§ 1723c. — Obligations, participations, or other instruments as lawful investments; acceptance as security; exempt securities.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1723c]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER III--NATIONAL MORTGAGE ASSOCIATIONS
Sec. 1723c. Obligations, participations, or other instruments as
lawful investments; acceptance as security; exempt securities
All obligations, participations, or other instruments issued by
either of the bodies corporate named in section 1717(a)(2) of this title
shall be lawful investments, and may be accepted as security for all
fiduciary, trust, and public funds, the investment or deposit of which
shall be under the authority and control of the United States or any
officer or officers thereof. All stock, obligations, securities,
participations, or other instruments issued pursuant to this subchapter
shall, to the same extent as securities which are direct obligations of
or obligations guaranteed as to principal or interest by the United
States, be deemed to be exempt securities within the meaning of laws
administered by the Securities and Exchange Commission.
(June 27, 1934, ch. 847, title III, Sec. 311, as added Aug. 2, 1954, ch.
649, title II, Sec. 201, 68 Stat. 622; amended Pub. L. 88-560, title
VII, Sec. 701(b)(1), Sept. 2, 1964, 78 Stat. 800; Pub. L. 90-448, title
VIII, Sec. 802(ff), Aug. 1, 1968, 82 Stat. 542; Pub. L. 98-440, title
II, Sec. 213(b), Oct. 3, 1984, 98 Stat. 1698; Pub. L. 102-550, title
XIII, Sec. 1381(r), Oct. 28, 1992, 106 Stat. 4001.)
Amendments
1992--Pub. L. 102-550 struck out before period at end ``; but all
such issuances by the Association and all issuances of stock, and debt
obligations convertible into stock, by the corporation shall be made
only with the approval of the Secretary of Housing and Urban
Development''.
1984--Pub. L. 98-440 inserted ``by the Association and all issuances
of stock, and debt obligations convertible into stock, by the
corporation''.
1968--Pub. L. 90-448 substituted ``either of the bodies corporate
named in section 1717(a)(2) of this title'' for ``the Association,'' and
inserted provisions directing that all stock, obligations, securities,
participations, or other instruments issued pursuant to this subchapter
be deemed to be exempt securities, and requiring approval of the
Secretary for all issuances.
1964--Pub. L. 88-560 inserted ``, participations, or other
instruments'' after ``obligations''.
Effective Date of 1968 Amendment
For effective date of amendment by title VIII of Pub. L. 90-448, see
section 808 of Pub. L. 90-448, set out as an Effective Date note under
section 1716b of this title.
