An Act to promote public cooperation in the rehabilitation and preservation of the Nations important historic properties in the New York City area, and for other purposes.
PL 84-341 (S.732), enacted 08/11/1955

632 
PUBLIC LAW 341-AUG. 11, 1955 
[69 ST A T . 
63 Stat. 145. 
Appropriation. 
incident thereto, upon the condition that one qualified person ap-
pointed by the President of the United States shall participate in such 
negotiations as chairman, representing the United States, and shall 
make a report to the President and to the Congress of the proceedings 
and of any compact entered into. 
Such compact shall not be binding 
or obligatory upon any of the parties thereto until it shall have been 
ratified by the legislatures of each of the respective States, and con-
sented to by the Congress of the United States: Provided^ That any 
compact negotiated under the authority of this Act shall recognize the 
respective rights of the States of Kansas and Colorado in the waters 
of the Arkansas River, as established by the Arkansas River Compact 
consented to by Public Law 82, Eighty-first Congress, first session. 
SEC. 2. There is hereby authorized to be appropriated a sufficient 
sum to pay the salary and expenses of the representative of the United 
States appointed hereunder: Provided., That such representative, if 
otherwise employed by the United States while so employed, shall not 
receive additional salary in the appointment hereunder. 
Approved August 11, 1955, 
August 11, 1955 
[S. 732] 
Public Law 341 
CHAPTER 779 
AN ACT 
To promote public cooperation in the rehabilitation and preservation of the 
Nation's important historic properties in the New York City area, and for 
other purposes. 
N e w 
York City 
N a t i o nal Shrine s 
Advisory Board. 
Preservation 
of 
historic properties. 
R e p o r t to Con-
gress. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of Ainerica in Congress assembled., That the Secretary 
of the Interior is authorized to appoint an advisory board, to be known 
as the New York City National Shrines Advisory Board. 
The mem-
bership of the Board may not exceed eleven persons. 
The Secretary 
shall appoint one member to represent the city of New York, one mem-
ber to represent the State of New York, and one member to represent 
the Borough of Manhattan, after consideration of such recommenda-
tions as may be made by the mayor of New York City, the Governor 
of New York State, and the President of the Borough of Manhattan 
for the appointment of the representatives of their respective juris-
dictions. 
The remaining membership of the Board shall be appointed 
from the various historical and civic organizations interested in 
effectuating the purposes of this Act. 
The Secretary shall, at the 
time of appointment, designate one of the members to serve as 
Chairman. 
Members of the Board shall receive no compensation for 
their services, but may be paid any necessary traveling and subsistence 
expenses incurred in the discharge of their duties, when authorized 
by the Secretary of the Interior. 
The functions of the Board shall be to render advice to the Secretary 
of the Interior and to further public participation in the rehabilitation 
and the preservation of those historic properties in the New York 
City area that are of great national significance, identified as the 
Federal Hall National Memorial, Castle Clinton National Monument, 
and the Statue of Liberty National Monument. 
The Board shall 
conduct a study of these historic properties and submit recommenda-
tions concerning their preservation and administration to the Secre-
tary of the Interior, such report and recommendations of the Board 
to be transmitted to the Congress by the Secretary of the Interior, 
together with his recommendations thereon, within one year following 
the date of the establishment of the Board. 
The Board shall cease 
to exist when the Secretary of the Interior shall find that its purposes 
have been accomplished. 
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.