PUBLIC LAWS-CH. 341-JULY 31, 1945 Bylaws. (c) The Board of Directors shall adopt such bylaws as are necessary for the proper management and functioning of the Export-Import Bank of Washington, and may amend the same. Advisory Board. (d) There shall be an Advisory Board consisting of the Chairman omposiion of the Export-Import Bank of Washington, who shall serve as Chair- man, the Secretary of State, the Secretary of the Treasury, the Secre- tary of Commerce, and the Chairman of the Board of Governors of the Federal Reserve System, which shall meet at the call of the Chair- man. The Advisory Board may make such recommendations to the Board of Directors as it deems advisable, and the Board of Directors shall consult the Advisory Board on major questions of policy. mentof affairs f (e) Until October 31, 1945, or until at least two of the members of Bank. the Board of Directors to be appointed have qualified as such directors, whichever is the earlier, the affairs of the Bank shall continue to be managed by the existing Board of Trustees. Bank an independ- (f) The Export-Import Bank of Washington shall constitute an entagenc. indepennt t agency of the United States and neither the Bank nor any of its functions, powers, or duties shall be transferred to or con- solidated with any other department, agency, or corporation of the Government unless the Congress shall otherwise by law provide. capital s SEC. 4. The Export-Import Bank of Washington shall have a capital stock of $1,000,000,000 subscribed by the United States. Payment for $1,000,000 of such capital stock shall be made by the surrender to the Bank for cancellation of the common stock heretofore issued by the Bank and purchased by the United States. Payment for $174,000,000 of such capital stock shall be made by the surrender to the Bank for cancellation of the preferred stock heretofore issued by the Bank and purchased by the Reconstruction Finance Corporation. Payment for the $825,000,000 balance of such capital stock shall be subject to call at any time in whole or in part by the Board of Directors of the Financing of pay- Bank. For the purpose of making payments of such balance, the ents. Secretary of the Treasury is authorized to use as a public-debt trans- action the proceeds of any securities hereafter issued under the Sec- ta.288 . 774(2)ond Liberty Bond Act, as amended, and the purposes for which 31 U. S.c. (2); Supp. IV , 754aet seq. securities may be issued under that Act are extended to include such Are, pp . 47 , 48 , 9. purpose. Payment under this section of the subscription of the United States to the Bank and repayments thereof shall be treated as public- Certiclatesevidenc- debt transactions of the United States. Certificates evidencing stock ing stock ownership. issuance. ownership of the United States shall be issued by the Bank to the President of the United States, or to such other person or persons as he may designate from time to time, to the extent of the common and preferred stock surrendered and other payments made for the capital stock of the Bank under this section. Paymen to RFC SEC. 5 . (a) The Secretary of the Treasury shall pay to the Recon- struction Finance Corporation the par value of the preferred stock upon its surrender to the Bank for cancellation. For the purpose of making such payments to the Reconstruction Finance Corporation the Secretary of the Treasury is authorized to use as a public-debt trans- 40 Stat. 288.t e 31 .. c. 774(2); action the proceeds of any securities hereafter issued under the Second Supp.IV, 1754aadeq. Liberty Bond Act, as amended, and the purposes for which securities Ante,pp. 47 48. , may be issued under that Act are extended to include such purpose. Payment under this subsection to the Reconstruction Finance Corpo- ration shall be treated as public-debt transactions of the United States. (b) Any dividends on the preferred stock accumulated and unpaid to the date of its surrender for cancellation shall be paid to the Reconstruction Finance Corporation by the Bank. etc., by Banko SE. 6 . The Export-Import Bank of Washington is authorized to issue from time to time for purchase by the Secretary of the Treasury Apte ot. its notes, debentures, bonds, or other obligations; but the aggregate [59 STAT.
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