Full text of Export-Import Bank Act of 1945

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[PUBLIC L A W 173—79TH CONGRESS]
[CHAPTER 341—1ST SESSION]

[H. R. 3771]
AN ACT
To provide for increasing the lending authority of the Export-Import Bank of
Washington, and for other purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That this Act may
be cited as the "Export-Import Bank Act of 1945".
SEC. 2. (a) The Export-Import Bank of Washington, District of
Columbia, a banking corporation organized under the laws of the
District of Columbia as an agency of the United States, is continued
as an agency of the United States, and in addition to existing charter powers, and without limitation as to the total amount of obligations thereto of any borrower, endorser, acceptor, obligor, or guarantor at any time outstanding, it is hereby authorized and empowered
to make loans, to discount, rediscount or guarantee notes, drafts, bills
of exchange, and other evidences of debt, or participate in the same,
for the purpose of aiding in the financing and facilitating of exports
and imports and the exchange of commodities between the United
States or any of its Territories or insular possessions and any foreign
country or the agencies or nationals thereof. The Bank is hereby
authorized to use all its assets, including capital and net earnings
therefrom, and to use all moneys which have been or may hereafter
be allocated to or borrowed by it, in the exercise of its functions as
such agency.
(b) I t is the policy of the Congress that the Bank in the exerciser
of its functions should supplement and encourage and not compete
with private capital, and that loans, so far as possible consistently
with carrying out the purposes of.subsection ( a ) , shall generally be
for specific purposes, and, in the judgment of the Board of Directors,
offer reasonable assurance of repayment.
SEC. 3. (a) (1) The management of the Export-Import Bank of
Washington shall be vested in a Board of Directors consisting of the
Administrator of the Foreign Economic Administration, who shall
serve as Chairman, the Secretary of State, and three persons appointed
by the President of the United States by and with the advice and
consent of the Senate. The Secretary of State,, to such extent as he
deems it advisable, may designate to act for him in the discharge of his
duties as a member of the Board of Directors any officer of the Department of State who shall have been appointed by and with the advice
and consent of the Senate.
(2) If the Foreign Economic Administration ceases to exist in t h e
Office for Emergency Management in the Executive Office of t h e
President, the President of the United States shall appoint by and with*
the advice and consent of the Senate another member of the Board
of Directors. The member so appointed shall serve for the remainder
of the existing terms of the other three appointed members,, but sue


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cessors shall be appointed for terms of five years. After the Foreign
Economic Administrator ceases to be a member of the Board of
Directors the President of the United States shall, from time to time,
designate one of the members of the Board to serve as Chairman.
(3) Of the five members of the Board, not more than three shall be
members of any one political party. Each of the appointed directors
shall devote his time not otherwise required by the business of the
United States principally to the business of the Bank. Before entering
upon his duties each of the directors so appointed and each officer of
the Bank shall take an oath faithfully to discharge the duties of his
office. The terms of the appointed directors shall be five years, except
that the terms of the directors first appointed shall run from the
date of appointment until June 30,1950. Whenever a vacancy occurs
among the directors so appointed, the person appointed to fill such
vacancy shall hold office for the unexpired portion of the term of the
director whose place he is selected to fill. Each of the appointed
directors shall receive a salary at the rate of $12,000 per annum, unless
he is an officer of the Bank, in which event he may elect to receive the
salary of such officer. No director, officer, attorney, agent, or employee
of the Bank shall in any manner, directly or indirectly, participate in
the deliberation upon or the determination of any question affecting
his personal interests, or the interests of any corporation, partnership,
or association in which he is directly or indirectly personally interested.
(b) A majority of the Board of Directors shall constitute a quorum.
(c) The Board of Directors shall adopt such bylaws as are necessary
for the proper management and functioning of the Export-Import
Bank of Washington, and may amend the same.
(d) There shall be an Advisory Board consisting of the Chairman
of the Export-Import Bank of Washington, who shall serve as Chairman, the Secretary of State, the Secretary of the Treasury, the Secret a r y of Commerce, and the Chairman of the Board of Governors of
the Federal Reserve System, which shall meet at the call of the Chairman. The Advisory Board may make such recommendations to the
Board of Directors as it deems advisable, and the Board of Directors
shall consult the Advisory Board on major questions of policy.
(e) Until October 31, 1945, or until at least two of the members of
the Board of Directors to be appointed have qualified as such directors,
whichever is the earlier, the affairs of the Bank shall continue to be
managed by the existing Board of Trustees.
(f) The Export-Import Bank of Washington shall constitute an
independent agency of the United States and neither the Bank nor
any of its functions, powers, or duties shall be transferred to or consolidated with any other department, agency, or corporation of the
Government unless the Congress shall otherwise by law provide.
SEC. 4. The Export-Import Bank of Washington shall have a capital
stock of $1,000,000,000 subscribed by the United States. Payment for
$1,000,000 of such capital stock shall be made by the surrender to the
Bank for cancellation of the common stock heretofore issued by the
Bank and purchased by the United States. Payment for $174,000,000
of such capital stock shall be made by the surrender to the Bank for
cancellation of the preferred stock heretofore issued by the Bank and
purchased by the Reconstruction Finance Corporation. Payment
for the $825,000,000 balance of such capital stock shall be subject to




