Page:United States Statutes at Large Volume 56 Part 1.djvu/381

 56 STAT.] 77TH CONG. , 2D SESS.-CH. 404-JUNE 11, 1942 Chairman of the War Production Board to be a competent Govern- ment contractor with respect to capacity and credit as to a specific Government procurement contract, the Secretary of War, the Secre- tary of the Navy, the Director of the Procurement Division of the Treasury, and all other officers of the Government having procure- ment powers are directed to accept such certification as conclusive, and are authorized to let such Government procurement contract to such concern or group of concerns without requiring it to meet any other requirements with respect to capacity and credit. The Con- gress hereby recognizes the fact that business concerns operating small plants are frequently unable to produce certain articles at as low a per unit cost as business concerns operating large plants and that, as a consequence of such fact, in order to mobilize the Nation's full productive capacity, including both large and small plants, it may be necessary for the Government to pay a higher per unit price for such articles to business concerns operating small plants than it pays to business concerns operating large plants. SEc. 4. (a) There is hereby created a body corporate under the name "Smaller War Plants Corporation" (hereinafter referred to as the "Corporation"). The principal office of the Corporation shall be located in the' District of Columbia, but the Corporation may establish such branch offices in other places in the United States as may be determined by the board of directors. (b) The Corporation shall have capital stock of $150,000,000, sub- scribed for by the United States through the Secretary of the Treasury, and payment for which shall be subject to call in whole or in part by the board of directors of the Corporation. There is hereby authorized to be appropriated the sum of $150,000,000 for the purpose of enabling the Secretary of the Treasury to make pay- ment for such capital stock when payment is called by the board of directors. Receipts for payments by the United States for or on account of such capital stock shall be issued by the Corporation to the Secretary of the Treasury and shall be evidence of the stock ownership by the United States. (c) The management of the Corporation shall be vested in a board of five directors, deemed to be familiar with the problems of small business, to be appointed by the Chairman of the War Production Board. The board of directors shall select a chairman and a vice chairman from among the members of the board. (d) The Corporation shall not have succession, beyond July 1, 1945, except for purposes of liquidation, unless its life is extended beyond such date pursuant to an Act of Congress. It shall have power to adopt, alter, and use a corporate seal, which shall be judici- ally noticed; to make contracts; to lease such real estate as may be necessary for the transaction of its business; to sue and be sued, to complain and to defend, in any court of competent jurisdiction, State or Federal; to select, employ, and fix the compensation of such officers, employees, attorneys, and agents as shall be necessary for the transaction of the business of the Corporation; to define their author- ity and duties, require bonds of them, and fix the penalties thereof; and to prescribe, amend, and repeal, by its board of directors, bylaws, rules, and regulations governing the manner in which its general business may be conducted and the powers granted to it by law may be exercised and enjoyed. The board of directors of the Corpora- tion shall determine and prescribe the manner in which its obligations shall be incurred and its expenses allowed and paid. The Corpora- tion shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Government. The Corporation, with the consent of any board, commission, independent 65714°-4 3 -- -PT. I -23 353 Recognition of price differentials. "Smaller War Plants Corporation." Post, p. 713. Capital stock of Corporation. Appropriation au- thorized. Post, p. 719. Board of directors. I)uration. Corporate powers. Obligations and ex- penses. Free use of mails. Information and services available.

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