Public Law 75–10

That there is hereby

Disaster Loan Corporation; establishment, capital stock, etc.

Subscription by Reconstruction Finance Corporation.

created a Disaster Loan Corporation with nonassessable capital stock in an amount not to exceed $20,000,000. The Reconstruction Finance Corporation is authorized and directed to subscribe for such stock and to make payment therefor from time to time as called, out of the unexpended balance of the $50,000,000 which the Reconstruction Finance Corporation was authorized to lend for catastrophe relief by section 1 of the Act of April 17, 1936 (Public, Numbered 525, Seventy-fourth

49 Stat. 1232.

15 U. S. C., Supp. II, § 605k.

Management.

Congress). Such Disaster Loan Corporation shall be managed by officers and agents to be appointed by the Reconstruction Finance Corporation under such rules and regulations as its board of directors may prescribe.

Such Disaster Loan Corporation shall be empowered to make, upon

Loans authorized for flood, etc., relief

Post, p. 211.

such terms and conditions and in such manner as it may prescribe, such loans as it may determine to be necessary or appropriate because of floods or other catastrophes in the year 1937. Such Disaster Loan Corporation may use all its assets, including capital and net earnings therefrom, in the exercise of its functions.

The Disaster Loan Corporation shall have succession until dissolved

Corporate powers.

by Act of Congress; shall have power to sue and be sued in any court, to adopt anti use a corporate seal, to make contracts, and to acquire, hold, and dispose of real and personal property necessary and incident to the conduct of its business; and shall have such other powers as may be necessary and incident to carrying out its powers and duties under this Act.