Page:United States Statutes at Large Volume 44 Part 1.djvu/398

 § 344 in  F TJTLE 15.-MCOMM. as the corporation liquidntes nnder the terms of this subdivieiou of this chapter. , Any balance remaining after me payment of all the corpora- 1iou’s debts, and afte1·,the retirement of all its capital stockas herein provided, shall be paid into the Treasury of tl1o`United ¢ States ns miscellaneous receipts, and thereupon the-corporation shall be dissolved. (Apr. 5, 1918, c. 45, § 15, 40 Stat. 510; Mag. 3, 1919, c. 100, § 10, 40‘Stat._1314;_Aug. 24, 1921, ”c. 80, §» 7, 42 Stat. 184; June 10, 1922, c. 215; § 3,  Stat. 634; Mari_4, 1923, c. "252, Title V, § 503, A42 Stat. 1·’l81; Feb. 20, 1924, c. 3.7, §§ 2, 3, 43 Stat. 15.) _- _" `* _ _ 344. Bonds and property of corporation; exemption from taxation.-—Any and- all bonds issued by the cotporation shall be excmpt,_both‘ as_ to principal and interest,-fro,m_all taxation imposed by the United States, any State, or any of the possessioué of the United States, or by any local taxing Q authority, except (a) estate or inheritance taxes, anu- (b)~gf&d1i8t€d`_8(1ditional income taxes, commonly known as surtaxes, imposed by the United States, upon .the4 iticorine or *proiits ot individuals, ·part}1erships,· corporations, or associations, The interest onarl amount of sncli bonds the pgjincipal of which does not exceed in the aggregate $5,000, owned] by any `ind'ividual~,"partnership, J corporation, or association, shal Aexempt ··from the taxes referred to_.in clause "(b)". .The cor onafion, includingjts franchige and the capital and reserve surplus thereof, and the income derived tlferefxrom, shall be exempt from all taxation imposed by the United States; any tate, or any of the posses "sious of the'United States, or b mw local taxing authority, except that any real property of the corporation shall be subject to State, county, or municipal taxes to the same extent, aécording to its value, sis other rei1l_prop’erty is taxed. (Apr. 5, 1918. c. 45,_§ 16, 40 Stat. 511.)> - _. _345. Liability ofjixpitcd States for obligation of corporation.--—The United States, shall not be liublefor the pnymentof amy bond or other obligation or the interest thereon issued or incprped by the corpoiationn, nor shall it incur any liability in respect ot any act of ·onniesion of the coxtporatiou. (Apr. 5, 1018, c. 45, §· 17, 40 Stat. 511.)  ’ 346. Ofenses; punishment.—~W’l1oove1·` (1) makes any statement, knowing itito be_fu1se,‘for the purpose of obtaining for himself oi- for any other person, mjm, corporation, or_ associa; l tion anynadvauce nndef this enlgqlvieion of this chapter, shall be punished by a iinoof not more than $10,000, or b`y imprisonment for not more than five years, or both. ‘ ' Whoever willfully o`verxialu® any security: by which any suclr advance ie eek}ured,; shall bee punished by a tlue ot) not more than $5,000, or by imprisonment for not more than tisjc   `S ·` ` ‘ ‘ l ... _ r . E ‘ A ’ wh(FBV(§I’(1) falsely makeés, forgee, or counterfeits any bond, —c`oupo¤, or papex: in imitation of or purporting to be in imlta tion of Ia bond or `coupon issued, by tlne corporation; or (2) paseee, utters; or publishes, one-tatencapts topann, utter, or pun lizsh, any false. forged, or .eounte‘rfeited bond, coupon, or pupe1 purporting to be issued by the coéporation, knowing the same tg be falsely made, forged; 01·$counterfe§ted_; or. (8) falsely alters any such bond, coupon, or paper: or (4) paeecs, utters, orepub ·linhes ais true any felsely altered or spurious bond, coupon, o1 paper lashed or purpoxjting to have been iwued by the eorpora tion, knowing the same to be falsely altered. or spuriéus,_ she! be punished by a hue oi not more than $10,000, or bylmprlaon " meat forinot more than me years, or both. —, 0 L W Whoever, being connected in any oapacify with the corpora tion, (1) emboszles, abstracts; or willfully misapplienr any moneys, (undo, or, eredits (hereof, or (2) with intent toéde fraud the ·cox*poi·at1_on ori any other co£¤§¤¤.Ys body politic oz corporate, or any individual, or to xloceivojny ·o¤ee1·-of the corporation, (a) haake; any falseentry in any book,   ou