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call at any time in whole or in part by the Board of Directors of the
Bank. For the purpose of making payments of such balance, the
Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of any securities hereafter issued under the Second Liberty Bond Act, as amended, and the purposes for which
securities may be issued under that Act are extended to include such
purpose. Payment under this section of the subscription of the United
States to the Bank and repayments thereof shall be treated as publicdebt transactions of the United States. Certificates evidencing stock
ownership of the United States shall be issued by the Bank to the
President of the United States, or to such other person or persons as
he may designate from time to time, to the extent of the common and
preferred stock surrendered and other payments madejfor the capital
stock of the Bank under this section.
SEC. 5. (a) The Secretary of the Treasury shall pay to the Reconstruction Finance Corporation the par value of the preferred stock
upon its surrender to the Bank for cancellation. For the purpose of
making such payments to the Reconstruction Finance Corporation the
Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of any securities hereafter issued under the Second
Liberty Bond Act, as amended, and the purposes for which securities
may be issued under that Act are extended to include such purpose.
Payment under this subsection to the Reconstruction Finance Corporation shall be treated as public-debt transactions of the United States.
(b) Any dividends on the preferred stock accumulated and unpaid
to the date of its surrender for cancellation shall be paid to the
Reconstruction Finance Corporation by the Bank.
SEC. 6. The Export-Import Bank of Washington is authorized to
issue from time to time for purchase by the Secretary of the Treasury
its notes, debentures, bonds, or other obligations; but the aggregate
amount of such obligations outstanding at any one time shall not
exceed two and one-half times the authorized capital stock of the
Bank. Such obligations shall be redeemable at the option of the
Bank before maturity in such manner as may be stipulated in such
obligations and shall have such maturity and bear such rate of interest
as may be determined by the Board of Directors of the Bank with
the approval of the Secretary of the Treasury. The Secretary of the
Treasury is hereby authorized and directed to purchase any
obligations of the Bank issued hereunder and for such purpose the
Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of any securities hereafter issued under the Second
Liberty Bond Act, as amended, and the purposes for which securities
may be issued under that Act are extended to include such purpose.
Payment under this section of the purchase price of such obligations
of the Bank and repayments thereof by the Bank shall be treated as
public-debt transactions of the United States.
SEC. 7. The Export-Import Bank of Washington shall not have outstanding at any one time loans and guaranties in an aggregate amount
in excess of three and one-half times the authorized capital stock of
the Bank.
SEC. 8. The provisions of the existing charter of the Bank relating
to the term of its existence, to the management of its affairs, and to
its capital stock are superseded by the provisions of this Act and



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the Bank shall be exempt from compliance with any provisions of
law relating to the amendment of certificates of incorporation or to
the retirement or increase of stock of District of Columbia Coi'L orations and from the payment of any fee or tax to the Recorder of Deeds
of the District of Columbia determined upon the value or amount of
capital stock of the Bank or any increase thereof.
SEC. 9. The Export-Import Bank of Washington shall transmit to
the Congress semiannually a complete and detailed report of its
operations. The report shall be as of the close of business on June
30 and December 31 of each year.
SEC. 10. Section 9 of the Act of January 31,1935 (49 Stat. 4, ch. 2) r
as amended, is repealed.
SEC. 11. Notwithstanding the provisions of the Act of April 13,
1934 (48 Stat., ch. 112, p. 574), any person, including any individual,
partnership, corporation, or association, may act for or participate
with the Export-Import Bank of Washington in any operation or
transaction, or may acquire any obligation issued in connection with
any operation or transaction, engaged in by the Bank.
Approved July 31, 1945.