Port of New YorkContinued. Such consent, approval, or recommendation whenever required in the case of the city of New York shall be deemed to have been given or made whenever the board of estimate and apportionment of said city, or any body hereafter succeeding to its duties, shall, by majority vote, pass a resolution expressing such consent, approval, or recommendation; and in the case of any municipality now or hereafter governed by a commission, whenever the commission thereof shall, by a majority vote, pass such a resolution; and in all other cases whenever the body authorized to grant consent to the use of the streets or highways of such municipality shall, by a majority vote, pass such a resolution. In witness whereof we have hereunto set our hands and seals under chapter 154 of the Laws of 1921 of the State of New York, and chapter 151 of the Laws of 1921 of the State of New Jersey, this 30th day of April, 1921. Agreement sented to. con In the presence of Nathan L. Miller, Walter E. Edge, Alfred E. Smith, Charles S. Whitman, William M. Calder, Lewis H. Pounds, Clarence E. Case, D. P. Kingsley, Irving T. Bush, Arthur N. Pierson, Julius Henry Cohen; in whose presence Messrs. Willcox, Outerbridge, Smith, Van Buskirk, Ford, and McCran signed in the great hall of the chamber of commerce in the city of New York on the 30th day of April, 1921. Attorney General Newton being at that time absent from the city, he signed on the 6th day of May, 1921, at the chamber, in the presence of William Leary, Charles T. Gwynne. And Whereas the said agreement has been signed and sealed by the commissioners of each State, and has thereby become binding on the two States as provided in the aforesaid acts: Therefore be it Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the consent of Congress is hereby given to the said agreement, and to each and every part Federal rights, etc., and article thereof: Provided, That nothing therein contained shall be construed as impairing or in any manner affecting any right or jurisdiction of the United States in and over the region which forms the subject of said agreement. Proviso. not affected. Amendment. SEC. 2. That the right to alter, amend, or repeal this resolution is hereby expressly reserved. Approved, August 23, 1921. August 23, 1921. [H. J. Res. 195.] [Pub. Res., No. 18.] Congressional 24, 1921. em CHAP. 78.-Joint Resolution Authorizing the payment of salaries of officers and employees of Congress for August, 1921. Resolved by the Senate and House of Representatives of the United ployees to be paid States of America in Congress assembled, That the Secretary of the August salaries August Senate and the Clerk of the House of Representatives are authorized and instructed to pay the officers and employees of the Senate and House of Representatives, including the Capitol police, their respective salaries for the month of August, 1921, on the 24th day of said month. Approved, August 23, 1921. CHAP. 80.-An Act To amend the War Finance Corporation Act, approved April 5, 1918, as amended, to provide relief for producers of and dealers in agricultural products, and for other purposes. August 24, 1921. Be it enacted by the Senate and House of Representatives of the United War Finance CorStates of America in Congress assembled, That when used in this Act poration Act Amendthe term "person" includes partnerships, corporations, and associ- ments. "Person," defined. ations, as well as individuals. Vol. 40, p. 506, amend SEC. 2. That section 1 of Title I of the War Finance Corporation ed." Act, approved April 5, 1918, as amended, is amended to read as follows: Creation and mem bership of Corporation. Secretary of Agricul ture added. "That the Secretary of the Treasury, the Secretary of Agriculture, and four additional persons (who shall be the directors first appointed as hereinafter provided) are hereby created a body corporate and politic in deed and in law by the name, style, and title of the War Finance Corporation (herein called the Corporation), and shall have succession for a period of ten years: Provided, That except as otherwise provided by this Act the Corporation shall not exercise any of July 1, 1922. the powers conferred by this Act except such as are incidental to the liquidation of its assets and the winding up of its affairs, after July 1, 1922." Proviso. Powers limited after New sections. amended." ucts. to Advances allowed SEC. 3. The War Finance Corporation Act, approved April 5, 1918, as amended, is amended by adding after section 21 of Title I thereof the following new sections: "SEC. 22. Whenever the Board of Directors of the Corporation by Caditions resulting shall be of the opinion that conditions arising out of the war, or out of in surplus accumulation of staple, etc. the disruption of foreign trade created by the war, have resulted in or may result in an abnormal surplus accumulation of any staple agricultural product of the United States or lack of a market for the sale of same or that the ordinary banking facilities are inadequate to