PUBLIC LAWS ENACTED DURING THE SECOND SESSION OF THE SEVENTY-FIFTH CONGRESS OF THE UNITED STATES OF AMERICA Begun and held at the City of Washington on Monday, November 15, 1937, and adjourned without day on Tuesday, December 21, 1937 FRANKLIN D. ROOSEVELT, President; JOHN N. GARNER, Vice President; KEY PITTMAN, President of the Senate pro tempore; WILLIAM B. BANKHEAD, Speaker of the House of Representatives. Granting the consent of Congress for the loan of certain portraits now located in the Capitol to the United States Constitution Sesquicentennial Commission for exhibition in the Corcoran Art Gallery. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Architect of the Capitol be, and he is hereby, authorized to loan to the United States Constitution Sesquicentennial Commission the portraits of Thomas Jefferson by Sully; George Washington by Gilbert Stuart; Gunning Bedford, Junior, by Peale and Henry Lawrence by Copley, now located in the Capitol Building, for exhibition in the Corcoran Art Gallery between the dates of November 27, 1937, and February 1, 1938, in connection with the celebration of the One Hundred and Fiftieth Anniversary of the adoption of the Constitution of the United States. The said architect is directed to have these portraits returned to the Capitol immediately after the conclusion of the exhibition above referred to. Approved, November 19, 1937. [CHAPTER 2] JOINT RESOLUTION To provide for certain expenses incident to the second session of the Seventyfifth Congress. November 19, 1937 [S. J. Res. 222] [Pub. Res., No. 75] U. S. Constitution Sesquicentennial Commission. Loan of certain por traits to, for exhibition purposes. Return. November 26, 1937 [H. J. Res. 516] [Pub. Res., No. 76] Appropriation for payment of pages, Seventy-fifth Con Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That for the payment of pages for the Senate and House of Representatives from November second session of 15 to December 31, 1937, both dates inclusive, there are hereby appropriated, out of any money in the Treasury not otherwise appropriated, the following sums: gress. Senate. House of Represent For twenty-one pages for the Senate at $4 per day each, $3,948. For forty-seven pages for the House of Representatives at $4 per Hous day each, $8,836. Approved, November 26, 1937. 3 December 6, 1937 [S. 2675] [Public, No. 416] ion Act, amendments. 48 Stat. 1218. [CHAPTER 3] AN ACT To amend certain sections of the Federal Credit Union Act approved June 26, 1934 (Public, Numbered 467, Seventy-third Congress). Be it enacted by the Senate and House of Representatives of the Federal Credit Un- United States of America in Congress assembled, That section 6 of the Federal Credit Union Act, approved June 26, 1934 (U. S. C., 1934 edition, title 12, sec. 1756), be, and the same is hereby, amended to read as follows: 12 U. S. C. § 1756. Supervision, reports, and examinations. Examination scale. "SEC. 6. Federal credit unions shall be under the supervision of the Governor, and shall make such financial reports to him (at least annually) as he may require. Each Federal credit union shall be subject to examination by, and for this purpose shall make its books and records accessible to, any person designated by the Governor. fees, The Governor shall fix a scale of examination fees to be paid by Federal credit unions, giving due consideration to the time and expense incident to such examinations, and to the ability of Federal credit unions to pay such fees, which fees shall be assessed against and paid by each Federal credit union promptly after the completion of such examination. Examination fees collected under the provisions of this section shall be deposited to the credit of the special fund created by section 5 hereof, and shall be available for the purposes specified in said section 5." Assessment and pay ment. Credit of fees col lected. Corporate powers. 48 Stat. 1218. 12 U. S. C. § 1757. credit unions. SEC. 2. Paragraph (7) of section 7 of the Federal Credit Union Act (U. S. C., 1934 edition, title 12, sec. 1757) is hereby amended by striking out the period at the end thereof, inserting a semicolon, Loans to other and adding the following: "(c) in accordance with rules and regulations prescribed by the Governor, in loans to other credit unions in the total amount not exceeding 25 per centum of its paid-in and Investments in Fed- unimpaired capital and surplus; (d) and in shares or accounts of Federal savings and loan associations." eral savings, etc., associations. 48 Stat. 1221. 12 U. S. C. § 1766. SEC. 3. Section 16 of the Federal Credit Union Act (U. S. C., 1934 edition, title 12, sec. 1766) is hereby amended by adding subsection (e) to read as follows: (e) The Governor is hereby authorized to make investigations and to conduct researches and studies of the problems of persons of small means in obtaining credit at reasonable rates of interest, and of the methods and benefits of cooperative saving and lending among such persons. He is further authorized to make reports of such investigations and to publish and disseminate the same." SEC. 4. Section 18 of the Federal Credit Union Act (U. S. C., 1934 edition, title 12, sec. 1768) is hereby amended to read as follows: "SEC. 18. The Federal credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority; except that any real property and any tangible personal property of such Federal credit unions shall be subject to Federal, State, Territorial, and local taxation to the same extent as other similar property is taxed. Nothing herein contained shall prevent holdings in any Federal credit union organized hereunder from being included in the valuation of the personal property of the owners or holders thereof in assessing taxes imposed by authority of the State or political subdivision thereof in which the Federal credit union is located: Provided, however, That the duty or burden of collecting or enforcing the payment of such tax shall not be imposed upon any such Federal credit union and the tax shall not exceed the rate of taxes imposed upon holdings in domestic credit unions." |