Page:United States Statutes at Large Volume 68 Part 1.djvu/768

 PUBLIC LAW 598-AUG. 17, 1954

736

7 USC

1005c.

1 0 0 5 a.

Limitation.

38 Stat. 273.

Repeal.

16 USC 590Z-5.

Federal E m p l o y e e s ' Group Life Insurance Act of 1954. E l i g i b l e employees.

Regulations by

ese.

ST AT

may be sold and reinsured. All proceeds from such collections, including the liquidation of security, and sales shall become a part of the Fund. "(c) One-half of all insurance charges shall become a part of the Fund and one-half shall be deposited in the Treasury of the United States and shall be available for administrative expenses in connection with the insurance program authorized by this Act. " (d) Any contract of insurance executed by the Secretary under this Act shall be an obligation of the United States and incontestable except for fraud or misrepresentation of which the holder of the contract has actual knowledge. The provisions of sections 11 and 13 (b) and (c) of the Bankhead-Jones F a r m Tenant Act, as amended, shall be applicable and available for the purpose of providing funds for the discharge of obligations arising under the insurance program authorized by this Act. "(e) The aggregate amount of the principal obligations on loans insured under this Act, shall not exceed $25,000,000 in any one fiscal year, "(f) The first paragraph of section 24, chapter 6, of the Federal Reserve Act, as amended (12 U.S.C. 1952 edition, 371) is hereby amended by inserting after the phrase 'Bankhead-Jones F a r m Tenant Act' the following: ', or the Act of August 28, 1937, as amended'." SEC. 2. Section 7 of the Act entitled "An Act authorizing construction of water conservation and utilization projects in the Great Plains and arid and semiarid areas of the United States", approved August 11, 1939, as amended (53 Stat. 1418; 54 Stat. 1119, 1124; 63 Stat. 171), is repealed. Approved August 17, 1954. Public Law 598

August 17, 1954 [S. 3681]

[68

CHAPTER 752

AN ACT To authorize the Civil Service Coiuinission to malve available group life insurance for civilian officers and employees in the Federal service, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Federal Employees' Group Life Insurance Act of 1954." SEC. 2. (a) Except as provided in (b) of this section, each appointive or elective officer or employee (hereinafter called employee) in or under the executive, judicial, or legislative branch of the United States Government, including a Government owned or controlled corporation (but not including any corporation under the supervision of the Farm Credit Administration of which corporation any member of the board of directors is elected or appointed by private interests), and of the municipal government of the District of Columbia shall, at such time and under such conditions of eligibility as the Civil Service Commission (hereinafter called the Commission) may by regulation prescribe, come within the purview of this Act. Such regulations may provide for the exclusion of employees on the basis of the nature and type of employment or conditions pertaining thereto such as, but not limited to, short term appointments, seasonal or intermittent employment, part-time employment, and employment of like nature, and shall be issued only after consultation with the head of the department, establishment, agency, or other employing authority concerned: Provided, That no employee or group of employees shall be excluded solely on the basis of the hazardous nature of employment.

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