Page:United States Statutes at Large Volume 42 Part 1.djvu/212

 184 SIXTY-SEVENTH CONGRESS. Ssss. I. Ch. 80. 1921. for sale publicly or to any individual, firm, corporation, or association, at such price or prices at not less than par as the board of directors, with the approval of the Secretary of the 'l‘reasury, may deter- 1111110.,) ,,,'5§,?$""°" °f The power of the corporation to issue notes or bonds may be PM 1>·¤48¤·¤¤¤¤¤· exercised at any time prior to January 1, 1925, but no notes or bonds °d' shall mature later than July 1, 1925. ,,X°l'°°"’5l°"”°°"°` Sec. 6. Paragraph 1 of section 13 of Title I of the War Finance “Al;•g•&*=·gg• ·>*“l>°¤d{ Corgohration Act is hereby amended and reenacted to read as follows: {er mm am as- " at the Federal Reserve Banks shall be authorized, subgect to °°“"“· the matmity limitations of the Federal Reserve Act and to regulations of the Federal Reserve Board, to discount the direct obligations of member banks secured by such notes or bonds of the Corporation and to redisconmt notes or other negotiable instruments secured ‘¤°¤¤°°l*•¤*· by such notes or bonds and indorsed by a member bank. Discounts or rediscounts under this section shall e at an interest rate equal_ to the prevailipg rate for eligible commercial paper of correspondmg maturities. °“}{§"“°'“"“"" Sec. 7. That section 15 of Title I of the War Finance Corporation Vol. .131 amand- •d·. l¤m2,mm_ Act be amended and reenacted to read as follows: pliiyiixn "Sec. 15. That all moneys of the Corporation not otherwise employ?1 mIz}y gpigpt on deposit, supjelpt ?B§hr1k, with tge Treasurero e ni tates, ormanyo the e reserve, or maty, ppon the dislecléiotpl og the board of girectors of th£Corpo1&tgon, i¤*•¤¤·¤¤**¤°°'·wi ea v 0 e ecret 0 teTreasury, eiuves in °mm°m°°°m°°' bonds or ollgel-19 obligations of thelllnited States issued or converted ,§f"°"‘*’“°“ °' ‘°‘ after September 24, 1917, or upon like direction  approval mg _ be rigid) rorlp tgps to time in the purchase or redemption of any bon issu the ration. REE} ;,§?,‘;f,E "The yFederalrli·:serve banks are hereby authorized to act as ¤'*°¤·°*=°· depositories for and as fiscal agents of the Corporation in the general performance of the powers conferred by this title. ¥,‘},““°?§§‘; MSL "B ` July 1, 1922, the directors of the Co ration shall me . ggmmng . , . . rP° proce to liquidate its assets and wind up its aifaus, except as specifically provided in this title; but the directors of the Corporation, in their discretion, may, from time to time prior to such liquidation, Zell and  of any securities or other property acquired by the rporation. D°¥’°°** "“'* '*"°“‘ “After July 1, 1922, the Corporation may, with the a roval of the miiiégtplgsiidig Secretary of the Treasury, deposit with the Treasurer Ki the United States, as a special deposit, out of money belonging to the Corporation, or from time to time received by it in the course of liquidation or otherwise, an amount equal to the aggregate amount 0 all outstanding bonds or notes of the Corporation, including principal and “§%_§},,§‘;“b§¤,§•;’e'; interest to maturity. Moneys so deposited shall constitute a special ' fund for the pmnt ogsrmcipal an interest of such bonds or notes, or for the pur or r emption of such bonds or notes at not more tthan parhand accrued interest, and may be drawn upon or paid out 4 or no other purpose. m§‘§u’¥,’,';nd”“"§,?¤gj; "Whenever there shall have been deposited in such special fund _ ' the Corporation then 0u, mcluding principal and interest to maturity, the Corporation may, with the approval of the Secretary of the Treasury, pay into the Treasury of theqlnited States, as miscellaneous receipts, any moneis belo to the Corporation, or received from time to tune in the course ol liquidation or otherwise, in excess of a reasonable reserve to meet all liabilities and ex s*°°**°**¤¤¤¤'¤d· during lipuidation. Whenever any such payment is amount 0 capital stock of the Co tion equal in par value to the amountsopa1dmshall be audretired.
 * ¢:§m:g1_:¤ml¢.¤¤¤ an amount equal to the ate amount of all bonds or notes of