or obligations guaranteed by, the United States or
any agency thereof, or in obligations, participations,
or other instruments that are lawful investments for
fiduciary, trust, or public funds.
(2) DESIGNATION AS DEPOSITARY, CUSTODIAN,
OR AGENT.—Any Federal Reserve bank or Federal
home loan bank, or any bank as to which at the time
of its designation by the Organization there is out-
standing a designation by the Secretary of the
Treasury as a general or other depositary of public
money, may—
(A) be designated by the Organization as
a depositary or custodian or as a fiscal or other
agent of the Organization; and
(B) act as such depositary, custodian, or
agent.
(d) ACTIONS BY
AND AGAINST
THE ORGANIZA-
TION.—Notwithstanding section 1349 of title 28, United
States Code, or any other provision of law—
(1) the Organization shall be deemed to be an
agency covered under sections 1345 and 1442 of
title 28, United States Code;
(2) any civil action to which the Organization is
a party shall be deemed to arise under the laws of
the United States, and the appropriate district court
of the United States shall have original jurisdiction
over any such action, without regard to amount or
value; and
(3) any civil or other action, case, or con-
troversy in a tribal court, court of a State, or in any
court other than a district court of the United
States, to which the Organization is a party, may at
any time before the commencement of the trial be
removed by the Organization, without the giving of
any bond or security and by following any procedure
for removal of causes in effect at the time of the re-
moval—
(A) to the district court of the United
States for the district and division in which the
action is pending;
(B) or, if there is no such district court, to
the district court of the United States for the
District of Columbia.
SEC. 202. AUTHORIZED ASSISTANCE AND SERVICE FUNC-
TIONS.
(a) TECHNICAL ASSISTANCE AND SERVICES.—The
Organization may—
(1) assist the Fund in the establishment and
organization of Native American Financial Institu-
tions;
(2) assist the Fund in developing and providing
financial expertise and technical assistance to Native
American Financial Institutions, including methods
of underwriting, securing, servicing, packaging, and
selling 
mortgage 
and 
small 
commercial 
and
consumer loans;
(3) develop and provide specialized technical as-
sistance on overcoming barriers to primary mortgage
lending on Native American lands, including issues
related to trust lands, discrimination, high operating
costs, and inapplicability of standard underwriting
criteria;
(4) assist the Fund in providing mortgage un-
derwriting assistance (but not in originating loans)
under contract to Native American Financial Insti-
tutions;
(5) work with the Federal National Mortgage
Association, the Federal Home Loan Mortgage Cor-
poration, and other participants in the secondary
market for home mortgage instruments in identify-
ing and eliminating barriers to the purchase of Na-
tive American mortgage loans originated by Native
American Financial Institutions and other lenders in
Native American communities;
(6) obtain capital investments in the Organiza-
tion from Indian tribes, Native American organiza-
tions, and other entities;
(7) assist the Fund in the operation of the Or-
ganization as an information clearinghouse by pro-
viding information on financial practices to Native
American Financial Institutions; and
(8) assist the Fund in monitoring and reporting
to the Congress on the performance of Native Amer-
ican Financial Institutions in meeting the economic
development and housing credit needs of Native
Americans.
(b) PURCHASES AND SALES OF MORTGAGES AND
MORTGAGE-BACKED SECURITIES.—
(1) IN GENERAL.—
(A) AUTHORIZATION.—If a determination
is made in accordance with subparagraph (B),
the Organization may, upon receipt of a written
authorization from the Secretary of Housing
and Urban Development under this paragraph,
carry out any activity described in paragraph
(3).
(B) DETERMINATION.—For purposes of
subparagraph (A), a determination made under
this section is a determination by the Secretary
of Housing and Urban Development that the
combined purchases by the Federal National
Mortgage Association and the Federal Home
Loan Mortgage Corporation of residential Na-
tive American nonqualifying mortgage loans
originated by Native American Financial Insti-
tutions and other lenders on housing consisting
of between 1 and 4 dwelling units—
(i) in the second year following the es-
tablishment of the Organization, total less
than $20,000,000 (unless the Organization
can demonstrate to the Secretary of Hous-
ing and Urban Development that such pur-
chase goal could not be met); or
(ii) in any succeeding year, total less
than that amount that the Secretary of
Housing and Urban Development has de-
termined and published as a reasonable
Native American mortgage purchase goal
(in accordance with paragraph (2)) for
such combined purchases by the Federal
National Mortgage Association and the
Federal Home Loan Mortgage Corporation
in such year.
