Page:United States Statutes at Large Volume 50 Part 1.djvu/546

 75TH CONGRESS, 1ST SESSION-CHS. 51 1, 516-JULY 19, 22, 1937 SEC. 2 . Three million dollars of the appropriation "Capital stock, Inland Waterways Corporation", are hereby repealed. SEC. 3. The appropriations and authority with respect to appro- priations contained herein shall be available from and including July 1, 1937, for the purposes respectively provided in such appro- priations and authority. All obligations incurred during the period between June 30, 1937, and the date of the enactment of this Act in anticipation of such appropriations and authority are hereby ratified and confirmed if in accordance with the terms thereof. SEC. 4. This Act may be cited as the "War Department Civil Appropriation Act, 1938". Approved, July 19, 1937. [CHAPTER 516 AN ACT To ex tend for one ad diti onal year the 3 1/4-per-centum interest rate on certain Federal land-b ank loa ns, to provid e a 4-p er-cent um inte rest ra te on s uch lo ans for the period July 1, 1938, to June 30, 1939, and to provide for a 4-per-centum interest rate on Land Bank Commissioner's loans for a period of two years . Be it enacted by the Senate and House of Representatives of the United States of Am erica in Congress assembled, That (a) effective July 1, 1935, the first sentence of paragraph "Twelfth" of section 12 of the Federal Farm Loan Act, as amended (relating to reduction in interest rates on certain Federal land-bank loans), is amended by striking out the following : "occurring within a period of two years commencing July 1, 1935' and inserting in lieu thereof the following "occurring within a period of three years commencing July 1, 1935, and shall not exceed 4 per centum per annum for all interest payable on installment dates occurring within a period of one year commenc- ing July 1, 1938". (b) The fourth sentence of such paragraph "Twelfth" (relating to the time limit on payments made by the United States to land banks on account of such interest reduction) is amended to read as follows : "No payments shall be made to a bank with respect to any period after June 30, 1939 ." SEC. 2 . Section 32 of the Emergency Farm Mortgage Act, as amende d (relatin g to loans by the L and Bank C ommission er), is amended by adding at the end thereof the following new pa ragraph "Notwithstanding the foregoing provisions of this section, the rate of interest on loans made under this section outstanding when this amendatory paragraph takes effect or made on or after such date, shall not exceed 4 per centum per annum for all interest payable on installment dates occurring within a period of two years com- mencing on the date when this amendatory paragraph takes effect ." W. B. BANKHEAD Speaker of the House of Representatives . KEY PITT-MAN President of the Senate pro tempore . IN THE HOUS E OF R EPRES ENTATI VES OF THE UNITE D STAT ES, July 13, 1937 . The House of Representatives h aving proceeded to reconsider the bill (H . R. 6763) entitled "An Act to extend for one additional year th e 3 1/2-per centu m int erest rate on ce rtain Feder al lan d-ban k loa ns, to provide a 4-percentum interest rate on such loans for the period July 1, 1938, to June 30, 1939, and to provide for a 4-per-centum 521 Inland Waterwa ys Corporation, capital stock; repeal ofapprof priation. App ropr iat ion s, etc., available from and including July 1, 1937 . Incurred obligations con firm ed. Short title. Ju ly 22, 1937 i11. R.6763] ]Public, No. 209] F eder al lan d-ba nk loans. Extension of re- duced interest rate. 49 Stat. 1912. Time limit on pay . ments by U.S.toland banks extended. Loans by La nd Bank Commissioner. 48 Stat. 48 . Interest rate limita. tion. Certificate of the House of Representa- tives.