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8 605k. Loans for repair of damage caused by floods and other catastrophes; collateral.—The Reconstruction Finance Corporation is authorized and empowered, through such existing agency or agencies as it may designate, to make loans to corporations, partnerships, or individuals, municipalities or political subdivisions of States or of their public agencies, including public school boards and public school districts, and water, irrigation, sewer, drainage, and flood control districts for the purpose of financing the repair, construction, reconstruction, or rehabilitation of structures or buildings, including such equipment, appliances, fixtures, machinery, and appurtenances as shall be deemed necessary or appropriate by the Reconstruction Finance Corporation, and for the purpose of financing the repair, construction, reconstruction, or rehabilitation of water, irrigation, gas, electric, sewer, drainage, flood-control, communication, or transportation systems, highways, and bridges damaged or destroyed by earthquake, conflagration, tornado, cyclone, hurricane, flood, or other catastrophe in the years 1935 or 1936, and for the purpose of financing the acquisition of structures, buildings, or property, real and personal, in replacement of structures, buildings, groins, jetties, bulkheads, or property, real and personal, destroyed or rendered unfit for use by reason of the catastrophe, when such repair, construction, reconstruction, rehabilitation, or acquisition is deemed by the Reconstruction Finance Corporation to be useful or necessary, said loans to be so secured as reasonably to assure repayment thereof.

Obligations accepted hereunder shall be collateraled

(a) In the case of loans for the acquisition, repair, construction, reconstruction, or rehabilitation of private real property, by the obligations of the owner of such property, secured by a lien thereon ;

(b) In case of loans for the repair, construction, reconstruction, or rehabilitation of privately owned water, gas, electric, communication, or transportation systems, by the obligations of the owners of such water, gas, electric, communication, or transportation systems, secured by a lien thereon; and

(c) In case of loans for the repair, construction, reconstruction, or rehabilitation of property of municipalities or political subdivisions of States or of their public agencies, including publicschool boards and public-school districts, and water, irrigation, sewer, drainage, and flood-control districts, by an obligation of such municipality, political subdivision, public agency, board, or district, payable from any source, including taxation or taxanticipation warrants.

The collateral obligations shall have maturities not exceeding ten years in case of loans made under paragraph (a) of this section and not exceeding twenty years in case of loans under paragraphs (b) and (c) of this section.

The Corporation shall prescribe such regulations as will most effectively expedite the repair, construction, reconstruction, and rehabilitation provided for by this section and effectively carry out the emergency-relief purposes of this section.

Notwithstanding any other provision of law, disbursement may be made at any time prior to January 23, 1939, on any commitment made by the Corporation under the terms of this section.

The aggregate of loans made under this section shall not exceed $50,000,000. ( Apr. 13, 1934, ch. 121, 48 Stat. 589; July 26, 1935, ch. 421, 49 Stat. 505; Apr. 17, 1936, ch. 234, § 1, 49 Stat. 1232.)

$ 605k-1. Disaster Loan Corporation; creation; loans; duration; powers.—There is hereby created a Disaster Loan Corporation with nonassessable capital stock in an amount not to exceed $40,000,000. The Reconstruction Finance Corporation is authorized and directed to subscribe for such stock and to make payment therefor from time to time as called, out of the unexpended balance of the $50,000,000 which the Reconstruction Finance Corporation was authorized to lend for catastrophe relief by section 605k of this title. Such Disaster Loan Corporation shall be managed by officers and agents to be appointed by the Reconstruction Finance Corporation under such rules and regulations as its board of directors may prescribe.

Such Disaster Loan Corporation shall be empowered to make, upon such terms and conditions and in such manner as it may prescribe, such loans as it may determine to be necessary or appropriate because of floods or other catastrophes occurring during the period between January 1, 1936, and January 22, 1947. Such Disaster Loan Corporation may use all its assets, including capital and net earnings therefrom, in the exercise of its functions.

The Disaster Loan Corporation shall have succession until dissolved by Act of Congress; shall have power to sue and be sued in any court, to adopt and use a corporate seal, to make contracts, and to acquire, hold, and dispose of real and personal property necessary and incident to the conduct of its business; and shall have such other powers as may be necessary and incident to carrying out its powers and duties under this section. (Feb. 11, 1937, ch. 10, 50 Stat. 19; May 28, 1937, ch. 275, 50 Stat. 211; Mar. 3, 1938, ch. 40, 52 Stat. 84; Mar. 4, 1939, ch. 4, 53 Stat. 510; June 10, 1941, ch, 190, § 1, 55 Stat. 248.)

