80TH CONG., 2D SESS.-CH. 334-MAY 25, 1948 "(e) No director, officer, attorney, agent, or employee of the Corpo- ration in any manner, directly or indirectly, shall participate in the deliberation upon or the determination of any question affecting his personal interests, or the interests of any corporation, partnership, or association in which he is directly or indirectly interested. "(f) The powers granted to the Corporation by this section 4 shall terminate at the close of business on June 30, 1954, but the termination of such powers shall not be construed (1) to prohibit disbursement of funds on purchases of securities and obligations, on loans, or on com- mitments or agreements to make such purchases or loans, made under this Act prior to the close of business on such date, or (2) to affect the validity or performance of any other agreement made or entered into pursuant to law. "(g) As used in this Act, the term 'State' includes the District of Columbia, Alaska, Hawaii, Puerto Rico, and the Virgin Islands." SEC. 5 . Effective as of midnight June 30, 1947, the first sentence of section 8 of the Reconstruction Finance Corporation Act, as amended, is hereby amended to read as follows: "The Corporation, including its franchise, 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 special assessments for local improvements and 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." SEC. 6 . Subsection (m) of section 206 of title II of the joint resolu- tion entitled "Joint resolution to extend the succession, lending powers, and the functions of the Reconstruction Finance Corporation", approved June 30, 1947 (Public Law 132, Eightieth Congress), is amended to read as follows: "(m) The first section and sections 2, 3, 9, 11, and 13 of the Act approved January 31, 1935 (49 Stat. 1), as amended ;". SEC. 7 . Section 208 of title II of the joint resolution entitled "Joint resolution to extend the succession, lending powers, and the functions of the Reconstruction Finance Corporation " approved June 30, 1947 (Public Law 132, Eightieth Congress), is hereby repealed. SEC. 8 . Section 209 of title II of the joint resolution entitled "Joint resolution to extend the succession, lending powers, and the functions of the Reconstruction Finance Corporation , approved June 30, 1947 (Public Law 132, Eightieth Congress), is amended to read as follows: "SEC. 209. During the period between June 30, 1948, and the date of enactment of legislation making funds available for administrative expenses for the fiscal year ending June 30, 1949, the Corporation is authorized to incur, and pay out of its general funds, administrative expenses in accordance with laws in effect on June 30,1948, such obliga- tions and expenditures to be charged against funds when made avail- able for administrative expenses for the fiscal year 1949.' SEC. 9. The third paragraph of section 24 of the Federal Reserve Act, as amended by section 328 of the Banking Act of 1935, as amended, is hereby amended to read as follows: "Loans made to established industrial or commercial businesses (a) which are in whole or in part discounted or purchased or loaned against as security by a Federal Reserve bank under the provisions of section 13b of this Act, (b) for any part of which a commitment shall have been made by a Federal Reserve bank under the provisions of said section, (c) in the making of which a Federal Reserve bank partici- pates under the provisions of said section, or (d) in which the Recon- struction Finance Corporation cooperates or purchases a participation Personal interests of officers, etc. Termination of pow- ers. "State." 61 Stat. 205 . 15U. S . C., Supp. I, §607. Exemption from tax- ation. 61 Stat. 208 . 15U.S.C.§603a, 604b, 605m, 713b, 6051, 607a; Supp. I, §I 603a, 713b, 6051, 607a. 61 Stat. 209. 15 U.S . C., Supp. I, 618. 61 Stat. 209. 15U.S.C., Supp. 1, 601 note. Administrative ex- penses. 38 Stat. 273; 49 Stat. 717. 12 U.S. C. § 371. Loans to industrial or commercial busi- nesses 48 Stat. 1105. 12 U.S.. C 352aa 62 STAT.] 265
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