in accordance with the provisions of this section and section 708 of this title to any such assignee, pledgee, or other transferee."

SEC. 610. Section 713 (n) of the National Housing Act, as amended, is hereby amended by adding before the period at the end thereof the words "or such lesser amount as shall be agreed upon by the investor and the Commissioner”.

SEC. 611. Upon a finding by the Housing and Home Finance Administrator that the acquisition of any real property for a defense installation or industry has resulted, or will result, in the displacement of persons from their homes on such property, he may (notwithstanding any other provision of this or any other law) issue regulations pursuant to which such persons may be permitted to occupy or purchase housing for which credit restrictions established pursuant to the Defense Production Act of 1950 have been relaxed or housing which has been provided or assisted under the provisions of this Act (including amend ments to other Acts provided herein), subject to any conditions or requirements that he determines necessary for purposes of national defense.

SEC. 612. Section 713 (o) of the National Housing Act, as amended, is hereby amended by inserting before the period at the end thereof the words "and income taxes".

SEC. 613. (a) Section 504 of the IIousing Act of 1950 is amended by striking out "builder, veteran, or other purchaser" wherever it appears therein and inserting in lieu thereof the following: "builder or other seller, or the veteran or other purchaser”.

(b) Section 501 (b) of the Servicemen's Readjustment Act of 1944, as amended, is hereby amended to read as follows:

"(b) Any loan made under this title to a veteran who has not, after April 20, 1950, availed himself of the benefits of this title for the purpose of purchasing residential property or constructing a dwelling to be occupied as his home, the proceeds of which loan are to be used for that purpose, may, notwithstanding the provisions of subsection (a) of section 500 of this title relating to the percentage or aggregate amount of loan to be guaranteed, be guaranteed, if otherwise made pursuant to the provisions of this title, in an amount not exceeding sixty per centum of the loan: Provided, That the amount of any such guaranty shall not exceed $7,500, less the amount with which the veteran's entitlement for real estate purposes is properly chargeable on account of prior loans, nor shall the gratuity payable under subsection (c) of section 500 of this title exceed that which is payable on loans guaranteed in accordance with the maxima provided for in subsection (a) of section 500 of this title."

SEC. 614. (a) Section 512(b) of the Servicemen's Readjustment Act of 1944 is amended (1) by striking out clause (C); and (2) by striking out "June 30, 1951" and inserting in lieu thereof "June 30, 1953".

(b) Section 512 (d) of the Servicemen's Readjustment Act of 1944 is amended to read as follows:

"(d) The Administrator is authorized to sell, and shall offer for sale, to any private lending institution evidencing ability.to service loans, any loan made under this section at a price not less than par; that is, the unpaid balance plus accrued interest, and may guarantee any loan thus sold subject to the same conditions, terms, and limitations which would be applicable were the loan guaranteed under sec: tion 501 (b) of this title."

(c) The first sentence of section 513 (a) of the Servicemen's Readjustment Act of 1944 is amended to read as follows: "For the purposes of section 512 of this title, the Secretary of the Treasury is hereby authorized and directed to make available to the Administrator such

sums not in excess of $150,000,000 (plus the amount of any funds which may have been deposited to the credit of miscellaneous receipts under subsections (a) and (c) hereof), as the Administrator shall request from time to time except that no sums may be made available after June 30, 1953.”

(d) Section 513 (c) of the Servicemen's Readjustment Act of 1944 is amended by striking out "June 30, 1952" and inserting in lieu thereof "June 30, 1954".

SEC. 615. The Secretary of Defense or his designee shall hereafter be included in the membership of the National Housing Council in the Housing and Home Finance Agency, and the Chairman of the Board of Directors of the Reconstruction Finance Corporation or his designee shall not hereafter be included in the membership of said Council.

SEC. 616. During the period from the date of the approval of this Act to and including the expiration date specified in section 104 hereof, no project shall be initiated, and the income limitations contained in the United States Housing Act of 1937, as amended, shall not be waived or suspended, pursuant to the authorization therefor in title II of Public Law 671, Seventy-sixth Congress, approved June 28,

1940.

SEC. 617. Insofar as the provisions of any other law are inconsistent with the provisions of this Act, the provisions of this Act shall be controlling.

SEC. 618. Except as may be otherwise expressly provided in this Act, all powers and authorities conferred by this Act shall be cumulative and additional to and not in derogation of any powers and authorities otherwise existing. Notwithstanding any other evidence of the intention of Congress, it is hereby declared to be the controlling intent of Congress that if any provisions of this Act, or the application thereof to any persons or circumstances, shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act or its application to other persons and circumstances, but shall be confined in its operation to the provisions of this Act or the application thereof to the persons and circumstances directly involved in the controversy in which such judgment shall have been rendered. Approved September 1, 1951.

