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otherwise from the liquidation of any such bank or depository in which deposits of such public moneys were made. As used in this paragraph, the term "State” includes the several States and Alaska, Hawaii, and Puerto Rico. (Jan. 22, 1932, ch. 8, § 5, 47 Stat. 6; July 21, 1932, ch. 520, SS 202, 203, 211, 47 Stat. 714, 715; June 10, 1933, ch, 55, SS 10, 12, 13, 48 Stat. 121, 122, June 14, 1933, ch. 72, 48 Stat. 141; June 21, 1934, ch. 692, 48 Stat. 1198; Jan. 31, 1935, ch. 2, § 4, 49 Stat. 2; June 25, 1940, ch. 427, § 3 (a), 54 Stat. 573; Sept. 18, 1940, ch. 722, title III, § 331 (a, b), 54 Stat. 955.)
§ 605b. Same; additional loans authorized.
(c) Financing sales of agricultural products in foreign markets.-In order that the surpluses of agricultural products may not have a depressing effect upon current prices of such products, the corporation is authorized and directed to make loans, in such amounts as may in its judgment be necessary, for the purpose of financing sales of such surpluses in the markets of foreign countries in which such sales cannot be financed in the normal course of commerce; but no such sales shall be financed by the corporation if, in its judgment such sales will affect adversely the world markets for such products: Provided, however, That no such loan shall be made to finance the sale in the markets of foreign countries of cotton owned by the Federal Farm Board or the Cotton Stabilization Corporation.
(d) Financing, carrying, and marketing of agricultural products and livestock.The Reconstruction Finance Corporation is authorized and empowered to make loans to bona fide institutions, organized under the laws of any State or of the United States and having resources adequate for their undertakings, for the purpose of enabling them to finance the carrying and orderly marketing of agricultural commodities and livestock produced in the United States.
(e) Creation of regional agricultural credit corporations; loans to farmers and stockmen.-The Reconstruction Finance Corporation is further authorized to create in any of the twelve Federal land-bank districts where it may deem the same to be desirable a regional agricultural credit corporation with a paid-up capital of not less than $3,000,000, to be subscribed for by the Reconstruction Finance Corporation and paid for out of the unexpended balance of the amounts allocated and made available to the Secretary of Agriculture under section 602 of this title. Such corporations shall be managed by officers and agents to be appointed by the Reconstruction Finance Corporation under such rules and regulations as its board of directors may prescribe. Such corporations are hereby authorized and empowered to make loans or advances to farmers and stockmen, the proceeds of which are to be used for an agricultural purpose (including crop production), or for the raising, breeding, fattening, or marketing of livestock, to charge such rates of interest or discount thereon as in their judgment are fair and equitable, subject to the approval of the Reconstruction Finance Corporation, and to rediscount with the
Reconstruction Finance Corporation and the various Federal reserve banks and Federal intermediate credit banks any paper that they acquire which is eligible for such purpose. All expenses incurred in connection with the operation of such corporations shall be supervised and paid by the Reconstruction Finance Corporation under such rules and regulations as its board of directors may prescribe.
(f) Security for loans; terms and conditions. All loans made under this section, and all contracts of the character described in paragraph (1) of subsection (a), shall be fully and adequately secured. The corporation, under such conditions as it shall prescribe, may take over or provide for the administration and liquidation of any collateral accepted by it as security for such loans. Such loans shall be made on such terms and conditions, not inconsistent with sections 602, 603, 605-6050, 608, 609, and 609a of this title and section 343 of Title 12 as the corporation may prescribe, and may be made directly upon promissory notes or by way of discount or rediscount of obligations tendered for the purpose, or otherwise in such form and in such amount and at such interest or discount rates as the corporation may approve: Provided, That no loans or advances (except loans under subsection (c)) shall be made upon foreign securities or foreign acceptances as collateral.
(g) Period of loan; extending time of repayment.--Each such loan may be made for a period not exceeding three years, and the corporation may, from time to time, extend the time of payment of any such loan, through renewal, substitution of new obligations, or otherwise, but the time for such payment shall not be extended beyond five years from the date upon which such loan was made originally: Provided, That loans or contracts of the character described in subsection (a) may be made for a period not exceeding ten years: Provided further, That loans or contracts of the character described in paragraph (1) or (5) of subsection (a) may be made for a period exceeding ten years when it is the judgment of the board of directors of the corporation that it is necessary to purchase securities as provided in such paragraphs and that it is not practicable to require the reimbursement of the corporation, within ten years, through the repurchase or payment of such securities, or in any other manner.
