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1 at

any time prior to the expiration of one year from the date

2 of the enactment hereof; and the President may from time

3 to time postpone such date of expiration for such additional 4

period or periods as he may deem necessary, not to exceed 5 two years from the date of the enactment hereof. Within 6 the foregoing limitations of this section, the Corporation, not7 withstanding any limitation of law as to maturity, with the 8

approval of the Interstate Commerce Commission, ineluding 9

approval of the price to be paid, maf, to aid in the financing, 10 reorganization, consolidation, maintenance, of construetien 11 Hereof; purchase for itself, or for account of # railroad obti

12 gated thereon; the obligations of railronds engaged in inter

13 state commerce, including equipment trust certifientes; Af 14 guarantee the payment of the principal of, anchor interest 15 on, suel obligations, inclueling equipment trust certifientes, 16 of, when, in the opinion of the Corporation, funds are het 17 Available on reasonable terzis through private channels, make

18 loans, upon full and adequate security, to sueh railroads or to

19 or

receivers of trustees thereof for the purposes aforesaid: Pro

20 vitled, That in the case of tonus to of the purchase of guar

21 untee of obligations, including equipment trust certificates, 22 of railrond, not in receivership of trusteeship, the Interstate 23 fommerce Commission shal, it connection with its approvat

24 thereof, atse certify Hint such railrond, on the basis of present

25 and prospective earnings, mat reasonably be expected to 1 meet its fixed charges, without a reduetion thereof through 2 judieiał reorganization, except that such certificate shall not

3 be required in case of such loans made for the maintenance of,

4 of purchase of equipment for, such railroads: And provided 5 further, That for the purpose of determining the general

6 funds of the Corporation available for further loans of com

7 mitments, such guaranties shall, to the extent of the principal

amount of the obligations guaranteed, be interpreted as loans



of commitments for loans: Provided further, That the total


amount of loans and commitments to railroads, receivers, and


trustees, and purchases and guaranties of obligations of rail

12 roads, under this paragraph, as amended, shall not exceed 13 at any one time $350,000,000, in addition to loans and

14 commitments made prior to the date of enactment of this

15 Aet and renewals of loans and commitments se made: The

16 Corporation, with the approval of the Interstate Commerce 17 Commission, may, to aid in the financing, reorganization, 18 reduction, or readjustment of principal or interest charges, 19 consolidation, maintenance, or construction thereof, purchase 20 for itself, or for account of a railroad obligated thereon, or of 21 a receiver or trustee of a railroad, the obligations, including

22 equipment trust certificates, of railroads engaged in inter

23 state commerce, whether or not such railroads are involved


in receivership or reorganization proceedings, or of receivers


or trustees thereof, with such maturities as the Corporation



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may approve notwithstanding any other provision of law, or 2 guarantee the payment of the principal of, or interest on, such 3 obligations, or both, including equipment trust certificates, or, 4 when in the opinion of the Corporation funds for the par5 ticular purpose are not available on reasonable terms through

private channels, make loans to such railroads or to receivers or trustees thereof with such maturities as aforesaid for the purposes aforesaid: Provided, That in every case of such a loan, or purchase or guaranty of obligations, including

equipment trust certificates, the Interstate Commerce Com11 mission and the Corporation shall, in connection with the 12 approval or authorization thereof, find that the prospec13 tive earning power of such railroad, together with the char14 acter and value of the security offered, furnish, in the opinion 15 of the Interstate Commerce Commission and the Corpora16 tion, respectively, reasonable protection to the Corporation: 17 Provided, That no fee or commission shall be paid by any

applicant for a loan under the provisions hereof in connec19 tion with any such application or any loan made or to be 20 made hereunder, and the agreement to pay or payment of

any such fee or commission shall be unlawful. Any such 22 railroad may obligate itself in such form as shall be pre23 scribed and otherwise comply with the requirements of the



24 Interstate Commerce Commission and the corporation with

25 respect to the deposit or assignment of security hereunder,

1 without the authorization or approval of any authority, 2 State or Federal, and without compliance with any require3 ment, State or Federal, as to notification, other than such as


may be imposed by the Interstate Commerce Commission


5 and the Corporation under the provisions of this section. 6 The title of any owner, whether as trustee or otherwise, to 7

any property leased or conditionally sold to a railroad, or a

receiver or trustee thereof, which the Corporation has 9 financed, or in the financing of which the Corporation has 10 aided, any right of such owner to take possession of such 11

property in compliance with the provisions of any such 12 lease or conditional sales contract, and the title of any owner 13 of a collateral note evidencing a loan to a railroad, or a 14 receiver or trustee thereof, from the Corporation here

15 tofore or hereafter made by the Corporation and the

16 right of any such owner to acquire title to the collateral 17 securing such note, free and clear of any equity of redemp18 tion, in compliance with the contract of pledge, and there

19 after to deal with the same as the absolute owner thereof, 20 shall not be affected, restricted, or restrained by or pursu


ant to the provisions of the Act of July 1, 1898, entitled

22 “An Act to establish a uniform system of bankruptcy

23 throughout the United States, as amended, or by or pursu

ant to any other provision of law applicable to any pro


25 ceedings thereunder.

1 The Reconstruction Finance Corporation is further 2 authorized and empowered to make loans if adequately

3 secured to any State insurance fund established or created

4 by the laws of any State for the purpose of paying or 5 insuring payment of compensation to injured workmen and 6 those disabled as a result of disease contracted in the course


7 of their employment, or to their dependents. As used in

this paragraph, the term “State” includes the several States 9 and Alaska, Hawaii, and Puerto Rico. 10

The Reconstruction Finance Corporation is further 11 authorized and empowered to make loans if adequately 12 secured to any fund created by any State for the purpose 13 of insuring the repayment of deposits of public moneys 14 of such State or any of its political subdivisions in banks 15 or depositories qualified under the law of such State to 16 receive such deposits. Such loans may be made at any 17 time prior to January 23, 1934, and upon such terms 18 and conditions as the corporation may prescribe; except 19 that any fund which receives a loan under this paragraph 20. shall be required to assign to the corporation, to the extent 21 of such loan, all amounts which may be received by such 22 fund as dividends or otherwise from the liquidation of any 23 such bank or depository in which deposits of such public

24 moneys were made. As used in this paragraph, the term

J. 163803-18

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