Page:United States Statutes at Large Volume 52.djvu/253

 PUBLIC LAWS-CHS. 135, 140-APR. 9, 13, 1938 April 9, 1938 [H. R. 9418] [Public, No. 478] Wilmington, N. C. Restriction on use of land in, conveyed to Board of Education, New Hanover Coun- ty, modified. 37 Stat. 191. Reversionary provi- sion. April 13, 1938 [8. 37351 [Public, No. 4791 Reconstruction Finance Corporation Act, amendments. 48 Stat. 1108. 15 U. S. C. §606b; Supp. HII, § 606b. Loans or contracts with public agencies for aid in financing projects. Purchase of securi- ties. Private business en- terprise where credit not otherwise avail- able. Provisos. Soundness of secur- ities. Solvency of enter- prise. Terms and condi- tionus [CHAPTER 135] AN ACT To amend an Act entitled "An Act authorizing the Secretary of the Treasury to convey to the Board of Education of New Hanover County, North Carolina. portion of marine-hospital reservation not needed for marine-hospital purposes", approved July 10, 1912 (37 Stat. 191). Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury is hereby authorized to amend the quitclaim deed which was executed by the Secretary of the Treasury under date of July 24, 1912, pursuant to the authority contained in an Act entitled "An Act authorizing the Secretary of the Treasury to convey to the Board of Education of New Hanover County, North Carolina, a por- tion of the marine-hospital reservation not needed for marine-hospital purposes", approved July 10, 1912 (37 Stat. 191), so as to provide, in lieu of the limitation that the land is to be "used exclusively for indus- trial-school purposes", that it may be used for any public purpose or purposes, and to provide that the title to said land revert to the United States of America if at any time the land or any building erected thereon shall cease to be used for a public purpose. Approved, April 9, 1938. [CHAPTER 140] AN ACT To amend section 5d of the Reconstruction Finance Corporation Act, as amended, to authorize loans to public agencies, to provide credit facilities for business enterprises and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 5d of the Reconstruction Finance Corporation Act approved January 22, 1932, as amended (U. S . C ., title 15, ch. 14), is amended to read as follows: "SEC. 5d. For the purpose of maintaining and promoting the eco- nomic stability of the country or encouraging the employment of labor the Corporation is authorized and empowered, under such terms, conditions, and restrictions as the Corporation may determine, to make loans to, or contracts with, States, municipalities, and politi- cal subdivisions of States, with public agencies and instrumentalities of one or more States, municipalities, and political subdivisions of States, and with public corporations, boards, and commissions, to aid in financing projects authorized under Federal, State, or munici- pal law, such loans or contracts to be made through the purchase of their securities, or otherwise, and for such purpose the Corporation is authorized to bid for such securities. The Corporation is further authorized and empowered to purchase the securities and obligations of, and to make loans to, any business enterprise when capital or credit, at prevailing rates for the character of loan applied for, is not otherwise available: Provided, That all such purchases of securi- ties and obligations and all such loans shall be, in the opinion of the board of directors, of such sound value, or so secured, as reason- ably to assure retirement or repayment; may be made or effected either directly or in cooperation with banks or other lending insti- tutions through agreements to participate or by the purchase of participations, or otherwise; shall be made only when, in the opinion of the board of directors, the business enterprise is solvent; and shall be made under such terms, conditions, and restrictions as the corpora- 212 [52 STAT.

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