Page:United States Statutes at Large Volume 62 Part 1.djvu/1313

 62 STAT.] 80Ir CONG. , 2D SESS.-CH. 832-AUG. 10, 1948 "(1) 'Annual return' for any operating year shall mean the net income remaining after the payment of the minimum annual amortiza- tion charge. "(m) 'Insured annual return' shall have the meaning ascribed to it in section 701 hereof. "(n) 'Minimum annual return' for any operating year shall mean an amount equal to 3/2 per centum of the outstanding investment for such operating year. "(o) 'Excess earnings' for any operating year shall mean the net income derived from a project in excess of the minimum annual amorti- zation charge and the minimum annual return. "(p) 'Outstanding investment' for any operating year shall mean the established investment, less an amount equal to (1) the aggregate of the minimum annual amortization charge for each preceding oper- ating year, plus (2) the aggregate of the excess earnings, if any, during each preceding operating year applied, in addition to the minimum annual amortization charge, to amortization in accordance with the provisions of section 705 hereof." SEC. 402. Sections 1 and 5 of the National Housing Act, as amended, are hereby amended by striking out "titles II, III, and VI" wherever they appear in said sections and inserting in lieu thereof "titles II, III, VI, and VII". TITLE V-ADMINISTRATIVE AND MISCELLANEOUS PROVISIONS ADMINISTRATIVE PROVISIONS SEC. 501. (a) Effective upon the date of enactment of this Act, the Housing and Home Finance Administrator shall receive compensa- tion at the rate of $16,500 per annum, and the members of the Home Loan Bank Board, the Federal Housing Commissioner, and the Pub- lic Housing Commissioner shall each receive compensation at the rate of $15,000 per annum. (b) Section 101 of the Government Corporation Control Act, as amended, is amended by inserting "Federal Housing Administration;" immediately after the semicolon which follows "United States Hous- ing Corporation": Provided, That, as to the Federal Housing Admin- istration, the audit required by section 105 of said Act shall begin with the fiscal year commencing July 1, 1948. and the exception con- tained in section 301 (d) of said Act shall be construed to refer to the cost of audits contracted for prior to July 1, 1948. SEC. 502. In carrying out their respective functions, powers, and duties- (a) The Housing and Home Finance Administrator may appoint such officers and employees as he may find necessary, which appoint- ments shall be subject to the civil-service laws and the Classification Act of 1923, as amended. The Administrator may make such expend- itures as may be necessary to carry out his functions, powers, and duties, and there are hereby authorized to be appropriated to the Administrator, out of any moneys in the Treasury not otherwise appropriated, such sums as may be necessary to carry out such func- tions, powers, and duties and for administrative expenses in connection therewith. The Administrator may delegate any of his functions and powers to such officers, agents, or employees as he may designate, and may make such rules and regulations as may be necessary to carry out his functions, powers, and duties. The Administrator shall cause to be prepared for the Housing and Home Finance Agency an official seal of such device as he shall approve, and judicial notice shall be taken of said seal The Secretary of Commerce or his designee 1283 "Annual return." "Insured annual re- turn." Ante, p. 1276. "Minimum annual return." "Excess earnings" "Outstanding in- vestment." Ante, p. 1277. 48 Stat. 1246, 1247. 12 U.S. C.§1706; Supp. I, 1702. Compensation of certain officials. 50 Stat. 607. 65 Stat. 599 . 31T .S.C.§860. 59 Stat. 601. 31U. S .C. 866(d). Powers of Housing and Home Finance Administrator. 42 Stat. 1488. 5U. S.C. § 661-674.

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