§ 608. Duty of departments and bureaus to furnish reports, records, and other information to Corporation, examination of applicants for loans.-In order to enable the corporation to carry out the provisions of this section and sections 601-604, 605, 606606b, 606, 607, 609, 610, 611, 612, 613, 614-616, and 617 of this title, the Treasury Department, the Farm Credit Administration, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal reserve banks, and the Interstate Commerce Commission are hereby authorized, under such conditions as they may prescribe, to make available to the corporation, in confidence, such reports, records, or other information as they may have available relating to the condition of applicants with respect to whom the corporation has had or contemplates having transactions under the aforementioned sections, or relating to individuals, associations, partnerships, corporations, or other obligors whose obligations are offered to or held by the corporation as security for loans under said sections, and to make, through their examiners or other employees for the confidential_use of the corporation, examinations of applicants for loans. Every applicant for a loan under the aforementioned sections shall, as a condition precedent thereto, consent to such examination as the corporation may require for the purposes of said sections and that reports of examinations by constituted authorities may be furnished by such authorities to the corporation upon request therefor. (Jan. 22, 1932, ch. 8, § 8, 47 Stat. 8; July 21, 1932, ch. 520, $ 204, 47 Stat. 714; Ex. Ord. No. 6084, Mar. 27, 1933; Apr. 23, 1935, ch. 614, § 203 (a) 49 Stat. 704.)

8 611a. Cancellation of notes.--The Secretary of the Treasury is authorized and directed to cancel notes of the Reconstruction Finance Corporation (which notes are hereby made available to the Secretary of the Treasury for the purposes of this section) and all sums due and unpaid upon or in connection with such notes at the time of such cancellation and discharge in a principal amount equal to the outstanding funds of the Reconstruction Finance Corporation heretofore or hereafter disbursed under or by reason of the provisions set forth in

(a) Sections 602, 605a (a) to (d), and 721-728 of this title; section 605a (e) of this title, and any amendatory or supplementary legislation; section 605 of Title 7; sections 1016, 1020b, 1131c, 1148c, 1463, 1705 and last sentence of section 1148 of Title 12; section 404 of Title 43; act approved February 4, 1933 (47 Stat. 795); section 30 (a) of Emergency Farm Mortgage Act of 1933, approved May 12, 1933 (48 Stat. 46), as amended; first paragraph of Title II of Emergency Appropriation Act, fiscal year 1935, approved June 19, 1934 (48 Stat. 1055); Emergency Relief Appropriation Act of 1935, approved April 8, 1935 (49 Stat. 115); and

(b) First sentence of section 1148 of Title 12; section 1148a of Title 12; sections 605k-1 and 713a of this title; together with expenses incurred by Reconstruction Finance Corporation in connection with section 605a of this title; and together with the interest paid to the Treasury thereon in the amount of $33,177,491.82: Provided, That any evidence of indebtedness with respect to funds disbursed by Reconstruction Finance Corporation under or by reason of the provisions of law referred to in subsection (a) hereof be transferred to the Secretary of the Treasury: Provided further, That with respect to funds heretofore or hereafter disbursed by Reconstruction Finance Corporation under or by reason of the provision of law referred to in subsection (b) hereof, notes shall be canceled by the Secretary of the Treasury only upon the transfer and delivery by the Reconstruction Finance Corporation to the Secretary of the Treasury or to such officer, officers, agency, or agencies as the President shall designate, of all such capital stock as the Reconstruction Finance Corporation may hold pursuant to any provision of law referred to in said subsection (b): Provided further, That the Secretary of the Treasury and the Reconstruction Finance Corporation are authorized and directed to make adjustments on their books and records as may be necessary to carry out the purposes of this section and sections 603, 609f, and 611b of this title. (Feb. 24, 1938, ch. 32, § 1, 52 Stat. 79.)

ECONOMIC RECOVERY § 712a. Limitation of obligations for administrative expenses of certain agencies; limitation on life of certain agencies.-(a) Notwithstanding any other provision of law, none of the establishments or agencies named in subsection (b) of this section shall, after June 30, 1937, incur any obligations for administrative expenses, except pursuant to an annual appropriation specifically Therefor, nor shall any such establishment or agency continue to function after said date unless established by or pursuant to law: Provided, That nothing contained herein shall be construed to extend the period during which any such establishment or agency heretofore has been authorized by law to function. (b) *

* 5. Federal Surplus Commodities Corporation; 10. Commodity Credit Corporation;

(June 22, 1936, ch. 689, $ 7,49 Stat. 1647.)

