Page:United States Statutes at Large Volume 40 Part 1.djvu/526

 508 SIXTY-FIFTH CONGRESS. Sess. II. Ch. 45. 1918. ·*‘*““’°°“°“’°"'*°"· Sec. 7. That the Corporation shall be empowered and authorized to make advances upon such terms, not inconsistent herewith, as '1"i¤¤¤1i¤¤i¢· it may prescribe, ior periods not exceeding five years from the respective dates of such advances: ,ng‘{0§*_;‘,§’£°°c°g;c§*j;; (1) To any bank, banker, or trust company, in the United States, in busws wnqnruti which shall ave made after April sixth, nineteen hundred and sevl'f.';,w°§”.·,'Z,”,§°$.Y,°`t§,§'{’;`:,,'§. enteen, and which shall have outstanding, any loan or loans to any M- person, firm, corporation, or association, conducting an established and going business in the United States, whose operations shall be necessary or contributory to the prosecution of the war, and evi- L*“’“· denced by a note or notes, but no such advance shall exceed seventy- five er centum of the face value of such loan or loans; and ,,,§‘},,‘,§,’f’,{,,°'_§·;,,¥,{c“,§",,*‘,§‘,§j (2)) To an bank, banker, or trust company, in the United States, cms- which shall gave rendered iinancial assistance,_directly or indirectly, to any such person, tirm, corporation, or association by the purchase after A ril sixth, nineteen hundred and seventeen, of its onds or L"¤i*· other obligations, but no such advance shall exceed seventy-Eve per centum 0 the value of such bonds or other obligations at the time of such advance, as estimated and determin by the board of directors of the Corporation. b°*;¥v*:_}’f,;'{dQ•;;°geSf° All advances sha be made upon the promissoq note or notes of such bank, banker, or trust company, secured by the notes, bonds, or other obligations, which are the basis of any such advance b the Cdmml S¤¤¤f**Y· Co ration, together with all the securities, i any, which such bank, bayer, or trust company may hold as collateral for such notes, F¤1¤¤¤=¤¤¤¤¤f¤¤¤¤e» e rporation s, owever, ave wer to ma e vances a b°f·i°’e°iZ°th°r°bHgi$°ii 1. k ad ( > °t°"m°yb°“Wm°` up to one hundred per centum of the flzize value of any such loan ` made by any such bank, banker, or trust company to any such person, firm, corporation, or association, and (b) u to one hrmdred per centum of the value at the time of any such advance (as estimated and determined by the board of directors of the Corporation) of such bonds or other obligations by the pruchase of which financial assistance shall have been rendered to such person, firm, corporation, or 1>m»g.»p. association: Provided, That every such advance shall be secured in ,0·‘{,§°é{§;‘Q,‘f* ’°°‘“'“Y the manner described in the preceding part of this section, and in P¤¤¢,r>-1<M9- addition thereto by collateral securit, to be furnished by the bank banker, or trust company, of such character as shall be (prescribed by the board of directors, of a value, at the time of such a vance (as estimated and determined by the board of directors of the Corpora- 1,-,,,,he,,,,c,,,,,,_ tion), e%ual to at least thirty-three per centum of the amount advanced the Corporation. The Corporation shall retain power to rexguire additional security at any time. b$§}_?”&°§§§ji;$@ nc. 8. That the Corporation shall be empowered and authorized tions. cggtrirmtxig ro to make advances from time to time, upon such terms, not mcon- §i.°i$Z°iS;1?e$ee;_ °`"" sistent herewith, as it may prescribe, for periods not exceeding one year, to any savings bank, banking institution or trust com an, in the United States, which receives savings deposits, or to any and loan association in the United States, on the romissory note or notes of the borrowin institution, whenever the Clhrporation shall deem such advances to ge necessary or contributory to the prosecu- {3;;;:;-, 0, Sammy tion of the war or important in the public interest: Provided, That regimes. " such note or notes shall be secured b the pledge of securities of such character as shall be prescribed by the board of directors of the Corporation, the value of which, at the time of such advance (as estimated and determined by the board of directors of the Corporation) shall be equal in amount to at least one hundred and thirty-three I¤¤¢r¢S¢¤*¢¤· per centum of the amount of such advance. The rate of interest charged on any such advance shall not be less than one per centum per annum in excess of the rate of discount for ninety—day commercial paper prevailing at the time of such advance at the Federal