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Page:United States Statutes at Large Volume 61 Part 1.djvu/155

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61 STAT.] 80TH CONG. , 18T SESS.-CH. 101 -JUNE 9, 1947 shall not be deemed to exclude other powers necessary to the achieve- ment of the objects and purposes of the bank. The bank shall be entitled to the use of the United States mails in the same manner and upon the same conditions as the executive departments of the Govern- ment. The bank is hereby authorized to use all of its assets and all moneys which have been or may hereafter be allocated to or borrowed by it in the exercise of its functions. Net earnings of the bank after reasonable provision for possible losses shall be used for payment of dividends on capital stock. Any such dividends shall be deposited into the Treasury as miscellaneous receipts." SEC. 2 . The Export-Import Bank Act of 1945, as amended, is hereby amended by striking out from section 6 thereof the words "Such obli- gations shall be redeemable at the option of the bank before maturity in such manner as may be stipulated in such obligations and shall have such maturity and bear such rate of interest as may be determined by the Board of Directors of the bank with the approval of the Secre- tary of the Treasury" and substituting in lieu thereof the following: "Such obligations shall be redeemable at the option of the bank before maturity in such manner as may be stipulated in such obligations and shall have such maturity as may be determined by the Board of Direc- tors of the bank with the approval of the Secretary of the Treasury. Each such obligation shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current aver- age rate on outstanding marketable obligations of the United States as of the last day of the month preceding the issuance of the obligation of the bank". SEC. 3. The Export-Import Bank Act of 1945, as amended, is hereby amended by striking out section 8 therefrom and substituting in lieu thereof a new section 8 as follows: "SEc. 8. Export-Import Bank of Washington shall continue to exercise its functions in connection with and in furtherance of its objects and purposes until the close of business on June 30, 1953, but the provisions of this section shall not be construed as preventing the bank from acquiring obligations prior to such date which mature sub- sequent to such date or from assuming prior to such date liability as guarantor, endorser, or acceptor of obligations which mature subse- quent to such date or from issuing, either prior or subsequent to such date, for purchase by the Secretary of the Treasury, its notes, deben- tures, bonds, or other obligations which mature subsequent to such date or from continuing as a corporate agency of the United States and exercising any of its functions subsequent to such date for pur- poses of orderly liquidation, including the administration of its assets and the collection of any obligations held by the bank." SEC. 4. The Export-Import Bank Act of 1945, as amended, is hereby amended by the addition of a section 12 as follows: "SEC. 12. The Export-Import Bank of Washington created hereby shall by virtue of this Act succeed to all of the rights and assume all of the liabilities of Export-Import Bank of Washington, a District of Columbia corporation, and any outstanding capital stock of the District of Columbia corporation shall be deemed to have been issued by and shall be capital stock of the corporation created by this Act and all of the personnel, property, records, funds (including all unex- pended balances of appropriations, allocations, or other funds now available), assets, contracts, obligations, and liabilities of the District of Columbia corporation are hereby transferred to, accepted, and assumed by the corporation created by this Act without the necessity of any act or acts on the part of the corporation created by this Act or of the District of Columbia corporation, their officers, employees, or agents or of any other department or agency of the United States 131 Use of net earnings. 59 Stat. 528 . 12 U.S. C . §635d. Redemption of ob- ligations, etc. 59 Stat. 529. 12U.S. . § 635f. Continuation imtil June 30, 1953. 59 Stat. 526. 12U..c.§635- 635h. Ante, p. 130; supra. Succession to rights, etc.