Page:United States Statutes at Large Volume 70.djvu/969

 70 STAT.]

PUBLIC LAW 898~AUG. 1, 1956

913

boundary of the Giles McNulty Indian Keservation and the north boundary of the Thomas Wilson Indian Reservation; thence south 83 degrees 30 minutes east 0.12 chains to the point of beginning, and containing 389.99 acres, more or less, situate and being in Madison County, Alabama. Approved August 1, 1956.

Public Law 898

CHAPTER 854

AN ACT To amend title III of the Servicemen's Readjustment Act of 1944, as amended, and for other purposes.

August 1, 1956 [H. R. 9260]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That title III of adjustme*iu*b*etiT the Servicemen's Readjustment Act of 1944, as amended, is hereby fits, amended as follows: 59 Stat. 626. (1) Section 500(a) is amended (A) by striking out "ten" the first ^s use 694. time it appears in the fourth sentence and inserting in lieu thereof "eleven", (B) by deleting the colon immediately preceding the last proviso and inserting in lieu thereof the following: "and, notwithstanding any other provision of this section to the contrary, an entitlement may be so excluded and restored to the use of any veteran at any time prior to January 31, 1965, for the purpose of obtaining a loan which will be guaranteed or insured in accordance with the provisions of this title:", and (C) by adding at the end thereof the following: " I n computing the aggregate amount of guaranty or insurance entitlement available to a veteran under this title, the Administrator shall exclude the amount of guaranty or insurance entitlement previously used for any loan guaranteed or insured under section 501 ^s use 694a. which has been repaid in full, and with respect to which the real property which served as security for the loan has been disposed of because the veteran, while in the active service, was transferred by the military department with which he was serving." (2) Section 500(c) is amended by striking the third sentence and ^* ^^^ ^^^' inserting in lieu thereof: "Upon making a loan as provided herein, the lender shall forthwith transmit to the Administrator a report thereof in such detail as the Administrator may, from time to time, prescribe." (3) Section 501(a) is amended by striking subsection (3) and 38 USC 694a. inserting in lieu thereof the following: "(3) That the price paid or to be paid by the veteran for such property, or for the cost of construction, repairs, or alterations, does not exceed the reasonable value thereof as determined by the Administrator." (4) Section 602(a) is amended by striking out subsection (4) and 38 USC 694b. inserting in lieu thereof the following: "(4) That the price paid or to be paid by the veteran for such property, or for the cost of construction, repairs, or alterations, does not exceed the reasonable value thereof as determined by the Administrator." (5) Section 503 is amended by striking out subsection (4) and 38 USC 694c. inserting in lieu thereof the following: "(4) That the price paid or to be paid by the veteran for such property, or for the cost of construction, repairs, or alterations, does not exceed the reasonable value thereof as determined by the Administrator." (6) Section 503A is amended by striking out the first paragraph 3lUSC 6¥4c-i. and inserting in lieu thereof the following: "Whoever knowingly makes, effects, or participates in a sale of any property to a veteran for a consideration in excess of the reasonable value of such property as determined by the Administrator, shall, if the veteran pays for such property in whole or in part with the proceeds of a loan guaranteed 69225 0 - 5 7 - 6 2 (Vol. 70)

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