Executive Order  No. 74: (1st Series) Participation of Massachusetts banks in federal loan guaranty program for veterans under P.L. 78-346

WHEREAS, the maintenance of morale among servicemen of the armed forces of the United States is vital to the prosecution of the war; and

WHEREAS, it is believed that the morale of servicemen will be maintained and strengthened by making immediately available to eligible servicemen the benefits provided by Public Law 346 - 78th Congress, chapter 268, 2d Session, cited as the "Servicemen's Readjustment Act of 1944" approved June 22, 1944; and

WHEREAS, Title III of said Act provides that servicemen meeting certain requirements may apply to the Administrator of Veterans' Affairs for the guaranty by the Administrator of not to exceed 50 per centum of a loan or loans for the purchase or construction of homes, the purchase of farms and farm equipment, and the purchase of business property, subject to certain limitations set forth in said Title III; and

WHEREAS, the provisions of existing laws of the Commonwealth, in enumerating the investments that savings banks, co-operative banks, trust companies, credit unions and insurance companies may make, do not include the authority for said institutions to make loans under the provisions of said Title III; and

WHEREAS, it is the duty, obligation and desire of the Commonwealth to take appropriate action to co-operate in the readjustment in civilian life of returning World War II veterans;

NOW, THEREFORE, I, Leverett Saltonstall, Governor of the Commonwealth of Massachusetts, acting under the provisions of Acts of 1941, chapter 719, as amended by Acts of 1943, chapter 3, Acts of 1942, chapter 13, section 2 (14), (9), and section 3, as amended, and all other authority vested in me, do hereby issue this order as a measure necessary and expedient for meeting the supreme emergency of the existing state of war between the United States and certain foreign countries.

I.

Any savings bank, co-operative bank, trust company, credit union or insurance company doing business in this Commonwealth is hereby authorized and empowered to make loans and advances of credit to those applicants who procure the guaranty of the Administrator of Veterans' Affairs pursuant to, and in accordance with, the provisions of Title III of Public Law 346 - 78th Congress, chapter 268, 2d Session, entitled "An Act to provide Federal Government aid for the readjustment in civilian life of returning World War II veterans" and any additions thereto or amendments thereof and in accordance with the rules and regulations made thereunder, and in accordance with such rules and regulations as may be prescribed from time to time by the Commissioner of Banks or the Commissioner of Insurance under the authority hereinafter granted to said Commissioners.

II.

The Commissioner of Banks is hereby authorized and empowered to make such rules and regulations with reference to savings banks, co-operative banks, trust companies and credit unions as he deems necessary or expedient to carry out the provisions of this order.

III.

The Commissioner of Insurance is hereby authorized and empowered to make such rules and regulations with reference to insurance companies as he deems necessary or expedient to carry out the provisions of this order.

IV.

Nothing contained in General Laws (Ter. Ed.), chapters 167, 168, 170, 171, 172 or 175, shall be deemed to prohibit or limit in any way the authority granted by this order.

V.

Nothing contained in this order shall be deemed to abridge any power or authority conferred upon the Commissioner of Banks or the Commissioner of Insurance by any other provision of law.

GIVEN at the Executive Chamber in Boston, this eighteenth day of October in the year of our Lord one thousand nine hundred and forty-four, and of the Independence of the United States of America, the one hundred and sixty-ninth.

By His Excellency the Governor,
LEVERETT SALTONSTALL

FREDERIC W. COOK,
Secretary of the Commonwealth