An Act to amend certain lending limitations on real estate and construction loans applicable to national banks
PL 87-717 (H.R.7796), enacted 09/28/1962

662 
PUBLIC LAW 87-717-SEPT. 28, 1962 
[76 STAT. 
RULES OF 
CONSTRUCTION 
SEC. 28. (1) The rule that statutes in derogation of the common law 
are to be strictly construed shall have no application to this Act. 
(2) This Act shall be so interpreted and construed as to effect its 
general purpose to make uniform the law of those States which enact it. 
(3) This Act shall not be so construed as to impair the obligations 
of any contract existing when the Act goes into effect, nor to affect any 
action on proceedings begun or right accrued before this Act takes 
effect. 
RULES FOR CASES NOT PROVIDED FOR I N THIS ACT 
SEC. 29. Iii any case not provided for in this Act the rules of law and 
equity, including the law merchant, shall govern. 
PROVISIONS FOR EXISTING LIMITED PARTNERSHIPS 
31 Stat. 1189. 
SEC. 30. (1) A limited partnership formed under the Act approved 
March 3, 1901, as amended, prior to the adoption of this Act, may 
become a limited partnership under this Act by complying with the 
provisions of section 2: Provided^ That the certificate sets forth— 
(a) the amount of the original contribution of each limited 
partner, and the time when the contribution was made, and 
(b) that the property of the partnership exceeds the amount 
sufficient to discharge its liabilities to persons not claiming as 
. general or limited partners by an amount greater than the sum 
of the contributions of its limited partners. 
(2) A limited partnership formed under the Act approved March 
3, 1901, as amended, prior to the adoption of this Act, until of unless 
it becomes a limited partnership und:er this Act, shall continue to be 
governed by the provisions of Thirty-fii-st Statutes at Large, page 
D. c. Code 41- 
1415, chapter 854, sections 1498-1506, 1508, 1510-1528, as amended, 
iii-*4i^ii3°to ^* 
except that such partnership shall not be renewed unless so provided 
41-131. 
in the original agreement. 
> 
REPEAL 
^ 
SEC. 31. Except as affecting existing limited partnerships to the 
extent set forth in section 30, Thirty-first Statutes at Large, page 
1415, chapter 854, sections 1498-1506, 1508, 1510-1528, as amended, 
is hereby repealed. 
Approved September 28, 1962. 
Public Law 87-717 
September28, 1962 
A N 
A C T 
[H. R. 7796] 
'p,) amend certain lending limitations on real estate and construction loans 
applicable to national banks. 
Be it enacted hy the Senate and House of Representatives 
of the 
National banks. United States of America in Congress assembled,. That the fourth 
consmictionlo^l, sentence of the first paragraph of section 24 of the Federal Keserve 
lending iimita- 
' Act (12 U.S.C. 371) is amended to read as follows: "No such associa-
"eTstat. 634. 
t^o^ shall make such loans in an aggregate sum in excess of the amount 
of the capital stock of such association paid in and unimpaired plus 
the amount of its unimpaired surplus fund, or in excess of 70 per 
centum of the amount of its time and savings deposits, whichever is 
the greater." 
76 STAT.] 
PUBLIC LAW 87-718-SEPT. 28, 1962 
663 
SEC. 2. The first sentence of the third paragraph of section 24 of the 
Federal Reserve Act (12 U.S.C. 371) is amended to read as follows: 
"Loans made to finance the construction of industrial or commercial 
buildings and having maturities of not to exceed eighteen months 
where there is a valid and binding agreement entered into by a fi-
nancially responsible lender to advance the full amount of the bank's 
loan upon completion of the buildings and loans made to finance the 
construction of residential or farm buildings and Having maturities 
of not to exceed eighteen months, shall not be considered as loans se-
cured by real estate within the meaning of this section but shall be 
classed as ordinary commercial loans whether or not secured by a 
mortgage or similar lien on the real estate upon which the building 
or buildings are being constructed: Provided^ That no national bank-
ing association shall invest in, or be liable on, any such loans in an 
aggregate amount in excess of 100 per centum of its actually paid-in 
and unimpaii*ed capital plus 100 per centum of its unimpaired surplus 
fund." 
Approved September 28, 1962. 
73 Stat. 489. 
Public Law 87-718 
AN ACT 
To provide further for cooperation with States in administration and enforcement 
of certain Federal laws. 
September 28, 1962 
[S. 3475] 
Be it enacted by the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That, in order to 
avoid duplication of functions, facilities, and personnel, and to attain 
closer coordination and greater effectiveness and economy in adminis-
tration of Federal and State laws and regulations relating to the mar-
keting of agricultural products and to the control or eradication of 
plant and animal diseases and pests, the Secretary of Agriculture is 
hereby 
authorized, in the administration and enforcement of such 
Federal laws within his area of responsibility, whenever he deems 
it feasible and in the public interest, to enter into cooperative arrange-
ments with State departments of agriculture and other State agencies 
charged with the administration and enforcement of such State laws 
and regulations and to provide that any such State agency which has 
adequate facilities, personnel, and procedures, as determined by the 
Secretary, may assist the Secretary m the administration and enforce-
ment of such Federal laws and regulations to the extent and in the 
manner he deems appropriate in the public interest. 
Further, the Secretary is authorized to coordinate the administra-
tion of such Federal laws and regulations with such State laws and 
regulations wherever feasible. 
However, nothing herein shall affect 
the jurisdiction of the Secretary of Agriculture under any Federal 
law, or any authority to cooperate with State agencies or other agencies 
or persons under existing provisions of law, or affect any restrictions 
of law upon such cooperation. 
Approved September 28, 1962. 
Agriculture 
Dept. 
Federal law en-
forcement, coop-
eration with State 
agencies.