Page:United States Statutes at Large Volume 68 Part 1.djvu/489

 68

STAT.]

PUBLIC LAW 480-JULY 10, 1954

457

(f) To pay United States obligations abroad; (g) For loans to promote multilateral trade and economic development, made through established banking facilities of the friendly nation from which the foreign currency was obtained or in any other manner which the President may deem to be appropriate. Strategic materials, services, or foreign currencies may be accepted in payment of such loans; (h) For the financing of international educational exchange activities under the programs authorized by section 32(b)(2) of the Surplus Property Act of 1944, as amended (50 U.S.C. App. 58 Stat. 782. 1641(b)). Provided, however, That section 1415 of the Supplemental Appropriation Act, 1953, shall apply to all foreign currencies used for grants 31 USC 724. under subsections (d) and (e) and for payment of United States obligations involving grants under subsection (f) and to not less than 10 per centum of the foreign currencies which accrue under this title: Provided, howe'ver^ That the President is authorized to waive such Waiver. applicability of section 1415 in any case where he determines that it would be inappropriate or inconsistent with the purposes of this title. SEC. 105. Foreign currencies received pursuant to this title shall be Special accounts deposited in a special account to the credit of the United States and shall be used only pursuant to section 104 of this title, and any department or agency of the government using any of such currencies for a purpose for which funds have been appropriated shall reimburse the Commodity Credit Corporation in an amount equivalent to the dollar value of the currencies used. " S u r u s agriSEC. 106. As used in this Act, "surplus agricultural commodity" cultural pcl o t n m o d shall mean any agricultural commodity or product thereof, class, kind, ity type, or other specification thereof, produced in the United States, either privately or publicly owned, which is or may be reasonably expected to be in excess of domestic requirements, adequate carryover, and anticipated exports for dollars, as determined by the Secretary of Agriculture. "F SEC. 107. As used in this Act, "friendly nation" means any country tion." r i e n d l y naother than (1) the U. S. S. R., or (2) any nation or area dominated or controlled by the foreign government or foreign organization controlling the world Communist movement. SEC. 108. The President shall make a report to Congress with g rR sesp o r t to Cone. respect to the activities carried on under this Act at least once each six months and at such other times as may be appropriate and such reports shall include the dollar value, at the excnan^e rates in effect at the time of the sale, of the foreign currency for which commodities exported pursuant to section 102(a) hereof are sold. SEC. 109. No transactions shall be undertaken under authority of Termination. this title after June 30, 1957, except as required pursuant to agreements theretofore entered into pursuant to this title. TITLE II — F A M I N E R E L I E F AND OTHER A S S I S T A N C E SEC. 201. I n order to enable the President to furnish emergency assistance on behalf of the people of the United States to friendly peoples in meeting famine or other urgent relief requirements, the Commodity Credit Corporation shall make available to the President out of its stocks such surplus agricultural commodities (as defined in section 106 of title I) f. o. b. vessels in United States ports, as he may request, for transfer (1) to any nation friendlv to the United States in order to meet famine or other urgent relief requirements of such nation, and (2) to friendly but needy populations without regard to the friendliness of their government.

Em e r g e ncy relief.

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