Laws: Cases and Codes : U.S. Code : Title 15
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U.S. Code as of:
01/19/04
Chapter 14 - Notes
Sec.
601 to 619. Repealed, Omitted, or Transferred.
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ABOLITION OF RECONSTRUCTION FINANCE CORPORATION
Reconstruction Finance Corporation was abolished and remaining
functions transferred to Housing and Home Finance Agency,
Administrator of General Services, Administrator of Small Business
Administration, and Secretary of Commerce, such transfer including
assets and liabilities, administrative property, personnel, funds,
and records, pursuant to 1957 Reorg. Plan No. 1, eff. June 30,
1957, 22 F.R. 4633, 71 Stat. 647, set out in Appendix II of title
5, Government Organization and Employees. The Plan provided for
retirement of capital stock and payment of all unused funds into
the Treasury as miscellaneous receipts and required a final report
by Secretary of Treasury not later than June 30, 1959. Powers of
the Corporation relating to loans and advances were terminated at
close of business on sixtieth day after July 30, 1953, through
amendment of former section 604(f) of this title by act July 30,
1953, ch. 282, title I, Sec. 102(b), 67 Stat. 230. Consequential
liquidation of assets, winding up of affairs, and dissolution of
the Corporation and cancellation and retirement of its capital
stock were required under former section 608 of this title. Former
section 609 of this title required such liquidation, winding up of
affairs, and dissolution by Secretary of Treasury where such action
had been initiated but not completed by close of business on June
30, 1954.
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REORGANIZATION PLAN NO. 1 OF 1957
EFF. JUNE 30, 1957, 22 F.R. 4633, 71 STAT. 647
Prepared by the President and transmitted to the Senate and the
House of Representatives in Congress assembled, April 29, 1957,
pursuant to the provisions of the Reorganization Act of 1949,
approved June 20, 1949, as amended [see 5 U.S.C. 901 et seq.].
ABOLITION OF THE RECONSTRUCTION FINANCE CORPORATION
SECTION 1. DEFINITIONS
As used in this reorganization plan:
(a) The term "Corporation" means the Reconstruction Finance
Corporation.
(b) The term "remaining functions" means (1) all functions of the
Corporation, (2) except as otherwise provided in subsections (b)
and (c) of section 6 of this reorganization plan, all functions of
the Secretary of the Treasury under section 10 of the
Reconstruction Finance Corporation Act, as amended (15 U.S.C. 609),
and (3) all functions of the Secretary of the Treasury under
sections 102 and 106(b) of the Reconstruction Finance Corporation
Liquidation Act (67 Stat. 230, 231), as amended [section 603 and
section 609 note of this title].
(c) The term "transferees" means the Housing and Home Finance
Administrator, the Administrator of General Services, the
Administrator of the Small Business Administration, and the
Secretary of the Treasury.
SEC. 2. TRANSFER OF FUNCTIONS
(a) There are hereby transferred to the Housing and Home Finance
Administrator the remaining functions with respect to or arising
out of (1) the securities and obligations of, loans made to, and
contracts or other agreements with, States, municipalities,
political subdivisions thereof, public agencies, boards,
commissions or other public bodies, and (2) loans, securities and
obligations acquired in connection with programs of financial
assistance for drainage and irrigation projects.
(b) There are hereby transferred to the Administrator of General
Services the remaining functions with respect to or arising out of
(1) the affairs of the Smaller War Plants Corporation which were
transferred to the Corporation pursuant to Executive Order No. 9665
of December 27, 1945 (11 F.R. 3) and section 207 of Public Law 132
- 80th Congress 61 Stat. 209), (2) the national defense, war and
reconversion activities with respect to which notes of the
Corporation were cancelled pursuant to the provisions of Title II
of Public Law 860 - 80th Congress (62 Stat. 1187), and (3)
activities of the RFC Price Adjustment Board and the functions
transferred to the Corporation by Executive Order No. 9841 of April
23, 1947 (12 F.R. 2645).
