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FEDERAL REGISTER, Tuesday, August 1, 1939

3491

3
In the case of a project subject toan amount at least equal to require acquire majority voting rights in the event of default under the mortgage or a mortgage containing release clauses, all interest and principal payments for the violation of a provision of the charter, matters with respect to the release and first amortization year.
d Methods of operation.
but only for a period coexistent with the all agreements between the mortgagor duration of such default or violation. and its vendees with respect to the 1 No compensation shall be paid by Such special stock or interest shall be amount and terms of sale must first be the corporation except for necessary held and all voting rights with respect approved by the Administrator.
services and except at such rate as is thereto exercised by the Administration, fair and reasonable in the locality for b Capital structure.
except qualifying shares for the Admin services, nor, except with the 1 In appraising a project for com similar istrators representatives. When the prior written approval of the Adminis right of the Administrator to regulate or mitment the Administrator will value trator, shall any compensation be paid restrict the mortgagor shall terminate the contribution of the sponsors which by the corporation to any employee in as above provided, the shares of special shall be in the form of unencumbered an amount in excess of eighteen hundred stock or other evidence of interest shall land, and such case and "services as the dollars $1,800 per annum, or to its be surrendered by the Administrator Administrator shall require at an officers, directors, or stockholders, or to upon reimbursement for his payments amount determined by him to represent any person or corporation for super therefor, plus accrued dividends thereon. its value as a component part of the visory or managerial services. No of In the case of a project involving a project upon completion, and shll cred ficer, director, stockholder, agent, or em mortgage not in excess of $200,000 only it sponsors, for appraisal purposes, with ployee of the corporation shall in any those regulations or restrictions with the amount of equity so found. The manner become indebted to the cor respect to dividends and provisions for sponsors shall satisfy the Administrator poration.
reserves shall be required to be embodied that the cash and services contributed 2 The corporation shall maintain its in the charter of such mortgagor, by as part of such equity shall, when added project, the grounds, buildings, and provisions satisfactory to the Adminis to the proceeds of the mortgage, be equipment appurtenant thereto, in good trator. The other regulations or re sufficient to cover all estimated costs of repair and in such condition as will pre strictions outlined below may be em the project and to provide a cash reserve serve the health and safety of its ten bodied in a regulatory contract to be for contingencies, preopening expenses, ants.
executed by the mortgagor and the and other items during the construction 3 Before the payment of any divi Administrator concurrently with the period.
dend by the corporation reserves shall be 2 Such number of shares of capital accumulated and so replenished from execution of the contract of insurance. t stock; either with or without par value, time to time as to remain intact so long Sec. IV
532.18 Required supervision of pri in the case of a corporation, or such as the mortgage insurance is in force.
vate mortgagors. The following are the appropriate evidences of interest, in the The amount and types of such reserves items which will be regulated or restrict case of an association, a cooperative and the conditions under which they ed tcy the extent indicated, except in society, or a trust, may be issued as shall be accumulated, replenished, and the case of mortgagors of Public Housing sponsors may deem appropriate. Such used, shall be specified in the charter.
stock or interest, together with paid in 4 The corporation, its property, projects:
surplus, if any, shall represent such equipment, buildings, plans, offices, ap a Rents and charges. Except as equity. Additional stock or evidences of paratus, devices, books, contracts, rec hereinafter provided, interest may be authorized but the ords, documents, and papers shall be 1
No charge shall be made by thecharter shall provide th at it shall not subject to inspection and examination mortgagor corporation for the accom be issued except with the approval of by the Administrator or his duly au modations offered by the project in ex the Administrator. No stock or interest thorized agent at all reasonable times.
5 The books and accounts of the cess of a rental schedule to be filed with shall be redeemed, purchased, or paid the Administrator prior to the opening off by the mortgagor during the period corporation shall be kept in accordance of the project for rental, which schedule in which the mortgage insurance is in with the uniform system of accounting shall be based upon a maximum average force, except with the approval of the prescribed by the Administrator. The corporation shall file with the Adminis rental fixed prior to the insurance of the Administrator.
3 The shares of stock or interest trator the following reports verified by mortgage. Such schedule shall not thereafter be changed except upon ap issued to the Administrator shall be in the oath of such officer of the corpora plication of the mortgagor corporation sufficient amount to constitute, under tion as the Administrator may designate and the written approval of the Admin the laws of the particular State, a valid and in such form as prescribed by the istrator. In establishing such maximum special class of stock or interest and Administrator:.
and in passing upon applications for shall be issued in consideration of the i Monthly occupancy reports;
changes, consideration will be given the payment by the Administrator of not ii Financial statements to be filed exceeding $
100
. following and similar factors:
within thirty 30 days after the end of c Rate of return. No dividends or each dividend period established in the 1 Rental income necessary to main tain the economic soundness of the distribution of income shall be declared charter;
or paid by the corporation in any one iii Annual reports prepared by a project.
ii Relation of the proposed rentalsfiscal year in excess of an aggregate certified public accountant, to be filed to those currenty being paid in the given amount fixed by the Administrator at within sixty 60 days after the end of community by families for whom this the time the mortgage is accepted for each fiscal year; and insurance. Such amount shall not ex iv Specific answers to questions type of housing is intended.
ceed an amount equal to six per centum upon which information is desired from 2 The established maximum rental 6 % per annum of the equity as valued time to time relative to the operation shall be the maximum authorized charge by the Administrator, but the Adminis and condition of the property and the against any tenant for the accommo trator may permit an additional stated status of the insured mortgage.
dations offered exclusive of telephone, amount, payable out of surplus earnings gas, electric, and refrigeration facilities. of the corporation after provision for . e Control of funds during construc Charges in addition to such maximum required reserves not exceeding an ag tion. Funds involved in the construction rental may be made against a tenant for gregate of eight per centum 8 % per of a project representing security for an telephone, gas, electric, refrigeration, annum, provided th at no such additional insured mortgage loan shall be subject and other facilities and privileges fur dividends or distribution shall be de to the following restrictions:
nished by the mortgagor, subject to the clared or paid unless the principal of 1 Funds representing the required approval of the Administrator.
the insured mortgage shall be prepaid in cash equity shall, as a condition prece-