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Page:United States Statutes at Large Volume 61 Part 1.djvu/228

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PUBLIC LAWS-CH. 166 -JUNE 30, 1947 Restriction. Provided. That no such purchase or loan shall be made for pay- ment of ordinary governmental or nonproject operating expenses as distinguished from purchases and loans to aid in financing specific public projects. Floods, etc. "(4) To make such loans, in an aggregate amount not to exceed $25,000,000 outstanding at any one time, as it may determine to be necesssary or appropriate because of floods or other catastrophes. Availability of as- "(b) No financial assistance shall be extended pursuant to para- sistance, etc. graphs (1), (2), and (3) of subsection (a) of this section, unless the financial assistance applied for is not otherwise available on reasonable terms. All securities and obligations purchased, and all loans made under paragraphs (1), (2), and (3) of subsection (a) of this section shall be of such sound value or so secured as reasonably to assure retire- ment or repayment and such loans may be made either directly or in cooperation with banks or other lending institutions through agree- ments to participate or by the purchase of participations, or otherwise. Total amount of "(c) The total amount of investments, loans, purchases, and com- mitments made pursuant to this section 4 shall not exceed $2,000,000,000 outstanding at any one time. bPaymentaoffee,etc., "(d) No fee or commission shall be paid by any applicant for financial assistance under the provisions of this Act in connection with any such application, and any agreement to pay or payment of any such fee or commission shall be unlawful. emplyeesiiin b "(e) No director, officer, attorney, agent, or employee of the questions affecting Corporation in any manner, directly or indirectly, shall participate personal interests, etc. in the deliberation upon or the determination of any question affecting 'his personal interests, or the interests of any corporation, partnership, or association in which he is directly or indirectly interested. pTermination of "(f) The powers granted to the Corporation by this section shall terminate at the close of business on June 30, 1948, but the termination of such powers shall not be construed (1) to prohibit disbursement of funds on purchases of securities and obligations, on loans, or on commitments or agreements to make such purchases or loans, made under this Act prior to the close of business on such date, or (2) to affect the validity or performance of any other agreement made or entered into pursuant to law. "State." "(g) As used in this Act, the term 'State' includes the District of Columbia, Alaska, Hawaii, and Puerto Rico. 12 v.s.c. C 82. "SEC. 5 . Section 5202 of the Revised Statutes of the United States, as amended, is hereby amended by striking out the words 'War Finance Corporation Act' and inserting in lieu thereof the words 'Reconstruction Finance Corporation Act'. erauServe bofkFe "SEC. 6. The Federal Reserve banks are authorized and directed act as agents, etc. to act as custodians and fiscal agents for the Corporation in the general performance of its powers conferred by this Act and the Corporation may reimburse such Federal Reserve banks for such services in such manner as may be agreed upon. Issuance of notes, "SEC. 7. The Corporation may issue to the Secretary of the Treas- etc., to Secretary of Treasury. ury its notes, debentures, bonds, or other such obligations in an amount outstanding at any one time sufficient to enable the Corporation to carry out its functions under this Act or any other provision of law, such obligations to mature not more than five years from their respec- tive dates of issue, to be redeemable at the option of the Corporation before maturity in such manner as may be stipulated in such obliga- tions. Such obligations may mature subsequent to the period of succession of the Corporation. Each such obligation shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average rate on outstanding marketable 204 [61 STAT.