(h) Limitation on time when loans may be made.- The corporation may make loans under this section at any time prior to January 23, 1934.
(i) Fees and commissions.—No fee or commission shall be paid by an applicant for a loan under the provisions of this section in connection with any such application or any loan made or to be made under this section, and the agreement to pay or payment 'of any such fee or commission shall be unlawful.
(July 21, 1932, ch. 520, $ 201, 47 Stat. 711; Mar. 23, 1933, ch. 5, 48 Stat. 20; May 29, 1933, ch. 42, title I, 48 Stat. 99; June 10, 1933, ch. 55, 88 5-9, 48 Stat. 120, 121; June 16, 1933, ch. 100, $ 5, 48 Stat. 283.)
§ 605k. Loans for repair of damage caused by floods and other catastrophes; collateral.-The Reconstruction Finance Corporation is authorized and empowered, through such existing agency or agencies as it may designate, to make loans to corporations, partnerships, or individuals, municipalities or political subdivisions of States or of their public agencies, including public school boards and public school districts, and water, irrigation, sewer, drainage, and flood control districts for the purpose of financing the repair, construction, reconstruction, or rehabilitation of structures or buildings, including such equipment, appliances, fixtures, machinery, and appurtenances as shall be deemed necessary or appropriate by the Reconstruction Finance Corporation, and for the purpose of financing the repair, construction, reconstruction, or rehabilitation of water, irrigation, gas, electric, sewer, drainage, flood-control, communication, or transportation systems, highways, and bridges damaged or destroyed by earthquake, conflagration, tornado, cyclone, hurricane, flood, or other catastrophe in the years 1935 or 1936, and for the purpose of financing the acquisition of structures, buildings, or property, real and personal, in replacement of structures, buildings, groins, jetties, bulkheads, or property, real and personal, destroyed or rendered unfit for use by reason of the catastrophe, when such repair, construction, reconstruction, rehabilitation, or acquisition is deemed by the Reconstruction Finance Corporation to be useful or necessary, said loans to be so secured as reasonably to assure repayment thereof.
Obligations accepted hereunder shall be collateraled
(a) In the case of loans for the acquisition, repair, construction, reconstruction, or rehabilitation of private real property, by the obligations of the owner of such property, secured by a lien thereon ;
(b) In case of loans for the repair, construction, reconstruction, or rehabilitation of privately owned water, gas, electric, communication, or transportation systems, by the obligations of the owners of such water, gas, electric, communication, or transportation systems, secured by a lien thereon; and
(c) In case of loans for the repair, construction, reconstruction, or rehabilitation of property of municipalities or political subdivisions of States or of their public agencies, including publicschool boards and public-school districts, and water, irrigation, sewer, drainage, and flood-control districts, by an obligation of such municipality, political subdivision, public agency, board, or district, payable from any source, including taxation or taxanticipation warrants.
The collateral obligations shall have maturities not exceeding ten years in case of loans made under paragraph (a) of this section and not exceeding twenty years in case of loans under paragraphs (b) and (c) of this section.
The Corporation shall prescribe such regulations as will most effectively expedite the repair, construction, reconstruction, and rehabilitation provided for by this section and effectively carry out the emergency-relief purposes of this section.
Notwithstanding any other provision of law, disbursement may be made at any time prior to January 23, 1939, on any commitment made by the Corporation under the terms of this section.
The aggregate of loans made under this section shall not exceed $50,000,000. ( Apr. 13, 1934, ch. 121, 48 Stat. 589; July 26, 1935, ch. 421, 49 Stat. 505; Apr. 17, 1936, ch. 234, § 1, 49 Stat. 1232.)
§ 605k-1. Disaster Loan Corporation; creation; loans; duration; powers. There is hereby created a Disaster Loan Corporation with nonassessable capital stock in an amount not to exceed $40,000,000. The Reconstruction Finance Corporation is authorized and directed to subscribe for such stock and to make payment therefor from time to time as called, out of the unexpended balance of the $50,000,000 which the Reconstruction Finance Corporation was authorized to lend for catastrophe relief by section 605k of this title. Such Disaster Loan Corporation shall be managed by officers and agents to be appointed by the Reconstruction Finance Corporation under such rules and regulations as its board of directors may prescribe.
Such Disaster Loan Corporation shall be empowered to make, upon such terms and conditions and in such manner as it may prescribe, such loans as it may determine to be necessary or appropriate because of floods or other catastrophes occurring during the period between January 1, 1936, and January 22, 1947. Such Disaster Loan Corporation may use all its assets, including capital and net earnings therefrom, in the exercise of its functions.
