Page:United States Statutes at Large Volume 75.djvu/496

 456

Use of voluntary organizations.

A c c e p t a n c e of gifts, etc.

Health and accident insurance.

All en part i c i pants.

66 Stat. 166.

Loans.

59 Stat. 597.

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

[ 75 S T AT.

whereby, wherever practicable, such grant economic assistance shall be progressively reduced and eventually terminated. SEC. 635, GENERAL AUTHORITIES.—(a) Except as otherwise specifically provided in this Act, assistance under this Act may be furnished on a grant basis or on such terms, including cash, credit, or other terms of repayment (including repayment in foreign currencies or by transfer to the United States Government of commodities) as may be determined to be best suited to the achievement of the purposes of this Act, and shall emphasize loans rather than grants wherever possible. (b) The President may make loans, advances, and grants to, make and perform agreements and contracts with, or enter into other transactions with, any individual, corporation, or other body of persons, friendly government or government agency, whether within or without the United States, and international organizations in furtherance of the purposes and within the limitations of this Act. (c) I t is the sense of Congress that the President, in furthering the purposes of this Act, shall use to the maximum extent practicable the services and facilities of voluntary, nonprofit organizations registered with, and approved by, the Advisory Committee on Voluntary Foreign Aid. (d) The President may accept and use in furtherance of the urposes of this Act, money, funds, property, and services of any ind made available by gift, devise, bequest, grant, or otherwise for such purpose. (e) Any agency of the United States Government is authorized to pay the cost of health and accident insurance for foreign participants in any program of furnishing technical information and assistance administered by such agency while such participants are absent from their homes for the purpose of participation in such program. (f) Alien participants in any program of furnishing technical information and assistance under this Act may be admitted to the United States if otherwise qualified as nonimmigrants under section 101(a) (15) of the Immigration and Nationality Act, as amended (8 U.S.C. 1101(a) (15)), for such time and under such conditions as may be prescribed by regulations promulgated by the Secretary of State and the Attorney General. (g) In making loans under this Act, the President— (1) may issue letters of credit and letters of commitment; (2) may collect or compromise any obligations assigned to, or held by, and any legal or equitable rights accruing to him, and, as he may determine, refer any such obligations or rights to the Attorney General for suit or collection; (3) may acquire and dispose of, upon such terms and conditions as he may determine, any property, including any instrument evidencing indebtedness or ownership (provided that equity securities may not be directly purchased although such securities may be acquired by other means such as by exercise of conversion rights or through enforcement of liens or pledges or otherwise to satisfy a previously incurred indebtedness), and guarantee payment against any such instrument; (4) may determine the character of, and necessity for, obligations and expenditures of funds used in making such loans and the manner in which they shall be incurred, allowed, and paid, subject to provisions of law specifically applicable to corporations of the United States Government; and (5) shall cause to be maintained an integral set of accounts which shall be audited by the General Accounting Office in accordance with principles and procedures applicable to commercial corporate transactions as provided by the Government Corporation Control Act, as amended (31 U.S.C. 841 et seq.).

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