(2) FACTORS
CONSIDERED.—In determining
the purchase goal described in paragraph (1)(B)(ii),
the Secretary shall take into account the study by
the Fund of Native American lending and invest-
ment conducted pursuant to section 117(c) of the
Riegle Community Development and Regulatory Im-
provement Act of 1994.
(3) POWERS OF THE ORGANIZATION.—Upon re-
ceiving a written authorization from the Secretary of
Housing and Urban Development under paragraph
(1), the Organization may, at any time—
(A) with respect to residential mortgage
loans originated by Native American Financial
Institutions 
that 
are 
qualifying 
mortgage
loans—
(i) purchase such qualifying mortgage
loans;
(ii) hold such qualifying mortgage
loans for a period of not to exceed 12
months; and
(iii) resell such qualifying mortgage
loans to the Federal National Mortgage
Association, the Federal Home Loan Mort-
gage Corporation, or other secondary mar-
ket participants, as provided in section
303(b);
(B) with respect to residential mortgage
loans originated by the Native American Finan-
cial Institutions that are nonqualifying mort-
gage loans—
(i) purchase such nonqualifying mort-
gage loans from the Native American Fi-
nancial Institutions for such terms as the
Organization determines to be appropriate,
including the life of the mortgage loan, if,
with respect to any such loan—
(I) the Organization has reason-
able assurance that the loan will be
repaid within the time agreed;
(II) the Native American Finan-
cial Institution selling the loan retains
a participation of not less than 10
percent in the mortgage;
(III) the Native American Finan-
cial Institution selling the loan agrees
for such period of time and under
such circumstances as the Organiza-
tion may require, to repurchase or re-
place the mortgage upon demand of
the Organization in the event that the
loan is in default; or
(IV) that portion of the outstand-
ing principal balance of the loan
which exceeds 80 percent of the value
of the property securing such loan is
guaranteed or insured by a qualified
insurer, as determined by the Organi-
zation; and
(ii) issue mortgage-backed securities
or other forms of participations based on
pools of such nonqualifying mortgage
loans, as provided in section 303(c); and
(C) purchase, service, sell, lend on the se-
curity of, and otherwise deal in—
(i) residential mortgages that are se-
cured by a subordinate lien against a prop-
erty consisting of 1 to 4 dwelling units
that is the principal residence of the mort-
gagor; and
(ii) residential mortgages that are se-
cured by a subordinate lien against a prop-
erty consisting of five or more dwelling
units.
(4) RIGHTS AND REMEDIES.—
(A) IN
GENERAL.—The rights and rem-
edies of the Organization, including any rights
and remedies of the Organization on, under, or
with respect to any mortgage or any obligation
secured thereby, shall be immune from impair-
ment, limitation, or restriction by or under any
State, District of Columbia, or tribal—
(i) law that becomes effective after the
acquisition by the Organization of the sub-
ject or property on, under, or with respect
to which such right or remedy arises or ex-
ists or would so arise or exist in the ab-
sence of such law; or
(ii) administrative or other action that
becomes effective after such acquisition.
(B) QUALIFICATION.—The Organization
may conduct its business without regard to any
qualification or similar requirement in the Dis-
trict of Columbia, or any State or tribal juris-
diction.
SEC. 203. NATIVE AMERICAN LENDING SERVICES GRANT.
(a) INITIAL GRANT PAYMENT.—If the Fund and the
Organization enter into a cooperative agreement for the
Organization to provide technical assistance and other
services to Native American Financial Institutions, such
agreement shall, to the extent that funds are available as
provided in section 602, provide that the initial grant pay-
ment, anticipated to be $5,000,000, shall be made when
all members of the initial Board have been appointed
under section 201.
(b) PAYMENT OF GRANT BALANCE.—The payment
of the grant balance of $5,000,000 shall be made to the
Organization not later than 1 year after the date on which
the initial grant payment is made under subsection (a).
