Page:United States Statutes at Large Volume 75.djvu/472

 432

PUBLIC LAW 87-195-SEPT. 4, 1961

[75 STAT.

(b) the term "expropriation" includes but is not limited to any abrogation, repudiation^ or impairment by a foreign government of its own contract with an investor, where such abrogation, repudiation, or impairment is not caused by the investor's own fault or misconduct, and materially adversely affects the continued operation of the project. SEC. 224. HOUSING PROJECTS IN LATIN AMERICAN COUNTRIES.—(a)

It is the sense of the Congress that in order to stimulate private homeownership and assist in the development of stable economies, the authority conferred by this title should be utilized for the purpose of assisting in the development in the American Republics of selfliquidating pilot housing projects desired to provide experience in rapidly developing countries by participating with such countries in guaranteeing private United States capital available for investment m Latin American countries for the purposes set forth herein. (b) In order to carry out the purposes set forth in subsection (a), the President is authorized to issue guaranties assuring against the risks of loss specified in paragraph 221(b)(2) of investments made by United States citizens, or corporations, partnerships, or other associations created under the law of the United States or of any State or territory and substantially beneficially owned hj United States citizens in pilot or demonstration private housing projects in Latin America of types similar to those insured by the Federal Housing Administration and suitable for conditions in Latin America. The total face amount of guaranties issued under this section outstanding at any one time shall not exceed $10,000,000. (c^ The provisions of section 222(a), (b)j (d), and (e) shall be applicable to guaranties issued under this section m the same manner and to the same extent as they apply to guaranties issued under section 221(b)(2). TITLE IV—SURVEYS OF INVESTMENT OPPORTUNITIES SEC. 231. GENERAL AUTHORITY.—(a) In order to encoura^ and

promote the undertaking by private enterprise of surveys of investment opportunities, other than surveys of extraction opportunities, in less developed friendly countries and areas, the President is authorized to participate in the financing of such surveys undertaken by any person on such terms and conditions as he may determine: Provided, That his participation shall not exceed 50 per centum of the total cost of any such survey. The making of each such survey shall be approved by the President. (b) In the event that a person who has undertaken a survey in accordance with this title determines, within a period of time to be determined by the President^ not to undertake, directly or indirectly, the investment opportunity surveyed, such person shall turn over to the President a professionally acceptable technical report with respect to all matters explored. Such report shall become the property of the United States Government, and the United States Government shall be entitled to have access to, and obtain copies of, all underlying correspondence, memorandums, working papers, documents, and other materials in connection with the survey. SEC. 232. AUTHORIZATION.—There is hereby authorized to be appropriated to the President for use beginning in the fiscal year 1962 to carry out the purposes of this title not to exceed $5,000,000, which shall remain available until expended. SEC. 233. DEFINITIONS.—As used in this title— (a) the term "person" means a citizen of the United States or any corporation, partnership, or other association substantially beneficially owned by United States citizens; and

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