Pub. L. 91-151, tit. I, sec. 6

Sec. 6. (a) Effective as of the close of December 31, 1969, section 404 of the National Housing Act is amended (1) by striking out “plus any creditor obligations of such institution” in subsection (b)(1), and the amendment made by this subdivision (1) shall be applicable also to any then unexpired portion of any then current premium year under subsection (b)(1). (2) by striking out “and creditor obligations” in subsection (b)(2). (3) by striking out “and its creditor obligations” in subsection (c). (4) by striking out “and creditor obligations” each place it appears in subsection (g). The condition in the first sentence of that subsection shall be deemed to be met as of the close of December 31, 1969. The words “such year” in that sentence shall be deemed to include also the year beginning January 1, 1970. (b) The Federal Savings and Loan Insurance Corporation is authorized by regulation or otherwise (1) to make such provisions as it may deem advisable with respect to the order in which and the extent to which the components of a pro rata share of its secondary reserve shall be applied or be deemed to have been applied in the case of a reduction of such share through a use under the second sentence of section 404(e) of the National Housing Act or the first sentence of section 404(g), a transfer of part of such share under the third sentence of section 404(e), or otherwise. (2) to take such action including without limitation such adjustments and refunds and such deferrals of premium payments and other payments, as it may determine to be necessary or appropriate for or in connection with the implementation of this section or other legislation amending or supplementing said section 404.