The Home Owners' Loan Corporation: Opinion of Hon. Homer S. Cummings, Attorney General of the United States, on Bonds of the Home Owners' Loan Corporation, Volumes 31-33
U.S. Government Printing Office, 1933 - 6 pages
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47 Stat advance agencies amount appropriate authorized borrow money borrowing power cash clause common defense compensation considered Constitution created credit deem destroy determine directed emergency employ exceed exchange execution exercise express extend Federal Home Loan Federal land banks follows force foreclosure form free fully furnished given gives Congress power Government governmental instrumentalities grant guaranteed holders Home Loan Bank home mortgages Home Owners home ownership homestead incur interest payment involved issuance issue its bonds ject known Legal liabilities limits liquidate Loan Act Loan Bank Act Loan Bank Board Loan Corporation Loan Corporation proposes loan money manner market Maryland McCulloch meet members minimum capital municipal necessary obligations obtain operated opinion pay the debts percent place power of Congress power to borrow prescribe principal provisions public funds public money question ration regard regulated relief repairs request Secretary securities settled statutory stock supra tax exemption taxation thereof Treasury United utilized validity welfare
Page 3 - Any and all notes, debentures, bonds, or other such obligations issued by the corporation shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority.
Page 3 - Act, without regard to the provisions of other laws applicable to the employment and compensation of officers and employees of the United States...
Page 3 - The Corporation shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Government.
Page 3 - They shall be paid out of the fund, which shall be primarily liable therefor, and they shall be fully and unconditionally guaranteed as to principal and interest by the United States, and such guaranty shall be expressed on the face of the debentures.
Page 6 - The exercise of such taxing power by the states might be so used as to hamper and destroy the exercise of authority conferred by Congress, and this justifies the exemption. If the states can tax these bonds, they may destroy the means provided for obtaining the necessary funds for the future operation of the banks.
Page 2 - AN ACT To provide emergency relief with respect to home mortgage indebtedness, to refinance home mortgages, to extend relief to the owners of homes occupied by them and who are unable to amortize their debt elsewhere, to amend the Federal Home Loan Bank Act, to increase the market for obligations of the United States and for other purposes. Be it enacted by the Senate and House of Representatives of the. United States of America in Congress assembled, That this Act may be cited as the "Home Owners
Page 3 - The Corporation, including its franchise, its capital, reserves, and surplus, and its income shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority...
Page 6 - Deciding, as we do, that these institutions have been created by Congress within the exercise of its legitimate authority, we think the power to make the securities here involved tax exempt necessarily follows. This principle was settled in McCulloch v. Maryland, and Osborn v. Bank, supra.