SEC. 204. AUDITS.
(a) INDEPENDENT AUDITS.—
(1) IN GENERAL.—The Organization shall have
an annual independent audit made of its financial
statements by an independent public accountant in
accordance with generally accepted auditing stand-
ards.
(2) DETERMINATIONS.—In conducting an audit
under this subsection, the independent public ac-
countant shall determine and report on whether the
financial statements of the Organization—
(A) are presented fairly in accordance with
generally accepted accounting principles; and
(B) to the extent determined necessary by
the Director, comply with any disclosure re-
quirements imposed under section 401.
(b) GAO AUDITS.—
(1) IN GENERAL.—Beginning after the first 2
years of the operation of the Organization, unless an
earlier date is required by any other statute, grant,
or agreement, the programs, activities, receipts, ex-
penditures, and financial transactions of the Organi-
zation shall be subject to audit by the Comptroller
General of the United States under such rules and
regulations as may be prescribed by the Comptroller
General.
(2) ACCESS.—To carry out this subsection, the
representatives of the General Accounting Office
shall—
(A) have access to all books, accounts, fi-
nancial records, reports, files, and all other pa-
pers, things, or property belonging to or in use
by the Organization and necessary to facilitate
the audit;
(B) be afforded full facilities for verifying
transactions with the balances or securities held
by depositaries, fiscal agents, and custodians;
and
(C) have access, upon request to the Orga-
nization or any auditor for an audit of the Or-
ganization under subsection (a), to any books,
accounts, financial records, reports, files, or
other papers, or property belonging to or in use
by the Organization and used in any such audit
and to any papers, records, files, and reports of
the auditor used in such an audit.
(3) REPORTS.—The Comptroller General of the
United States shall submit to the Congress a report
on each audit conducted under this subsection.
(4) REIMBURSEMENT.—The Organization shall
reimburse the General Accounting Office for the full
cost of any audit conducted under this subsection.
SEC. 205. ANNUAL HOUSING AND ECONOMIC DEVELOP-
MENT REPORTS.
Not later than 1 year after the date of enactment
of this Act, and annually thereafter, the Organization shall
collect, maintain, and provide to the Secretary of Housing
and Urban Development, in a form determined by the Sec-
retary, such data as the Secretary determines to be appro-
priate with respect to the Organization’s—
(1) mortgages on properties consisting of be-
tween 1 and 4 dwelling units;
(2) mortgages on properties consisting of five or
more dwelling units; and
(3) activities relating to economic development.
SEC. 206. ADVISORY COUNCIL.
(a) ESTABLISHMENT.—The Board shall establish an
Advisory Council in accordance with this section.
(b) MEMBERSHIP.—
(1) IN GENERAL.—The Council shall consist of
13 members, who shall be appointed by the Board,
including 1 representative from each of the 12 dis-
tricts established by the Bureau of Indian Affairs
and 1 representative from the State of Hawaii.
(2) QUALIFICATIONS.—Not less than 6 of the
members of the Council shall have financial exper-
tise, and not less than 9 members of the Council
shall be Native Americans.
(3) TERMS.—Each member of the Council shall
be appointed for a 4-year term, except that the ini-
tial Council shall be appointed, as designated by the
Board at the time of appointment, as follows:
(A) Four members shall each be appointed
for a 2-year term.
(B) Four members shall each be appointed
for a 3-year term.
(C) Five members shall each be appointed
for a 4-year term.
(c) DUTIES.—The Council shall advise the Board on
all policy matters of the Organization. Through the re-
gional representation of its members, the Council shall
provide information to the Board from all sectors of the
Native American community.
TITLE III—CAPITALIZATION OF
ORGANIZATION
SEC. 301. CAPITALIZATION OF THE ORGANIZATION.
(a) CLASS A STOCK.—The class A stock of the Orga-
nization shall—
(1) be issued only to Indian tribes;
(2) be allocated on the basis of Indian tribe
population, as determined by the Secretary of Hous-
ing and Urban Development in consultation with the
Secretary of the Interior;
(3) have such par value and other characteris-
tics as the Organization shall provide;
(4) be vested with voting rights, each share
being entitled to 1 vote;
(5) be nontransferable; and
(6) be surrendered to the Organization if the
holder ceases to be recognized as an Indian tribe
under this Act.
