§ 1723b. — Investment of funds.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1723b]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER III--NATIONAL MORTGAGE ASSOCIATIONS
Sec. 1723b. Investment of funds
Moneys of the Association not invested in mortgages or other
security holdings or in operating facilities shall be kept in cash on
hand or on deposit, or invested in obligations of the United States or
guaranteed thereby, or in obligations, participations, or other
instruments which are lawful investments for fiduciary, trust, or public
funds.
(June 27, 1934, ch. 847, title III, Sec. 310, as added Aug. 2, 1954, ch.
649, title II, Sec. 201, 68 Stat. 621; amended Pub. L. 86-372, title
III, Sec. 305(b), Sept. 23, 1959, 73 Stat. 670; Pub. L. 87-70, title VI,
Sec. 603(e), June 30, 1961, 75 Stat. 177; Pub. L. 88-560, title VII,
Sec. 701(b)(3), Sept. 2, 1964, 78 Stat. 800.)
Prior Provisions
Prior provisions on the subject of this section were formerly
contained in section 1718 of this title.
Amendments
1964--Pub. L. 88-560 authorized investment of funds in
participations and other instruments which are lawful investments.
1961--Pub. L. 87-70 inserted ``or other security holdings'' after
``mortgages''.
1959--Pub. L. 86-372 substituted ``in obligations of the United
States or guaranteed thereby, or in obligations which are lawful
investments for fiduciary, trust, or public funds'' for ``in bonds or
other obligations of, or in bonds or other obligations guaranteed as to
principal and interest by, the United States''.
