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PROVISIONS IN THE RECONSTRUCTION

FINANCE CORPORATION ACT

[Amendment of June 30, 1947, 61 Stat. 202]

JOINT RESOLUTION

To extend the succession, lending powers, and the functions of the

Reconstruction Finance Corporation

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled,

Sec. 4 (a). To aid in financing agriculture, commerce, industry, to help in maintaining the economic stability of the country and to assist in promoting maximum employment and production, the Corporation, within the limitations hereinafter provided, is authorized:

(1) To purchase the obligations of and to make loans to any business enterprise organized or operating under the laws of any State or the United States: Provided, That the purchase of obligations (including equipment trust certificates) of, or the making of loans to, railroads or air carriers engaged in interstate commerce or receivers or trustees thereof, shall be with the approval of the Interstate Commerce Commission or the Civil Aeronautics Board, respectively: Provided further, That in the case of railroads or air carriers not in receivership or trusteeship, the Commission or the Board, as the case may be, in connection with its approval of such purchases or loans, shall also certify that such railroad or air carrier, on the basis of present and prospective earnings, may be expected to meet its fixed charges without a reduction thereof through judicial reorganization except that such certificates shall not be required in the case of loans, or purchases made for the acquisition of equipment or for maintenance.

PROVISION IN THE FEDERAL TRADE

COMMISSION ACT

[Act of March 21, 1938, 52 Stat. 111, as amended by Act of June 23,

1938,52 Stat. 1027, Act of September 18, 1940,54 Stat. 898] SEC. 5 (a) [15 U. S. C. 45] Unfair methods of competition in commerce, and unfair or deceptive acts or practices in commerce, are hereby declared unlawful.

The Commission is hereby empowered and directed to prevent persons, partnerships, or corporations, except banks, common carriers subject to the Acts to regulate commerce, air carriers and foreign air carriers subject to the Civil Aeronautics Act of 1938, and persons, partnerships, or corporations subject to the Packers and Stockyards Act, 1921, except as provided in section 406 (b) of said Act, from using unfair methods of competition in commerce and unfair or deceptive acts or practices in commerce. (As amended by section 1107 (f) of the Civil Aeronautics Act.)

180

PROVISIONS IN PART II OF THE INTERSTATE

COMMERCE ACT

[Act of August 9, 1945, 49 Stat. 545, as amended by Act of June 23,

1938,52 Stat. 1027; Act of September 18, 1940,54 Stat. 898]

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Sec. 203 (b) [49 U. S. C. 303] Nothing in this part, except the provisions of section 204 relative to qualifications and maximum hours of service of employees and safety of operation or standards of equipment shall be construed to include

7 (a) the transportation of persons or property by motor vehicle when incidental to transportation by aircraft * (As amended by section 1107 (j) of the Civil Aeronautics Act.)

Sec. 204 (a) [49 U. S. C. 304] It shall be the duty of the Commission

(1) To regulate common carriers by motor vehicle as provided in this part, and to that end the Commission may establish reasonable requirements with respect to continuous and adequate service, transportation of baggage and express, uniform systems of accounts, records, and reports, preservation of records, qualifications and maximum hours of service of employees, and safety of operation and equipment.

(2) To regulate contract carriers by motor vehicle as provided in this part, and to that end the Commission may establish reasonable requirements with respect to uniform systems of accounts, records, and reports, preservation of records, qualifications and maximum hours of service of employees, and safety of operation and equipment.

(3) To establish for private carriers of property by motor vehicle, if need therefor is found, reasonable requirements to promote safety of operations, and to that end prescribe qualifications and maximum hours of service of employees, and standards of equipment. In the event such requirements are established, the term "motor carrier" shall be construed to include private carriers of property by motor vehicle in the administration of sections 204 (c); 205; 220; 221; 222 (a), (b), (d), (f), and (g); and 224, of this part' (as amended by the Transportation Act of 1940, 54 Stát. 898, approved September 18, 1940).

(4) To regulate brokers as provided in this part, and to that end the Commission may establish reasonable requírements with respect to licensing, financial responsibility, accounts, records, reports, operations, and practices of any such person or persons.

