porrowed is over $100,000. "(4) The total amount of investments, loans, purchases, and commi made pursuant to authority granted by subsections (a) (4), (a) (3), (2) of section 4, which the Corporation may have outstanding at a time, shall not exceed (1) under subsection (a) (4) $40,000,000, (2) struction purposes under subsection (a) (3) $200,000,000, and (3) for f assistance to insurance companies under subsection (a) (2) $15,000,0 "(5) No loan or other financial assistance shall be extended under au contained in 4 (a) (1) unless there is reasonable cause to believe t total amount of funds supplied including interest thereon can be within ten years from date of initial disbursement, either from earn the borrower or through means, other than liquidation of the borrow templated at the time the application was approved by the Corporati "(6) All applications for loans or other financial assistance totaling $ or more to any borrower must be approved by the governor. In any in where such an application is approved over the adverse recommenda the Review Board provided for in paragraph (8) of this subsection, approved over the recommendation of said Board, a memorandum s placed in the loan file setting forth the governor's reasons for such ap or disapproval. "(7) Each loan made hereafter by the Corporation to any borrow suant to paragraphs (1) or (2) of subsection (a) of this section shall b ditioned upon the execution of an agreement between the Corporati such borrower by which such borrower shall undertake that it wi within two years after the date of the making of such loan, employ, any office or employment to, or refrain for professional services any who on the date such loan was made or within one year prior theret have served as a director or governor of the Corporation, or as an attorney, agent, or employee of the Corporation occupying a posit engaging in activities which the governor shall have determined to in the exercise of discretion with respect to the making of loans to bor pursuant to paragraphs (1) or (2) of subsection (a) of this section unles "(A) the governor shall have determined that such person, date such loan was made and within one year prior thereto, wa ployed by the Corporation only in a branch or field office of the Co tion which did not, and under ordinary procedures of the Corpo would not, perform any function in connection with the negoti mcdification, supervision, cr collection of such loan; or interested. "(e) The powers granted to the Corporation by this section 4 shall terminate at the close of business on June 30, 1954, but the termination of such powers shall not be construed (1) to prohibit disbursement of funds on purchases of securities and obligations, on loans, or on commitments or agreements to make such purchases or loans, made under this Act prior to the close of business on such date, or (2) to affect the validity or performance of any other agreement made or entered into pursuant to law. "(f) The Corporation shall maintain as a permanent part of its records a docket which during the regular business hours of the Corporation shall be kept available for public inspection. The following information shall be posted in the said docket without delay upon receipt of an application for a loan: "(1) The name of the applicant and, in the case of corporate applicants, the names of the officers and directors thereof. 66 (2) The amount and duration of the loan for which application is made. (5) The names of all persons who shall represent the applicant or who shall intercede for the applicant or who shall attempt to influence the Reconstruction Finance Corporation in any manner either for or against the applicant in the exercise of its judgment in connection with said loan. Duplicate copies of this docket shall be maintained both in the Agency office in which the loan application is filed and in the Washington office of the Corporation. (g) In order to enable the Corporation to carry out the provisions of this Act, the Treasury Department, the Comptroller of the Currency, the Federal Reserve Board, the Federal Reserve banks, the Securities and Exchange Commission, the Interstate Commerce Commission, and the Civil Aeronautics Board are hereby directed, under such conditions as they may prescribe, to make available to the Corporation at its request such reports, records, or other information as they may have, relating to the condition of existing borrowers and applicants for loans under this Act, or relating to obligors whose obligations are offered to or held by the Corporation as security for loans under this Act. Every applicant for a loan under this Act shall as a condition precedent thereto, consent to such examination as the Corporation may require for the purposes of this Act and that reports of examinations by constituted authorities may be furnished by such authorities to the Corporation upon request therefor. AR of the date of settlement. Necessary adjustment arising from earnings re mination shall be made within a