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COMMODITY CREDIT CORPORATION Ex. Ord. No. 6340—Authorizing the Formation of a Corporation to be

Known as the Commodity Credit Corporation. (October 16, 1933) Whereas, the Congress of the United States has declared that an acute emergency exists by reason of widespread distress and unemployment, disorganization of industry, and the impairment of the agricultural assets supporting the national credit structure, all of which affects the national public interest and welfare; and

Whereas in order to meet the said emergency and to provide the relief necessary to protect the general welfare of the people, the Congress of the United States has enacted the following acts:

1. The Agricultural Adjustment Act, approved May 12, 1933.
2. The National Industrial Recovery Act, approved June 16, 1933.
3. The Federal Emergency Relief Act of 1933, approved May 12, 1933.
4. Reconstruction Finance Corporation Act, approved January 22, 1932.
5. The Federal Farm Loan Act, approved July 17, 1916.
6. The Farm Credit Act of 1933, approved June 16, 1933.
7. The Emergency Relief and Construction Act of 1932, approved July

21, 1932. And whereas, in order, effectively and efficiently, to carry out the provisions of said acts it is expedient and necessary that a corporation be organized with such powers and functions as may be necessary to accomplish the purposes of said acts.

Now, therefore, under and by virtue of the authority vested in me by the National Industrial Recovery Act of June 16, 1933, it is hereby ordered that an agency, to-wit, a corporation, under the laws of Delaware, be created, said corporation to be named the Commodity Credit Corporation.

The governing body of said corporation shall consist of a board of directors composed of eight members, and the following persons, who have been invited and have given their consent to serve, shall be elected by the incorporators as such directors:

Henry A. Wallace, Secretary of Agriculture.
George N. Peek, Administrator, Agricultural Adjustment Administra-

tion. Oscar Johnston, Director of Finance, Agricultural Adjustment Admin

istration. Henry Morgenthau, Jr., Governor, Farm Credit Administration. Herman Oliphant, General Counsel, Farm Credit Administration. Lynn P. Tally, Assistant to the Directors of the Reconstruction Finance

Corporation.

E. B. Schwulst, Special Assistant to the Directors of the Reconstruc

tion Finance Corporation. Stanley Reed, General Counsel of the Directors of the Reconstruction

Finance Corporation. The office and principal place of business of said corporation outside the State of Delaware shall be in the city of Washington, and branch offices may be established in such places within the United States as the said board of directors shall select and determine by and with the consent of the Secretary of Agriculture and the Governor of the Farm Credit Administration.

The capital stock of such corporation shall consist of 30,000 shares of the par value of $100 each.

The Secretary of Agriculture and the Governor of the Farm Credit Administration are hereby authorized and directed to cause said corporation to be formed, with such articles of certificate of incorporation, and bylaws, which they shall deem requisite and necessary to define the methods by which said corporation shall conduct its business.

The Secretary of Agriculture and the Governor of the Farm Credit Administration are authorized and directed to subscribe for all of said capital stock for the use and benefit of the United States. There is hereby set aside for the purpose of subscribing to the capital stock in said corporation the sum of $3,000,000 out of the appropriation of $100,000,000 authorized by section 220 of the National Industrial Recovery Act and made by the Fourth Deficiency Act, fiscal year 1933, approved June 16, 1933 (Public No. 77, 734 Cong.).

It is hereby further ordered that any outstanding stock standing in the name of the United States_shall be voted by the Secretary of Agriculture and the Governor of the Farm Credit Administration jointly, or by such nerson or persons as the said Secretary of Agriculture and the Governor of the Farm Credit Administration shall appoint as their joint agent or agents for that purnose. The board of directors (other than the initial board of directors elected by the incorporators) shall be elected, and any vacancies thereon shall be filled by the Secretary of Agriculture and the Governor of the Farm Credit Administration jointly, subject to the approval of the President of the United States.

COMMODITY CREDIT CORPORATION Commodity Credit Corporation. Federal Farm Mortgage Corporation, and Faron Credit Administration, and their functions and activities, together with their resnective personnel, records. and property were transferred to Denartment of Agriculture bv Reorg. Plan No. I. $ 401, eff. July 1. 1939, 4. Fed. Reg. 2730, 53 Stat. 1429, set out in note under section 133t of Title 5, Executive Departments and Government Officers and Employees.

8 713. Commodity Credit Corporation; continuance of existence, functions, and ownership of stock by United States; audit of transactions; payment of audit expenses; place of audit.—(a) Notwithstanding any other provision of law, Commodity Credit Corporation, a corporation organized under the laws of the State of Delaware as an agency of the United States pursuant to the Executive order of the President of October 16, 1933, shall continue, until the close of business on June 30, 1945, or such earlier date as may be fixed by the President by Executive, order, to be an agency of the United States. During the continuance of such agency. the Secretary of Agriculture and the Governor of the Farm Credit Administration are authorized and directed to continue, for the use and benefit of the United States, the present investment in the capital stock of Commodity Credit Corporation, and the corporation is hereby authorized to use all its assets, including capital and net earnings therefrom, and all moneys which have been or may hereafter be allocated to or borrowed by it,

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