Page:United States Statutes at Large Volume 70.djvu/1177

 70

STAT.]

PUBLIC LAW 1024-AUG. 8, 1956

1121

general administrative authority consistently with the terms of this Act as he shall find to be necessary to carry out the provisions of this Act effectively and in the public interest. I n order to allow sufficient nouce in *FRV°'* **' time to place the reorganizations under this Act into effect, the Secretary is authorized to establish an effective procedure and date of such reorganizations, notice of which shall be published in the Federal Register. Such reorganization shall be accomplished as soon as practicable after the approval of this Act, but not later than ninety (90) calendar days after such approval. LOAN PROCEDURES

SEC. 4. (a) The Secretary is authorized under rules and regulations and under terms and conditions prescribed by him, to make loans for financing and refinancing of operations, maintenance, replacement, repair, and equipment of fishing gear and vessels, and for research into the basic problems of fisheries. (b) Any loans made under the provisions of this section shall be subject to the following restrictions: (1) Bear an interest rate of not less than 3 per centum per annum; (2) Mature in not more than ten years; (3) No financial assistance shall be extended pursuant to this section unless reasonable financial assistance applied for is not otherwise available on reasonable terms. (c) There is hereby created a fisheries loan fund, which shall be used by the Secretary as a revolving fund to make loans for financing and ](vfinancing under this section. Any funds received by the Secretary nn or before June 30, 1965, in payment of principal or interest on any loans so made, shall be deposited in the fund and be available for making additional loans under this section. Any funds so received after June 30, 1965, and any balance remaining in the fund at the close of June 30, 1965 (at which time the fund shall cease to exist), shall be covered into the Treasury as miscellaneous receipts. There are hereby authorized to be appropriated to the fund the sum of $10,000,000 to provide initial capital. (d) The Secretary, subject to the specific limitations in this section, may consent to the modification, with respect to the rate of interest, time of payment of any installment of principal, or security, of any loan contract to which he is a party. INVESTIGATIONS, INFORMATION, REPORTS

SEC. 5. (a) The Secretary shall conduct continuing investigations, prepare and disseminate information, and make periodical reports to the public, tg the President, and to Congress, with respect to the following matters: (1) The production and fiow to market of fish and fishery products domestically produced, and also those produced by foreign producers which affect the domestic fisheries; (2) The availability and abundance and the biological requirements of the fish and wildlife resources; (3) The competitive economic position of the various fish and fishery products with respect to each other, and with respect to competitive domestic and foreign-produced commodities; (4) The collection and dissemination of statistics on commercial and sport fishing; (5) The collection and dissemination of statistics on the nature and availability of wildlife, progress in acquisition of additional refuges and measures being taken to foster a coordinated program to encourage and develop wildlife values; 69225 O - 57 - 75 ( V o l. 70)

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