Page:United States Statutes at Large Volume 49 Part 1.djvu/49

 4 74 TH CONGRES S. SESS. I. CSI. 2. JANUARY 31, 1935. bank ", the following : ", or any portion thereof," ; and (2) by insert- ing in the second sentence thereof after the words " such assets " and before the words "held for the benefit" the following : ", or any portion thereof, ". Commodity Credit SEC. 7. Notwithstanding any other provision of law, Commodity Corporation, continua- tion . Credit Corporat ion, a corporat ion organized u nder the laws of the State of Delaware as an agency of the United States pursuant to the Executive order of the President of October 16, 1933, shall continue, until April 1, 1937, or such earlier date as may be fixed by the President by Executive order, to be an agency of the United States . Inves tment in capi tal During the continuance of such agency, the Secretary of Agriculture stock . and the Gove rnor of the Farm Cre dit Admi nist rati on a re a utho rize d and directed to continue, for the use and benefit of the United States, the present investment in the capital stock of Commodity Credit Cor- Assets, use of . poration, and the corporation is hereby authorized to use all its assets, including ca pital and net earnings theref rom, and all mo neys which have been or may liereafter be allocated to or borrowed by it, in the exercise of its functions as such agency, including the making of loans on agricultural commodities. Insurance companies. SEC. 8. Section 1 of the Act entitled "An Act to authorize the Amount for invest, meats in, increased . Reconstruction Finance Corporation to subscribe for preferred stock C .,p. 76 p.119;U.S. and purchase the capital notes of insurance companies, and for other purposes ", approved June 10, 1933, as amended (U . S . C ., Supp . VII, title 15, ch .14, sec . 605e), is amended by striking from the last sentence thereof " $50,000,000 " and inserting in lieu thereof " $75,000,000 ". Ba xkport-Import SEC. 9. Notwit hstanding any o ther provision of law, the Ex port- Continuation as Import Bank of Washington, and the Second Export-Import Bank united sta tes agencies. of Washington, District of Columbia, banking corporations organized under the laws of the District of Columbia as agencies of the United Stat es, pu rsuant to Ex ecutive order s of t he Pre sident, shall conti nue, until June 16, 1937, or such earlier date as may be fixed by the Presi- dent by Executive order, to be agencies of the United States, and in Powers, addition to existing charter powers, and without limitation as to the tota l amount of obl igations there to of any borro wer, endorser, acceptor, obligor, or guarantor at any time outstanding, said banking corporations are hereby authorized and empowered to discount notes, drafts, bills of exchange, and other evidences of debt for the purpose of aiding in the financing and facilitating exports and imports and the exchange of commodities between the United States and any of its territ ories and in sular p ossess ions a nd any forei gn coun try or the agen cies o r nati onals thereof, and, with the ap proval of the Secre tary of the Treasury, to borrow money and rediscount notes, drafts, bills of exchange, and other evidences of debt for the purposes aforesaid. Inv estme nts. During the continuance of such agencies, the Secretary of State and the Secretary of Co mmerce are auth orized and dir ected to contin ue, for the use and benefit of the United States, the present investment in the capital stock of said banking corporations, and they are hereby Assets, use of. au thoriz ed to u se all of th eir as sets, includi ng cap ital a nd net earn- ings therefrom, except such earnings as may be required from time to time to pay dividends upon their preferred capital stock, and to use all moneys which have been or may hereafter be allocated to or borrowed by them, in the exercise of their functions as such agencies . Industrial, etc., loans. SEC. 10 . Section 5d of the Reconstruction Finance Corporation Act, Vol. 48, p. 1108, as amended (U . S . C ., Supp. VII, title 15, ch . 14), is amended (1) by striking out all of the first sentence thereof after the word "industry ' and the remainder of the first paragraph, and inserting in lieu thereof the following Fina ncing sale of and to any institution, now or hereafter established, financing etc, ppliances bm g, principally the sale of electrical, plumbing or air conditioning appli-