(b) CLASS B STOCK.—
(1) IN GENERAL.—The Organization may issue
class B stock evidencing capital contributions in the
manner and amount, and subject to any limitations
on concentration of ownership, as may be established
by the Organization.
(2) CHARACTERISTICS.—Any class B stock is-
sued under paragraph (1) shall—
(A) be available for purchase by investors;
(B) be entitled to such dividends as may
be declared by the Board in accordance with
subsection (c);
(C) have such par value and other charac-
teristics as the Organization shall provide;
(D) be vested with voting rights, each
share being entitled to 1 vote; and
(E) be transferable only on the books of
the Organization.
(c) CHARGES AND FEES; EARNINGS.—
(1) CHARGES
AND
FEES.—The Organization
may impose charges or fees, which may be regarded
as elements of pricing, with the objectives that—
(A) all costs and expenses of the oper-
ations of the Organization should be within the
income of the Organization derived from such
operations; and
(B) such operations would be fully self-
supporting.
(2) EARNINGS.—All earnings from the oper-
ations of the Organization shall be annually trans-
ferred to the general surplus account of the Organi-
zation. At any time, funds in the general surplus ac-
count may, in the discretion of the Board, be trans-
ferred to the reserves of the Organization.
(d) CAPITAL DISTRIBUTIONS.—
(1) IN GENERAL.—Except as provided in para-
graph (2), the Organization may make such capital
distributions (as such term is defined in section
1303 of the Federal Housing Financial Safety and
Soundness Act of 1992) as may be declared by the
Board. All capital distributions shall be charged
against the general surplus account of the Organiza-
tion.
(2) RESTRICTION.—The Organization may not
make any capital distribution that would decrease
the total capital (as such term is defined in section
1303 of the Federal Housing Financial Safety and
Soundness Act of 1992) of the Organization to an
amount less than the capital level for the Organiza-
tion established under section 401, without prior
written approval of the distribution by the Director.
SEC. 302. OBLIGATIONS AND SECURITIES OF THE ORGANI-
ZATION.
(a) IN GENERAL.—
(1) AUTHORIZATION.—The Organization may—
(A) borrow funds to give security or pay
interest or other return; and
(B) issue upon the approval of the Sec-
retary of the Treasury, notes, debentures,
bonds, or other obligations having maturities
and bearing such rate or rates of interest as
may be determined by the Organization with
the approval of the Secretary of the Treasury;
if such borrowing and issuing of obligations qualifies
as a transaction by an issuer not involving any pub-
lic offering under section 4(2) of the Securities Act
of 1933.
(2) RESTRICTIONS.—
(A) IN GENERAL.—Obligations issued by
the Organization under this section shall not be
obligations of the United States or any agency
of the United States.
(B) NO
GUARANTEES.—Payment of the
principal of or interest on such obligations shall
not be guaranteed by the United States or any
agency of the United States. The obligations is-
(d) PROHIBITIONS AND RESTRICTIONS; CREATION
OF LIENS AND CHARGES.—
(1) IN GENERAL.—The Organization may, by
regulation or by writing executed by the Organiza-
tion—
(A) establish prohibitions or restrictions on
the creation of indebtedness or obligations of
the Organization or of liens or charges upon
property of the Organization, including after-ac-
quired property; and
(B) create liens and charges, which may be
floating liens or charges, upon all or any part
or parts of the property of the Organization, in-
cluding after-acquired property.
(2) EFFECT.—Any prohibition, restriction, lien,
or charge established under paragraph (2) shall—
(A) have such effect, including such rank
and priority, as may be provided by regulations
of the Organization or by any writing executed
by the Organization; and
(B) create a cause of action which may be
enforced by action in the United States district
court for the District of Columbia or in the
United States district court for any judicial dis-
trict in which any of the property affected is lo-
cated.
(3) JURISDICTION; SERVICE
OF
PROCESS.—
Process in any action described in paragraph (2)
may run to or be served in any judicial district or
in any place subject to the jurisdiction of the United
States.