(5) For the purpose of carrying out the provisions pertaining to safety, the Commission may avail itself of the assistance of any of the several research agencies of the Federal Government having special knowledge of any such matter, to conduct such scientific and technical researches, investigations, and tests as may be necessary to promote the safety of operation and equipment of motor vehicles as provided in this part; the Commission may transfer to such agency or agencies such funds as may be necessary and available to make this provision effective.

(6) To administer, execute, and enforce all provisions of this part, to make all necessary orders in connection therewith, and to prescribe rules, regulations, and procedure for such administration;

[Paragraph 4 (a) as added by, and paragraph 17 as restated by the Transportation Act of 1940, 54 Stat. 898, approved September 18, 1940, are not included']

PROVISIONS IN THE FEDERAL EXPLOSIVES ACT

[Act of November 24, 1942, 56 Stat. 1022] Sec. 123 [50 U.S. C. 123] Secs. 122–142 of this Act shall not apply to explosives or ingredients which are in transit upon vessels, railroad cars, or conveyances in conformity with statutory law or with rules or regulations of the Interstate Commerce Commission, or regulations of the Secretary of Commerce, or to explosives or ingredients which are in transit upon aircraft in conformity with statutory law or with the rules and regulations of the Civil Aeronautics Board.

PROVISIONS OF THE INTERNAL REVENUE CODE

[Act of February 10, 1939, 53 Stat. 76; as amended by Act of May 4,

1948, 62 Stat. 210] SEC. 212 (b) [26 U.S. C.212] EXCLUSIONS. The following items shall not be included in gross income of a nonresident alien individual and shall be exempt from taxation under this chapter:

(2) AIRCRAFT OF FOREIGN REGISTRY.—Earnings derived from the operation of aircraft registered under the laws of a foreign country which grants an equivalent exemption to citizens of the United States and to corporations organized in the United States. [Effective with respect to taxable years beginning after December 31, 1945.] [Act of Feb. 10, 1939,53 Stat. 78, as amended by Act of June 29, 1939,

53 Stat. 866; Act of June 25, 1940,54 Stat. 517; Act of Oct. 21, 1942, 56 Stat. 808, 861; Act of May 4, 1948,62 Stat. 210]

Sec. 231 (d) [26 U.S.C.231] ExcLUSIONS.—The following items shall not be included in gross income of a foreign corporation and shall be exempt from taxation under this chapter:

(2) AIRCRAFT OF FOREIGN REGISTRY.— Earnings derived from the operation of aircraft registered under the laws of a foreign country which grants an equivalent exemption to citizens of the United States and to corporations organized in the United States. (As amended by Act of May 4, 1948, 62 Stat. 210.) [Effective with respect to taxable years beginning after December 31, 1945.]

[Act of Feb. 10, 1939, 53 Stat. 419] Sec. 3451 [26 U. S. C. 3451] EXEMPTION FROM TAX 1 OF CERTAIN SUPPLIES FOR VESSELS.—Under regulations prescribed by the Commissioner, with the approval of the Secretary, no tax under this chapter

1 Manufacturers' excise taxes.

shall be imposed upon any article sold for use as fuel supplies, ships' stores, sea stores, or legitimate equipment on vessels of war of the United States or of any foreign nation, vessels employed in the fisheries or in the whaling business, or actually engaged in foreign trade or trade between the Atlantic and Pacific ports of the United States or between the United States and any of its possessions. Articles manufactured or produced with the use of articles upon the importation of which tax has been paid under this chapter, if laden for use as supplies on such vessels, shall be held to be exported for the purposes of section 3430. The term “vessels” as used in this section includes civil aircraft employed in foreign trade or trade between the United States and any of its possessions, and the term “vessels of war of the United States or of any foreign nation” includes aircraft owned by the United States or by any foreign nation and constituting a part of the armed forces thereof. The privileges granted under this section in respect of civil aircraft employed in foreign trade or trade between the United States and any of its possessions, in respect of aircraft registered in a foreign country, shall be allowed only if the Secretary of the Treasury has been advised by the Secretary of Commerce that he has found that such foreign country allows, or will allow, substantially reciprocal privileges in respect of aircraft registered in the United States. If the Secretary of the Treasury is advised by the Secretary of Commerce that he has found that a foreign country has discontinued or will discontinue the allowance of such privileges, the privileges granted under this section shall not apply thereafter in respect of civil aircraft registered in that foreign country and employed in foreign trade or trade between the United States and any of its possessions.

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