(c) Except as otherwise provided in sections 2(d)(1) and 2(d)(2)
of this reorganization plan (relating to financial assistance to
railroads, etc., and to Schedule A hereto annexed), there are
hereby transferred to the Administrator of the Small Business
Administration the remaining functions with respect to or arising
out of programs of financial assistance to business enterprises and
to victims of floods or other disasters.
(d) There are hereby transferred to the Secretary of the Treasury
all functions of the Corporation not otherwise transferred by the
provisions of this reorganization plan, including, but not limited
to, all functions of the Corporation with respect to or arising out
of (1) programs of financial assistance to railroad companies,
financial institutions, and insurance companies, (2) the
obligations and loans listed in Schedule A hereto annexed, and (3)
the War Damage Corporation.
(e) The foregoing transfers include the transfer to each
transferee, for use in executing his respective functions
thereunder, of the powers, authority, rights, and immunities now
vested in or available or applicable to the Corporation for
carrying out the functions transferred to the transferee under this
reorganization plan.
SEC. 3. TRANSFER OF ASSETS AND LIABILITIES
The loans, obligations, securities, capital stock, and other
assets pertaining to the functions transferred by section 2 of this
reorganization plan (including accrued interest thereon, and
property acquired in connection therewith) and the liabilities,
contracts, bonds, mortgages, notes and other instruments relating
thereto are hereby transferred from the Corporation to the
respective transferees: Provided, however, That all assets,
liabilities, and commitments relating to the functions, transferred
by section 2 (a) of this reorganization plan are hereby transferred
to the Revolving Fund (Liquidating Programs) established by the
Independent Offices Appropriation Act, 1955 (68 Stat. 295) [12
U.S.C. 1701g-5].
SEC. 4. ADMINISTRATIVE PROPERTY, PERSONNEL, FUNDS AND RECORDS
In addition to the transfers made by the provisions of section 3
of this reorganization plan, there shall be transferred to the
Housing and Home Finance Agency, General Services Administration,
Small Business Administration, and Treasury Department so much as
the Director of the Bureau of the Budget shall determine to be
appropriate by reason of transfers made by sections 2 and 3 of this
reorganization plan of the administrative property, personnel,
records, liabilities and commitments of the Corporation or of the
Office of Production and Defense Lending in the Department of the
Treasury and of the authorizations, allocations, and funds
available or to be made available with respect to the transferred
functions (including, but in no way limiting the generality of the
foregoing, the authority to issue notes or other obligations to the
Secretary of the Treasury, which may be purchased by the Secretary,
under section 7 of the Reconstruction Finance Corporation Act, as
amended (15 U.S.C. 606), and the duty of making payments on such
notes or obligations issued by or transferred to the respective
transferee hereunder). In allocating the administrative expense
funds applicable to the functions transferred by the provisions of
this reorganization plan and said Director shall allocate and
transfer to the General Services Administration as a payment on
behalf of the Housing and Home Finance Agency, General Services
Administration, Small Business Administration and Treasury
Department such sum for rent of building space for the carrying out
of the transferred functions during the fiscal year ending June 30,
1958, as the said Director shall determine. Such further measures
and disposition as the Director of the Bureau of the Budget shall
determine to be necessary in order to effectuate the transfers
provided for in this section shall be carried out in such manner
and by such agencies as the Director shall direct.
SEC. 5. DELEGATION OF AUTHORITY
Each transferee may from time to time make such provisions as he
shall deem appropriate authorizing the performance by any officer,
employee, agency, or administrative unit under his jurisdiction of
any function transferred to him by the provisions of this
reorganization plan.
SEC. 6. ABOLITION OF THE CORPORATION
(a) The Corporation is hereby abolished.
(b) The Secretary of the Treasury shall retire the capital stock
of the Corporation and, subject to the provisions of section 4
hereof, shall pay into the Treasury, as miscellaneous receipts, all
unused funds of the Corporation.
(c) Not later than June 30, 1959, the Secretary of the Treasury
shall transmit a report to the Congress, which report (1) shall
cover the affairs of the Corporation up to the time of the taking
effect of the provisions of this reorganization plan, and (2) shall
correspond to the final report required by section 10 of the
Reconstruction Finance Corporation Act, as amended (15 U.S.C. 609).
