Page:United States Statutes at Large Volume 53 Part 2.djvu/328

 PUBLIC LAWS-CHS. 174, 175-JUNE 2, 3, 1939 County, New York, containing approximately three hundred and two acres and constituting a part of the West Point Military Reservation, New York, in exchange for other lands in said county and State under the control of the said commission, the acquisition of which is author- 6tat.149 1 . ized by the Act of Congress approved March 3, 1931 (46 Stat. 1491): Compensation. Provided,That if in the opinion of the Secretary of War the lands to be conveyed by the United States under the authority of this Act do not represent fair and reasonable compensation for the lands to be conveyed to the United States as aforesaid, the Secretary of War is authorized to pay, from appropriations available for the purpose of carrying out the provisions of the aforesaid Act of Congress, such additional sum as shall, in his opinion, with the lands to be conveyed by the United States, constitute fair and reasonable compensation terrepation of wa- therefore: Provided further, That the Secretary of War shall reserve to the United States in any conveyance made under authority of this Act such rights as in his opinion shall be necessary for the preserva- tion and protection of the water supply of the West Point Military Reservation, New York. Approved, June 2, 1939. June 3, 1939 [H. R.6324] [Public, No. 111] [CHAPTER 175] AN ACT To amend certain sections of the National Housing Act. Be it enacted by the Senate and House of Representatives of the NationalHomsing UnitedStates of America in Congress assembled, That subsections (a) Act, amendments. 52 Stat. 9. and (b) of section 2 of the National Housing Act, as amended, are 12 U. S. C., Supp. iv, 173. amended to read as follows: Insurance of finan- "SEC. 2 . (a) The Administrator is authorized and empowered upon cial institutions against losses. such terms and conditions as he may prescribe, to insure banks, trust to July 94.eded companies, personal finance companies, mortgage companies, building and loan associations, installment lending companies, and other such financial institutions, which the Administrator finds to be qualified by experience or facilities and approves as eligible for credit insurance, against losses which they may sustain as a result of loans and advances of credit, and purchases of obligations representing loans and advances of credit, made by them on and after July 1, 1939, and inancring ofs ald prior to July 1, 1941, for the purpose of financing alterations, repairs rinmrovcmcnts. and improvements upon or in connection with existing structures, and the building of new structures, upon urban, suburban, or rural real property (including the restoration, rehabilitation, rebuilding, and replacement of such improvements which have been damaged or destroyed by earthquake, conflagration, tornado, hurricane, cyclone flood, or other catastrophe), by the owners thereof or by lessees of such real property under a lease expiring not less than six months aimitantiotitian°cen after the maturity of the loan or advance of credit. In no case shall the insurance granted by the Administrator under this section to any such financial institution on loans, advances of credit, and pur- chases made by such financial institution for such purposes on and after July 1, 1939, exceed 10 per centum of the total amount of such Total liability loans, advances of credit, and purchases. The total liability which may be outstanding at any time plus the amount of claims paid in respect of all insurance heretofore and hereafter granted under this Stat. 233supp. section and section 6, as amended, less the amount collected from iv, I 106a. insurance premiums and deposited in the Treasury of the United p", p.mW5. States under the provisions of subsection (f) of this section, shall not exceed in the aggregate $100,000,000. Restrictions. "(b) No insurance shall be granted under this section to any such financial institution with respect to any obligation representing any 804 [53 STAT.

