Page:United States Statutes at Large Volume 55 Part 1.djvu/274

 55 STAT.] 77TH CONG. , 1ST SESS. -CH. 190-JUNE 10, 1941 referred to in clause (1), (2) or (3) of the preceding sentence, but such exemptions shall not be construed to be applicable in any State to any buildings which are considered by the laws of such State to be personal property for taxation purposes." SEC. 4. (a) The fourth paragraph of section 5d of the Recon- struction Finance Corporation Act, as amended, is hereby amended by inserting after subsection (3) thereof the following new subsection: "(4) When requested by the Federal Loan Administrator, with the approval of the President, and subject to such conditions and limitations as may be set forth in such request, to make loans, notwithstanding the provisions of any other law, to any foreign governments, to their central banks, or to any person, commission, association, corporation, or bank acting for or on behalf of such government, for the purpose of achieving the maximum dollar exchange value in the United States for the securities or property of any such government, central bank, person, commission, association, corporation, or bank. Such loans may be made only upon the security of bonds, debentures, stocks, or other such obligations of (a) the Government of the United States or any State, municipality, or political subdivision of any State, or (b) any private corporation organized under the laws of the United States or any State." (b) The first sentence of subsection (3) of such fourth para- graph is hereby amended to comprise four sentences to read as follows: "(3) When requested by the Federal Loan Administrator, with the approval of the President, to create or organize, at any time prior to July 1, 1943, a corporation or corporations, with power (a) to produce, acquire, carry, sell, or otherwise deal in strategic and critical materials as defined by the President; (b) to pur- chase and lease land, purchase, lease, build, and expand plants, and purchase and produce equipment, facilities, machinery, mate- rials, and supplies for the manufacture of strategic and critical materials, arms, ammunition, and implements of war, any other articles, equipment, facilities, and supplies necessary to the national defense, and such other articles, equipment, supplies and materials as may be required in the manufacture or use of any of the foregoing or otherwise necessary in connection there- with; (c) to lease, sell, or otherwise dispose of such land, plants, facilities, and machinery to others to engage in such manufac- ture; (d) to engage in such manufacture itself, if the President finds that it is necessary for a Government agency to engage in such manufacture; (e) to produce, lease, purchase, or otherwise acquire railroad equipment (including rolling stock), and com- mercial aircraft, and parts, equipment, facilities, and supplies necessary in connection with such railroad equipment and air- craft, and to lease, sell, or otherwise dispose of the same; (f) to purchase, lease, build, expand, or otherwise acquire facilities for the training of aviators and to operate or lease, sell, or otherwise dispose of such facilities to others to engage in such training; and (g) to take such other action as the President and the Fed- eral Loan Administrator may deem necessary to expedite the national-defense program, but the aggregate amount of the funds of the Reconstruction Finance Corporation which may be out- standing at any one time for carrying out this clause (g) shall not exceed $200,000,000: Provided, That nothing in this subsec- tion shall be construed to authorize the Corporation to take any action, directly or indirectly, with respect to the proposals here- tofore considered by the Congress and known as the Great Lakes- 249 54 Stat. 961. 15U. .C.I66Ob. Loans to foreign governments, etc. Security. 54 Stat. 573, 961. 15U.S.C.I66b. Creation of corpora- tions; powers. Strategicandcritical materials. Plants for manu- facture of arms, etc. Lease, etc., of plants. Manufacture by Government agency. Railroad equipment and aircraft. Facilities for train- ing aviators. Expeditingnational- defense program. Limitation. Proviso. Exclusion of certain proposals, etc.

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