Page:United States Statutes at Large Volume 79.djvu/1088

 1048

PUBLIC LAW 89-287-OCT. 22, 1965

[79 STAT.

General Accounting OiRce in accordance with principles and procedures applicable to commercial corporate transactions, as provided by section 105 of the Government Corporation Control Act, except that the transactions of the Commissioner, including ^^^ Settlement of insurance claims and of claims for payments pursuant to section 9^, and transactions related thereto and vouchers approved by the Commissioner in connection with such transactions, shall be final and conclusive upon all accounting and other officers of the Government.

59 stat^- ^59^9.

31 Tso^850. ^1 uTe acn r

ADVISORY COUNCIL ON INSURED LOANS TO VOCATIONAL STUDENTS

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pensation.

60 Stat. 808:

75 Stat. 339, 340.

SEC. 15. (a) The Secretary shall establish in the Office of Education an Advisory Council on Insured Loans to Vocational Students, consisting of the Commissioner, who shall be Chairman, and eight members appointed, without regard to the civil service laws, by the Secretary. The membership of the Council shall include persons representing State loan insurance programs, private nonprofit loan insurance programs, financial and credit institutions, and eligible institutions. (b) The Advisory Council shall advise the Commissioner in the preparation of general regulations and with respect to policy m'atters arising in the administration of this Act, including policies and procedures governing the making of advances under section 3, the Federal payments to reduce student interest costs under section 9 and the making of loans under section 10. (^) Members of the Advisory Council, while attending meetings or conferences of such Council, or otherwise engaged in the business of such Council, shall be entitled to receive compensation at a rate fixed by the Secretary, but noit exceeding $100 per diem, including travel time, and while so serving on the business of the Advisory Council away from their homes or regular places of business, they may be allowed travel expenses, including per diem in lieu of subsistence, as authorized by section 5 of the Administrative Expenses Act of 1946 (5 U.S.C. 73l)-2), for persons in the Government service

employed intermittently. PARTICIPATION BY FEDERAL CREDIT UNIONS I N FEDERAL, STATE, AND PRIVATE STUDENT LOAN INSURANCE PROGRAMS

SEC. 16. Notwithstanding any other provision of law. Federal credit unions shall, pursuant to regulations of the Director of the Bureau of Federal Credit Unions, have power to make insured loans u p to 5 per centum of their assets, to student members in accordance with the provisions of this Act or in accordance with the provisions of any State or nonprofit private student loan insurance program with respect to which there is in effect an agreement with the Commissioner under section 9(b). DEFINITIONS

SEC. 17. As used in this Act— (a) The term "eligible institution" means a business or trade school, or technical institution or other technical or vocational school, in any State, which (1) admits as regular students only persons who have completed or left elementary or secondary school and who have the ability to benefit from the training offered by such institution; (2) is legally authorized to provide, and provides within that State, a proram of postsecondary vocational or technical education designed to t individuals for useful employment in recognized occupations; (3) has been in existence for two years or has been specially accredited by

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