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 31-33U.S. Government Printing Office, 1933 - 6 pages |
From inside the book
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Page 1
... his letter of July 29 , 1933 . The chairman , in this letter , transmits a form of bond which Home Owners ' Loan Corporation proposes to use in issuing its bonds and requests my opinion upon the legality of these bonds , when issued ...
... his letter of July 29 , 1933 . The chairman , in this letter , transmits a form of bond which Home Owners ' Loan Corporation proposes to use in issuing its bonds and requests my opinion upon the legality of these bonds , when issued ...
Page 2
... issue bonds in an aggregate amount of $ 2,000,000,000 . The bonds shall be issued in such de- nominations as the ... its bonds , the Secretary of the Treasury shall pay the Corporation an amount sufficient to meet such interest payment ...
... issue bonds in an aggregate amount of $ 2,000,000,000 . The bonds shall be issued in such de- nominations as the ... its bonds , the Secretary of the Treasury shall pay the Corporation an amount sufficient to meet such interest payment ...
Page 3
... Bonds of the Home Owners' Loan Corporation United States. Department of ... its bonds to obtain funds . for carrying out the purposes for which it is ... issue , it is necessary to con- sider whether the legislation , insofar as it ...
... Bonds of the Home Owners' Loan Corporation United States. Department of ... its bonds to obtain funds . for carrying out the purposes for which it is ... issue , it is necessary to con- sider whether the legislation , insofar as it ...
Page 4
... bonds of these banks tax exemption . The reasoning of this opinion applies with equal force to the legis- lation now under consideration and strongly supports its ... issue bonds only during the 3 - year period following enactment of the act ...
... bonds of these banks tax exemption . The reasoning of this opinion applies with equal force to the legis- lation now under consideration and strongly supports its ... issue bonds only during the 3 - year period following enactment of the act ...
Page 5
... its borrowing power when it authorizes a corporate agency to borrow and places the credit of the United States ... issue its bonds in exchange for home mortgages are within this constitutional pro- vision . Clearly , under the Constitution , ...
... its borrowing power when it authorizes a corporate agency to borrow and places the credit of the United States ... issue its bonds in exchange for home mortgages are within this constitutional pro- vision . Clearly , under the Constitution , ...
Common terms and phrases
39 Stat 47 Stat act authorizes agencies amount appropriate bond which Home bonds for home borrow money borrowing power capital stock cash advance clause common defense confers upon Congress Cong Constitution Corporation was created create a corporation credit exceed exchange exempt from Federal exercise Federal Farm Loan Federal Home Loan Federal land banks foreclosure gives Congress power governmental instrumentalities Home Loan Bank home mortgages Home Owners home ownership homestead interest payment issuance issue bonds issue its bonds ject Kansas City Title limits fixed Loan Act loan associations Loan Bank Act Loan Bank Board LOAN CORPORATION BONDS Loan Corporation proposes loan money Maryland McCulloch minimum capital obligations opinion pay the debts percent permanently injured power of Congress power to borrow power to lay public funds public money purposes question ration relief scribe securities sell its bonds Spending Power statutory provisions supra tax exemption taxation thereof thorized Treasury United validity welfare
Popular passages
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 - States in collecting debts from bankrupt, insolvent, or decedents' estates; to determine the character of and the necessity for its obligations and expenditures, and the manner in which they shall be incurred, allowed, and paid...
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.
Page 3 - States, said subscription to be subject to call in whole or in part by the board of directors of said land bank upon thirty days...