Page:United States Statutes at Large Volume 49 Part 1.djvu/50

 74T H CONGRESS. SESS. I. CH. 2. JANUA RY 31, 1935 . ances or equipment or other household appliances, both urban and rural. Such loans shall, in the opinion of the board of directors of the Corporation, be so secured as reasonably to a ssure repay- ment of the loans, may be made directly, or in cooperation with banks or other lending institutions, or by the purchase of participa- tions, shall mature not later than January 31, 1945, shall be made only when deemed to offer reasonable assurance of continued or increased employment of labor, shall be made only when, in the opinion of the board of directors of the Corporation, the borrower is solvent, shall not exceed $300,000,000 in aggregate amount at any one time outstanding, and shall be subject to such terms, conditions, and restrictions as the board of directors of the Corporation may determine." ; and (2) by striking out from the second paragraph thereof the figures "1935" wherever they appear herein, and inserting in lieu thereof the figures " 1937 ". SEC . 11 . In all cases where the Reconstruction Finance Corporation shall hold any bonds or other evidences of indebtedness of any bor- rower under section 201 (a) of the Emergency Relief and Construc- tion Act of 1932, whether heretofore or hereafter acquired, and such borrower shall be able and willing to substitute or cause to be sub- stituted therefor any other bonds or other evidences of indebtedness, wh ether of t he sam e or longe r matu ritie s or otherw ise d iffer ing, which, in the judgment of said Reconstruction Finance Corporation, are more desirable than th ose so held, the said Reconstruct ion Finance Corporation is authorized to accept such bonds or other evidences of indebtedn ess, in exchange and substitution for such bonds o r other evidences of indebtedness so held by it, upon such terms and condi- tions as may be agreed upon with such borrower at the time of, or in contemplation of, such exchange and substitution. SEC. 12 . Section 14 of an Act entitled "An Act relating to direct loans for industrial purposes by Federal Reserve banks, and for other purpo ses ", approved J une 19, 1934 (Pu blic, Numbered 41 7, Seventy- third Congress), is amended to read as follows " SEC. 14. The Reconstruction Finance Corporation is authorized and e mpowered to make loans upon suffi cient security to recognized and established corporations, individuals, and partnerships engaged in th e business of min ing, milling, or smelting ores . The Recon - st ruct ion Fina nce C orpo rati on is aut hori zed and e mpow ered also to make loans to corporations, individuals, and partnerships engaged in the development of a quartz ledge, or vein, or other ore body, or placer deposit, containing gold, silver, or tin, or gold and silver, when, in th e opinion of the Reconstruction F inance Corporatio n, there is sufficient reason to believe that, through the use of such loan in the development of a lode, ledge, or vein, or mineral deposit, or placer gravel deposit, th ere will be developed a sufficient quantity of ore, or placer deposits of a sufficient value to pay a profit upon mining operations : Provided, That not to exceed $20 .000 shall be loaned to an y co rpor atio n, in divi dual, or part ners hip, for such dev elopm ent purposes : Provided further, That there shall not be allocated or made available for such development loans a sum in excess of $10,000,000 ." SEC. 13 . Notwithstanding any other provision of law, the Recon- struction Finance Corporation is authorized and empowered to use as general funds all receipts arising from the sale or retirement of any of the stock, notes, bonds, or oth er securities acquired by it pursuant to any provision of law . Approved, January 31, 1935 . Security . Conditions . 5 Loan-making power ext ended to 1937. Vol. 48, p. 1109. Emergency Relief and Constr uction Act . Vol .47,p.711 . Subs titu tion o f bonds . Terms and condi- tions . Vol . 48, p. 1112. Loans to milling and sm eltin g ind ustri es Secu rity . De vel opi ng or e, etc ., bo dies . Provisos . Max imu m loan . Aggr egat e am ount . Use as general funds, sal e rece ipts, e tc