The Disaster Loan Corporation shall have succession until dis; solved by Act of Congress; shall have power to sue and be sued in any court, to adopt and use a corporate seal, to make contracts, and to acquire, hold, and dispose of real and personal property necessary and incident to the conduct of its business; and shall have such other powers as may be necessary and incident to carrying out its powers and duties under this section. (Feb. 11, 1937, ch. 10, 50 Stat. 19; May 28, 1937, ch. 275, 50 Stat, 211; Mar. 3, 1938, ch. 40, 52 Stat. 84; Mar. 4, 1939, ch. 4, 53 Stat. 510; June 10, 1941, ch. 190, § 1, 55 Stat. 248.)
§ 608. Duty of departments and bureaus to furnish reports, records, and other information to Corporation, examination of applicants for loans.—In order to enable the corporation to carry out the provisions of this section and sections 601-604, 605, 606606b, 606, 607, 609, 610, 611, 612, 613, 614-616, and 617 of this title, the Treasury Department, the Farm Credit Administration, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal reserve banks, and the Interstate Commerce Commission are hereby authorized, under such conditions as they may prescribe, to make available to the corporation, in confidence, such reports, records, or other information as they may have available relating to the condition of applicants with respect to whom the corporation has had or contemplates having transactions under the aforementioned sections, or relating to individuals, associations, partnerships, corporations, or other obligors whose obligations are offered to or
held by the corporation as security for loans under said sections, and to make, through their examiners or other employees for the confidential use of the corporation, examinations of applicants for loans. Every applicant for a loan under the aforementioned sections shall, as a condition precedent thereto, consent to such examination as the corporation may require for the purposes of said sections and that reports of examinations by constituted authorities may be furnished by such authorities to the corporation upon request therefor. (Jan. 22, 1932, ch. 8, § 8, 47 Stat. 8; July 21, 1932, ch, 520, $ 204, 47 Stat. 714; Ex. Ord. No. 6084, Mar. 27, 1933; Apr. 23, 1935, ch. 614, $ 203 (a) 49 Stat. 704.)
$ 611a. Cancellation of notes.-The Secretary of the Treasury is authorized and directed to cancel notes of the Reconstruction Finance Corporation (which notes are hereby made available to the Secretary of the Treasury for the purposes of this section) and all sums due and unpaid upon or in connection with such notes at the time of such cancellation and discharge in a principal amount equal to the outstanding funds of the Reconstruction Finance Corporation heretofore or hereafter disbursed under or by reason of the provisions set forth in
(a) Sections 602, 605a (a) to (d), and 721-728 of this title; section 605a (e) of this title, and any amendatory or supplementary legislation; section 605 of Title 7; sections 1016, 1020b, 1131c, 1148c, 1463, 1705 and last sentence of section 1148 of Title 12; section 404 of Title 43; act approved February 4, 1933 (47 Stat. 795); section 30 (a) of Emergency Farm Mortgage Act of 1933, approved May 12, 1933 (48 Stat. 46), as amended; first paragraph of Title II of Emergency Appropriation Act, fiscal year 1935, approved June 19, 1934 (48 Stat. 1055); Emergency Relief Appropriation Act of 1935, approved April 8, 1935 (49 Stat. 115); and
(b) First sentence of section 1148 of Title 12; section 1148a of Title 12; sections 605k-1 and 713a of this title; together with expenses incurred by Reconstruction Finance Corporation in connection with section 605a of this title; and together with the interest paid to the Treasury thereon in the amount of $33,177,491.82: Provided, That any evidence of indebtedness with respect to funds disbursed by Reconstruction Finance Corporation under or by reason of the provisions of law referred to in subsection (a) hereof be transferred to the Secretary of the Treasury: Provided further, That with respect to funds heretofore or hereafter disbursed by Reconstruction Finance Corporation under or by reason of the provision of law referred to in subsection (b) hereof, notes shall be canceled by the Secretary of the Treasury only upon the transfer and delivery by the Reconstruction Finance Corporation to the Secretary of the Treasury or to such officer, officers, agency, or agencies as the President shall designate, of all such capital stock as the Reconstruction Finance Corporation may hold pursuant to any provision of law referred to in said subsection (b): Provided further, That the Secretary of the Treasury and the Reconstruction Finance Corporation are authorized and directed to make adjustments on their books and records as may be necessary to