enable producers of or dealers in such products to carry them until they can be exported or sold for export in an orderly manner, the Corporation shall thereupon be empowered to make advances, for periods not exceeding one year from the respective dates of such advances, upon such terms, not inconsistent with this Act, as it may determine; "(a) To any person engaged in the United States in dealing in, or ducers, etc., to assist marketing any such products, or to any association composed of in holding products persons engaged in producing such products, for the purpose of assisting such person or association to carry such products until they can be exported or sold for export in an orderly manner. Any such advance shall bear interest at a rate not exceeding 14 per centum in excess of the rate of discount for ninety-day commercial paper prevailing at the Federal Reserve Bank of the district in which the borrower is located at the time when such advance is made; "(b) To any person without the United States purchasing such products, but in no case shall any of the money so advanced be expended without the United States. Every such advance shall be secured by adequate security of such character as shall be prescribed by the Board of Directors of the Corporation. The rate of interest charged on any such advance shall be determined by the Board of Directors. The Corporation shall retain power to recall an advance or require additional security at any time. person Το dealers, until exported, etc. Interest rates. pro To purchasers abroad of such products. Security required. Interest, etc. To bankers, etc., producers, etc., for such purposes. "(c) To any bank, banker, or trust company in the United States making advances to which makes or has made an advance or advances to any such as is described in paragraph (a) of this section for the purpose therein set forth or which makes or has made an advance or advances to any producer for the purpose set forth in paragraph (a). The aggregate amounts. of advances made to any bank, banker, or trust company shall not exceed the amount remaining unpaid of the advances made by such bank, banker, or trust company for purposes herein described. Limitation of Interest. Advances allowed until July 1, 1922. payment. Such advances shall bear interest at the rates fixed by the Corporation. "SEC. 23. Notwithstanding the limitation of section 1, the advances Extension of time of provided for by section 21 and section 22 of this Act may be made until July 1, 1922. The Corporation may from time to time extend the time of payment of any such advance or advances through renewals, substitution of new obligations, or otherwise, but the time for the payment of any advance made under authority of section 21 and section 22 shall not be extended beyond three years from the date upon which such advance was originally made. Limit. Secured commercial paper required for ad vances. "All advances made under section 21 or under section 22 of this Act shall be made against promissory note or notes, or other instrument or instruments in writing imposing on the borrower a primary and unconditional obligation to repay the advance at maturity, with interest as stipulated therein, with full and adequate security in each instance by indorsement, guaranty, pledge, or otherwise. The Corporation shall retain the power to require additional security at payable in United any time. All notes or other instruments evidencing advances to persons outside the United States shall be in terms payable in the United States, in currency of the United States, and shall be secured by adequate guaranties or indorsements in the United States, or by warehouse receipts, acceptable collateral, or other instruments in writing conveying or securing marketable title to agricultural products in the United States. Foreign paper to be States. Guaranties, etc., re quired. Advances to banks, etc., having made ad cultural purposes, including live stock. Discounting notes, etc., therefor. Security required. "SEC. 24. Whenever in the opinion of the Board of Directors of vances, etc., for agri- the Corporation the public interest may require it, the Corporation shall be authorized and empowered to make advances upon such terms not inconsistent with this Act as it may determine to any bank, banker, or trust company in the United States, or to any cooperative association of producers in the United States which may have made advances for agricultural purposes, including the breeding, raising, fattening, and marketing of live stock, or may have discounted or rediscounted notes, drafts, bills of exchange or other negotiable instruments issued for such purposes. Such advance or advances may be made upon promissory note or notes, or other instrument or instruments, in such form as to impose on the borrowing bank, banker, trust company, or cooperative association a primary and unconditional obligation to repay the advance at maturity with interest as stipulated therein, and shall be fully and adequately secured in each instance