Page:United States Statutes at Large Volume 62 Part 1.djvu/1216

 PUBLIC LAWS-CH. 773-JUNE 30,1948 60 Stat. 903. 60 Stat. 810. Nonadministrative expenses. Dividend. 59 Stat. 602. 31U. . 0 . 869(b). Liquidation. 59 Stat. 697 . 31 U. S.C.0. 841, 846-852, 856-859, 866- 869; Supp. I, 1 846 et leq. Post, p. 1283. Administrative du- ties, etc. Transfer of title to assets. 61 Stat. 576. authorized by law (5 U. S. C. 150), and not to exceed $2,000 for tem- porary services, as authorized by section 15 of the Act of August 2, 1946 (5 U. S . C . 55a): Provided,That necessary expenses (including special services performed on a contract or fee basis, but not including other personal services) in connection with the acquisition, operation, maintenance, improvement, or disposition of any real or personal property belonging to the bank or in which it has an interest, includ- ing expenses of collections of pledged collateral, or the investigation or appraisal of any property in respect to which an application for a loan has been made, shall be considered as nonadministrative expenses for the purposes hereof. Panama Railroad Company: Not to exceed $715,000 (to be com- puted on an accrual basis) of the funds of the company shall be avail- able during the fiscal year 1949 for its administrative expenses, including administrative services performed for the company by other Government agencies, which shall be determined in accordance with the company's prescribed accounting system in effect on July 1, 1946, and shall be exclusive of depreciation, payment of claims, expenses of the commissary coupon audit, commissary contraband inspection, expenditures which the company's prescribed accounting system requires to be capitalized or charged to cost of commodities acquired, and expenses in connection with acquisition, construction, operation, maintenance, improvement, protection, and disposition of facilities and other property belonging to the company or in which it has an interest: Provided,That prior to July 31, 1948, the Board of Directors shall declare and pay into the Treasury of the United States as mis- cellaneous receipts a dividend of $10,000,000 if not otherwise required to be turned into the Treasury under the provisions of the proposed Federal charter: Providedfurther, That section 304 (b) of the Gov- ernment Corporation Control Act, as amended (Public Law 248, approved December 6, 1945), shall not be applicable with respect to the Panama Railroad Company until after June 30, 1949. Tennessee Valley Associated Cooperatives, Incorporated: Of the funds available to the Corporation, not to exceed $500 shall be available for administrative expenses related to liquidation and dissolution, and not to exceed $500 for the cost of audit, as required by the Govern- ment Corporation Control Act of December 6, 1945 (Public Law 248): Provided, That all administrative duties and responsibilities shall be assumed by such officers and employees of the Treasury Department as the Secretary of the Treasury may designate, and who shall receive no additional compensation for such duties: Provided further, That the Secretary of the Treasury shall take appropriate steps to secure the final dissolution and liquidation of said Corporation at the earliest practicable date: Provided further, That the total cost of liquidation and dissolution shall be paid out of funds available to the Corporation without additional appropriations therefor: Provided further, That the Board of Directors of the Corporation is authorized to transfer to the Secretary of the Treasury title to assets (other than real property) of the Corporation upon certification of the president of the Corporation that such transfer is to the interest of the Government of the United States and the Secretary of the Treasury is authorized to dispose of such assets at such times and in such manner as he may determine. Tennessee Valley Authority: Pursuant to the requirements appli- cable to the Tennessee Valley Authority of title II, Public Law 268, approved July 30, 1947, total payments of not less than $5,500,000 shall be made in the fiscal year 1949 from net income derived from power operations. Not to exceed $3,677,000, of which not to exceed $992,061 shall be derived from funds appropriated by title I hereof (to be computed [62 STAT.

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