Page:United States Statutes at Large Volume 63 Part 1.djvu/391

 63 STAT.] 81ST CONG., 1ST SESS.-CH. 285-JUNE 30, 1949 Employees Pay Act of 1945, as amended. The Corporation shall give due consideration to residents of the Virgin Islands in the selection and promotion of its officers and employees. (j) To use the United States mails in the same manner and under the same conditions as the executive departments of the Federal Government. (k) To have, in the payment of debts out of bankrupt or insolvent estates, the priority of the United States. (1) To accept gifts or donations of services, or of property-real, personal, or mixed, tangible or intangible-in aid of any of the activi- ties authorized by this Act. (m) To settle and adjust claims held by it against other persons or parties and by other persons or parties against the Corporation. (n) To take such actions as may be necessary or appropriate to carry out the powers and duties herein or hereafter specifically granted to or imposed upon it. SEC. 5. The Corporation in carrying on the activities authorized by this Act shall utilize, to the extent practicable, the available services and facilities of other agencies and instrumentalities of the Federal Government or of the government of the Virgin Islands; and shall not engage in any undertaking which substantially duplicates an under- taking previously initiated and currently being prosecuted within the Virgin Islands by any such agency or instrumentality. SEC. 6. (a) The Corporation is authorized to obtain money from the Treasury of the United States, for use in the performance of the powers and duties granted to or imposed upon it by law, not to exceed a total of $9,000,000 outstanding at any one time. For this purpose appropria- tions not to exceed $9,000,000 are hereby authorized to be made to a revolving fund in the Treasury. Advances shall be made to the Cor- poration from the revolving fund when requested by the Corporation. Not to exceed a total of $2,750,000 shall be appropriated under any authority contained in this Act for the period ending June 30, 1951, comprising the fiscal years 1950 and 1951. (b) As the Corporation repays the amounts thus obtained from the Treasury, the repayments shall be made to the revolving fund. SEC. 7. (a) The Corporation is hereby authorized to use its funds, from whatever source derived, in the exercise of its corporate powers and functions: Provided, however, That the Corporation shall not undertake any new types of activities or major activities not included in the budget program submitted to the Congress pursuant to section 102 of the Government Corporation Control Act, except when author- ized by legislation enacted by the Congress after said program is submitted, or except, when the Congress is not in session, upon finding made by the Corporation and approved by the President of the United States that an emergency exists which justifies the undertaking of new types of activities authorized by this Act, but not included in the budget program. Such finding and emergency action shall be reported to the Congress by the President, and appropriations for the expenses of such emergency action are hereby authorized. (b) The Corporation shall pay into the Treasury as miscellaneous receipts interest on the advances from the Treasury provided for by section 6 (a) of this Act; on that part of the Government's investment represented by the value, at the time of transfer of the property and other assets transferred, less the liabilities assumed, pursuant to section 10 of this Act; and on the net value, as approved by the Director of the Bureau of the Budget, of any property and assets, the ownership of which hereafter may be transferred by the Government to the Cor- poration without cost, or for consideration clearly not commensurate with the value received. The Secretary of the Treasury shall deter- 81939o-50 -PT. I -23 353 59 Stat. 304. 5U.S.C.§947; Supp. II, § 947 note. Utilization of serv- ices of other agencies, etc. Appropriations au- thorized. Post, p. 875. Use of funds. Restriction. 59 Stat. 598i 31L. S. C.. 847. Report to Congress. Payment ofinterest. Post, p. 355.

