Chapter XC. *to amend an Act entitled “An Act to incorporate the Freedman’s Sailings and Trust Company,” approved March third, eighteen hundred and sixty-five*
256 words·~1 min read·
/statutes-at-large/vol-16/chapter-xc-515925·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CHAP. XC.— An Act *to amend an Act entitled “An Act to incorporate the Freedman’s Sailings and Trust Company,” approved March third, eighteen hundred and sixty-five*. May 6, 1870.1365, ch. 92, § 5.Vol. xiii. p. 511. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Freedman’s Savings and Trust Company may invest in mortgages; That the fifth section of the act entitled “An act to incorporate the Freedman’s Savings and Trust Company,” approved March third, eighteen hundred and sixty-five, be, and the same is hereby, amended by adding thereto at the end thereof the words following:
“And to the extent of one half in bonds or notes, secured by mortgage on real estate in double the value of the loan; and the corporation is also authorized hereby to hold and improve the realmay improve certain of its real estate. estate now owned by it in the city of Washington, to wit: the west half of lot number three; all of lots four, five, six, seven, and the south half of lot number eight, in square number two hundred and twenty-one, as laid out and recorded in the original plats or plan of said city : *Provided*,Proviso.
That said corporation shall not use the principal of any deposits made with it for the purpose of such improvement.” Sec. 2. *And be it further enacted*, That Congress shall have the rightAct may be altered, &c. to alter or repeal this amendment at any time. Approved, May 6, 1870.