by indorsement, guaranty, pledge, or otherwise. author- Such advances may be made for a period not exceeding one year and the Corporation may from time to time extend the time of payment of any such advance through renewals, substitution of new obligations or otherwise, but the time for the payment of any such advance shall not be extended beyond three years from the date upon which such Maximum restricted. advance was originally made. The aggregate of advances made to any bank, banker, trust company, or cooperative association shall not exceed the amount remaining unpaid of the advances made by such bank, banker, trust company, or cooperative association for purposes herein described. Term limit. Renewals ized. Purchase by Corporation of commercial cultural products live stock. or "The Corporation may, in exceptional cases, upon such terms not paper secured by agri- inconsistent with this Act as it may determine, purchase from domestic banks, bankers, or trust companies, notes, drafts, bills of exchange, or other instruments of indebtedness secured by chattel mortgages, warehouse receipts, bills of lading, or other instruments in writing conveying or securing marketable title to staple agricultural products, including live stock. The Corporation may from time to time, upon like security, extend the time of payment of any note, draft, bill of exchange, or other instrument acquired under this section, but the time for the payment of any such note, draft, bill of exchange, or other instrument shall not be extended beyond three Extensions of time for payment, etc. Limit. Dealing in ассерtances of foreign bankthorized. Vol. 41, pp. 378, 1145. Proviso. years from the date upon which such note, draft, bill of exchange, or other instrument was acquired by the Corporation. The Corporation ing corporations, auis further authorized, upon such terms as it may prescribe, to purchase, sell, or otherwise deal in acceptances, adequately secured, issued by banking corporations organized under section 25 (a) of the Federal Reserve Act: Provided, That no purchase of acceptances of Restricted to exportthe said banking corporations shall be made except for the purpose ucts. of assisting the said banking corporations in financing the exportation of agricultural and manufactured products from the United States to foreign countries. No such acceptances shall be purchased which Maturity limitation. have a maturity at the time of such purchase of more than three years. ing American prod Advances, etc., al "Advances or purchases may be made under this section at any lowed to July 1, 1922. time prior to July 1, 1922. 66 'SEC. 25. The aggregate amount of all advances made under sections 21, 22, and 24, and of all notes, drafts, bills of exchange, or other securities purchased under section 24 remaining unpaid, shall not at any one time exceed $1,000,000,000. "SEC. 26. Whenever in this Act the words 'bank, banker, or trust company' are used, they shall be deemed to include any reputable and responsible financing institution incorporated under the laws of any State or of the United States with resources adequate to the undertaking contemplated. Aggregate of ad vances, etc., limited. Inclusion of State or stitutions. Federal financial in Comptroller of the tion of national banks "SEC. 27. In order to enable the Corporation to carry out the pur- Currency to furnish poses of this Act, the Comptroller of the Currency is hereby author- information of condiized to furnish to the Corporation for its confidential use such reports, receiving advances. records, or other information as he may have available relating to financial condition of national banks to which the Corporation has made or contemplates making advances, and to make, through his examiners, for the confidential use of the Corporation, examinations Examination of of banks, bankers, or trust companies, other than national banks, to which the Corporation has made or contemplates making advances: Provided, That no such examination shall be made without the consent of such bank, banker, or trust company. other banks, etc. Proviso. Subject to consent thereof. Interest charge by "SEC. 28. No person, bank, banker, or trust company receiving banks limited. money under the provisions of this Act shall loan such money at a rate of interest greater than 2 per centum per annum in excess of the rate of interest charged or received by the Corporation upon such money." "SEC. 4. Section 21 of Title I of the War Finance Corporation Act is hereby amended by striking out paragraphs (b) and (c) thereof, and by striking out at the beginning of the first paragraph the letter (a). "SEC. 5. The first paragraph of section 12 of Title I of the War Finance Corporation Act is hereby amended and reenacted to read as follows: ers. Advances to export Vol. 40, p. 1313, amend- ed. out. Vol. 40, p. 509, amend ed. Issue of notes or Limit. Interest, "SEC. 12. That the Corporation shall be empowered and author- bonds authorized. ized to issue and have outstanding at any one time its notes or