Page:United States Statutes at Large Volume 48 Part 1.djvu/1085

 73d CONGRESS. SESS. II. C H. 648. JUNE 19, 1934. 1059 "(e) The Secretary of Agriculture is authorized to use in his Use of advances. discretion any funds obtained by him pursuant to the provisions of subsection (a) or (b) of this section or of section 5 for making advances to any agency which may have been or may be established by the Secretary of Agriculture for the handling, carrying, insuring, or marketing of any cotton acquired by the Secretary of Agriculture, to enable any such agency to perform, exercise, and discharge any of the duties, pr ivileges, and functions wh ich such agency may be authorized to perform, exercise, or discharge . `' (f) The proceeds derived from the sale of cotton shall be held for saemcee da pedal do n he ld the Secretary of Agriculture by the Treasurer of the United States posit a ccount . i n a special deposit account and shall be used by the Secretary of use of . Agriculture to discharge the obligations incurred under authority of part 1 of this title. Whenever any cotton shall be marketed the net Reimburseme nt of proceeds (after discharge of other obligations incurred with respect treasury . thereto) derived from the sale thereof shall be used, to the extent required, to reimburse the Treasury for such portion of the funds hereby provided for as shall have been used, which shall be covered into the Treasury as a miscellaneous receipt. If when all of the cotton acquired by the Secretary of Agriculture shall have been marketed and all of the obligations incurred with respect to such cotton shall have been discharged, and the Treasury reimbursed for any and al l sums whi ch may hav e been adv anced pursuant to Balance covered in. subsection (b), there shall remain any balance in the hands of the Secretary of Agriculture, such balance shall be covered into the Trea sury as misc ella neou s re ceip ts ." Section 5 of the Agricultural Adjustment Act, as amended, is Ante, p. a3 . amended to rea d as follows " SEC. 5. Th e Reco nstruc tion Financ e Corporation is hereby Recon stru ctio n Fl- !G corp orati on. authorized and directed to advance money and to make loans to the . Loans by, for fmanc- Secretary of Agriculture for the purpose of providing funds with mg cotton' which to enable the Secretary of Agriculture to perform the duties and functions which he is directed or authorized to perform under the provisions of part 1 of this title, provided such advance of money L imita tion. or such loans shall not be for amounts in excess of the market value of the cotton, or the interest of the Secretary of Agriculture in the cotton, against which the advance or loan is to be made at the time such advance or loan may be applied for by the Secretary of Agri- culture, plus costs, expenses, and commissions incurred incidental to handling, carrying, and marketing of such cotton. The Secretary Security. of Agriculture shall not be required to pledge or deposit warehouse receipts or other evidences of title to cotton as security for any advance of money or loans made pursuant hereto, but it shall be sufficient if the Secretary shall give to the Reconstruction Finance Corporation a written statement showing the quantity of cotton by weight and the average grade and staple of the cotton against which the advance or loan is to be made. The amoun t of n otes, bonds. Bond, etc ., issue, debentures, and other obligations which the Reconstruction Finance authorized. Corporation is authorized and empowered to issue and to have out- standing at any one time under existing law is hereby increased by an amount sufficient to carry out the provisions of this section ." TREASURY DEPARTMENT OIPICE OF THE SECRETARY Salaries, Office of the Secretary of the Treasury : For an addi- tional amount for salaries, Office of the Secretary of the Treasury, under the authority contained in sections 512 and 513 of the Reve- nue Act of 1934, creating the Office of General Counsel for the Treasury De par t- ment . Secretary's office . O ffice of General Counsel . Ante, p . 758.