reasonable time thereafter. The Corpora power to issue its notes, debentures, bonds, and other obligations to the U States Treasury, except as provided under section 7 (a), is hereby rescinded "(c) Annual payments shall be made by the Corporation to the Treasury United States as miscellaneous receipts by reason of costs incurred by the Go ment, either directly or indirectly, through the employment of Federal fund the Corporation in carrying out the provisions of this Act. These payments be computed by applying to the average monthly balance of funds invested i Corporation, a percentage determined annually in advance by the Secretary o Treasury. Such percentage shall not be less than the current average rate w the Treasury pays on its marketable obligations. "SEC. 8. The Corporation shall after June 30, 1950, contribute to the service retirement and disability fund, on the basis of annual billings as determ by the Civil Service Commission, for the Government's share of the cost of civil-service-retirement system applicable to the Corporation's employees their beneficiaries. The Corporation shall also after June 30, 1950, contribut the Employees' Compensation Fund, on the basis of annual billings as determ by the Federal Security Administrator for the benefit payments made from fund on account of the Corporation's employees. The annual billings shall include a statement of the fair portion of the cost of the administration of respective funds, which shall be paid by the Corporation into the Treasur miscellaneous receipts. "SEC. 9. The Corporation, including its franchise, capital, reserves and surp and its income shall be exempt from all taxation now or hereafter imposed by United States, by any Territory, dependency, or possession thereof, or by State, county, municipality, or local taxing authority, except that any real prop of the Corporation shall be subject to special assessments for local improvem and shall be subject to State, Territorial, county, municipal, or local taxation the same extent according to its value as other real property is taxed. exemptions provided for in the preceding sentence with respect to taxation (wl shall, for all purposes, be deemed to include sales, use, storage, and purchase ta shall be construed to be applicable not only with respect to the Corporation also with respect to any other public corporation which is now or which may hereafter wholly financed and wholly managed by the Corporation. S exemptions shall also be construed to be applicable to loans made, and perso property owned by the Corporation, or such other corporations, but such exer tions shall not be construed to be applicable in any State to any buildings wh are considered by the laws of such State to be personal property for taxat purposes. Notwithstanding any other provision of law or any privilege or cons the mortgages, plus accrued interest, as of the date of transfer. The Housing and Home Finance Administrator shall sell or otherwise liquidate the mortgages so transferred at no less than the unpaid balance at date of transaction, plus accrued interest. All income and proceeds from liquidation, less reasonable costs of administration, shall be paid into the Treasury as miscellaneous receipts. "SEC. 11. Upon the termination of the powers granted to the Corporation by section 4 of this Act, the governor shall, except as otherwise herein specifically authorized, proceed to liquidate its assets and wind up its affairs. He may with the approval of the Secretary of the Treasury deposit with the Treasurer of the United States as a special fund any money belonging to the Corporation or from time to time received by it in the course of liquidation, for the payment of its outstanding obligations, which fund may be drawn upon or paid out for no other purpose. Any balance remaining after the liquidation of all the Corporation's assets and after provision has been made for payment of all legal obligations shall be paid into the Treasury of the United States as miscellaneous receipts. Thereupon the Corporation shall be dissolved. "SEC. 12. If at the expiration of the succession of the Corporation, its governor shall not have completed the liquidation of its assets and the winding up of its affairs, the duty of completing such liquidation and winding up of its affairs shall be transferred to the Secretary of the Treasury, who for such purpose shall succeed to all the powers and duties of the governor under this Act. In such event he may assign to any officer or officers of the United States in the Treasury Department the exercise and performance, under his general supervision and direction, of any such powers and duties. When the Secretary of the Treasury shall find that such liquidation will no longer be advantageous to the United States and that all of the Corporation's legal obligations have been provided for, he shall pay into the Treasury as miscellaneous receipts the unused balance of the moneys belonging to the Corporation, and make a final report to the