To provide that certain functions of the Comptroller of the Currency which relate to building associations organized in, or doing business in, the District of Columbia shall hereafter be performed by the Home Loan Bank Board, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 691 of the Act of March 3, 1901, entitled "An Act to establish a code of law for the District of Columbia", as amended (D. C. Code, sec. 26-404), is hereby amended

(1) by striking out "the Comptroller of the Currency, in addition to the powers conferred upon him by law for the examination of national banks, is further authorized, whenever he may deem it useful", and by inserting in lieu thereof "the Home Loan Bank Board is authorized, whenever such Board may deem it useful";

(2) by striking out "not exceed the sum of twenty-five dollars for the first five hundred thousand dollars or fractional part thereof of assets and the sum of ten dollars for each additional two hundred and fifty thousand dollars or fractional part thereof of assets, and";

(3) by striking out "The said comptroller shall also have power to take possession of any company or association whenever in his judgment it is insolvent or is knowingly violating the laws under which such company is incorporated, and to liquidate the same in the manner provided in the laws of the United States in respect to national banks:", and by inserting in lieu thereof "The Home Loan Bank Board shall also have power to take possession of any company or association whenever in the Board's judgment any such company or association is insolvent or is knowingly violating the laws under which it is operated and to liquidate the same in the manner provided in rules and regulations which said Board is hereby authorized to adopt, and said Board may also provide in such rules and regulations a procedure for the voluntary liquidation of any such company or association; and if any such company or association which has not gone into liquidation and for which a receiver has not already been appointed for other lawful cause shall discontinue its operations for a period of sixty days, the Home Loan Bank Board may, if such Board deems it advisable, appoint a receiver for such company or association:";

(4) by striking out "Comptroller of the Currency" wherever appearing in such section and by inserting in lieu thereof "Home Loan Bank Board"; and

(5) by striking out the word "him" from the second sentence of such section and by inserting in lieu thereof the words "such Board".

SEC. 2. Section 691a of such Act (D. C. Code, sec. 26-405) is hereby amended

(1) by striking out "Comptroller of the Currency" wherever appearing in such section, and by inserting in lieu thereof "Home Loan Bank Board";

(2) by striking out "he" and "his" wherever appearing in paragraph (e) of such section, and by inserting in lieu thereof "such Board" and "such Board's", respectively; and

(3) by striking out in paragraph (g) of such section "if said examination is made beyond the limits of the District of Columbia, but if made within the limits of the District of Columbia, the cost of the examination to be at the same rate and upon the same terms as provided in section 691".

SEC. 3. Subsection (c) of the Act of April 26, 1922 (42 Stat. 500), as amended by the Act of March 4, 1933 (47 Stat. 1564; D. C. Code, sec. 26-103 (c)), is hereby amended by striking out "Comptroller of the Currency" wherever appearing in such subsection and inserting in lieu thereof "Home Loan Bank Board", and by adding after the phrase "to maintain any office or place of business in the District of Columbia," the following: "other than a foreign association which qualifies for a certificate of authority under section 691a of the Act of March 3, 1901, as amended (D. C. Code, sec. 26-405)".

SEC. 4. Any powers, duties, and functions of the Comptroller of the Currency with respect to building associations and building and loan associations operating in the District of Columbia which are not transferred to the Home Loan Bank Board by the specific statutory amendments herein contained are also hereby transferred from the Comptroller of the Currency to the Home Loan Bank Board. Approved September 15, 1951.

To amend certain housing legislation to grant preferences to veterans of the
Korean conflict.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That paragraph (14) Korean vetof section 2 of the United States Housing Act of 1937 (50 Stat. 388, erans, etc. as amended; 42 U. S. C. 1402) is amended to read as follows: Housing pref

63 Stat. 424. "Veteran."

"(14) The term 'veteran' shall mean a person who has served erences. in the active military or naval service of the United States at any time (i) on or after September 16, 1940, and prior to July 26, 65 Stat. 647. 1947, (ii) on or after April 6, 1917, and prior to November 11, 65 Stat. 648. 1918, or (iii) on or after June 27, 1950, and prior to such date thereafter as shall be determined by the President, and who shall have been discharged or released therefrom under conditions other

than dishonorable. The term 'serviceman' shall mean a person in "Serviceman." the active military or naval service of the United States who has served therein at any time (i) on or after September 16, 1940, and prior to July 26, 1947, (ii) on or after April 6, 1917, and prior to November 11, 1918, or (iii) on or after June 27, 1950, and prior to such date thereafter as shall be determined by the President." SEC. 2. The Act of October 14, 1940, as amended (54 Stat. 1125, as amended; 42 U. S. C. 1521), is hereby amended (i) by striking out in paragraph (c) of section 505 and in paragraph (c) of section 602 the phrase "of World War II" wherever such phrase occurs; and (ii) by striking out in paragraph (b) of section 601 the phrase "during World War II", and substituting therefor the words "at any time on or after September 16, 1940, and prior to July 26, 1947, or on or after June 27, 1950, and prior to such date thereafter as shall be determined by the President".

SEC. 3. Public Law 65, Eighty-first Congress (63 Stat. 68), is hereby amended by adding, after the phrase "July 26, 1947,", in section 2 thereof, the phrase "or on or after June 27, 1950, and prior to such date thereafter as shall be determined by the President,".

1715e(b).

SEC. 4. The National Housing Act, as amended, is amended by striking out the phrase "of World War II" wherever it occurs in paragraph (b) of section 213, and by adding the following proviso before the 64 Stat. 54. period at the end of said paragraph: ": Provided, That for purposes 12 U.S.C. of this section the word 'veteran' shall mean a person who has served in the active military or naval service of the United States at any time on or after September 16, 1940, and prior to July 26, 1947, or on or after June 27, 1950, and prior to such date thereafter as shall be determined by the President".

Approved October 26, 1951.

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