Page:United States Statutes at Large Volume 42 Part 1.djvu/209

 SIXTY-SEVENTH CONGRESS. Sess. I. Ch. 80. 1921. 18]. CQIAP. 80.-An Act To amend the War Finance Cc ration Act, approved A¤8¤S*· 2% 1921- Apnl 5, 1918, as amended, to provide relief for producers 30 and dealers in agricul- tural products, and for other purposes. [P“bh°’ N°‘ 604 Be it enacted by the Senate and House of Representatives of the United W Fm States of Ameruuz in _O<mgress assembled, That when used in this Act mgm A§°°Img°£iZ the term "pers0n" includes partnerships, corporations, and associ- “3'{.‘§;m .,d,mmd_ ations, as well as individuals. ' ssc. 2. That section 1 of Title 1 of me wu Finance corporation .,..‘f°‘·‘°**’·*‘°°·"°“°°· itxif, approved April 5, 1918, as amended, is amended to read as . o ows: - " That the Secretary of the Treas, the Secrets, of Agriculture, Qmwnm maxi and four additional Hersons (who sha]-Eybe the directdys first appointed tu§g*:’gf{&f ° ’*¤"°“" as hereinafter provided) are hereby created a body corporate and ol- ' 1tic in deed and in law by the name, style, and tit o of the %ar Finance Corporation (here1n called the Cofkporation), and shall have Prom succession for a period of ten years: Pmvi d, That except as other- Powmflimiwcluw wise provided by this Act the Corporation shall not exercise any of J“}¥,f;,g’,°§?;,3,, MBL the powers conferred by this Act except such as are incidental to the liquidation of its assets and the winding up of its affairs, after July 1» 1922·" %*:."av¤**·aa,m., Sec. 3. The War Finance C0 ration Act, approved A ril 5, 1918, mmI;¤i.m°` as amended, is amended by addrpnsg after section 21 of Tise I thereof uc‘§,€"““"""“’ *"°°' the following new sections: Advances snowed "Sec. 22. Whenever the Board of Directors of tthe Corporation ',? °,‘?,;,,‘Q,"§§ shall be of the opinion that conditions arisiniout of the war, or out of g¤‘m¤·;¤fn.£¤}’;’l%¤¤¤~ the disruption of fore` trade created by the war, have resulted in ` or ng? result in an Iglnormal surgalus accumulation of any stagiale t agri tural product of the United tates or lack of a market for the sale of same or that the ordinary banking facilities are inadequate to enable producem of or dealers in such products to carry them until they can e exported or sold for export in an orderly manner, the Corporation shall thereupon be empowered to make advances, for periods not exceeding one year from the respective dates of such advances, upon such terms, not inconsistent with this Act, as it may determine; " (a) To any person engaged in the United States in dealing in, or dlgm giz?"5 ,,E§ marketing any such pro ucts, or to any association composed of {I':lu}*g‘$Q¤{’;°tg}*°” persons engaged in producing such products, for the purpose of as» ' sisting suc person or association to carry such products until they can be exported or sold for export in an orderly manner. Any I“°°'°'° "‘°°" such advance shall bear interest at a rate not exceeding IQ per centum in excess of the rate of disconmt for ninety-daiscommerciallgaper revailing at the Federal Reserve Bank of the trict in whi the borrower is located at the time when such advance b made; "(b) To any person without the United States purchasini such ,,, "°“ products, but in no case shall any of the money so advanced e expended without the United States. Every such advance  be S°°“'“"°‘*“"°°‘ secured by ade uate security of such character as shall be prescribed mmm ctc b the Board dif Directors of the Corporation. The rate of interest ’ ' cgarged on any such advance shall be determined by the Board of Directors. The Corporation shall retain power to recall an advance or require additional security at any time. _ _ To M " (c) To any bank, banker, or trust company m the United States ,,,,u,,g°°“",,,,,,,,,°"” ,5 which makes or has made an advance or advances to any such grson g_{g•;>?_r;@f°·» f°* as is described in paragraph (a) of this section for the purpose erein set forth or which ma as or has made an advance or advances to any Limiuuu M producer for the purpose set forth 1H paragraph (a). The a¥neg·ate ,m,,,m,,_ of advances made to any bank, banker, or trust company s all not exceed the amount remaining unpaid of the advances made by such bank, banker, or trust company for purposes harem described.