the Treasury) under section 2 of Reorganization Plan Numbered 22 of 1950, together with the notes and capital stock of the Federal National Mortgage Association held by said Administrator thereunder, are transferred to the Federal National Mortgage Association.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1747j-transfer-of-certain-functions-to-association--9a9f3ce04d.md
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Source location: Title 12, Chapter 13, § 1747j; chapter-013-national-housing.md
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The functions of the Housing and Home Finance Administrator (including the function of making payments to the Secretary of the Treasury) under section 2 of Reorganization Plan Numbered 22 of 1950, together with the notes and capital stock of the Federal National Mortgage Association held by said Administrator thereunder, are transferred to the Federal National Mortgage Association.
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Federal law — U.S. Code and appendices · legal_authorities
Moneys in the Fund not needed for the current operations of the Department of Housing and Urban Development related to insurance under [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) shall be deposited with the Treasurer of the United States to the credit of the Fund, or invested in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by, the United States or any agency of the United States: Provided, That such moneys shall to the maximum extent feasible be invested in such bonds or other obligations the proceeds of which will be used to directly support the residential mortgage market. The Secretary may, with the approval of the Secretary of the Treasury, purchase in the open market debentures issued under the provisions of [section 1710 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1710&num=0&edition=prelim). Such purchases shall be made at a price which will provide an investment yield of not less than the yield obtainable from other investments authorized by this section. Debentures so purchased shall be canceled and not reissued, and the several group accounts to which such debentures have been charged shall be charged with the amounts used in making such purchases.
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Federal law — U.S. Code and appendices · legal_authorities
Page 824
TITLE 12—BANKS AND BANKING
§ 1747h
CODIFICATION
In subsec. (h), ‘‘section 6101 of title 41’’ substituted
for ‘‘section 3709 of the Revised Statutes’’ on authority
of Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854,
which Act enacted Title 41, Public Contracts.
AMENDMENTS
1967—Subsecs. (a) to (f), (h). Pub. L. 90–19 substituted
‘‘Secretary’’ for ‘‘Commissioner’’ wherever appearing.
1965—Subsecs. (c), (e), (g), (h). Pub. L. 89–117 sub-
stituted ‘‘General Insurance Fund’’ for ‘‘Housing In-
vestment Insurance Fund’’ wherever appearing.
1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’
for ‘‘Administrator’’ wherever appearing.
§ 1747h. Termination of insurance contract by in-
vestor
The investor, after written notice to the Sec-
retary of his intention so to do, may terminate,
as of the close of any operating year, any insur-
ance contract made pursuant to this subchapter.
The Secretary shall prescribe the events and
conditions under which said Secretary shall
have the option to terminate any insurance con-
tract made pursuant to this subchapter, and the
events and conditions under which said Sec-
retary may reinstate any insurance contract
terminated pursuant to this section or section
1747g(a) of this title. If any insurance contract is
terminated pursuant to this section, the Sec-
retary may require the investor to pay an ad-
justed premium charge in such amount as the
Secretary determines to be equitable, but not in
excess of the aggregate amount of the premium
charges which such investor otherwise would
have been required to pay if such insurance con-
tract had not been so terminated.
(June 27, 1934, ch. 847, title VII, § 709, as added
Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1280;
amended Apr. 20, 1950, ch. 94, tit
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1747j
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