Page:United States Statutes at Large Volume 62 Part 1.djvu/175

 62 STAT.] 80THr CONG., 2 D SESS.-CH. 169-APR. 3, 1948 the participating country concerned as furthering the purposes of this title (including guaranties of investments in enterprises producing or distributing informational media: Provided, That the amount of such guaranties in the first year after the date of the enactment of this Act does not exceed $15,000,000), which guaranties shall terminate not later than fourteen years from the date of enactment of this Act: Provided, That- (i) the guaranty to any person shall not exceed the amount of dollars invested in the project by such person with the approval of the Administrator and shall be limited to the transfer into United States dollars of other currencies, or credits in such currencies, received by such person as income from the approved investment, as repayment or return thereof, in whole or in part, or as compensation for the sale or disposition of all or any part thereof: Provided, That, when any payment is made to any person under authority of this paragraph, such currencies, or credits in such currencies, shall become the property of the United States Government; (ii) the Administrator may charge a fee in an amount determined by him not exceeding 1 per centum per annum of the amount of each guaranty, and all fees collected here- under shall be available for expenditure in discharge of lia- bilities urfder guaranties made under this paragraph until such time as all such liabilities have been discharged or have expired, or until all such fees have been expended in accord- ance with the provisions of this paragraph; and (iii) as use in this paragraph, the term "person" means a citizen of the lnited States or any corporation, partnership, or other association created under the law of the United States or of any State or Territory and substantially beneficially owned by citizens of the United States. The total amount of the guaranties made under this paragraph (3) shall not exceed $300,000,000, and as such guaranties are made the authority to realize funds from the sale of notes for the purpose of allocating funds to the Export-Import Bank of Wash- ington under paragraph (2) of subsection (c) of this section shall be accordingly reduced. Any payments made to discharge liabilities under guaranties issued under paragraph (3) of this subsection shall be paid out of fees collected under subparagraph (ii) of paragraph (3) of this subsection as long as such fees are available, and thereafter shall be paid out of funds realized from the sale of notes which shall be issued under authority of para- graph (2) of-subsection (c) of this section when necessary to discharge liabilities under any such guaranty. (c) (1) The Administrator may provide assistance for any partici- pating country, in the form and under the procedures authorized in subsections (a) and (b), respectively 2 of this section, through grants or upon payment in cash, or on credit terms, or on such other terms of payment as he may find appropriate, including payment by the transfer to the United States (under such terms and in such quantities as may be agreed to between the Administrator and the participating country) of materials which are required by the United States as a result of deficiencies or potential deficiencies in its own resources. In determining whether such assistance shall be through grants or upon terms of payment, and in determining the terms of payment, he shall act in consultation with the National Advisory Council on Interna- tional Monetary and Financial Problems, and the determination whether or not a participating country should be required to make payment for any assistance furnished to such country in furtherance 68706'--49 -pt. 1-10 145 Limitation on amount. Credit in currencies. Fees. "Person." Total guaranties. Form of assistance.