The function of making the final report provided for in the said
section 10 is hereby abolished.
SEC. 7. EFFECTIVE DATE
The provisions of this reorganization plan shall take effect at
the time determined under the provisions of section 6(a) of the
Reorganization Act of 1949, as amended [see 5 U.S.C. 906(a)] or at
the close of June 30, 1957, whichever is later.
SCHEDULE A
This schedule annexed to Reorganization Plan No. 1 of 1957 lists
by name and address of the obligor or borrower the obligations and
loans referred to in clause (2) of section 2(d) of such
reorganization plan:
Name of obligor or borrower Address
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Alaska Plywood Corp Juneau, Alaska.
Alford Refrigerated Warehouse Dallas, Tex.
Braun Bros. Packing Co Troy, Ohio.
Chromcraft Corp St. Louis, Mo.
Civic Hotel Corp Odessa, Tex.
Deep Water Terminals, Inc Brooklyn, N.Y.
Detroit Steel Corp Detroit, Mich.
Hal Roach Studios, Inc Culver City, Calif.
Hayward Woolen Co Whitinsville, Mass.
The Horle Arms Co Deep River, Conn.
Jack Tar of Arkansas, Inc Hot Springs, Ark.
Landers Packing Co Denver, Colo.
Langley Corp San Diego, Calif.
Lawton Community Hotel Lawton, Okla.
Lone Star Steel Co Dallas, Tex.
Louisville Builders Supply Co Louisville, Ky.
Lustron Corp Columbus, Ohio.
Mayfair Extension, Inc Washington, D.C.
New Haven Clock & Watch Co New Haven, Conn.
Oregon Fibre Products, Inc Pilot Rock, Oreg.
The Prudence Co., Inc New York, N.Y.
Seidelhuber Steel Rolling Mills Seattle, Wash.
South Water Building Corp Rockford, Ill.
South Water Machinery Corp Do.
Texas Consolidated Oils Dallas, Tex.
Texas Frozen Foods Corp Harlingen, Tex.
Waltham Watch Co Waltham, Mass.
Wheland Co Chattanooga, Tenn.
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SHORT TITLE OF ACT JULY 30, 1953, CH. 282, TITLE I
Congress, in enacting the amendments to sections 603(a) and
604(f) of this title; the provisions set out as notes under
sections 603 and 609 of this title; the provisions set out as
section 459 of former Title 40, Public Buildings, Property, and
Works; and the provisions set out as notes under sections 98 and
544 of Title 50, War and National Defense, section 1929 and
sections 2094 and 2261 of Appendix to title 50, provided by section
101 of such act that they should be popularly known as the
"Reconstruction Finance Corporation Liquidation Act".
CONTINUATION OF PENDING PROCEEDINGS
Act July 30, 1953, ch. 282, title I, Sec. 105, 67 Stat. 231, as
amended by act June 29, 1954, ch. 410, Sec. 2(c), 68 Stat. 320,
provided that: "No suit, action, or other proceeding lawfully
commenced by or against the Reconstruction Finance Corporation
shall abate by reason of the dissolution of the Corporation; but
the court may, on motion or supplemental petition filed at any time
within twelve months after the date of such dissolution and showing
a necessity for a survival of such suit, action, or other
proceeding to obtain a settlement of the questions involved, allow
the same to be maintained by or against the officer or agency of
the Government performing the functions with respect to which any
such suit, action, or other proceeding was commenced."
EXTENSION OR RENEWAL OF LOANS
Section 4 of Pub. L. 85-536, July 18, 1958, 72 Stat. 396,
provided that: "The Secretary of the Treasury is hereby authorized
to further extend the maturity of or renew any loan transferred to
the Secretary of the Treasury pursuant to Reorganization Plan
Numbered 1 of 1957 [set out as a note above], for additional
periods not to exceed ten years, if such extension or renewal will
aid in the orderly liquidation of such loan."
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