Page:United States Statutes at Large Volume 62 Part 1.djvu/1129

 62 STAT.] 80TH CONG., 2n SESS.-CH. 718-JUNE 29, 1948 SEC. 2. Neither the Secretary, nor any duly authorized represent- Conditions for pur- ative, shall use the fund created by this Act for the purchase of any commodity unless, on the date of purchase of such commodity, it appears in his best judgment that within fifteen months after such date- (a) such commodity will be processed, or used in processing operations, in an occupied area; and (b) so much of the products obtained from such processing will be sold under such terms and for such currencies as will be necessary to cover, in United States dollars, (1) all amounts expended from the fund in connection with such commodity plus (2) an appropriate portion of the interest payable to the Secre- tary of the Treasury on account of loans made pursuant to this Act. SEC. 3. The proceeds from the sale of products of commodities pur- Proceeds from sale. chased with moneys from the fund, to the extent of the amounts specified in section 2, shall be returned to the fund. SEC. 4. Annually after the date of enactment of this Act the Sec- Report to Congress retary of the Army shall make a complete report to the Congress with respect to the status of the fund. At such time as there shall no longer be any occupied area within the meaning of this Act, or at such earlier time as the President or the Congress by concurrent resolution shall determine that the fund is no longer required for the purposes of this Act, the unobligated balance of the fund shall be repaid to the Unobligated bal- Secretary of the Treasury; and the Secretary of the Army, as expedi- aLiquidation. tiously as possible consistent with orderly liquidation, (a) shall cause to be sold so much of the commodities purchased with moneys from the fund and products thereof which are then on hand as may be necessary to obtain the amount of any balance then remaining owing to the Secretary of the Treasury on account of loans made pursuant to this Act, and (b) shall repay such amount to the Secretary of the Treasury. SEC. 5. Fibers and other materials purchased for processing in any ale of fi b e r s and particular occupied area may, if a treaty of peace is ratified and confirmed with respect to such area prior to the processing of such commodities, be processed and sold, or sold, in such manner as the Secretary of the Army may deem to be in the best interest of the United States. If, after purchasing any such commodity with moneys Sale for lesser from the fund, it shall appear to the Secretary of the Army that the product of such commodity cannot be sold for as much as the amounts specified in clauses (1) and (2) of section 2 of this Act the Secretary of the Army may sell such product for a lesser amount; but, insofar as may be possible, no commodities shall be sold for less than the amounts specified in clauses (1) and (2) of section 2 of this Act. SEC. 6. So much of the commodities purchased with moneys from tiplus commodi- the fund for processing in any occupied area and so much of the products thereof as are not required to be sold, and so much of the proceeds obtained from the sale of any such commodities or products as is not required to be returned to the fund shall be used and disposed of by the Secretary of the Army, in such manner as he deems fit, for the benefit of the economy of such occupied area. SEC. 7. In providing for the performance of any of the functions ,Rues and regn described in section 1 the Secretary of the Army shall to the maximum extent feasible utilize private channels of trade and is hereby author- ized to make all necessary rules and regulations for the efficient implementation of the provisions of this Act. Approved June 29, 1948. 1099

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