(e) VALIDITY
OF PROVISIONS; VALIDITY
OF RE-
STRICTIONS, PROHIBITIONS, LIENS, OR CHARGES.—This
section and any restriction, prohibition, lien, or charge re-
ferred to in subsection (b) shall be fully effective notwith-
standing any other law, including any law of or relating
to sovereign immunity or priority.
SEC. 303. LIMIT ON TOTAL ASSETS AND LIABILITIES.
The aggregate of—
(1) the total equity of the Organization, includ-
ing all capital from any issuance of class B stock;
and
(2) the total liabilities of the Organization, in-
cluding all obligations issued or incurred by the Or-
ganization;
shall not at any time exceed $20,000,000.
TITLE IV—REGULATION,
EXAMINATION, AND REPORTS
SEC. 401. REGULATION, EXAMINATION, AND REPORTS.
(a) EFFECTIVE DATE OF SECTION.—This section
shall take effect on the date on which the Secretary of
Housing and Urban Development makes a determination
in accordance with section 202(b) that the Organization
may purchase and sell mortgages and mortgage-backed se-
curities.
(b) IN GENERAL.—The Organization shall be subject
to the regulatory authority of the Office of Federal Hous-
ing Enterprise Oversight of the Department of Housing
and Urban Development with respect to all matters relat-
ing to the financial safety and soundness of the Organiza-
tion.
(c) DUTY OF DIRECTOR.—The Director shall ensure
that the Organization is adequately capitalized and oper-
ating safely as a congressionally chartered body corporate.
(d) POWERS OF DIRECTOR.—The Director shall have
all of the exclusive powers granted the Director under sub-
sections (b), (d), and (e) of section 1313 of the Housing
and Community Development Act of 1992, as determined
by the Director to be necessary or appropriate to regulate
the operation of the Organization.
(e) REPORTS TO DIRECTOR.—
(1) ANNUAL REPORT.—Not later than 1 year
after the date of enactment of this Act, and annually
thereafter, the Organization shall submit to the Di-
rector a report describing the financial condition and
operations of the Organization. The report shall be
in such form, contain such information, and be sub-
mitted on such date as the Director shall require.
(2) OTHER REPORTS.—In addition to the re-
ports submitted under paragraph (1), the Organiza-
tion shall submit to the Director any report required
by the Director pursuant to section 1314 of the
Housing and Community Development Act of 1992.
(3) CONTENTS OF REPORT.—Each report sub-
mitted under this subsection shall contain a declara-
tion by the president, vice president, treasurer, or
any other officer of the Organization designated by
the Board to make such declaration, that the report
is true and correct to the best of such officer’s
knowledge and belief.
(f) FUNDING OFHEO OVERSIGHT.—
(1) ASSESSMENT AND COLLECTION.—The Di-
rector shall assess and collect from the Organization
such amounts as are necessary to reimburse the Of-
fice of Federal Housing Enterprise Oversight for the
reasonable costs and expenses of the activities un-
dertaken by the Office of Federal Housing Enter-
prise Oversight to carry out the duties of the Direc-
tor under paragraph (2), including the costs of ex-
aminations and overhead expenses.
(2) REQUIREMENTS.—Annual assessments im-
posed by the Director shall be—
(A) imposed prior to October 1 of each
year;
(B) collected at such time or times during
each assessment year as determined necessary
or appropriate by the Director;
(C) deposited into the Federal Housing
Enterprises Oversight Fund established by sec-
tion 1316(f) of the Housing and Community
Development Act of 1992; and
(D) available, to the extent provided in ap-
propriations Acts, for carrying out the respon-
sibilities of the Director under this section.
SEC. 402. AUTHORITY OF THE SECRETARY OF HOUSING
AND URBAN DEVELOPMENT.
Except for the authority of the Director under section
401, the Secretary of Housing and Urban Development
shall—
(1) have general regulatory power over the Or-
ganization; and
(2) issue such rules and regulations applicable
to the Organization as determined necessary or ap-
propriate by the Secretary to ensure that the pur-
poses specified in section 102 are accomplished.
TITLE V—FORMATION OF NEW
CORPORATION
SEC. 501. FORMATION OF NEW CORPORATION.
