Establishment of Permanent Small Business Finance Corporation, Hearing Before a Subcommittee of ...,79-2 on S. 1320 ..., July 25, 1946

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4. lappuse - The board of directors of the Corporation shall determine and prescribe the manner in which its obligations shall be incurred and its expenses allowed and paid.
4. lappuse - The corporation, including its franchise, its capital, reserves and surplus, and its income shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency or possession thereof, or by any State, county, municipality or local taxing authority ; except that any real property of the corporation shall be subject to State, Territorial, county, municipal or local taxation to the same extent, according to its value, as other real property is taxed.
4. lappuse - (p) All notes, debentures, bonds, or other such obligations issued by the Corporation shall be exempt, both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority.
4. lappuse - Should a Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied.
3. lappuse - ... to be redeemable at the option of the corporation before maturity in such manner as may be stipulated in such obligations, and...
5. lappuse - Payment for the $825,000,000 balance of such capital stock shall be subject to call at any time in whole or in part by the Board of Directors of the Bank.
4. lappuse - State, county, municipality, or other taxing authority; except that any real property of the Corporation shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
4. lappuse - Bank shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of any such action.
4. lappuse - States to be appointed by the President, by and with the advice and consent of the Senate.
5. lappuse - The Corporation shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Government.

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