Open main menu

Page:United States Statutes at Large Volume 61 Part 1.djvu/154

This page needs to be proofread.


PUBLIC LAWS-CHS. 100, 101-JUNE 9, 1947 16U. .C.§§459r- 459t. Release of condi- tion providing for reversion of title to U. S. SEC. 2. Upon the conveyance of the Silver Creek recreational dem- onstration project to the State of Oregon, or political subdivision thereof, pursuant to the Act of June 6, 1942 (56 Stat. 326), the Secre- tary of the Interior may authorize the grantee to exchange or other- wise dispose of any lands so conveyed in order to acquire other lands of approximately equal value for the purpose of consolidating the holdings of the grantee, the title to lands so acquired to be satisfactory to the Attorney General. For the aforesaid purpose the Secretary is authorized to execute a release, as to the particular lands involved, of any condition providing for a reversion of title to the United States, that may be contained in the conveyance by the United States to said grantee. No such release shall be executed, however, unless the grantee shall agree, in form satisfactory to the Secretary, that the lands to be acquired by it shall be subject to the conditions contained in the original conveyance from the United States, except that, in lieu of a provision for reversion, the grantee shall agree to convey said lands to the United States upon a finding by the Secretary in accord- ance with the procedure provided in said Act of June 6, 1942, that the grantee has not complied with such conditions during a period of more than three years. Lands so conveyed to the United States shall be subject to administration or disposition in like manner as recrea- tional demonstration project lands that revert to the United States under the terms of the aforesaid Act. Approved June 9, 1947. [CHAPTER 101] June 9,1947 AN ACT [Pub s9] To provide for the reincorporation of Export-Import Bank of Washingtoni and for other purposes. 12 U.. SC. §635(a). Export-Import Bank of Washington. Powers. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 2 (a) of the Export-Import Bank Act of 1945, as amended (59 Stat. 526, 666), is hereby amended to read as follows: "SEC. 2 . (a) There is hereby created a corporation with the name Export-Import Bank of Washington, which shall be an agency of the United States of America. The objects and purposes of the bank shall be to aid in financing and to facilitate exports and imports and the exchange of commodities between the United States or any of its Territories or insular possessions and any foreign country or the agencies or nationals thereof. In connection with and in furtherance of its objects and purposes, the bank is authorized and empowered to do a general banking business except that of circulation; to receive deposits; to purchase, discount, rediscount, sell, and negotiate, with or without its endorsement or guaranty, and to guarantee notes, drafts, checks, bills of exchange, acceptances, including bankers' acceptances, cable transfers, and other evidences of indebtedness; to purchase, sell, and guarantee securities but not to purchase with its funds any stock in any other corporation except that it may acquire any such stock through the enforcement of any lien or pledge or otherwise to satisfy a previously contracted indebtedness to it; to accept bills and drafts drawn upon it; to issue letters of credit; to purchase and sell coin, bullion, and exchange; to borrow and to lend money; to perform any act herein authorized in participation with any other person, includ- ing any individual, partnership, corporation, or association; to adopt, alter, and use a corporate seal, which shall be judicially noticed; to sue and to be sued, to complain and to defend in any court of com- petent jurisdiction; and the enumeration of the foregoing powers 130 [61 STAT.