Page:United States Statutes at Large Volume 53 Part 2.djvu/931

 53 STAT.] 76TH CONG.. IST SESS.-CHS. 689, 690-AUG. 11, 1939 sedeas, appeal, attachment, or garnishment bonds, executed by sure- ties without security, for and in any action brought against such railroad corporation or trustees appointed pursuant to this section, shall be preferred and paid out of the assets of such railroad corpora- tion as operating expenses of such railroad." Approved, August 11, 1939. [CHAPTER 690] AN ACT To facilitate the execution of arrangements for the exchange of surplus agricul- tural commodities produced in the United States for reserve stocks of strategic and critical materials produced abroad. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That, notwithstand- ing any other provision of law, whenever the President, by and with the advice and consent of the Senate, has concluded a treaty involving the exchange of surplus agricultural commodities produced in the United States which are held under loans made or made available by the Commodity Credit Corporation for stocks of strategic and critical materials produced abroad, the Commodity Credit Corpora- tion is authorized, upon terms and conditions prescribed by the Sec- retary of Agriculture, to accept such strategic and critical materials in exchange for such surplus agricultural commodities; and for the purpose of such exchange the Secretary of War, the Secretary of the Navy, and the Secretary of the Interior acting jointly through the agency of the Army and Navy Munitions Board shall determine which materials are strategic and critical and the quantity and quality of such materials. In order to carry out the provisions of this Act the Commodity Credit Corporation is authorized, upon terms and conditions prescribed by the Secretary of Agriculture, to procure, convey, transport, handle store, maintain, or rotate such surplus agri- cultural commodities, and such reserve stocks of strategic and critical materials, as may be necessary to accomplish the purposes of this Act. The Commodity Credit Corporation is authorized and directed to transfer to warehouses in or near cotton manufacturing centers in New England not to exceed three hundred thousand bales of cotton, to which it now has title or may hereafter acquire title, having regard for the grades and staples customarily required by manu- facturers in that area: Provided, That all necessary costs in connec- tion with such transfer will not result in additional net cost to the Corporation. In determining specific cotton to be exchanged under this Act, the determination shall be made by sampling and selection at the place where the cotton is stored on the date of ratification of a treaty pro- viding for such exchange, and no cotton shall be exchanged under such treaty which, after such date, is transported to another place and there sampled and selected. Such reserve stocks of strategic and critical materials shall be stored on military or naval reservations or in other locations approved by the Secretary of War and the Secre- tary of the Navy. The Commodity Credit Corporation is authorized to transfer such reserve stocks of strategic and critical materials, upon such terms and conditions as the Secretary of Agriculture shall approve, to any other governmental agency. Such reserve stocks or strategic and critical materials shall be made available or disposed of by the Commodity Credit Corporation or other governmental agency only upon order of the President in accordance with the terms of the 1407 August 11, 1939 [S. 26971 [Public, No. 387] Surplus agricultural commodities. Exchange of, for re- serve stocks of strate- gic, etc., materials pro- duced abroad. Determination of strategic,etc.,materials; quantity and quality. Duties of Commod- ity Credit Corpora- tion. Warehousing of cot- ton. Proviso. Cost restriction. Determination of specific cotton to be exchanged; method. Storage of reserve stocks of strategic, etc., materials. Transfer to other governmental agencies. Disposition.

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