Page:United States Statutes at Large Volume 59 Part 1.djvu/619

 59 STAT.] 79TH OONG., 1ST SESS.-CH. 557-DEC. 6, 1945 SEc. 204. The President shall include in the annual Budget any recommendations he may wish to make as to the return of Government capital to the Treasury by any mixed-ownership corporation. TITLE III-GENERAL PROVISIONS SEO. 301. (a) The expenses of auditing the financial transactions of wholly owned and mixed-ownership Government corporations as pro- vided in sections 105 and 202 of this Act shall be borne out of appro- priations to the General Accounting Office, and appropriations in such sums as may be necessary are hereby authorized: Provided,That each such corporation shall reimburse the General Accounting Office for the full cost of any such audit as billed therefor by the Comptroller General, and the General Accounting Office shall deposit the sums so reimbursed into the Treasury as miscellaneous receipts: Provided further,That in making the audits provided in said sections the Comp- troller General shall, to the fullest extent deemed by him to be prac- ticable, utilize reports of examinations of Government corporations made by a supervising administrative agency pursuant to law. (b) For the purpose of conducting such audit the Comptroller General is authorized in his discretion to employ not more than ten persons without regard to the Classification Act of 1923, as amended, only one of whom may be compensated at a rate of as much as but not more than $10,000 per annum, and to employ by contract, without regard to section 3709 of the Revised Statutes, professional services of firms and organizations for temporary periods or for special purposes. (c) The audit provided in sections 105 and 202 of this Act shall be in lieu of any audit of the financial transactions of any Govern- ment corporation required to be made by the General Accounting Office for the purpose of a report to the Congress or to the President under any existing law. (d) Unless otherwise expressly provided by law, no funds of any Government corporation shall be used to pay the cost of any private audit of the financial records of the offices of such corporation, except the cost of such audits contracted for and undertaken prior to April 25, 1945. SEC. 302. The banking or checking accounts of all wholly owned and mixed-ownership Government corporations shall be kept with the Treasurer of the United States or, with the approval of the Secretary of the Treasury, with a Federal Reserve bank, or with a bank designated as a depositary or fiscal agent of the United States: Provided,That the Secretary of the Treasury may waive the require- ments of this section under such conditions as he may determine: And provided further, That this section will not apply to the estab- lishment and maintenance in any bank for a temporary period of banking and checking accounts not in excess of $50,000 in any one bank. The provisions of this section shall not be applicable to Fed- eral Intermediate Credit Banks, Production Credit Corporations, the Central Bank for Cooperatives, the Regional Banks for Coopera- tives, or the Federal Land Banks, except that each such corporation shall be required to report annually to the Secretary of the Treasury the names of the depositaries in which such corporation keeps a bank- ing or checking account, and the Secretary of the Treasury may make a report in writing to the corporation, to the President, and to the Congress which he deems advisable upon receipt of any such annual report. SEC. 303. (a) All bonds, notes, debentures, and other similar obli- gations which are hereafter issued by any wholly owned or mixed- 601 ecommendatio. Expenses of audit- ing. Reimbursement. Personal services. 42 Stat. 1488 . 6U.S.C.i661; Supp. IV, i 661if ete. Ante, p. 298 t seq. 41U. S.C.§6. Substitution of au- dit provisions. Private audits. Ianktlng or check- ing sooUntS, depo- itaries. Waiver of require- ments. Temporary ac- counts. Exemptions. Bonds, not di- bentU* e-t

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