bonds in an amount aggregating not more than three times its paid-in capital, such notes or bonds to mature not less than six months nor more than five years from the respective dates of issue, and may be redeemable before maturity at the option of the Corporation, as may be stipulated in such notes or bonds, and to bear such rate or rates of interest as may be determined by the board of directors, but such rate or rates of interest shall be subject to the approval of the Secretary of the Treasury. Such notes or bonds shall have a first and paramount floating charge on all the assets of the Corporation, and the Corporation shall not at any time mortgage or pledge any of its assets. Such notes or bonds may be issued at not less than par in payment of any advances authorized by this title, or may be offered First lien on assets. Issue for advances, sale, etc. Vol. 40, p. 510, amended. or notes as collateral counts. for sale publicly or to any individual, firm, corporation, or association, at such price or prices at not less than par as the board of directors, with the approval of the Secretary of the Treasury, may determine." The power of the corporation to issue notes or bonds may be exercised at any time prior to January 1, 1925, but no notes or bonds shall mature later than July 1, 1925. SEO. 6. Paragraph 1 of section 13 of Title I of the War Finance Acceptance of bonds Corporation Act is hereby amended and reenacted to read as follows: for reserve bank dis- That the Federal Reserve Banks shall be authorized, subject to the maturity limitations of the Federal Reserve Act and to regulations of the Federal Reserve Board, to discount the direct obligations of member banks secured by such notes or bonds of the Corporation and to rediscount notes or other negotiable instruments secured by such notes or bonds and indorsed by a member bank. Discounts or rediscounts under this section shall be at an interest rate equal to the prevailing rate for eligible commercial paper of corresponding maturities.' Interest charges. Corporation funds. Vol. 40, p.1314, amended. Disposition of unemployed. Investment in Gov ernment securities. Redemption of is sues. Federal reserve banks may be depositaries, etc. Liquidation. Deposit with Treasurer after July 1, 1922. SEC. 7. That section 15 of Title I of the War Finance Corporation Act be amended and reenacted to read as follows: "SEC. 15. That all moneys of the Corporation not otherwise employed may be kept on deposit, subject to check, with the Treasurer of the United States, or in any of the Federal reserve banks, or may, upon the direction of the board of directors of the Corporation, with the approval of the Secretary of the Treasury, be invested in bonds or other obligations of the United States issued or converted after September 24, 1917, or upon like direction and approval, may be used from time to time in the purchase or redemption of any bonds issued by the Corporation. "The Federal reserve banks are hereby authorized to act as depositories for and as fiscal agents of the Corporation in the general performance of the powers conferred by this title. "Beginning July 1, 1922, the directors of the Corporation shall proceed to liquidate its assets and wind up its affairs, except as specifically provided in this title; but the directors of the Corporation, in their discretion, may, from time to time prior to such liquidation, sell and dispose of any securities or other property acquired by the Corporation. "After July 1, 1922, the Corporation may, with the approval of the Secretary of the Treasury, deposit with the Treasurer of the United States, as a special deposit, out of money belonging to the Corporation, or from time to time received by it in the course of liquidation or otherwise, an amount equal to the aggregate amount of all outstanding bonds or notes of the Corporation, including principal and Special fund for re- interest to maturity. Moneys so deposited shall constitute a special fund for the payment of principal and interest of such bonds or notes, or for the purchase or redemption of such bonds or notes at not more than par and accrued interest, and may be drawn upon or paid out for no other purpose. demption of bonds, etc. Moneys received after outstanding bonds, "Whenever there shall have been deposited in such special fund etc., provided for, to be an amount equal to the aggregate amount of all bonds or notes of paid into the Treasury. the Corporation then outstanding, including principal and interest to maturity, the Corporation may, with the approval of the Secretary of the Treasury, pay into the Treasury of the United States, as miscellaneous receipts, any moneys belonging to the Corporation, or received from time to time in the course of liquidation or otherwise, in excess of a reasonable reserve to meet all liabilities and expenses Stock to be canceled. during liquidation. Whenever any such payment is made, an amount of capital stock of the Corporation equal in par value to the amount so paid in shall be canceled and retired. |