An Act to permit national banks to make 20-year real-estate loans, 9-month residential construction loans
PL 84-343 (S.1189), enacted 08/11/1955

69 
S T A T . ] 
PUBLIC LiAW 343-AUG. 11, 1955 
633 
SEC. 2. The Secretary of the Interior is authorized to accept dona-
tions of funds for rehabilitation and preservation of the historic 
properties including any made upon condition that such funds are to 
be expended only if Federal funds in an amount equal to the donated 
funds are appropriated for such purposes. 
There are authorized to 
be appropriated such funds as may be necessary to match funds that 
may be donated for purposes of this Act. 
SEC. 3. The Federal Hall Memorial National Historic Site, estab-
lished pursuant to the Historic Sites Act of August 21, 1935 (49 Stat. 
666), shall hereafter be known as the "Federal Hall National 
Memorial". 
Approved August 11, 1955. 
Appropriation. 
16 u s e 461-467. 
Public Law 342 
CHAPTER 780 
AN ACT 
To authorize the Secretary of Commerce, acting through the Coast and Geodetic 
Survey, to assist the States of Maryland and Delaware to reestablish their 
common boundary. 
August 11, 1955 
[S. 987] 
Be it enacted hy the Senate and House of Representatives 
of the 
United, States of Atnerica in Congress assembled, That the Secretary 
of Commerce, acting through the Coast and Geodetic Survey, is au-
thorized and directed, upon the joint request of (1) the Board of 
Natural Resources of the State of Maryland, and (2) the State 
Archivist and the Chief Engipeer of the Highway Department of the 
State of Delaware, to resurvey that part of the common boundary 
running generally north and south between the States of Maryland 
and Delaware which was originally surveyed and marked by Charles 
Mason and Jeremiah Dixon in the years 1763-1767 wdth a view to 
assisting such States to remark or otherwise delineate such boundary. 
Approved August 11, 1955. 
Coast and Geo-
detic Survey. 
Md.-Del.' bound-
ary, resurvey. 
Public Law 343 
CHAPTER 781 
AN ACT 
To permit national banks to make twenty-year real estate loans, and nine-month 
residential construction loans. 
August 11, 1955 
[S. 1189] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the first para-
graph of section 24 of the Federal Reserve Act, as amended (U. S. C, 
1952 edition, title 12, sec. 371), is amended to read as follows: 
"SEC. 24. Any national banking association may make real estate 
loans secured by first liens upon improved real estate, including im-
proved farmland and improved business and residential properties. 
A loan secured by real estate within the meaning of this section shall 
be in the form of an obligation or obligations secured by a mortgage, 
trust deed, or other instrument upon real estate, which shall con-
stitute a first lien on real estate in fee simple or, under such rules 
and regulations as may be prescribed by the Comptroller of the Cur-
rency, on a leasehold (1) under a lease for not less than ninety-nine 
years which is renewable or (2) under a lease having a period of 
not less than fifty years to run from the date the loan is made or 
acquired by the national banking association, and any national bank-
ing association may purchase any obligation so secured w'hen the 
National banks. 
Real estate and 
r e s i d e n tial con-
struction loans. 
38 Stat. 273.