Page:United States Statutes at Large Volume 48 Part 1.djvu/1134

 1108 73d CONGRESS. SESS.-II. CH. 653. JUNE 19, 1934 . be hel d to i nclude advan ces, l oans, discoun ts, pu rchase, and repur- chase agreements ; extensions and renewals thereof ; and acceptances, releases, and substitutions of security therefor. 1 ° ( k) It shall be unlawful for any person to stipulate for or give or receive, or consent or agree to give or receive, any fee, com- mission, bonus, or thing of value for procuring or endeavoring to procure from any Federal Reserve bank any advance, loan, or exten- sion of credit or discount or purchase of any obligation or commit- ment with respect thereto, either directly from such Federal Reserve bank or indirectly through any financing institution unless such fee, commission, bonus, or thing of value and all material facts with respect to the arrangement or understanding therefor shall be dis- closed i n writing in the a pplicatio n or req uest for such adva nce, loan , extension of credit, discount, purchase, or commitment. Any viola- tion of the provisions of this paragraph shall be punishable by imprisonment for not more than one year or by a fine of not exceed- Liability of Federal in 5,000, or both. If a director, officer, employee, or agent of any Reserve bank- official. g Federal Reserve bank shall knowingly violate this paragraph, he shall be hel d liab le in his pe rsonal and in dividu al cap acity for an y loss or damage sustained by such Federal Reserve bank in conse- quence of such violation ." SEC . 4 . Section 10 of the Federal Reserve Act, as amended, is further amended by changing the period at the end of the third paragraph thereof to a comma and inserting thereafter the follow- ing : °` anti such assessments may include amounts sufficient to pro- vide for the acquisition by the . Board in its own name of such site or building in the District of Columbia as in its judgment alone shall be necessary for the purpose of providing suitable and adequate quarters for the performance of its functions . After approving such pla ns, estim ates, and specific ations a s it shal l have ca used to b e prepared, the Board may, notwithstanding any other provision of law, cause to be constructed on the site so acquired by it a building suitable and adequate in its judgment for its purposes and proceed to take all such steps as it may deem necessary or appropriate in connection with the construction, equipment, and furnishing of such building. The Board may maintain, enlarge, or remodel any build- ing so acquired or constructed and shall have sole control of such building and space therein ." SEC . 5 . That the Reconstruction Finance Corporation Act, as amended (U .S .C . . Stipp . VII, title 15, ch . 14), is amended by insert- ing before section 6 thereof the following new section SEC . 5 d . For the purpose of maintaining and increasing the employment of labor, when credit at prevailing bank rates for the character of loans applied for is not otherwise available at banks, the Corpo ratio n is auth orize d and emp owere d to make loan s to any industrial or commercial business, which shall include the fishing industry, established prior to January 1, 1934 . Such loa ns sh all in the opinion of the board of directors of the Corporation be ade- quately secured, may be made directly, or in cooperation with banks or oth er len ding i nstitu tions, or by the pu rchase of pa rticip ations, shall have maturities not to exceed five years, shall be made only when deemed to offer reasonable assurance of continued or increased Solvency of borrower employment of labor, shall be made only when, in the opinion of the required. board of directors of the Corporation, the borrower is solvent, shall Agg reg ate amount, generally. not exceed $300,000,000 in aggregate amount at any one time out- standing, and shall be subject to such terms, conditions, and restric- tions as the board of directors of the Corporation may determine. The aggregate amount of loans to any one borrower under this sectio n shal l not exceed $500, 000. Unl awful acts. Fees for procuring, etc., loan. Punishment for vio- lation. Vol. 38, p. 261 ; U.S.C., p. 275. Federal Re serve Board ; assessment for expcnses. Acquisition of build. ing site. Construction the reo n. Reconstructio n Fi- nance Corpora tion Act . Vol .47,p.8; U .S.C., Supp. VII, p . 266. Loans to industrial or commercial business by Corporation. Fishing industry in- cluded. Securil y. 1l atunties. To anyone borrower.