Page:United States Statutes at Large Volume 67.djvu/197

 67 S T A T. ]

161

PUBLIC LAW 118-JULY 16, 1953

less the amounts which have been paid to the United States by such nations, shall at no time exceed $700,000,000." (d) LOANS OF EQUIPMENT.—Amend section 411(d)

(containing

definitions) to read as follows: " (d) The term 'services' shall include any service, repair, training of personnel, or technical or other assistance or information necessary to effectuate the purposes of this Act, including loans of limited quantities of equipment for designated periods solely for test and study purposes." SEC. 708. The remaining provisions of the Economic Cooperation Act of 1948, as amended (22 U.S.C. 1503-1519), are further amended as follows: (a) TERM OF GUARANTIES.—Amend section 111(b)(3) (relating to guaranties) by striking out "which guaranties shall terminate not later than fourteen years from the date of enactment of this Act", and by inserting in lieu thereof "which guaranties shall be limited to terms not exceeding twenty years from the date of issuance". (b) CouNTERPAKT LOANS.—Amend the last proviso of section 115 (b)(6) (relating to counterpart funds) to read as follows: And provided further, That whenever funds from such special account are used by a country to make loans, all funds received in repayment of such loans prior to termination of assistance to such country shall be reused only for such purposes as shall have been agreed to between the country and the Government of the United States." (c) U S E OF LOCAL CURRENCY.—Amend section 115(h) by striking

out "including" and inserting in lieu thereof the following: "and, without regard to section 1415 of the Supplemental Appropriations Act, 1953, for". SEC. 709. UNITED NATIONS TECHNICAL COOPERATION PROGRAMS.—

Amend the last proviso in section 404(b) of the Act for International Development by striking out the word "fiscal" and inserting in lieu thereof the word "calendar". SEC.

22 USC 1583. '•Services."

62 Stat. 137. 22 USC 1509.

66 Stat. 150. 22 USC 1513.

22 USC 1513. 66 Stat. 662. 31 USC 724. 66 Stat. ISO. 22 USC 1557b.

710. AMENDMENT AND REPEAL OF CERTAIN PROVISIONS.—

(a)(1) Section 516(a) of the Mutual Security Act of 1951, as amended, is amended to read as follows: " (a) The Congress recognizes the vital role of free enterprise in achieving rising levels of production and standards of living essential to the economic progress and defensive strength of the free world. Accordingly, it is declared to be the policy of the United States, in furtherance of the objectives of this Act, to encourage the efforts of other free countries in fostering private initiative and competition, in discouraging monopolistic practices, in improving the technical efficiency of their industry, agriculture, and commerce, and in the strengthening of free labor unions; and to encourage American enterprise in contributing to the economic strength of other free countries through private investment abroad and the exchange of ideas and technical information on the matters covered by this subsection." (2) Section 516(b) of such Act, as amended, is amended by striking out the words "To accomplish the purpose of clause (1) of subsection (a) of this section, under" and inserting in lieu thereof the word "Under". (b) Section 115(k) of the Economic Cooperation Act of 1948, as amended, is repealed. Nothing in this subsection shall be construed to prevent the carrying out of any commitment or agreement entered into pursuant to such section 115(k) prior to the date of enactment of this Act. Approved July 16, 1953.

22 USC 1667. Free enterprise. Encouragement.

66 Stat. 146. 22 USC 1667.

Repeal. 66 Stat. 150. 22 USC 1513(k)

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