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Page:United States Statutes at Large Volume 61 Part 1.djvu/227

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61 STAT.] 80TH CONG., 1ST SESS.-CH. 166 -JUNE 30, 1947 the transaction of its business; to sue and be sued, to complain and to defend, in any court of competent jurisdiction, State or Federal: Provided, That the Corporation shall be entitled to and granted the same immunities and exemptions from the payment of costs, charges, and fees as are granted to the United States pursuant to the pro- visions of law codified in sections 543, 548, 555, 557, 578, and 578a of title 28 of the United States Code, 1940 edition; to select, employ, and fix the compensation of such officers, employees, attorneys, and agents as shall be necessary for the transaction of the business of the Cor- poration, in accordance with laws, applicable to the Corporation, as in effect on June 30, 1947, and as thereafter amended; and to pre- scribe, amend, and repeal, by its board of directors, bylaws, rules, and regulations governing the manner in which its general business may be conducted. Except as may be otherwise provided in this Act or in the Government Corporation Control Act, the board of directors of the Corporation shall determine the necessity for and the character and amount of its obligations and expenditures under this Act and the manner in which they shall be incurred, allowed, paid, and accounted for, without regard to the provisions of any other laws governing the expenditure of public funds and such determinations shall be final and conclusive upon all other officers of the Government. The Corporation shall be entitled to the use of the United States mails in the same manner as the executive departments of the Government. "(b) Notwithstanding any other provision of law, the right to recover compensation granted by the Act approved September 7, 1916, as amended (5 U. S . C., sec. 751), shall be in lieu of, and shall be construed to abrogate, any and all other rights and remedies which any person, except for this provision, might, on account of injury' or death of an employee, assert against the Corporation or any of its subsidiaries. "SEC. 4. (a) To aid in financing agriculture, commerce, and indus- try, to help in maintaining the economic stability of the country and to assist in promoting maximum employment and production, the Corporation, within the limitations hereinafter provided, is author- ized- "(1) To purchase the obligations of and to make loans to any business enterprise organized or operating ulnder the laws of any State or the United States: Provided, Tlhat the purlchase of obligations (including equipment trust certificates) of, or the making of loans to%railroads or air carriers engaged in interstate commerce or receivers or trustees thereof, shall be with the approval of the Interstate Commerce Commission or the Civil Aeronautics Board, respectively: Provided further, That in the case of railroads or air carriers not in receivership or trusteeship, the Commission or the Board, as the case may be, in connection with its approval of such purchases or loans, shall also certify that such railroad or air carrier, on the basis of present and prospective earnings, may be expected to meet its fixed charges without a reduction thereof through judicial reorganization except that such certificates shall not be required in the case of loans or purchases made for the acquisition of equipment or for maintenance. "(2) To make loans to any financial institution organized under the laws of any State or of the United States. "(3) In order to aid in financing projects authorized under Federal, State, or municipal law, to purchase the securities and obligations of, or make loans to, (A) municipalities and political subdivisions of States, (B) public agencies and instrumentalities of one or more States, muncipalities, and political subdivisions of States, and (C) public corporations, boards, and commissions: 203 26 Stat. 826; 43 Stat. 857, 858; 40 Stat. 1182; 29 Stat. 179, 186. 59 Stat. 597. 31 U. S. C. §§841- 869. Post, p. 584. Use of U S.mails. Injury or death of employee. 39 Stat. 742. 5U. S. C.§§751- 791, 793. Authority of RFO to aid in financing agriculture, com. merce, etc. PurehTsl ofobliga- tions of lusini'ss enter- prises, etc. Loans to financial institutions. Financing of proj- ects. etc.