Page:United States Statutes at Large Volume 48 Part 1.djvu/1131

 73d CONGRESS. SESS. II. CHS. 652, 653 . JUNE 19, 1934 . 1105 by the Commission, and may cause the closing of any station for radio communication and the removal therefrom of its apparatus and equipment, or he may authorize the use or control of any such station and/or its apparatus and equipment by any department of the Government under such regulations as he may prescribe, upon just compensation to the owners. (d) The President shall ascertain the just compensation for such use or control and certify the amount ascertained to Congress for appropriation and payment to the person entitled thereto. If the amount so certified is unsatisfactory to the person entitled thereto, such person shall be paid only 75 per ce ntum of the amount and shall be entitled to sue the United States to recover such further sum as added to such payment of 75 per centum will make such amount as will be just compensation for the use and control. Suc h suit shall be brought in the manner provided by paragraph 20 of section 24, or by section 145, of the Judicial Code, as amended. EFFECTIVE DATE OF ACT SE C. 607. This Act shall take effect upon the organization of the Commission, except that this section and sections 1 and 4 shall take effect July 1, 1934. The Commission shall be deemed to be organ- ized upon' such (late as four members of the Commission have taken office . SEPARABILITY CLAUSE SEC . 608 . If any provision of this Act or the application thereof to any person or circumstance is held invalid, the remainder of the Act and the application of such provision to other persons or circumstances shall not be affected thereby . SHORT TITLE SEC. 609 . This Act may be cited as the " Communications Ac t of 1934 ." Approved, June 19, 1934 . Closing of station discret ionary . Award of compcnsa . tion . Suit if award un- satisfactory . Effective date of act . Ante, p . 1064. Separability clause . Short title. CHAPTER 653 .1 AN ACT June 19, 1934. Relating to direct loans for industrial purposes by Federal Reserve banks, and 	[S . 3487.]	 for other purp oses . [Public, No . 417.] Be it e nacted by the Senate and House of Repres entatives of the Federal Reserve Act, United States of America in Congress assembled, That the Federal aVl. 38, p. 263 ; Vol. Reserve Act, as amended, is amended by adding after section 13a 42 Us .C79p 9 i2. thereof a new section reading as follows "SEC . 13b . (a) In exceptional circumstances, when it appears to Direct loans for in- the satisfaction of a Federal Reserve bank that an established indus- Rees~ere ba ksp by trial or commerci al busine ss locate d in its district is unabl e to obta in requi site f inanci al ass istanc e on a reason able b asis f rom th e usua l Toestablisbedindus- sources, the Federal Reserve bank, pursuant to authority granted by assistance. financial the Federal Reserve Board, may make loans to, or purchase obliga- Purchase of obli ga- tions of, such business, or may make commitments with respect lions thereof . thereto, on a reasonable and sound basis, for the purpose of pro- viding it with working capital, but no obligation shall be acquired or commitment made hereunder with a maturity exceeding five years . "(b) Each Federal Reserve bank shall also have power to dis- Discountor purchase of obligation. count for, or purchase from, any bank, trust company, mortgage ofo bli gat ion. company, credit corporation for industry, or other financing institu- tion operating in its district, obligations having maturities not ex- Maturities. ceeding five years, entered into for the purpose of obtaining working S603T °-34 70