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VII. MEMBERS <br />The authorized number and qualifications of members of <br />the corporation, the different classes of membership, if any, <br />the property, voting and other rights and privileges of <br />members, and their liability for dues and assessments and the <br />method of collection thereof, shall be as set forth in the <br />By -Laws. <br />VIII. OTHER POWERS <br />The corporation, in addition to all other powers <br />conferred by law is empowered; <br />(i) to enter into and execute a Regulatory Agreement <br />with the Secretary of Housing and Urban Development (herein- <br />after referred to as "Secretary ") and any other instrument or <br />undertaking that may be required by the Secretary or that may <br />be necessary to enable the Corporation to secure the benefits <br />of financing: <br />(a) With the assistance of mortgage insurance <br />under the provisions of the National Housing Act, <br />as amended; and, <br />(b) by direct loan from the Secretary pursuant <br />to the provisions of Section 202 of the Housing Act <br />of 1959, as amended. <br />(ii) if permitted by law, to convey the mortgaged <br />property to the Secretary, in lieu of foreclosure, should a <br />default exist under a mortgage insured or held by the <br />Secretary: PROVIDED, no legal objection is raised by federal, <br />state, or local authorities. <br />-5- <br />