Page:United States Statutes at Large Volume 47 Part 1.djvu/739

 72d CONGRESS. SESS. I. CH. 520 . JU LY 21,1932. 715 SEC. 207. No loan or advance shall be approved under this section Re stri ctio n on loa ns to institution if offar or under the Reconstruction Finance Corporation Act, directly or is ationector of car- indirectly, to any financial inst itution any offic er or director of which is a member of the board of directors of -the Reconstruction Finance Corporation or has been such a membe r within the twelve mont hs preceding the approval of the loan or advance. SEC. 208 . (a) The first sentence of section 3 of the Reconstruction , Board of directors. Composition modi- Fina nce C orpora tion Act i s ame nded e ffect ive a t the expir ation of fled. ten days after the date of enactment of this Act, to read as follows : An te, p. 5, amended. " The management of the corporation shall be vested in a board of dir ector s cons istin g of the S ecreta ry of the Treasu ry (o r, in his absence, the Under Secretary of the Treasury), who shall be a member ex officio, and six other persons appointed by the President of the United St ates by and with the adv ice and consent of the Senate . " (b) Nothing in this section shall be construed to affect in any membs .or appointed manner the terms of office of the appointed members of the board of directors of the Reconstruction Finan ce Corporation, nor to require their reappointment. SEC. 209. Section 9 of the Reconstruction Finance Corporation Act ti ns rporation obllga is hereby amended by adding at the end thereof the following : Ante, p. 9, amended. " The Secretary of the Treasury, at the request of the Recon- Marketing, etc• struction Finance Corporation, is authorized to market for the cor- poration its notes, debentures, bonds, and other such obligations, using therefor all the facilities of the Treasury Department now authorized by law for the marketing of obligations of the United Proceeds credited to States . The proceeds of the obligations of the corporation so mar- corporation. keted shall be deposited in the same manner as proceeds derived from the sale of obligations of the United States, and the amount thereof shall be credited to the corporatio n on the books of the Treasury." Fe de ral Reserve Act, SEC. 210. Section 13 of the Federal Reserve Act, as amended, is amendment. further amended by adding after the second paragraph thereof the p .Vol . 3v 'o :42'p ."1479 . following new paragraph : u. S. C.,p. 281. " In unusual and exigent circumstances, the Federal Reserve Di scou ntin g in exi- Board, by the affirmative vote of not less than five members, may ge ncy paper eli gi ble for authorize any Federal reserve bank, during such periods as the said dilyTarmstroBot (talk)t satisfacto- board may determine, at rates established in accordance with the provisions of section 14, subdivision (d), of this Act, to discount for any indiv idual, pa rtnershi p, or co rporatio n, notes, drafts , -an d bills of exchange of the kinds and maturities made eligible for dis- count for member banks under other provisions of this Act when such notes, drafts, and bills of exchange are indorsed and otherwise secured to the satisfaction of the Federal reserve bank : Provided, Permtted only If un- That be fore dis counting any such note, d raft, or bill of exchang e for able at or s ecure ac com- an individual or a partnership or corporation the Federal reserve bank bank shall obtain evidence that such individual, partnership, or corpora- tion is unable to secure adequate credit accommodations from other banking institutions. All such discounts for individuals, partner- Limitations Imposed. ships, or corpo rations s hall be subject to such limitati ons, res tric- tions, and regulations as the Federal Reserve Board may prescribe ." S EC. 211 . The first paragraph of section 5 of the Reconstruction Finance Corporation Act is hereby amended to read as follows "SEC. 5 . To aid in financing agriculture commerce, and industry, cultur e, comme rce, etc. including facilitating the exportation of agricultural and other Ane, p. 6, amended. products the corporation is authorized and empowered to make loans, upon such terms and conditions not inconsistent with this Act as it m ay deter mine, to any bank, saving s bank, trust co mpany, b uild- ing and loan association, insurance company, mortgage loan com-