§1469 — Title 12 Banks and Banking | U.S. Code

Title 12, §1469

Banks and Banking — Source: USLM XML via OLRC

The Congress finds that Federal savings and loan associations and national banks should have the authority to assist in financing the organization and operation of any State housing corporation established under the laws of the State in which the corporation will carry on its operation. It is the purpose of this section to provide a means whereby private financial institutions can assist in providing housing, particularly for families of low- or moderate-income, by purchasing stock of and investing in loans to any such State housing corporation situated in the particular State in which the Federal savings and loan association or national bank involved is located.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This section, referred to in text, means section 5 of Pub. L. 93–100, which enacted this section and section 1470 of this title and amended section 24 and 1464 of this title. Codification Section was not enacted as part of the Home Owners’ Loan Act of 1933 which comprises this chapter.

Statutory Notes and Related Subsidiaries

Effective Date

Pub. L. 93–100, § 8, Aug. 16, 1973, 87 Stat. 348, provided that: “The provisions of this Act [enacting this section and section 1470 and 1832 of this title, amending section 24, 461 note, 1464, 1725, 1727 and 1828 of this title, and enacting provisions set out as notes under section 548 of this title] shall take effect on the thirtieth day after the date of its enactment [Aug. 16, 1973], except that the

Amendments

made by section 1 and 5 [enacting this section and section 1470 of this title and amending section 24, 461 note, and 1464 of this title] shall take effect on the date of enactment of this Act [Aug. 16, 1973].”

§1469 Authority to invest in State housing corporations

Summary