Public Law 74–777

That in carrying out the provisions of the joint resolution entitled “Joint resolution for the relief of Porto Rico”, approved December 21, 1928, as amended by the Second Deficiency Act, fiscal year 1929, approved

Puerto Rican Hurricane Relief Commission, etc., authorized to make adjustments of its loans.

March 4, 1929, the Puerto Rican Hurricane Relief Commission or its successor is authorized, when in the judgment of the Commission or its successor it is consistent with the best interests of the United State ¹¹So in original., to make, in the name of the United States or in its own name for and on behalf of the United States, compositions and adjustments in any loans heretofore made by it upon the security of land or other property, real or personal, in the island of Puerto Rico, either by reduction in the rate of interest or in the indebtedness orby extension or other adjustment of the time for any payments of principal or interest or other indebtedness, or otherwise: Provided,

Proviso.

Fees.

That it shall be unlawful for any person to charge a fee for the purpose of preparing or assisting in the preparation of any papers of an applicant for the composition or adjustment of a loan under the provisions of this Act, and any person receiving or agreeing to receive a fee for any such purpose in violation of this proviso shall be guilty of a misdemeanor, and shall upon conviction thereof be punished by a fine not exceeding $1,000 or by imprisonment not exceeding six months, or both.

Sec. 2.

That the Commission or its successor is further authorized

Acquisition and disposal of land when fore-closure necessary.

to acquire title, either by voluntary conveyance as the result of a composition or an agreement with a debtor or in satisfaction of judgments or degrees¹¹So in original. of foreclosure of mortgages or at sales under such judgments or decrees, to parcels of land or other property, real or personal, in the name of the United States or in its own name for and on behalf of the United States and also to take possession and occupy and hold and administer and to lease, sell, or otherwise dispose of as in the judgment of the Commission or its successor is consistent with the best interests of the United States any land or other property, real or personal, so acquired by it; and in the exercise of these powers may execute deeds or other necessary or appropriate instruments in the name of the United States or in its own name for and on behalf of the United States.

Sec. 3.

The Commission or its successor is further authorized, in

Liens may be subordinated to those designated.

any case when in the judgment of the Commission or its successor it is consistent with the best interests of the United States, to subordinate the lien securing any loan heretofore made by the Commission to the lien securing any loan or loans hereafter made by the Federal Land Bank of Baltimore, or by the Land Bank Commissioner on behalf of the Federal Farm Mortgage Corporation.