(a) IN GENERAL.—In order to continue the accom-
plishment of the purposes specified in section 102 beyond
the terms of the charter of the Organization, the Board
shall, not later than 10 years after the date of enactment
of this Act, cause the formation of a new corporation
under the laws of any tribe, any State, or the District of
Columbia.
(b) POWERS
OF NEW CORPORATION NOT PRE-
SCRIBED.—Except as provided in this section, the new
corporation may have any corporate powers and attributes
permitted under the laws of the jurisdiction of its incorpo-
ration which the Board shall determine, in its business
judgment, to be appropriate.
(c) USE OF NAFSO NAME PROHIBITED.—The new
corporation may not use in any manner the name ‘‘Native
American Financial Services Organization’’ or ‘‘NAFSO’’
or any variation of thereof.
SEC. 502. ADOPTION AND APPROVAL OF MERGER PLAN.
(a) IN GENERAL.—Not later than 10 years after the
date of enactment of this Act, the Board shall prepare,
adopt, and submit to the Secretary of Housing and Urban
Development and the Secretary of the Treasury for ap-
proval, a plan for merging the Organization into the new
corporation.
(b) DESIGNATED MERGER DATE.—
(1) IN GENERAL.—The Board shall establish
the designated merger date in the merger plan as a
specific calendar date on which and time of day at
which the merger of the Organization into the new
corporation shall take effect.
(2) CHANGES.—The Board may change the
designated merger date in the merger plan by adopt-
ing an amended plan of merger.
(3) RESTRICTION.—Except as provided in para-
graph (4), the designated merger date in the merger
plan or any amended merger plan shall not be later
than 11 years after the date of enactment of this
Act.
(4) EXCEPTION.—Subject to the restriction
contained in paragraph (5), the Board may adopt an
amended plan of merger that designates a date later
than 11 years after the date of enactment of this
Act if the Board submits to both the Secretary of
Housing and Urban Development and the Secretary
of the Treasury a report—
(A) stating that an orderly merger of the
Organization into the new corporation is not
feasible before the latest date designated by the
Board;
(B) explaining why an orderly merger of
the Organization into the new corporation is
not feasible before the latest date designated by
the Board;
(C) describing the steps that have been
taken to consummate an orderly merger of the
Organization into the new corporation not later
than 11 years after the date of enactment of
this Act; and
(D) describing the steps that will be taken
to consummate an orderly and timely merger of
the Organization into the new corporation.
(5) LIMITATION.—The date designated by the
Board in an amended merger plan shall not be later
than 12 years after the date of enactment of this
Act.
(6) CONSUMMATION
OF
MERGER.—The con-
summation of an orderly and timely merger of the
Organization into the new corporation shall not
occur later than 13 years after the date of enact-
ment of this Act.
(c) GOVERNMENTAL APPROVALS OF MERGER PLAN
REQUIRED.—The merger plan or any amended merger
plan shall take effect on the date on which the plan is
approved by both the Secretary of Housing and Urban De-
velopment and the Secretary of the Treasury.
(d) REVISION OF DISAPPROVED MERGER PLAN RE-
QUIRED.—If either the Secretary of Housing and Urban
Development or the Secretary of the Treasury, or both,
disapprove the merger plan or any amended merger
plan—
(1) each Secretary that disapproves the plan
shall notify the Organization of such disapproval and
indicate the reasons for the disapproval; and
(2) not later than 30 days after the date of no-
tification of disapproval under paragraph (1), the
Organization shall submit to both the Secretary of
Housing and Urban Development and the Secretary
of the Treasury for approval an amended merger
plan responsive to the reasons for the disapproval in-
dicated in such notification.
(e) NO STOCKHOLDER APPROVAL OF MERGER PLAN
REQUIRED.—The approval or consent of the stockholders
of the Organization shall not be required to accomplish
the merger of the Organization into the new corporation.
SEC. 503. CONSUMMATION OF MERGER.
The Board shall ensure that the merger of the Orga-
nization into the new corporation is accomplished in ac-
cordance with—
(1) the merger plan approved by the Secretary
of Housing and Urban Development and the Sec-
retary of the Treasury; and
(2) all applicable laws of the jurisdiction in
which the new corporation is incorporated.
SEC. 504. TRANSITION.
