20 Separability clause . [C HAPT ER 5.1 March 23, 1933.
JOINT RESOLUTION [S.7.Res. 14.]
To authorize the Reconstruction Finance Corporation to make loans for finane- [Pub . Res., No . 2.]
ing the repair or re constru ction o f buil dings d amaged by eart hquake in 193 3 . Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That section 201 (a) of the Emergency Relief and Construction Act of 1932 (U .S.C., Supp . VI, title 15, sec . 605b) is amended by adding to such sub- section (a) after paragraph (5) the following : "(6) To make loans to nonprofit corporations, with or without capital stock, organized for the purpose of financing the repair or reconstruction of buildings damaged by earthquake in the year 1933 and deemed by the Reconstruction Finance Corporation economically useful . Obligations accepted hereunder shall be collateraled (a) in the case of loans for the repair or reconstruction of private property, by the obligations of the owner of such property secured by a para- mount lien except as to taxes and special assessments on the property repaired or reconstructed, and (b) in the case of municipalities or political subdivisions of States or their public agencies, by an obli- gation of such municipality, political subdivision, or public agency . Application f or, not The corporation shall not deny an otherwise acceptable application denied by constitu- tional, etc., inhibitions . for loans for repair or reconstruction of the buildings of munici- palities, political subdivisions, or their public agencies because of constitutional or other legal inhibitions affecting the collateral . The collateral obligations may have maturities not exceeding ten years . Loans under this paragraph shall be fully and adequately secured . No loan hereunder shall be made after December 31, 1933 . The aggregate of the loans made under this paragraph shall not exceed $5,000,0 00 . " Approved, March 23, 1933 . Reconstru ction Fi- nance Corporation . Vol . 47, p. 7 12, amended . U.S.C. Supp. VI, p. 175 . Loan s, au thor ized for repair of earthquake damage in 1 933 . Post, pp . 99, 120,283 . Acceptable col lateral . Private property . Munic ipali ties , etc . Matur ities , se curit y . Limitations . 73d CONGRESS . SESS. I. CHS. 4, 5, 8. MA RCH 22-24, 1933 . the permit premises until such date and when so removed shall be subject to tax at the rate provided by section 1 . SEC . 10 . If any provi sion o f this Act, or the applic ation thereo f to any person or circumstances, is held invalid, the remainder of the Act, and the application of such provision to other persons or circumstances, shall not be affected thereby. Approved, March 22, 1933 . [CHAPTER 8.] March 2A, 1933.
AN ACT [H.R . 37571 To provide for direct loans by Federal reserve banks to State banks and trust [Public, No. 4.]
companies in certain cases, and for other purposes . Be it enacted by the Senate and House o f Representatives o f the National bank- United States o f America in Congress assembled, That Title IV of ing system . Ante, p. 7. the Act entitled "An Act to provide relief in the existing national emergency in banking, and for other purposes," approved March 9, 1933, is amended by adding at the end thereof the following new section Direct loans to State 4' SEC . 404 . During the existing emergency in banking, or until ba nks and t rust com - panies authorized • this section shall be declared no longer operative by proclamation of the President, but in no event beyond the period of one year from the date this section takes effect, any State bank or trust company not a member of the Federal reserve system may apply to the Federal reserve bank in the district in which it is located and
