Page:United States Statutes at Large Volume 62 Part 1.djvu/180

 PUBLIC LAWS-CH. 169-APR. 3, 1948 Merger of deposits. 61 Stat. 128, 936. 22U.S. C., Supp. I, §1416, 1411 note. Post, p. 161. Foreign Economic Cooperation Trust Fund. Transfer of funds. Trustee. Temporary agree- ments. Basic agreements. Continued mutual cooperation. available for incurring and defraying all necessary expenses incident to carrying out the provisions of this title, including administrative expenses and expenses for compensation, allowances and travel of personnel, including Foreign Service personnel whose services are utilized primarily for the purposes of this title, and, without regard to the provisions of any other law, for printing and binding, and for expenditures outside the continental limits of the United States for the procurement of supplies and services and for other administrative purposes (other than compensation of personnel) without regard to such laws and regulations governing the obligation and expenditure of government funds, as the Administrator shall specify in the interest of the accomplishment of the purposes of this title. (e) The unencumbered portions of any deposits which may have been made by any participating country pursuant to section 6 of the joint resolution providing for relief assistance to the people of countries devastated by war (Public Law 84, Eightieth Congress) and section 5 (b) of the Foreign Aid Act of 1947 (Public Law 389, Eightieth Con- gress) may be merged with the deposits to be made by such partici- pating country in accordance with section 115 (b) (6) of this title, and shall be held or used under the same terms and conditions as are provided in section 115 (b) (6) of this title. (f) In order to reserve some part of the surplus of the fiscal year 1948 for payments thereafter to be made under this title, there is hereby created on the books of the Treasury of the United States a trust fund to be known as the Foreign Economic Cooperation Trust Fund. Notwithstanding any other provision of law, an amount of $3,000,000,000, out of sums appropriated pursuant to the authorization contained in this title shall, when appropriated, be transferred imme- diately to the trust fund, and shall thereupon be considered as expended during the fiscal year 1948, for the purpose of reporting governmental expenditures. The Secretary of the Treasury shall be the sole trustee of the trust fund and is authorized and directed to pay out of the fund such amounts as the Administrator shall duly requisi- tion. The first expenditures made out of the appropriations authorized under this title in the fiscal year 1949 shall be made with funds requisi- tioned by the Administrator out of the trust fund until the fund is exhausted at which time such fund shall cease to exist. The provisions of this subsection shall not be construed as affecting the application of any provision of law which would otherwise govern the obligation of funds so appropriated or the auditing or submission of accounts of transactions with respect to such funds. BILATERAL AND MULTILATERAL UNDERTAKLINGS SEC. 115. (a) The Secretary of State, after consultation with the Administrator, is authorized to conclude, with individual participat- ing countries or any number of such countries or with an organization representing any such countries, agreements in furtherance of the purposes of this title. The Secretary of State, before an Administra- tor or Deputy Administrator shall have qualified and taken office, is authorized to negotiate and conclude such temporary agreements in implementation of subsection (b) of this section as he may deem necessary in furtherance of the purposes of this title: Provided, That when an Administrator or Deputy Administrator shall have qualified and taken office, the Secretary of State shall conclude the basic agree- ments required by subsection (b) of this section only after consulta- tion with the Administrator or Deputy Administrator, as the case may be. (b) The provision of assistance under this title results from the multilateral pledges of the participating countries to use all their 150 [62 STAT.

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