Page:United States Statutes at Large Volume 59 Part 1.djvu/649

 59 STAT.] 79TH CONG. , IST SESS.-CH. 588 -DEC. 28, 1945 4"POWERS OF ADMINISTRATOR "SEC. 509. (a) With respect to matters arising by reason of this title as now or hereafter amended and, notwithstanding the provi- sions of any other law, the Administrator may- "(1) Sue and be sued in his official capacity in any court of competent jurisdiction, State or Federal; "(2) Subject to specific limitations in this Act, consent to the modification, with respect to rate of interest time of payment of principal or interest or any portion thereof, security or other provisions of any note, contract, mortgage or other instrument securing a loan which has been guaranteed or insured hereunder; "(3) Pay, or compromise, any claim on, or arising because of, any such guaranty or insurance; "(4) Pay, compromise, waive or release any right, title, claim, lien or demand, however acquired, including any equity or any right of redemption; "(5) Purchase at any sale, public or private, upon such terms and for such prices as he determines to be reasonable, and take title to, property, real, personal or mixed; and similarly sell, at public or private sale, exchange, assign, convey, or otherwise dispose of any such property; and "(6) Complete, administer, operate, obtain and pay for insur- ance on, and maintain, renovate, repair, modernize, lease, or otherwise deal with any property acquired or held pursuant to this title: Provided, That the acquisition of any such property shall not deprive any State or political subdivision thereof of its civil or criminal jurisdiction of, on, or over such property (including power to tax) or impair the rights under the State or local law of any persons on such property. "(b) The powers by this section granted may be exercised by the Administrator without regard to any other provisions of law not enacted expressly in limitation hereof, which otherwise would govern the expenditure of public funds: Provided, That section 3709 of the Revised Statutes shall apply to any contract for services or supplies on account of any property acquired pursuant to this section if the amount of such contract exceeds $1,000. "(c) The financial transactions of the Administrator incident to, or arising out of, the guaranty of loans pursuant to this title, and the acquisition, management, and disposition of property, real, personal or mixed, as incident to such activities and pursuant to this section, shall be final and conclusive upon all officers of the Government. "EFFECTIVE DATE "SEC. 510. This title, as amended, shall be effective from the date of enactment: Provided, That any application for guaranty of a loan filed within ninety days after such date may be approved under the title as it existed prior to amendment: And provided further, That nothing herein shall be construed to affect any contractual right under any certificate of guaranty issued thereunder." SEC. 9 . Section 1505 of the Servicemen's Readjustment Act of 1944, as amended, is hereby repealed. SEC. 10. Title VI of the Servicemen's Readjustment Act of 1944, as amended, is amended by adding at the end thereof the following new sections: "SEC. 1506. Persons who served in the active military or naval service of any government allied with the United States in World War nI and who at time of entrance into such active service were cit- zens of the United States shall, by virtue of such service, and if 631 Exercise of powers. 41U. S.C .§L& Finality of flnanclal transactions. 58 Stat. 301. 38 U. S. C, Supp. IV, I 697e. 58 stat. 300. 38 U. S. C., Supp. IV, § 6897-07e. Fitension of bene fits to designted pr 8o-l

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