amendment to national bank act

amendment to national bank act Sec. 206. The sixth sentence of paragraph “Seventh” of section 5136 of the Revised Statutes, as amended (12 U.S.C. 24), is amended— (1) by striking out “1421a(b) of title 42” wherever it appears and inserting in lieu thereof w“6(g) of the United States Housing Act of 1937”; (2) by striking out “either” before clause (1); (3) by striking out “(which obligations shall have a maturity of not more than eighteen months)” in clause (1); (4) by striking out “or” before clause (2); and (5) by inserting before the colon before the first proviso the following: “, or (3) by a pledge of both annual contributions under an annual contributions contract containing the covenant by the Secretary which is authorized by section 6(g) of the United States Housing Act of 1937, and a loan under an agreement between the local public housing agency and the Secretary in which the public housing agency agrees to borrow from the Secretary, and the Secretary agrees to lend to the public housing agency, prior to the maturity of the obligations involved, moneys in an amount which (together with any other moneys irrevocably committed under the annual contributions contract to the payment of principal and interest on such obligations) will suffice to pro-88 Stat. 669vide for the payment when due of all installments of principal and interest on such obligations, which moneys under the terms of the agreement are required to be used for the purpose of paying the principal and interest on such obligations at their maturity”.