270
PUBLIC LAW 92-318-JUNE 23, 1972
[86 STAT.
(2) Section 5200 of the Revised Statutes, as amended (12 U.S.C. 84), is amended by adding at the end thereof the following new paragraph: "(14) Obligations of the Student Loan Marketing Association shall not 'be subject to any limitation based upon such capital and surplus.". (3) The first paragraph of section 5(c) of the Home Owners' Loan 82'stat! s/s'leos. M «* 1^^^ (12 U.S.C. 1464(c)), is amended by inserting "or in obli^ t i o n s or other instruments or securities of the Student Loan Marketing Association; in the second proviso immediately after "any political subdivision thereof'. (4) Section 8(8)(E) of the Federal Credit Union Act, amended (12 si^staK \'io^^' U.S.C. 1Y57(8)(E)), is amended by inserting before the semicolon at 85 Stat. 545! the end thereof the following: "or in obligations or other insti'uments or securities of the Student Loan Marketing: Association. E X T E N S I O N OF THE E M E R G E N C Y I N S U R E D S T U D E N T U) A N AC"r OF 1 9()9
20us^ciV78a Effective date.
SEC. 134. (a) Section 2(a)(7) of the Emergency Insured Student ^^°^" ^^^^ ^^ ^^^^ ^^ amended by striking out "July 1. 1971 and inserting in lieu thereof "July 1, 1974". (^j^^ 'pj-^g amendment made by subsection (a) shall be effective on and after July 1, 1971. STATEMENT OF PURPOSE OF THE WORK-STUDY PROGRAM
42us^c27'5f' and note.
^^^' 1^^- Section 441(a) of the Higher Education Act of 1965 is amended by striking out "from low-income families"' and inserting in lieu thereof "with great financial need. EXTENSION
83 Stat. 143.
Effective date.
OF COLLEGE W O R K - S I T ' D Y
SEC. 135A. (a) Section 441(b) of the Higher Education Act of 1965 is amended by striking out the word "and" after "June 30, 1970," and by adding after "June 30, 1971," the following: "$330,000,000 for the fiscal year ending June 30, 1972, $360,000,000 for the fiscal year ending June 30, 1973, $390,000,000 for the fiscal year ending June 30, 1974, and $420,000,000 for the fiscal year ending June 30, 1975,. (b) The amendment made by subsection (a) shall be effective after' June 30, 1971. ALLOTMENTS FOR WORK-STUDY
8/513^*726^'*' 82 Stat! 1028, 1029.
PR(H;RAM
PROGRAM
SEC. 135B. (a)(1). The first sentence of section 442(a) of the High^^ Education Act of 1965 is amended by striking out "The remainder" and inserting in lieu thereof "Ninety per centum of the remainder". (2) Subsections (c), (d), and (e) of such section are redesignated as subsections (d), (e), and (f), respectively, and such section is amended by inserting after subsection (b) the following new subsection: "(c) Sums remaining after making the allotments provided for in other provisions of this section shall be allotted among the States by the Commissioner in accordance with equitable ciiteria established by him which shall be designed to achieve a distribution of the sums appropriated to carry out this part among the States which will most effectively carry out the purpose of this part, except that where a State's allotment under subsection (b) for a fiscal year is less than its allotment under that subsection for the fiscal year ending June 30, 1972, before he makes any other allotments under this subsection, the Commissioner shall allot sufficient additional sums to such State under
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