Page:United States Statutes at Large Volume 58 Part 1.djvu/126

 PUBLIC LAWS-CH. 71-FEB. 28, 1944 15U.B.C III, 713. Ante, p. 10 Records a cedures. Audit of transactions. Settlement Reports. 16U.S.C. supp. m, i. use of fun Expenses o . ., snB. SEC. 3. Section 7 of the Act approved January 31, 1935 (49 Stat. 4), S. as amended, is hereby further amended by changing the designa- tion thereof to section 7 (a); and by striking out the period at the end of such section and inserting in lieu thereof a colon and the nd p-r following: "Provided, however, That the Corporation shall at all times maintain complete and accurate books of account and shall determine the procedures to be followed in the transaction of the corporate business. finania "(b) The financial transactions of the Corporation beginning with the period from July 1, 1944, shall be audited by the General Accounting Office in accordance with the principles applicable to commercial corporate transactions and under such rules and regu- lations as may be prescribed by the Comptroller General of the o'sm.. United States: Provided, That the Corporation shall continue to have the authority to make final and conclusive settlement and adjust- ment of any claims by or against the Corporation or the accounts of its fiscal officers: Provided further, That a report of such audit shall be made to the Congress, together with such recommendations as the Comptroller General may deem advisable, and that each such report shall cover a period of one fiscal year: Providedfurther, That a copy of each such report shall be furnished the Secretary of the Treasury and that the findings contained therein shall be considered by the Secretary in appraising the assets and liabilities and deter- mining the net worth of the Corporation under sections 1 and 2 of !- ma - the Act of March 8, 1938 (52 Stat. 107), as amended: Provided, how- is.' ever, That nothing in this section shall be construed as modifying legislation authorizing the use of funds of the Corporation for administrative expenses and requiring accountability therefor. aud~tt. "(C) The expenses of the audit as provided in this section may be paid up to and including June 30, 1946, from moneys advanced therefor by the Corporation, or from any appropriation or appro- priations for the General Accounting Office and appropriations so used shall be reimbursed promptly by the Corporation as billed by iistrative the Comptroller General: Provided, That any such advances or reim- bursements shall be considered as nonadministrative expenses of the Corporation. For the purpose of such audit the representatives of the General Accounting Office shall have access to all papers, books, files, accounts, financial records, warehouses, and all other things, property, and places belonging to or under the control of or used or employed by the Corporation and shall be afforded full facilities for verifying transactions with the balances in depositaries and with Of Cl- fiscal agents: Provided further, That the certified financial reports and schedules of the fiscal agents of the Corporation based on com- mercial audits in the usual course of business may be accepted by the General Accounting Office in its audit of the financial transactions of the Corporation as final and not subject to further audit verification. iod;o.cr "(d) Any examination of the corporate records shall be made at the place or places where such records are normally kept in the transaction of the corporate business, and the Corporation shall retain custody of contracts, vouchers, schedules, or other financial or accounting documents, either original or duplicate, relating to its non- administrative transactions." Approved February 28, 1944. Nonadmi expenaes. Acceptanc tain reports. Examinat porate rec tody. [58 STAT.

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