Page:United States Statutes at Large Volume 62 Part 1.djvu/422

 PUBLIC LAWS-CH. 464-JUNE 14, 1948 required, as a condition to securing match funds for such projects or works. "(f) HAWAIIAN HOME-ADMINISTRATION ACCOUNT.-T he entire re- ceipts derived from any leasing of the available lands defined in section 42 Sat. 110. 204 shall be deposited into the Hawaiian home-administration account. The moneys in said account shall be expended by the Commission for salaries and all other administration expenses of the Commission, not including structures and other permanent improvements, subject, however, to the following conditions and requirements: Budget estimates. "(1) The Commission shall, at such time as the Governor may prescribe, but not later than November 15 preceding each biennial session of the legislature, submit to the Territorial director of the Bureau of the Budget its budget estimates of expenditures for the next ensuing biennium in the manner and form and as required by Territorial law of Territorial departments and establishments. "(2) The Commission's budget, if it meets with the approval of the Governor, shall be included in the Governor's budget report and shall be transmitted to the legislature for its approval. "(3) Upon approval by the legislature of the Commission's budget estimate of expenditures for the ensuing biennium, the amount thereof shall be available to the Commission for said biennium and shall be expendable by the Commission for the expenses hereinabove provided, or, if no action on the budget is taken by the legislature prior to adjournment, the amount sub- mitted to the legislature, but not in excess of $200,000, shall be available for such expenditures; any amount of money in said account in excess of the amount approved by the legislature for the biennium or so made available shall be transferred to the general fund of the treasury of the Territory, such transfer to be made immediately after the amount of moneys deposited in said admin- istration account shall equal the amount approved by the legisla- ture or so made available. "(4) The money in said administration account shall be expended by the Commission in accordance with Territorial laws, rules, and regulations and practices." SEC. 4. Section 215 (1) of the Hawaiian Homes Commission Act, 1920, as last amended by the Act of November 26, 1941 (55 Stat. L. 48U.S .c. 70 (1). 785), is hereby further amended by deleting from the first sentence the figures "$3,000" and inserting in lieu thereof "$5,000", and by deleting from the first sentence the figures "$1,000" and inserting in lieu thereof "$3,000", so as to cause the portion of the first sentence following the colon and preceding the proviso to read as follows: "The amount of loans at any one time to any lessee, or successor or successors in interest, of a tract of agricultural or pastoral land shall not exceed $5,000 and to any lessee or successor or successors in interest, of a residence lot shall not exceed $3,000 :" 4.tt .c1709(2). SEc. 5. Section 215 (2) of the Hawaiian Homes Commission Act, 1920, as amended, is hereby further amended to read as follows: Repayment otoans. "(2) The loans shall be repaid in periodic installments, such install- ments to be monthly, quarterly, semiannual, or annual as may be determined by the Commission in each case. The term of the loan shall not exceed thirty years: Provided, That payments in any sum in addition to the required installments, or payment of the entire amount of the loan, may be made at any time within the term of the loan. All unpaid balances of principal shall bear interest at the rate of 3 per centum per annum, payable periodically or upon demand by paOytp"ment of the Commission, as the Commission may determine. The payment of any installment due shall, with the concurrence therein of at least three of the five members of the Commission, be postponed in whole or in part by the Commission for such reasons as it deems good and 392 [62 STAT.

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