Public Law 46–16

That the Grand Lodge of the Independent Order of Odd Fellows of the District of Columbia, be and they are hereby authorized to negotiate a loan or loans not to exceed the sum of fifty thousand dollars, at a rate of interest not exceeding six per centum per annum, and to secure the payment thereof by a mortgage or

Authorized t o negotiate a loan.

deed of trust on certain grounds in the city of Washington, designated on the plat of said city as lot number eleven, and part of lot number ten, in square number four hundred and fifty-seven, together with the

Application o f proceeds.

buildings thereon, known as Odd Fellows’ Hall, the proceeds to be applied to the liquidation of an existing debt on said property, in accordance with regulations heretofore prescribed by the said grand lodge, for the

Proviso.

management thereof: Provided, That the mortgagee or beneficiary under the mortgage or deed of trust authorized by this act shall not be held accountable for the due application or non-application of the proceeds of said loan.