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1 at any 2 of the enactment hereof; and the President may from time 3 to time postpone such date of expiration for such additional

time prior to the expiration of one year from the date

4 period or periods as he may deem necessary, not to exceed

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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

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approval of the Interstate Commerce Commission, including 9 approval of the price to be paid, may, to aid in the financing, 10 reorganization, consolidation, maintenance, or construction 11 thereof, purchase for itself, or for account of a railroad obli12 gated thereon, the obligations of railroads engaged in inter13 state commerce, including equipment trust eertificates, or 14 guarantee the payment of the principal of, and/or interest on, such obligations, including equipment trust eertificates, 16 or, when, in the opinion of the Corporation, funds are not 17 available on reasonable terms through private channels, make 18 loans, upon full and adequate security, to such railroads or to 19 receivers or trustees thereof for the purposes aforesaid: Pro20 vided, That in the ease of loans to or the purchase or guar 21 antee of obligations, including equipment trust certificates, 22 of railroads not in receivership or trusteeship, the Interstate 23 Commerce Commission shall, in connection with its approval 24 thereof, also certify that such railroad, on the basis of present 25 and prospective earnings, may reasonably be expected to

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meet its fixed charges, without a reduction thereof through 2 judicial reorganization, except that such eertificate shall not

3 be required in ease of such loans made for the maintenance of, 4 or 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 or com 7 mitments, such guaranties shall, to the extent of the principal 8 amount of the obligations guaranteed, be interpreted as loans 9 or commitments for loans: Provided further, That the total 10 amount of loans and commitments to railroads, receivers, and 11 trustees, and purchases and guaranties of obligations of rail12 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 Act and renewals of loans and commitments so 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 a receiver or trustee of a railroad, the obligations, including 22 equipment trust certificates, of railroads engaged in inter23 state commerce, whether or not such railroads are involved

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24 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

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 6 private channels, make loans to such railroads or to receivers 7 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 18 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,

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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

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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

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any property leased or conditionally sold to a railroad, or a 8 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 here15 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 there19 after to deal with the same as the absolute owner thereof, 20 shall not be affected, restricted, or restrained by or pursuant to the provisions of the Act of July 1, 1898, entitled 22 "An Act to establish a uniform system of bankruptcy

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23 throughout the United States", as amended, or by or pursu24 ant to any other provision of law applicable to any pro25 ceedings thereunder.

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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 8 this paragraph, the term "State" includes the several States 9 and Alaska, Hawaii, and Puerto Rico.

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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 21 moneys were made. As used in this paragraph, the term J. 163803-18

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