Section 3
SEC. 3. Section fifteen of Act Numbered Twenty-five hundred and eight, as amended by Act Numbered Thirty-seven hundred and forty-six, is hereby further amended to read as follows: "SEC. 15. The period of duration of the loans shall not exceed one year, which period may be extended for a time to exceed five years by annual extensions, but such period of duration shall not be considered extended unless the borrower has so requested in writing and the board of directors shall approve the same: Provided, however, That the Director of Commerce may, in exceptional cases, upon the recommendation of the board of directors, grant further annual extensions, not exceeding five years."