Page:United States Statutes at Large Volume 50 Part 1.djvu/556

 75TH CONGRESS, 1ST SESSION-CH. 517-JULY 22, 19 37 SURVEYS AND RESEARCH SEC. 47. The Secretary is authorized to conduct surveys, investiga- tions, and research relating to the conditions and factors affecting, and the methods of accomplishing most effectively, the purposes of this Act, and may publish and disseminate information pertinent to the various aspects of his activities. VARIA BLE P AYMEN TS SEC. 48. The Secretary may provide for the payment of any obliga- tion or indebtedness to him under this Act under a system of variable payments under which a surplus above the required payment will be c ollec ted i n peri ods o f abo ve-no rmal produc tion or pr ices and employed to reduce payments below the required payment in periods of subnormal production or prices. SET-OFF SEC. 49. No set-off shall be made against any payment to be made by the Secretary to any person under the provisions of this Act, by reason of any indebtedness of such person to the United States, and no debt due to the Secretary under the provisions of this Act shall be set off against any payments owing by the United States, unless the Secretary shall find that such set-off w ill not ad versely aff ect the objectives of this Act. TAXATION SEC . 50 . (a) All property which is being utilized to carry out the purposes of title I or title II of this Act (other than property used solely for administrative purposes) shall, notwithstanding that legal title to such property remains in the Secretary or the Corporation, be subject to taxation by the State, Territory, District, dependency, and political subdivision concerned, in the same manner and to the same extent as other similar property is taxed. (b) All property to which subsection (a) of this section is inappli- cable which is held by the Secretary or the Corporation pursuant to this Act shall be exempt from all taxation now or hereafter imposed by the United States or any State, Territory, District, dependency, or po litical subdivision, but nothing in th is subsection shall be construed as affecting the authority or duty of the Secretary under any other law to make payments in respect of any such property in lieu of taxes. BID AT FORECLOSURE SEC. 51. The Secretary is authorized and empowered to bid for and purchase at any foreclosure or other sale, or otherwise to acquire property pledged or mortgaged to secure any loan or other indebted- ness owing under this Act ; to accept title to any property so pur- chased or acquired ; to operate or lease such property for such period as may be deemed necessary or advisable to protect the investment therein ; and to sell or otherwise dispose of such property so pur- chased or acquired upon such terms and for such considerations as the Secretary shall determine to be reasonable, but subject to the reservation of the rights provided for in section 44. PENALTIES SEC. 52 . (a) Whoever makes any material representation, knowing it to be false, for the purpose of influencing in any way the action of the Corporation upon any application, advance, discount, purchase, or re purchase agreement, contract of sale, lease, or loan, or a ny change Set- off. Restriction. Penalties . 531 Surveys and re- search . Variable payments, Taxation . Ant e, p p. 522,525. Bid at foreclosure. Powers of Secretary.