Page:United States Statutes at Large Volume 75.djvu/469

 76 S T A T. ]

PUBLIC LAW 8 7 - 1 9 5 - S E P T. 4, 1961

429

stimulate and encourage the development of local programs of selfhelp and mutual cooperation, particularly through loans of foreign i^f°"'«"'=""*""'' currencies for associations of operators of small farms, formed for the purpose of joint action designed to increase or diversify agricultural productivity. The maximum unpaid balance of loans made to any association under this section may not exceed $25,000 at any one time; and the aggregate unpaid balance of all loans made under this section may not exceed $10,000,000 at any one time. SEC. 216. VOLUNTARY AGENCIES.—(a) I n order to further the efficient use of United States voluntary contributions for relief and rehabilitation of friendly peoples, the President is authorized to use funds made available for the purposes of section 211 to pay transporta- payment of tion charges from United States ports to ports of entry abroad, or, in chafes.*" the case of landlocked countries, to points of entry in such countries, on shipments by the American Red Cross and United States voluntary nonprofit relief agencies registered with and approved by the Advisory Committee on Voluntary Foreign Aid. (b) Where practicable the President shall make arrangements with the receiving country for free entry of such shipments and for the making available by that country of local currencies for the purpose of defraying the transportation cost of such shipments from the port of entry of the receiving country to the designated shipping point of the consignee. TITLE III

INVESTMENT GUARANTIES

221. GENERAL AUTHORITY.— (a) I n order to facilitate and in- pX»l^patticT)^acrease the participation of private enterprise in furthering the de- tion, velopment of the economic resources and productive capacities of less developed friendly countries and areas, the President is authorized to issue guaranties as provided in subsection (b) of this section of investments in connection with projects, including expansion, modernization, or development of existing enterprises, in any friendly country or area with the government of which the President has agreed to institute the guaranty program. The guaranty program authorized ^f^J*^^^"'^^ by this title shall be administered under broad criteria, and each proj- by President. ect shall be approved by the President. (b) The President may issue guaranties to United States citizens, or corporations, partnerships, or other associations created under the laws of the United States or of any State or territory and substantially beneficially owned by United States citizens, as well as any whollyowned foreign subsidiary of any such corporation— (1) assuring protection m whole or in part against any or all of the following risks: (A) inability to convert into United States dollars other currencies, or credits in such currencies, received as earnings or profits from the approved project, as repayment or return of the investment therein, in whole or in part, or as compensation for the sale or disposition of all or any part thereof, (B) loss of investment, in whole or in part, in the approved project due to expropriation or confiscation by action of a foreign government, and (C) loss due to war, revolution, or insurrection: SEC.

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