(a) CONTINUATION OF RIGHTS, DUTIES, AND RE-
STRICTIONS.—Except as provided in this section, the Or-
ganization shall, during the transition period, continue to
have all of the rights, privileges, duties, and obligations,
and shall be subject to all of the limitations and restric-
tions, set forth in this Act.
(b) COLLATERALIZATION OF OUTSTANDING OBLIGA-
TIONS.—
(1) IN GENERAL.—The Organization shall pro-
vide for all debt obligations of the Organization that
are outstanding on the date before the designated
merger date to be secured as to principal and inter-
est by obligations of the United States held in trust
for the holders of such obligations.
(2) 
REQUIREMENTS, 
TERMS, 
AND
CONDI-
TIONS.—The collateralization and the trust referred
to in the preceding sentence shall be subject to such
requirements, terms, and conditions as the Secretary
of the Treasury determines to be necessary or appro-
priate.
(c) ISSUANCE OF NEW OBLIGATIONS DURING TRAN-
SITION PERIOD.—As needed to carry out the purposes for
which it was formed, the Organization may, during the
transition period, continue to issue obligations under sec-
tion 303. Any new obligation issued during the transition
period shall mature before the designated merger date.
SEC. 505. EFFECT OF MERGER.
(a) TRANSFER OF ASSETS AND LIABILITIES.—
(1) TRANSFER OF ASSETS.—On the designated
merger date, all property, real, personal, and mixed,
all debts due on any account, and any other interest
of or belonging to or due to the Organization shall
be transferred to and vested in the new corporation
without further act or deed, and title to any prop-
erty, whether real, personal, or mixed, shall not in
any way be impaired by reason of the merger.
(2) TRANSFER OF LIABILITIES.—On the des-
ignated merger date, the new corporation shall be
responsible and liable for all obligations and liabil-
ities of the Organization and neither the rights of
creditors nor any liens upon the property of the Or-
ganization shall be impaired by the merger.
(b) TERMINATION OF THE ORGANIZATION AND ITS
FEDERAL CHARTER.—On the designated merger date—
(1) the surviving corporation of the merger
shall be the new corporation;
(2) the Federal charter of the Organization
shall terminate; and
(3) the separate existence of the Organization
shall terminate.
(c) REFERENCES TO THE ORGANIZATION IN LAW.—
After the designated merger date, any reference to the Or-
ganization in any law or regulation shall be deemed to
refer to the new corporation.
(d) SAVINGS CLAUSE.—
(1) PROCEEDINGS.—The merger of the Organi-
zation into the new corporation shall not abate any
proceeding commenced by or against the Organiza-
tion before the designated merger date, except that
the new corporation shall be substituted for the Or-
ganization as a party to any such proceeding as of
the designated merger date.
(2) CONTRACTS AND AGREEMENTS.—All con-
tracts and agreements to which the Organization is
a party and which are in effect on the day before the
designated merger date shall continue in effect ac-
cording to their terms, except that the new corpora-
tion shall be substituted for the Organization as a
party to those contracts and agreements as of the
designated merger date.
TITLE VI—AUTHORIZATIONS OF
APPROPRIATIONS
SEC. 601. AUTHORIZATION OF APPROPRIATIONS FOR NA-
TIVE AMERICAN FINANCIAL INSTITUTIONS.
(a) IN GENERAL.—There are authorized to be appro-
priated to the Fund, without fiscal year limitation,
$20,000,000 to provide financial assistance to Native
American Financial Institutions.
(b) NOT MATCHING FUNDS.—To the extent that a
Native American Financial Institution receives a portion
of an appropriation made under subsection (a), such funds
shall not be considered to be matching funds required of
the Native American Financial Institution under section
108(e) of the Riegle Community Development and Regu-
latory Improvement Act of 1994.
SEC. 602. AUTHORIZATION OF APPROPRIATIONS FOR OR-
GANIZATION.
The Secretary of Housing and Urban Development
may, to the extent provided in advance in an appropria-
tions Act, provide not more than $10,000,000 to the Fund
for the funding of a cooperative agreement to be entered
into by the Fund and the Organization for technical as-
sistance and other services to be provided by the Organiza-
tion to Native American Financial Institutions.
Æ
HR 2412 IH——2
HR 2412 IH——3
HR 2412 IH——4