67 S T A T. ]
231
PUBLIC LAW 163-JULY 30, 1953
SEC. 104. Effective on the sixtieth day after the date of enactment of this Act, all functions, powers, duties, and authority of the Reconstruction Finance Corporation under section 409 of the Federal Civil Defense Act of 1950, together with those assets, funds, contracts, loans, liabilities, commitments, authorizations, allocations, personnel, and records of the Reconstruction Finance Corporation which the Director of the Bureau of the Budget shall determine to be primarily related to, and necessary for, the exercise of such functions, powers, duties, and authority, are transferred to the Secretary of the Treasury, and shall be performed, exercised, and administered by the Secretary in accordance with the provisions of such Act. SEC. 105. No suit, action, or other proceeding lawfully commenced by or against the Reconstruction Finance Corporation shall abate by reason of the termination of succession of the Corporation; but the court may, on motion or supplemental petition filed at any time within twelve months after the date of such termination of succession and showing a necessity for a survival of such suit, action, or other proceeding to obtain a settlement of the questions involved, allow the same to be maintained by or against the officer or agency of the Government performing the functions with respect to which any such suit, action, or other proceeding was commenced. SEC. 106. (a) Upon the termination of succession of the Reconstruction Finance Corporation the Administrator of the Reconstruction Finance Corporation shall make a full report to the Congress. (b) During such period of time as the Secretary of the Treasury shall be engaged in liquidating the assets and winding up the affairs of the Reconstruction Finance Corporation, pursuant to section 10 of the Reconstruction Finance Corporation Act, he shall make quarterly reports to the Congress setting forth the progress of such liquidation and winding up of affairs. SEC. 107. (a)(1) All functions, powers, duties, and authority of the Reconstruction Finance Corporation under the Rubber Act of 1948, as amended, the Abaca Production Act of 1950, as amended, and Public Law 125, Eightieth Congress, as amended (the tin program), shall be transferred by the President not later than June 30,, 1954, in accordance with the provisions of such Acts. (2) All functions, powers, duties, and authority of the Reconstruction Finance Corporation under title III of the Defense Production Act of 1950, as amended, shall be transferred by the President not later than sixty days after the date of enactment of this Act in accordance with the provisions of such Act. (b) All assets, funds, contracts, loans, liabilities, commitments, authorizations, allocations, personnel, and records of the Reconstruction Finance Corporation which the Director of the Bureau of the Budget shall determine to be primarily related to, and necessary for, the exercise of such functions, powers, duties, and authority, shall be transferred to the officer or agency of the Government to which such functions, powers, duties, and authority are transferred. SEC. 108. (a) I n order to aid in financing projects under Federal, State, or municipal law, the President, t h r o u ^ such officer or agency of the Government (other than the Reconstruction Finance Corporation) as he may designate, may purchase the securities and obligations of, or make loans to, (1) States, municipalities and political subdivisions of States, (2) public agencies and instrumentalities of one or more States, municipalities, and political subdivisions of States, and (3) public corporations, boards, and commissions: Provided, That no such purchase or loan shall be made for payment of ordinary governmental or nonproject operating expenses as distinguished from purchases and loans to aid in financing specific public projects:
Transfer of functions to Treasury. 64 Stat. 1257. 50 USC app, 2261.
Pending etc.
suits,
Report to Congress.
61 Stat. 206. 15 USC 609.
Transfers powers.
of
62 Stat. 101; 64 Stat. 435; 61 Stat. 190. 50 USC app. 1921 note; 50 USC 541, 98 note s.
64 Stat. 800. 50 USC 2 0 9 12094.
Loans to States, etc.
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