42 U.S.C. § 3931 — Congressional statement of purpose

Page 5997 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 3934 §§ 3912, 3913. Omitted Editorial Notes CODIFICATION Sections were omitted pursuant to section 4528 of this title, which terminated authority to guarantee bonds, debentures, notes, or other obligations under this chap- ter after Dec. 31, 1970, with exceptions now inappli- cable. Section 3912, Pub. L. 90–448, title IV, § 413, Aug. 1, 1968, 82 Stat. 517, set out functions, powers and duties of the Secretary under this chapter. Section 3913, Pub. L. 90–448, title IV, § 414, Aug. 1, 1968, 82 Stat. 517, related to audit of financial transactions of those whose obligations are guaranteed under this chapter. § 3914. Repealed. Pub. L. 98–181, title I [title IV, § 474(e)], Nov. 30, 1983, 97 Stat. 1239 Section, Pub. L. 90–448, title IV, § 415, Aug. 1, 1968, 82 Stat. 517, defined ‘‘land development’’, ‘‘actual costs’’, and ‘‘new community assistance projects’’ for purposes of this chapter. CHAPTER 49—NATIONAL HOUSING PARTNERSHIPS Sec. 3931. Congressional statement of purpose. 3932. Creation of corporations. 3933. Organization of corporation. 3934. Board of Directors; membership; appoint- ment; term. 3935. Financing the corporation. 3936. Purposes and powers of corporation. 3937. National housing partnership. 3938. Annual report of corporation; audit of ac- counts. 3939. Applicability of antitrust laws. 3940. Reservation of right to repeal, alter, or amend chapter. 3941. State or local taxation or regulation; access to judicial process. § 3931. Congressional statement of purpose The Congress finds that the volume of housing being produced for families and individuals of low or moderate income must be increased to meet the national goal of a decent home and a suitable living environment for every American family, and declares that it is the policy of the United States to encourage the widest possible participation by private enterprise in the provi- sion of housing for low or moderate income fam- ilies. The Congress has therefore determined that one or more private organizations should be created to encourage maximum participation by private investors in programs and projects to provide low and moderate income housing. (Pub. L. 90–448, title IX, § 901, Aug. 1, 1968, 82 Stat. 547.) § 3932. Creation of corporations (a) Authorization There is hereby authorized to be created a pri- vate corporation for profit (hereinafter in this chapter referred to as the ‘‘corporation’’). The corporation will not be an agency or establish- ment of the United States Government. The cor- poration shall be subject to the provisions of this chapter and, to the extent consistent with this chapter, to the District of Columbia Busi- ness Corporation Act. (b) Creation of additional corporations Whenever the President finds it in the na- tional interest to do so, he may cause the cre- ation of an additional corporation or additional corporations to carry out the purposes of this chapter. All the provisions of this chapter shall thereupon become applicable to each such cor- poration, and to the limited partnership formed by it pursuant to section 3937 of this title. (c) Creation of corporations and organization of other partnerships, joint ventures, or asso- ciations by private persons Nothing in this chapter shall be construed to preclude private persons from creating other corporations and organizing other partnerships, joint ventures, or associations for the purposes set forth in this chapter as the purposes of the corporation and the partnership described in section 3937 of this title. (Pub. L. 90–448, title IX, § 902, Aug. 1, 1968, 82 Stat. 547.) Editorial Notes REFERENCES IN TEXT The District of Columbia Business Corporation Act, referred to in subsec. (a), is act June 8, 1954, ch. 269, 68 Stat. 179, which is not classified to the Code. § 3933. Organization of corporation (a) Appointment of incorporators; Chairman; ini- tial board of directors The President of the United States shall ap- point, by and with the advice and consent of the Senate, incorporators of the corporation, one of whom shall be designated by the President to serve as chairman. The incorporators shall serve as the initial board of directors until the first annual meeting of stockholders or until their successors are elected and have qualified. (b) Action by incorporators; filing articles of in- corporation The incorporators shall take whatever actions are necessary or appropriate to establish the corporation, including the filing of articles of incorporation as approved by the President. (c) Initial offering of stock in corporation and of interests in partnership; terms of offering The incorporators shall also arrange for an initial offering of shares of stock in the corpora- tion and of interests in the partnership de- scribed in section 3937 of this title. If the incorporators deem it advisable in order to carry out the purposes of this chapter, the ini- tial offering may be made upon terms which re- quire the purchase of other securities of the cor- poration or of interests in such partnership. (Pub. L. 90–448, title IX, § 903, Aug. 1, 1968, 82 Stat. 547.) § 3934. Board of Directors; membership; appoint- ment; term The corporation shall have a board of direc- tors (hereinafter in this section referred to as the ‘‘board’’), consisting of fifteen members. Three members of the board shall be appointed by the President of the United States, by and