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1:"State” includes the several States and Alaska, Hawaii
SEC. 3. Notwithstanding any other provision of law limiting the maturity of obligations taken by it to shorter :7 periods, the Reconstruction Finance Corporation may make 8. loans or advances or renewals or extensions thereof to au
9 thorized borrowers or by other suitable agreement permit
10 them to run so as to mature at such time or times as the
11 Corporation may determine, not later than January 31, 1945 12 1955: Provided, That in respect of loans or renewals or ex13 tensions of loans or purchases of obligations under section 5 14 of the Reconstruction Finance Corporation Act, as heretofore 15 and herein amended (U. S. C., Supp. VII, title 15, ch. 14), 16 to or of railroads, the Corporation may require as a condition 17 of making any such loan or renewal or extension for a period 18 longer than five years, or purchasing any such obligation 19 maturing later than five years from the date of purchase by 20 the Corporation, that such arrangements be made for the 21 reduction or amortization of the indebtedness of the railroad, 22 either in whole or in part, as may be approved by the 23 Corporation after the prior approval of the Interstate Com24 merce Commission.