Page:United States Statutes at Large Volume 73.djvu/644

 PUBLIC LAW 86-341-SEPT. 21, 1959 "Term".

Effective date.

[73

ST A T.

"(c) For the purposes of this section, the word 'term ' means the period beginning at noon on January 3 of an odd-numbered calendar year and ending at noon on January 3 of the next succeeding oddnumbered calendar year." SEC. 3. The amendments made by the first two sections of this Act shall take effect as of noon, January 3, 1959. Approved September 21, 1959.

Public Law 86-341 September 2 I, 1959

AN ACT

[H. R. 8609]— j j, extend the Agricultural Trade Development and Assistance Act of 1954, and for other purposes.

Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,

68 Stat. 454. 7 USC 1691 note. 7 U S C 1 709, 1724. 7 USC 1703. Limitation.

7 USC 1723.

7 USC 1704.

Use of foreign cwrencies.

of the

TITLE I—AMENDMENTS TO THE AGRICULTURAL TRADE DEVELOPMENT AND A S S I S T A N C E ACT O F 1954 1. Sections 109 and 204 of the Agricultural Trade Development and Assistance Act of 1954, as amended, are amended by striking out "1959"- and substituting in lieu thereof "1961". SEC. 2. Section 103(b) of such Act is amended, effective January 1, 1960, to read as follows: "(b) Agreements shall not be entered into under this title in any calendar year during the period beginning January 1, 1960, and ending December 31, 1961, which will call for appropriations to reimburse the Commodity Credit Corporation, pursuant to subsection (a) of this section, in amounts in excess of $1,500,000,000, plus any amount by which agreements entered into in the preceding calendar year have called or will call for appropriations to reimburse the Commodity Credit Corporation in amounts less than authorized for such preceding year by this Act as in effect during such preceding year." SEC. 3. Section 203 of such Act is amended, effective January 1, 1960, by striking out the first sentence and inserting in lieu thereof: "Not more than $300,000,000 (including the Corporation's investment in such commodities) plus any amount by which transfers made in the preceding calendar year have called or will call for appropriations to reimburse the Commodity'Credit Corporation in amounts less than could have been expended during such preceding year under this title as in effect during such preceding year shall be expended in any calendar year during the period January 1, 1960, and ending December 31, 1961, for all such transfers and for other costs authorized by this title." SEC. 4. Subsection (a) of section 104 of such Act is amended by inserting a period in lieu of the semicolon at the end thereof, and adding the following: "From sale proceeds and loan repayments under this title not less than the equivalent of 5 per centum of the total sales made under this title after the date of this amendment shall be made available in advance for use as provided by this subsection over such period of years as the Secretary of Agriculture determines will most effectively carry out the purpose of this subsection: Provided, That no such funds shall be allocated under this subsection after June 30, 1960, except as may be specified, from time to time, in appropriation acts. Particular regard shall be given to provide in sale and loan agreements for the SECTION

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