12 U.S.C. 1718: Capitalization of Federal National Mortgage Association

2008

• Pub. L. 110–289 substituted "Director of the Federal Housing Finance Agency" for "Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development". (Housing and Economic Recovery Act of 2008) Law text · (c)

1992

• Pub. L. 102–550, §1381(d)(1), inserted at end "The corporation may issue shares of common stock in return for appropriate payments into capital or capital and surplus." · (a)
• Pub. L. 102–550, §1381(d)(2), added subsecs. (b) and (c) and struck out former subsec. (b) which related to accumulation of surplus, fees and charges, and transfer of surplus funds to reserves and former subsec. (c) which related to issuance of common stock for capital contributi… · (b), (c)
• Pub. L. 102–550, §1381(d)(3), (4), redesignated subsec. (f) as (d), struck out "to make payments to the corporation of the nonrefundable capital contributions referred to in subsection (b) of this section, to receive stock of the corporation evidencing such capital contributions,… · (d), (f)

1988

• Pub. L. 100–242 inserted after first sentence "The corporation may eliminate such rights of cumulative voting by a resolution adopted by its board of directors and approved by the holders of a majority of the shares of common stock voting in person or by proxy at the annual meeting, or… · (a)

1982

• Pub. L. 97–320, §707(a)(1), inserted provision that the corporation may have preferred stock on such terms and conditions as the board of directors shall prescribe. · (a)
• Pub. L. 97–320, §707(a)(2), struck out "common" before "stock at all times". · (a)

1974

• Pub. L. 93–383, §806(g), struck out provisions relating to issuance, par value, retirement, etc., of nonvoting preferred stock. · (a)
• Pub. L. 93–383, §806(h), substituted provisions relating to purchases subsequent to Sept. 1, 1968, for provisions relating to purchases subsequent to the effective date established under section 808 of the Housing and Urban Development Act of 1968, and struck out provisions relating to… · (c)
• Pub. L. 93–383, §806(i), struck out subsec. (d) authorizing issuance of preferred stock to Secretary of the Treasury. · (d)
• Pub. L. 93–383, §806(i), struck out subsec. (e) relating to exchange of preferred stock delivered to Secretary of the Treasury pursuant to subsec. (d) of this section. · (e)

1970

• Pub. L. 91–609 substituted "may accumulate" and "private sources" for "shall accumulate" and "private and other sources", respectively, struck out "nor less than 1 per centum" after "2 per centum", and inserted "with the approval of the Secretary of Housing and Urban Development" after… · (b)

1968

• Pub. L. 90–448, §802(i), (s)(1), changed common stock of the Association from nonvoting common stock with a par value of $100 to common stock, without par value, vested with all voting rights and each share entitled to one vote with rights of cumulative voting at all elections of direc… · (a)
• Pub. L. 90–448, §802(j), (s)(1), substituted "corporation" for "Association" in six places, and "fees, which may be regarded as elements of pricing, with" for "fees for its services with", and struck out sentence which stated this subsection shall be subject to the exceptions set forth… · (b)
• Pub. L. 90–448, §802(k), (s)(1), substituted "corporation" for "Association" in five places, and "the aggregate amount of cash dividends paid on account of any share of such stock shall not exceed any rate which may be determined from time to time by the Secretary of Housing and Urban … · (c)
• Pub. L. 90–448, §802(l), (s), substituted "corporation" for "Association" in six places, and "corporation's" for "Association's", and inserted provisions prohibiting issuance of preferred stock subsequent to the effective date established pursuant to section 808 of the Housing and Urba… · (d)
• Pub. L. 90–448, §802(s), substituted "corporation" for "Association" in four places, and "corporation's" for "Association's". · (e)
• Pub. L. 90–448, §802(m), (s)(1), substituted "corporation" for "Association" in two places and inserted provisions authorizing purchase of additional shares of stock of the corporation. · (f)
• Pub. L. 90–448, §802(n), repealed subsec. (g) which directed Secretary of Housing and Urban Development to transmit recommendations for eventual transfer of operations to private shareholders. · (g)

1967

• Pub. L. 90–19, §1(j)(2), substituted "Secretary of the Treasury's" for "Secretary's" in last sentence. · (a)
• Pub. L. 90–19, §1(l), substituted "Secretary of Housing and Urban Development" for "Housing and Home Finance Administrator". · (g)

1966

• Pub. L. 89–566, §2(a), raised from $115,000,000 to $225,000,000 the amount of the par value of the preferred stock of the Association which the Secretary of the Treasury is authorized and directed to accept in addition to the original $21,000,000. · (d)
• Pub. L. 89–566, §2(b), substituted "$225,000,000" for "$115,000,000" in second sentence. · (e)

1965

• Pub. L. 89–117 inserted "other" sources to private sources as the areas from which the Association shall accumulate funds for its capital surplus account. · (b)

1961

• Pub. L. 87–70, §603(b), directed the Association to require each borrower to make payments, equal to not more than one-half of one per centum of the amount lent to the borrower under section 1719 of this title. · (b)
• Pub. L. 87–70, §603(c), required issuance of stock to borrowers and inserted "(adjusted by reason of any payments into surplus required by the Association)". · (c)

1957

• Pub. L. 85–104, §201, substituted provisions which fixed capital contributions payments at maximum of 2 percent and minimum of 1 percent of unpaid principal amounts of mortgages purchased or to be purchased under section 1719 of this title, for former provisions which provided for capi… · (b)
• Pub. L. 85–104, §202(a), substituted "$115,000,000" for "$50,000,000" in second sentence. · (d)
• Pub. L. 85–10, §1(a), inserted sentence directing Secretary of the Treasury to accept additional $50,000,000 of preferred stock issued by Association. · (d)
• Pub. L. 85–104, §202(b), substituted "$115,000,000" for "$50,000,000" in second sentence. · (e)
• Pub. L. 85–10, §1(b), inserted "the first sentence of" before "subsection (d)" in first sentence, and inserted sentence providing that Association stock delivered to Treasury pursuant to second sentence of subsec. (d) of this section be in exchange for Association notes of $50,000,000. · (e)