Volume 50 · 5
Public Law 75–6
To continue the functions of the Reconstruction Finance Corporation, and for other purposes.
Approved January 26, 1937
Statutory text
AN ACT
To continue the functions of the Reconstruction Finance Corporation, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That notwithstanding
Reconstruction Finance Corporation
Authority to function continued.
any other provision of law, until the close of business on June 30, 1939, the Reconstruction Finance Corporation is hereby authorized to continue to perform all functions which it is authorized to perform under law, and the liquidation and winding up of the
Liquidation, etc., postponed.
Corporation’s affairs as provided for by section 13 of the Reconstruction Finance Corporation Act, as amended, are hereby postponed during the period that functions of the Corporation are continued pursuant to this Act: Provided, That in order to facilitate the withdrawal
Proviso.
Temporary suspension of lending authority.
of the credit activities of the Corporation when from time to time during such period the President finds, upon a report of the Board of Directors of the Corporation or otherwise, that credit for any class of borrowers to which the Corporation is authorized to lend is sufficiently available from private sources to meet legitimate demands upon fair terms and rates, the President may authorize the directors to suspend the exercise by the Corporation of any such lending authority for such time or times as he may deem advisable.
Sec. 2.
Section 7 of the Act approved January 31, 1935 (Public,
Designated agencies continued.
Post, pp. 347, 348.
Numbered 1, Seventy-fourth Congress), is hereby amended by striking from the first sentence thereof “April 1, 1937” and inserting in lieu thereof “the close of business on June 30, 1939”; section 1 of the Act approved March 31, 1936 (Public, Numbered 484, Seventy-fourth
Congress), is hereby amended by striking from the first sentence thereof “February 1, 1937” and inserting in lieu thereof “the close of business on June 30, 1939”; section 9 of the Act approved January 31, 1935 (Public, Numbered 1, Seventy-fourth Congress), is hereby amended by striking from the first sentence thereof “June 16, 1937” and inserting in lieu thereof “the close of business on June 30, 1939”.
The agencies referred to in the Acts referred to in subdivision
Incurring obligations after June 30, 1937.
(a) of this section, and the RFC Mortgage Company, shall be deemed to be established by or pursuant to law within the meaning of section 7 (a) of the First Deficiency Appropriation Act, fiscal year 1936.
Approved, January 26, 1937.