AZ vs. CA:14 California Exhibits, Vol. XIV; Nos. 2051-2100

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15 1 (a) To pay interest on the bonds and create a fund 2 for their payment. 3 (M To develop and improve its plants and equipment. 4 (c) To create a reserve or surplus fund until such fund 5 amounts to $2,500,000. 6 (d) The remainder to be paid as dividends on the stock 7 into the Treasury of the United States as miscellaneous 8 receipts. 9 MISCELLANEOUS 10 The corporation shall not have power to mortgage or 11 pledge its assets, or to issue bonds secured by any of, its 12 properties; except as hereinbefore provided. 18 The United States shall not be liable for any debts, 14 obligations, or other liabilities of the corporation, except 15 the principal and interest of the bond issue herein provided 16 for. 17 The corporation and all of its assets shall be deemed 18 and held to be instrumentalities of the United States and as 19 such they and the income derived therefrom shall be exempt 20 from Federal, State, and local taxation. The directors, 21 officers, attorneys, experts, assistants, clerks, agents, and 22 other employees of the corporation shall not be officers <-«• 28 employees of the United States within the meaning of any 24 statutes of the United States and the property and moneys 25 belonging to said corporation, acquired from the United