Page:United States Statutes at Large Volume 54 Part 1.djvu/607

 54 STAT.] 76TH CONG. , 3D SESS.-CH. 427-JUNE 25, 1940 under section 304 of the Act of March 9, 1933, as amended, in an aggregate amount of not to exceed $300,000,000 to be determined by the Secretary of the Treasury; but the Corporation, with the approval Apponios of the Federal Loan Administrator, shall determine that portion of such aggregate amount which may be used for the retirement of the capital stock of the Corporation, the payment of dividends, and the purchase of such stock of the Federal home-loan banks.". SEC. 3. (a) The third paragraph of section 5 of the Reconstruc- Reconstn tion Finance Corporation Act, as amended (U. S. C ., 1934 edi- Act, amend tion, title 15, sec. 605; Supp. V, title 15, sec. 605), is hereby 47 stat. 7; amended by striking out "$350,000,000" and inserting in lieu thereof "$500,000,000". (b) The first sentence of section 3 of the Act entitled "An Act 49Stat.2 to extend the functions of the Reconstruction Finance Corporation for two years, and for other purposes", approved January 31, 1935, as amended (U. S . C ., 1934 edition, Supp. V, title 15, sec. 605m), is hereby amended by striking out "January 31, 1945" and inserting in lieu thereof "January 31, 1955". SEC. 4. Section 3 of the Federal Farm Mortgage Corporation Act Federal F gage Corpor (U. S. C ., 1934 edition, title 12, sec. 1020b) is hereby amended by amendment adding at the end thereof the following new sentences: "The Federal 82US. c 4 Farm Mortgage Corporation is authorized to repay on or before §1020b June 30, 1941, to the Secretary of the Treasury on behalf of the cess capital United States, all amounts in excess of $100,000,000 theretofore sub- cription. scribed to the capital stock of the corporation. The proceeds of such use of pr repayment shall be held in the Treasury of the United States as a fund available for subscription, by the Governor on behalf of the United States with the approval of the Secretary of the Treasury, to the capital of the corporation when, in the judgment of the directors of the corporation, additional subscriptions to its capital are necessary.". SEC. 5. Section 5d of the Reconstruction Finance Corporation Act, Reconstru nance Coi as amended (U. S. C., 1934 edition, Supp. V, title 15, sec. 606b), Act, amend: is hereby amended by adding at the end thereof the following new pStap21 paragraphs: "In order to aid the Government of the United States in its pNatnam national-defense program, the Corporation is authorized- "(1) To make loans to, or, when requested by the Federal Loan puras Administrator with the approval of the President, purchase the capital stock of, any corporation (a) for the purpose of producing, trias'i. acquiring, and carrying strategic and critical materials as defined by the President, and (b) for plant construction, expansion and equip- et, ',r ,,, ment, and working capital, to be used by the corporation in the of equirme manufacture of equipment and supplies necessary to the national p. defense, on such terms and conditions and with such maturities as the Corporation may determine; and "(2) When requested by the Federal Loan Administrator, with tioCs; powe' the approval of the President, to create or to organize a corporatiort or corporations, with power (a) to produce, acquire, and carry terials. g c strategic and critical materials as defined by the President, (b) to tu ofarms purchase and lease land, to purchase, lease, build, and expand plants, and to purchase and produce equipment, supplies, and machinery, for the manufacture of arms, ammunition, and implements of war, (c) to lease such plants to private corporations to engage in such Les ofp manufacture, and (d) if the President finds that it is necessary for overnenn a Government agency to engage in such manufacture, to engage in such manufacture itself. The Corporation may make loans to, or pLE; purchase the capital stock of, any such corporation for any purpose conditions. 573 muent. iction Fi- rporation ment. 49Stat. 3. arm Mort- ation Act, .5. ., Supp. V, nt of ex- stock sub- iceeds. iction Fi- rporation ment. 2. B61, 962. 1-defense pital stock etc., ma- ustractlon, nmuactuirio it and sup- ofcorpora- rs. etc., ma- manufac- ,etc. lants. !ture by tagency. pital stock terms and

