Page:United States Statutes at Large Volume 40 Part 1.djvu/1332

 1314 SIXTY-FIFTH CONGRESS. Sess. III. Crrs. 100, 101. 1919. Aggregate limited- " (b) The aggregate of the advances made by the Corporation under tluis section remaining unpaid shall never at any time exceed the sum 0 $1,000,000,000. Y eggtilf $:2 " (og (l§'ptwllzhstiu.isnding_ the limltationd of suption 1 the advunces wm. provide or y t section may e ma e unf the e iration o one A”"· P- 5°°· year after the termination of the war between the Urizilied States and the German Government as fixed by proclamation of the President. wN$;Lwit1¤ ¤¤¤¤¤¢y Any such advance made by the Corporation shall be made u on the q promissory not; or notes of thul borrower, with full and agequate security in eac instance y in orsement guarant or otherwise. The Corporation shall retain power to reqriire additfohal security at Renewals etc ° ‘ · ’ · · any time. The Corporation 1D. its discretion may upon like security _ extend the time of payment of any such advance through renewals, E"‘°“si°°”‘““°‘°d· the substitution of new obligations, or otherwise, but the time for the puymeulzl oli any suclllaulvance shall nolti be extended beyond five years rom e ate onw 10 1t was origin ymade. B°S°"°"“‘“ Srzc. 10. That section 15 of the War Finance Corporation Act is uhm from heregy amendleiln to arilead as follows: f th C0 · d . _ " mc. 15. t net earnings o e rporation not re uire
 * .im,p.a1o,¤m¤¤s- for its operations shall be accumulated as a reserve fund rmtili such

‘ time as the Coizporatron lrqurdates rmder the terms of this title. mf; °’ md “°°*g‘ Such reserve fun shall, upon the direction of the board of directors, with the approval of the Secretary of the Treasury, be invested in bonds and o hgatrons of the United States, issued or converted after $°"t°’“§T.$’.‘i"· 2* mil; ‘iIrl‘n¥.?’“r1i}.‘§ dil?..f.°i°i‘ 1%"d °""§°"‘“ my °° eposi in mem r o e ra eserve ystem or in any] of the Federal reserve banks, or be used from time to time, as me · ~··· ~ ZSH Ti °;il}°i»i1»'ii»ai?i1$(i1§tit1i1° i,i""3£“i°“’ti“ “‘°f}§'°i—”.f °h“’d°""’ . y e rpora on. e e er reserve iiinlixiiigy M demi- banks are hereby authorized to act as depositaries for and as fiscal _ agents of the Corporation ur the general performance of the powers L*¤'**““‘“* conferred by this title. Begrnmng twelve months after the termination of the war, the date of such termination to be fixed_by a proclamation of the President of the_ United _States, the drrectors of the Corporation shall proceed to lruéudate its assets and to wind up its affarrs, but the directors of the rporatron, in_ their discretion, may, D 01 from time to time, prior to such date, sell and dispose of any securities “"°“' °°""“°‘ or other property acquired by the Corporation. Any balance remaimng after the pagment of  its debts shall be paid into the 'ltgeagun y of the Unlltedb tates as miscollaneous receipts, and thereupon Tim Omuuctl g rporatron s all e dissolved. _ H _ _ LO ECA]  That the short title of this Act shall be Victory Liberty an c ." Approved March 3, 1919. Mlgggihilm CHAP. 101.-An_Act To amend sections seven, ten, and eleven of the Federal [pubuc, Nm 3294    secuon fifty-one hundred and seventy-two, Revised Statutes of the F°°°"°* R°°'"° -*°* Stgguof Amen?)c!{rt*ii:. éf}onpeg?dm€en“i‘tl;{1'l$hp;:8:hL;(ttiv;i·t¢%`>fhfhU7ii£i·e(f n s. _ 1 9 S ailiisydtgsggh mmm:. parairaph of section seven of the Federal reserve got which reads ,,,,,,,,5,-,d_ * p' 258* as fo ows: "After the aforesaid dividend claims have been fully met, all the net earnmgs shall be paid to the United States as a franchise tax uxcupt (lnhatuunahalf of such net earnings shall be paid 1Ill}0·8 ERE? Sl‘J,k`L‘2 Su$.Si‘.Y‘.i1.k“‘?‘?°¤§‘§‘Y..r$.?’ f‘Zi“i &’$°.'i3“‘“`f°i1 °h° P“‘d‘“‘ , en e e as o : P£*¤°‘“*‘° ’°‘ °° l’° R After the aforesaid dividend claims have been fully uiggi the mg earnings shall be paid to the United States as a franchise tax except that the whole of such net earnings, mcludxng those for the year ending