Page:United States Statutes at Large Volume 79.djvu/1287

 79 STAT.]

PUBLIC LAW 89-329-NOV. 8, 1965

(b) The Commissioner shall, with respect to the financial operations arising by reason of this part— (1) prepare annually and submit a budget program as provided for wholly owned Government corporations by the Government Corporation Control Act; and (2) maintain with respect to insurance under this part an integral set of accounts, which shall be audited annually by the General Accounting Office 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 the settlement of insurance claims and of claims for payments pursuant to section 428, 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,

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59 Stat. 59 7. 31 USC 841 note. GAO audit.

ADVISORY C O U N C I L ON I N S U R E D LOANS TO STUDENTS

SEC. 433. (a) The Secretary shall establish in the Office of Education an Advisory Council on Insured Loans to 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 institutions of higher education. (b) The Advisory Council shall advise the Commissioner with respect to policy matters arising in the administration of this part, including policies and procedures governing the making of advances under section 422 and the Federal payments to reduce student interest costs under section 428. (c) Members of the Advisory Council who are not regular full-time employees of the United States shall, while serving on the business of the Council, be entitled to receive compensation at rates fixed by the Secretary, but not exceeding $100 per day. including travel time; and, while so serving away from their homes or regular places of business, members 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. 73b-2) for persons in the Government service employed intermittently. PARTICIPATION BY FEDERAL CREDIT U N I O N S I N FEDERAL, STATE, A N D PRIVATE S T U D E N T LOAN INSURANCE PROGRAMS

SEC, 434, 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 up to 10 per centum of their assets, to student members in accordance with the provisions of this part relating to federally insured loans, or in accordance with the provisions of any State or nonprofit private student loan insurance program which meets the requirements of section 428(a)(1)(C), DEFINITIONS FOR REDUCED-INTEREST S T U D E N T LOAN INSURANCE PROGRAM

435, As used in this part: (a) The term "eligible institution"' means an educational institution in any State which (1) admits as regular students only persons SEIC,

Establishment.

Compensation.

60 Stat, 808; 75 Stat. 339, 340.

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