Sec. 28.1. Designation of departments, agencies and instrumentalities of the United States and the State of New York

Pursuant to Banking Law, section 103.1(a), the superintendent hereby designates:

(a) Departments, agencies and instrumentalities of the United States.

(1) Export-Import Bank of Washington.

(2) Economic Development Administration, but only to the extent that such administration has agreed to pay the principal and interest of a loan or extension of credit, or has guaranteed payment (by guaranty or commitment to purchase or otherwise) of such principal and interest.

(3) Commodity Credit Corporation, but only to the extent that a loan or extension of credit is secured or covered by a guaranty, or by a commitment or agreement to take over or to purchase, made by such corporation, and such guaranty, agreement or commitment is unconditional and must be performed by payment of cash or its equivalent within 60 days after demand.

(4) Any guaranteeing agency designated or authorized by the President under section 301 or 302 of the Defense Production Act of 1950, as amended (50 App. U.S.C.A. §§ 2091, 2092), and any Federal Reserve Bank acting on behalf of any such agency, but only to the extent such agency or bank has guaranteed a loan or extension of credit (by commitment to purchase, agreement to share losses, or otherwise) against loss of principal and interest, or has made a commitment to make such guaranty.

(b) Departments, agencies and instrumentalities of the State of New York.

The Municipal Assistance Corporation for the City of New York, provided that such corporation has agreed to pay the principal and interest on a loan or extension of credit, or has guaranteed payment (by guaranty or commitment to purchase or otherwise) of such principal and interest, or is committed to supply, by loan, subsidy or otherwise, funds sufficient to pay such principal and interest, or has otherwise pledged its faith and credit for the payment of such principal and interest.