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PUBLIC LAW 87-717-SEPT. 28, 1962 RULES OF

[76 STAT.

CONSTRUCTION

SEC. 28. (1) The rule that statutes in derogation of the common law are to be strictly construed shall have no application to this Act. (2) This Act shall be so interpreted and construed as to effect its general purpose to make uniform the law of those States which enact it. (3) This Act shall not be so construed as to impair the obligations of any contract existing when the Act goes into effect, nor to affect any action on proceedings begun or right accrued before this Act takes effect. RULES FOR CASES NOT PROVIDED FOR I N T H I S ACT

SEC. 29. Iii any case not provided for in this Act the rules of law and equity, including the law merchant, shall govern. PROVISIONS FOR EXISTING LIMITED PARTNERSHIPS

31 Stat. 1189.

D. c. Code 41iii-*4i^ii3°to ^* 41-131.

SEC. 30. (1) A limited partnership formed under the Act approved March 3, 1901, as amended, prior to the adoption of this Act, may become a limited partnership under this Act by complying with the provisions of section 2: Provided, That the certificate sets forth— (a) the amount of the original contribution of each limited partner, and the time when the contribution was made, and (b) that the property of the partnership exceeds the amount sufficient to discharge its liabilities to persons not claiming as . general or limited partners by an amount greater than the sum of the contributions of its limited partners. (2) A limited partnership formed under the Act approved March 3, 1901, as amended, prior to the adoption of this Act, until of unless it becomes a limited partnership under this Act, shall continue to be governed by the provisions of Thirty-first Statutes at Large, page 1415, chapter 854, sections 1498-1506, 1508, 1510-1528, as amended, except that such partnership shall not be renewed unless so provided in the original agreement. > REPEAL

^

SEC. 31. Except as affecting existing limited partnerships to the extent set forth in section 30, Thirty-first Statutes at Large, page 1415, chapter 854, sections 1498-1506, 1508, 1510-1528, as amended, is hereby repealed. Approved September 28, 1962.

Public Law 87-717 September28, 1962

[H. R. 7796]

AN

ACT

'p,) amend certain lending limitations on real estate and construction loans applicable to national banks.

Be it enacted by the Senate and House of Representatives of the National banks. United States of America in Congress assembled,. That the fourth consmictionlo^l, sentence of the first paragraph of section 24 of the Federal Keserve lending iimita- ' Act (12 U.S.C. 371) is amended to read as follows: "No such associa"eTstat. 634. t^o^ shall make such loans in an aggregate sum in excess of the amount of the capital stock of such association paid in and unimpaired plus the amount of its unimpaired surplus fund, or in excess of 70 per centum of the amount of its time and savings deposits, whichever is the greater."

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