Congress. Thereupon the Corporation shall be deemed to be dissolved. "SEC. 13. (a) Whoever makes any statement knowing it to be false, or whoever willfully overvalues any security for the purpose of obtaining for himself or for any applicant any loan, or extension thereof by removal, deferment of action or otherwise, or the acceptance, release, or substitution of security therefor, or for the purpose of influencing in any way the action of the Corporation, or for the purpose of obtaining money, property, or anything of value, under this Act, shall be punished by a fine of not more than $5,000 or by imprisonment for not more than two years, or both. "(b) Whoever (1) falsely makes, forges, or counterfeits any note, debenture, bond, or other obligation, or coupon, in imitation of or purporting to be a note, debenture, bond, or other obligation, or coupon, issued by the Corporation; or (2) passes, utters, or publishes, or attempts to pass, utter, or publish any false, forged, or counterfeited note, debenture, bond, or other obligation, or coupon, purporting to have been issued by the Corporation, knowing the same to be false, forged, or counterfeited; or (3) falsely alters any note, debenture, bond or other obligation, or coupon, issued or purporting to have been issued by the Corporation; or (4) passes, utters, or publishes, or attempts to pass, utter, or publish, as true any falsely altered or spurious note, debenture, bond, or other obligation, or coupon, issued or purporting to have been issued by the Corporation, knowing the same to be falsely altered or spurious, or any person who willfully violates any other provision of this Act, shall be punished by a fine of not more than $10,000, by imprisonment for not more than five years, or both. (c) Whoever, being connected in any capacity with the Corporation, (1) embezzles, abstracts, purloins, or willfully misapplies any moneys, funds, securities, or other things of value, whether belonging to it or pledged or otherwise entrusted to it; or (2) with intent to defraud the Corporation or any other body politic or corporate, or any individual, or to deceive any officer, auditor, or examiner of the Corporation, makes any false entry in any book, report, or statement of or to the Corporation, or, without being duly authorized, draws any order or issues, puts forth, or assigns any note, debenture, bond, or other obligation, or draft, bill of exchange, mortgage, judgment, or decree thereof; or (3) with intent to defraud participates, shares, receives directly or indirectly any money, profit, property, or benefit through any transaction, loan, commission, contract, or any other act of the Corporation; or (4) gives any unauthorized information concerning any future action or plan of the Corporation which might affect the value of securities, or having such knowledge, invests or speculates, directly or indirectly, in the securities or property of any company, bank, or corporation receiving loans or other assistance from the Corporation, shall be punished by a fine of not more than $10,000 or by imprisonment for not more than five years, or both. "(d) No individual, association, partnership, or corporation shall use the words 'Reconstruction Finance Corporation' or a combination of these three words, as the name or a part thereof under which he or it shall do business. Every individual, partnership, association, or corporation violating this prohibition shall be guilty of a misdemeanor and shall be punished by a fine of not exceeding $1,000 or imprisonment not exceeding one year, or both. "SEC. 14. The Corporation is authorized to exercise the functions, powers, duties, and authority transferred to the Corporation by Public Law 109, Seventyninth Congress, approved June 30, 1945, but only with respect to programs, projects, or commitments outstanding on June 30, 1947. "SEC. 15. If any provision of this Act or the application of such provision to any person, or circumstances shall be held invalid, the validity of the remainder of this Act, and the applicability of such provision to other persons or circumstances, shall not be affected thereby." SEC. 2. This Act shall take effect sixty days after the date of its enactment, and the offices, powers, and duties of the Board of Directors of the Reconstruction Finance Corporation shall thereupon terminate. [S. 1116, 82d Cong., 1st sess.] A BILL To dissolve the Reconstruction Finance Corporation, and to provide for the transfer of certain functions heretofore vested in the Reconstruction Finance Corporation with respect to the administration of the rubber, tin, and abaca programs. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That, notwithstanding any other provision of law with respect to the date upon which the powers granted to the Reconstruction Finance Corporation by section 4 of the Reconstruction Finance Corporation Act shall be terminated, or the date upon which the succession of the Reconstruction Finance Corporation shall expire, the Reconstruction Finance Cor |