BRGE AND TRADE · 334 stategentof the corporation, or (b) without authority fn Ul the directors draws any order or assigns any note, bond, dren. mortgage, judgment, or decree thereof, shall be punished by il fine of not more than $10,000, or by imprisonment for not uma ~ than dye years, or both. ’ lv The Secretary ot the Treasury is authorized to direct any use the Secret Service Division of the Treasury Department to detect, arrest, and deliver info custody of the United Stan, marshal having jurisdiction any person committing any or ua, offenses punishable under this section. (Apr. 5, 1918, c. 4;, § 18, 40 Stat. 511.) _ Q. . 347. ~Rep0rts.·——The corporation shall Hle quarterly repome _ with the Secretary of the Senate and- with the Clerk of the House of Representatives, stating as of the `iirst day of earn month of the quarter just ended (1) the total amount of capital- paid in, (2) the total amount of bonds issued, (3) {hp ~ t total amount otbonds. optstanding, (4.) the total `amount of _ advances made under section 337, (5) a list of-the classes and amount. of securities taken under such section, (6) the‘tmal» s, amount ofaclvanccs outstaudingrfunder section 337, and ‘(’Z) such other information as may be required by either House of Congress. _ - .` - A , day ot each regular session, including a detailed statement of l receipts and expenditures: (Apr; 5, 1918, ‘c. 45,],19, .40 Stat. y 348. Advances towbanks, —etc.; financing agricultural projl . acts; purchase of acceptanoesl—~Whencver in the opinion of -,. ost may require"lt, thacorporation- shall be authorized and . empowered·to..make aqvauces upon such termscnot inconsistent .n*ith~ this subdivision or the following subdivision of this. ~ chapter as lt rnay determine to` any bank, banker, or trust T 'tompany in the United States, or to any cooperative assoclzr · tion otlprodncersln the United States which may have made l advances for agricultural purposes; including the breedinz:., raising, fattening, and marketlngpt livestock, or may have dis- coun‘ted_ or rcdlscounted. notch, drafts, bills oi' exchange or - other negotiable instruments lssuedfor such purposes.; Such · advance O1; advances may be inane upon promissory note or - notes, or other lnstrumentvor instruments, in such form as tn l impose on the borrowing bank, banker, trust company, or - cooperative association a primary and unconditional obligation. to repay the advance at maturity with interest as stipulated r thereln, and shall be fully and adequately secured in each ins ze stance ·»by lndorsenxent, guaranty, pledge, or otherwise. Such » advances may be made for a period notcexccedlng one your and_the corporation may from time to tlmeaxtend the time of, payment ot-any such adranc_e.thro_ngh renewals, sunstitntion of - new obligations or otherwlseqrbnt the time for the payment of a ny such advance shall not be extended beyond three `ycars - from the dateupon whjchauch. advance was originally made. p `Tho aggregate of advances made to any bank, banEer,» trust — 1 _ _  pany, or cooperative association shall not' exceed thm s amount remaining unpaid ot the advances made by such bank, - banker, trust company, or cooperatlreeassociation for purposes r herelndeseribed. - · ·    _ ·      The corporation may, in exceptional cases, upon such terms l not inconslstentwrlth this subdivisions or the followlngasuln -· dlrlalon of this chapter as it may determine, purchase Iroxn · domestic banks, bankers, or trust companies} notes, drafts, -· bills otexchange or other instruments ·o£ lndobtednem secured 7 _` by chattel mortgages. warehouse rccelpta, bills or lading, or · other instruments ill}- writing, conveying or-, securing xnarken r able title to staple agricultural products, including livestock. a The corporation may tron; time to tlme,Y upon like security. r egtend the time ot payment of any note, draft, bill ot ex-
 * Y The corporation shall make a reportto Congress on the tim.
 * theboard, of ilirectors of the corporation thefpubllc inter-