An Act to repeal the act of May 27, 1912, which authorized and directed the Secretary of the Treasury to sell certain land to the First Baptist Church of Plymouth, Mass.
PL 86-347 (S.1473), enacted 09/22/1959

624 
PUBLIC LAW 86-347-SEPT. 22, 1959 
[73 ST A T . 
68A Stat. 302. 
68A Stat. 302. 
72 Stat. 1641. 
61 Stat. 180. 
Effective date. 
(c) Section 1031(b) of such Code (relating to gain from exchanges 
of property not solely in kind) is amended by striking out "the pro-
visions of subsection (a), of section 1035(a), or of section 1036(a)," 
and inserting in lieu thereof "the provisions of subsection (a), of 
section 1035(a), of section 1036(a), or of section 1037(a),". 
(d) Section 1031(c) of such Code (relating to loss from exchanges 
of property not solely in kind) is amended by striking out "the pro-
visions of subsection (a), of section 1035(a), or of section 1036(a)," 
and inserting in lieu thereof "the provisions of subsection (a), of sec-
tion 1035(a), of section 1036(a), or of section 1037(a),". 
(e) Section 1031(d) of such Code (relating to basis in the case of 
exchanges of property held for productive use or investment) is 
amended by striking out "this section, section 1035(a), or section 
1036(a)," each place it appears in the first and second sentences 
thereof and inserting in lieu thereof "this section, section 1035(a), 
section 1036(a), or section 1037(a),". 
SEC. 202. Section 4(a) of the Public I)ebt Act of 1941, as amended 
(31 U.S.C., sec. 742a), is amended by striking out "under the Internal 
Revenue Code, or laws amendatory or supplementary thereto" and 
inserting in lieu thereof "except as provided under the Internal 
Revenue Code of 1954". 
SEC. 203. Tlie amendments made by this title shall be effective for 
taxable years ending after the date of enactment of this Act. 
Approved September 22, 1959. 
September 22, 1959 
[S. 1473] 
Public Law 86-347 
AN ACT 
To repeal the Act of May 27, 1912, which authorized and directed the Secretary 
of the Treasury to sell certain land to the First Baptist Church of Plymouth, 
Massachusetts. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the Act of 
May 27, 1912 (37 Stat. 117, ch. 134) is hereby repealed. 
Approved September 22, 1959. 
Public Law 86-348 
September 22, 1959 
[S. 2362] 
AN ACT 
To authorize the Secretary of the Army to convey to the city of Arlington, 
Oregon, certain lands at the John Day lock and dam project. 
Be it enacted by the /Senate and House of Representatives 
of the 
c^n(^ya^ce°'^**'* United States of America in Congress assembled. That whenever the 
Secretary of the Army determines that any land within the corporate 
limits of the city of Arlington, Oregon, acquired for construction of 
the John Day lock and dam as authorized by the River and Harbor 
Act of May 17, 1950 (64 Stat. 163, 167), is no longer required for 
project purposes, he is authorized and directed, subject to the further 
provisions of this Act, to convey to the city of Arlington all right, 
title, and interest of the United States therein. 
73 S T A T . ] 
PUBLIC LAW 86-349-SEPT. 22, 1969 
SEC. 2. Any conveyances made pursuant to this Act shall be (A) 
at market value as determined by the Secretary of the Army in ac-
cordance with the formula set forth in section 3 of this Act; (B) upon 
term? and conditions determined by the said Secretary to be in the 
public interest; and (C) subject to reservations and restrictions de-
termined by the said Secretary to be necessary for the development, 
maintenance, or operation of the John Day lock and dam project. 
SEC. 3. The market value of any property conveyed under this Act 
shall be equal to the price for which the land was acquired by the 
United States, adjusted to reflect (A) any increase in the value thereof 
resulting from improvements placed thereon by the United States, 
excluding, however, any enhancement in value resulting from the 
construction of the John Day lock and dam; or (B) any decrease in 
the value thereof resulting from (1) any reservation, exception, 
restriction, or condition to which the conveyance is made subject; 
and (2) any damage to the land caused by the United States. 
SEC. 4. The Secretary of the Army may delegate any authority 
conferred upon him by this Act to any officer or employee of the 
Department of the Army. Any such officer or employee shall exercise 
the authority so delegated under rules and regulations approved by 
the Secretary. 
SEC. 5. The {proceeds from any conveyance made under this Act 
shall be covered into the Treasury of the United States as miscellaneous 
receipts. 
SEC. 6. This Act shall terminate six years after the date of its 
enactment. 
Approved September 22, 1959. 
625 
Termination. 
Public Law 86-349 
AN ACT 
To amend section 7 of the Federal Home Loan Bank Act, as amended. 
September 22,19S9 
[S. 2517] 
Be it enacted by the Senate and House of Representatives 
of the 
United States of Amerioa in Congress assembled^ That subsection (a) L
<
f *'^B ' r k"A""* 
of section 7 of the Federal Home Loan Bank Act, as amended, is amendment! 
hereby amended by striking out the language in the first sentence after gtaf ^'ifo* ^^^' ^^ 
the first colon and inserting in lieu of the matter so stricken the follow- 
12' use 1427. 
ing: ''''Provided^ That the Board may by regulation increase the num-
ber of elective directors of any Federal home loan bank having a 
district which includes five or more States to a number not exceeding 
thirteen, but any additional elective directors shall be apportioned as 
nearly as may be practicable in the same manner and order as is 
provided for the apportionment of elective directors under subsections 
(c) and (d) hereof: Provided further^ That there shall not be less 
than one nor more than three elective directors from any of the 
States in any district in which the number of elective directors is 
increased." 
SEC. 2. Subsection (b) of said section 7 is hereby amended by 
adding thereto at the end thereof the following sentence: "In the 
case of any district in which the Board has by regulation increased 
the number of elective directors pursuant to subsection (a) the Board 
may by regulation provide for an additional number of directors 
to be appointed and to hold office as provided in the first sentence of 
this subsection, but the total number of appointive directors shall 
not exceed one-half the total number of elective directors in such