Page:United States Statutes at Large Volume 60 Part 1.djvu/186

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159 60 STAT.] 79TH CONG. , 2 D SESS.-CHS. 244 , 245Apl 30, 1946 States, except the internal revenue laws other than those contained in the Philippine Trade Act of 1946: Provided, however, That hereafter all taxes collected under the internal revenue laws of the United States on articles produced in Puerto Rico and transported to the United States, or consumed in the island shall be covered into the Treasury of Puerto Rico." Approved April 30, 1946. [CHAPTER 245] AN ACT To effectuate the purposes of the Servicemen's Readjustment Act of 1944 in the District of Columbia, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "District of Columbia Servicemen's Readjustment Enabling Act of 1945". SEC. 2. (a) The disability of minority of a resident of the Dis- trict of Columbia who is eligible for guaranty of a loan pursuant to the Servicemen's Readjustment Act of 1944 (58 Stat. L. 284) and of a minor spouse of any such resident (when acting jointly with such resident) is hereby removed with respect to the incurring of any obligation all or part of which is guaranteed under the provi- sions of said Act or in conjunction with which a secondary loan is so guaranteed, and with respect to the exercise of the rights of own- ership in any property acquired with the proceeds of any such obli- gation, including the right to sell, convey, lease, encumber, improve, or maintain the same and to further obligate himself incident to his exercise of such rights. (b) Notwithstanding any other provision of law, any building association or building and loan association or any savings and loan association, incorporated or unincorporated, organized and operating under the laws of the District of Columbia, or any Federal savings and loan association whose main office is in the District of Columbia, may invest its funds in: (1) Property-improvement loans insured or insurable under title I of the National Housing Act; (2) loans to veterans of World War II when guaranteed in whole or in part by a loan guaranty certificate issued under the Servicemen's Readjust- ment Act of 1944 including, without limitation, such loans as are unsecured and such loans as are junior to another mortgage or lien upon the security; and (3) other secured or unsecured loan for prop- erty alteration, repair, or improvement or for home equipment: Provided, That no such unsecured loan not insured or guaranteed by a Federal agency shall be made in excess of $2,000: Provided fur- ther, That the total amount loaned or invested and held in unsecured loans not insured or guaranteed by a Federal agency as provided for under this subsection at any one time shall not exceed 15 per centum of the association's assets. SEC. 3. Any building association, building and loan association, or savings and loan association organized and operating under the laws of the District of Columbia, is authorized to lend money to veterans of World War II and others upon the security of a first deed of trust or first mortgage upon real estate, to be repaid in monthly or quar- terly payments to be applied first to interest and the balance to prin- cipal until the indebtedness is paid in full, and without subscription to, or ownership of any shares, and such loans shall be known as direct-reduction loans. Direct-reduction-loan borrowers, and all persons assuming or obligated under direct-reduction loans made or May 1, 1946 [S. 1152] [Public Law 372] Short title. Removal of disabil- ity of minority for loan benefits. 38 U. S. C., Supp. V, §§ 693-697g. Post, pp. 299, 932. Rights of owner- ship. Designated invest- ments by building and loan associations. 48 Stat. 1246 . 12 U. S. C.§ 1702- 1706; Supp. V, i 1702 etd eq. 58 Stat. 284 . 38 U. . 0., 8upp. V, I§ 693-697g. Post, pp. 299, 932. Unsecured loans. Direct-reduction loans.