Page:United States Statutes at Large Volume 53 Part 1.djvu/698

 APPENDIX PRODUCTION CREDIT COBPORATIONS The Central Bank for Cooperatives, the Production Credit Corporations, Production Credit Associations, and Banks for Cooperatives, organized under the act, and their obligations, shall be deemed to be instrumentalities of the United States, and as such, any and all notes, debentures, bonds, and other such obligations issued by such banks, associations, or corporations, shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States * * *. Such banks, associations, and corporations, their property, their franchises, capital, reserves, surplus, and other funds, and their income, shall be exempt from all taxation now or hereafter imposed by the United States * * *; except that any real property and any tangible personal prop- erty of such banks, associations and corporations shall be subject to Fed- eral * * * taxation to the same extent as other similar property is taxed. The exemption provided herein shall not apply with respect to any Production Credit Association or its property or income after the stock held in it by the Production Credit Corporation has been retired, or with respect to the Central Bank for Cooperatives, or any Production Credit Corporation or Bank for Coop- eratives, or its property or income after the stock held in it by the United States has been retired. (June 16, 1933, c. 98, § 63, 48 Stat. 267.) (U. S . C., Title 12, § 1138c.) REOONSTRUCTION FINANCE CORPORATION Any and all notes, debentures, bonds, or other such obligations issued by the corporation shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States * * *. The corporation, including its franchise, its capital, reserves, and surplus, and its income shall be exempt from all taxation now or hereafter imposed by the United States * (Jan. 22, 1932, c. 8, § 10, 47 Stat. 9.) (U. S. C., Title 15, § 610.) Notwithstanding any other provision of law or any privilege or consent to tax expressly or impliedly granted thereby, the shares of preferred stock of national banking associations, and the shares of preferred stock, capital notes, and debentures of State banks and trust companies, heretofore or hereafter ac- quired by Reconstruction Finance Corporation, and the dividends or interest derived therefrom by the Reconstruction Finance Corporation, shall not, so long as the Reconstruction Finance Corporation shall continue to own the same, be subject to any taxation by the United States, . (Mar. 20, 1936, c. 160. § 1, 49 Stat. 1185.) (U. S . C., Title 12, § 51d.) TENNESSED VALLEY AUTHOlIRr All of such bonds so issued and sold shall have all the rights and privileges accorded by law to Panama Canal bonds authorized by section 8 of the Act of June 28, 1902, chapter 1302, as amended by the Act of Iec. 21, 11)05 (ch. 3, sec. 1. 34 Stat. 5), as now compiled in section 743 of title 31 of the United States Code. (May 18, 1933, c. 32, § 15, 48 Stat 67.) (U. S. C., Title 16, §§ 831 and 831n.) NoTm.-Panama Canal bonds issued as above were exempt from all taxes and duties of the United, States. Under interpretative authority such exemption does not extend to estate, inheritance or gift taxes. UNITED STATES HOUSING AUTHORITY The Authority, including but not limited to its franchise, capital, reserves, surplus, loans, income, assets, and property of any kind, shall be exempt from all taxation now or hereafter imposed by the United States * * *. Obli - gations, including interest thereon issued by public housing agencies in con- nection with low-rent-housing or slum-clearance projects, and the income de- rived by such agencies from such projects, shall be exempt from all taxation now or hereafter imposed by the United States. (Sept. 1, 1937, c. 896, 5 5 (e), 50 Stat. 890.) (U. S. C ., Title 42, § 1405 (e).) Such obligations issued shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance and gift taxes) now or hereafter imposed by the United States * * *. (Sept. 1, 1937, c. 896, 20 (b), 50 Stat. 898.) (U. S. C., Title 42, § 1420 (b).) UrId STATS MArBITnM COMMISSION They shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, ** * (Merchant Marine Act, 1936, sec. 1105 (c), 52 Stat 972, as added by June 23, 1938, c. 600, sec. 4 .) NoT. --rhe instruments referred to are mortgage debentures issued under section 1106 (a) of the Act of June 23, 1938. 98907o-39-r. 1 ---5 CXCIII

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