Page:United States Statutes at Large Volume 48 Part 1.djvu/1136

 1110 73d CONGRESS. SESS. II. CH. 653. JUNE 19, 1934 . except wi th the prior a pproval of th e Interstate Commerce Commi s- sion, and, in the case of a loan to a railroad or railway, with the prior certification of the Interstate Commerce Commission that the rail- road or railway is not in need of financial reorganization in the Vol . publi c inter est. 11 (3) In conne ction with th e reorganizat ion under sect ion 77 of of the Federal Bankruptcy Act, approved July 1, 1898, as amended, of or with receivership proceedings in a court or courts, of any rail- road or railway indebted to the Corporation, or of any railroad or railway the receivers or trustees of which are indebted to the Cor- Approcal of Inter. poration, the Corporation may, with the prior approval of the Inter- state Commerce Com- state Com merce Commissi on, adjust or compromise i ts claim again st mission such railroad or railway, or any such receiver or trustee, by accept- ing, in connection with any such reorganization or receivership pro- ceedings and in exchange for securities or any part thereof then Acc ept an ce of new held, new securities which may have such terms as to interest, secu ritie s. matr ity, a nd oth erwis e as m ay be approv ed by the C orpora tion, Nature or art cash and art new securities so appro ved : Pro vid ed That NarurePfsettlement. p p s any such adjustment or compromise shall not be made on less favor- able term s than those p rovided in th e reorganizat ion of the rail- road or railway for holders of claims of the same class and rank as the clai m of the Cor pora tion ." SEC . 9 . Se ction 301 of the Nation al Ind ustria l Rec overy Act (U .S .C ., Supp . VII, title 40, see . 412) is amended by inserting before the period at the end thereof a colon and the following : "Provided furth er, That in connec tion with any loan or contr act or any co m- mitment to m ake a loan en tered into by the Reconstru ction Finance Corporation prior to June 26, 1933, to aid in financing part or all of the construction cost of projects pursuant to section 201 (a) (1) of the Emergency Relief and Construction Act of 1932, as amended, the Corporat ion may make such further loans and cont racts for the completion of any such project, or for improvements, additi ons, extensions, or e9uipment which are nec essary or desi rable for the proper functioning of any such project ., or which will materially increase the assurance that the borrower will be able to repay the entire investment of the Corporation in such project, including such Time limi tati on on disbursements. improvements, additions, extensions, or equipment ; and the Corpo- ration may disburse funds to the borrower thereunder, at any time Vol. 47, p . 713. prior to January 23, 19 39, notwithst anding any pr ovisions to the contrary contained in this section or in section 201 (h) of the Emer- gency Relief and Construction Act of 1932, as amended : Provided do sans and tonal- furthe r, That any such further loans shall be made subject to a ll Vol .47,p . 711. the terms and conditions set forth in the Emergency Relief and Construction Act of 1932, as amended, with respect to the loa ns authorized by section 201 (a) (1) of said Act ." rities Aaj of obliga u stmen of tYons . mate- SEC. 10 . Notwithstanding any limitations on its power, the Recon- struction Finance Corporation, upon request of any borrower under Vol.47, p. 711. section 201 (a) of the Emergency Relief and Construction Act of 1932, as amended, may adjust the maturities of any obligations of such borrower now held by it, or hereafter acquired by it under law- ful commitments, to such periods as may in the discretion of the Reconstructi on Finance . Co rpor atio n be pro per, but suc h ad just ment shall not exte nd any such m aturity to mor e than twenty years from Emerg ency Farm the advancing of the sum or sums evidenced thereby . Mortgage Act. SEC . 11 . Section 36 of the Emerg ency Farm Mor tgage Act of 1 933, Ixg; ee p. 49; Los"upp: as amended (U .S.C ., Supp . VII, title 43, sec . 403), is amended as VII, p. 922. follows : etc,disstr ctsrinea ea: (1) By striking from the first sentence thereof " $50,000,000 to or for the benefit of drainage districts, levee districts, levee and Vol. 30, p. i44; 47, p. 1474 . Reo rg ani zat ion railroads . Comp romi se cla ims National Industrial Recovery Act . Ante, p.210; U.S.C., Supp. Vii, p. 905. Loans by corpora- tion, financing co n- struction projects . Additional lo ans for completion.