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VOLUME 18

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NUMBER 190

Washington, Tuesday, September 29, J 953

TITLE 3 THE PRESIDENT
EXECUTIVE ORDER 10489
Providing for the Administration op Certain L oan and L oan G uarantee Functions U nder the D efense P ro duction Act of 1950, as Amended
By virtue of the authority vested in me by the Constitution and laws of the United States, including the Defense Production Act of 1950, as amended 50
U. S. C. App. 2061 et seq., and the Re construction Finance Corporation Liqui dation Act 67 Stat. 231; Public Law 163, approved July 30, 1953, and as Presi dent of the United States and Command er in Chief of the armed forces of the United States, it is hereby ordered that section 310 of the Executive Order Fur ther Providing for the Administration of the Defense Mobilization Program, being Executive Order No. 10480 of August 14,1953 18 F. R. 4942; shall be, and it is hereby, amended, effective at the close of business on September 28, 1953, to read as follows;
Sec. 310. a The Secretary of the Treasury, hereafter in this section re ferred to as the Secretary, is hereby au thorized and directed to make loans including participations in, or guaran tees of, loans to private business enter prises including research corporations not organized for profit for the expan sion of capacity, the development of technological processes, and the produc tion of essential materials, including the exploration, development, and mining of strategic and critical metals and min erals, exclusive of such expansion, de velopment and production in foreign countries, as authorized by and subject to section 302 of the Defense Production Act of 1950, as amended. The functions signed to the Secretary by this section include the administration and servicing of all loans including participations in r guarantees of, loans made by the Reconstruction Finance Corporation Prior to September 29, 1953, pursuant tc the said section 302. terms and conditions as the Secretary shall determine, 2 shall be made only after the Secretary has determined in each instance that financial assistance is not available on reasonable terms from private sources or from other govern mental sources, and 3 shall be made only upon certificate of essentiality of the loan, which certificate shall be made by the Director of the Office of Defense Mobilization.
c Applications for loans under sec tion 310 a hereof shall be received from applicants by the Secretary or by such agencies of the Government as the Secretary shall designate for this purpose.