Page:United States Statutes at Large Volume 84 Part 2.djvu/724

 PUBLIC LAW 91-672-JAN. 12, 1971

2054 Conventional arms trade. P r e s i dential action.

International Fighter aircraft. 82 Stat. 22 USC note. 75 Stat. 22 USC note.

1320, 2751 424. 2151

83 Stat, 204. E x c e s s defense articles.

22 USC 2301.

Funds, transfer.

75 Stat. 4 6 1. 22 USC 2403.

"Value."

[84 STAT.

(2i) the President should take such actions as may be appropriate— (A) to initiate multilateral discussions among the United States, the Union of Soviet Socialist Republics, Great Britain, France, West Germany, Italy and other countries on the control of the worldwide trade in armaments, (B) to commence a general debate in the United Nations with respect to the control of the conventional arms trade, and (C) to use the powder and prestige of his oiSce to signify the intention of the United States to work actively with all nations to check and control the international sales and distribution of conventional weapons of death and destruction. SEC. 7. Unless the sale, grant, loan, or transfer of any International Fighter aircraft (1) has been authorized by and made in accordance with the Foreign Military Sales Act or the Foreign Assistance Act of 1961, or (2) is a regular commercial transaction (not financed by the United States) between a party other than the United States and a foreign country, no such aircraft may be sold, granted, loaned, or otherwise transferred to any foreign country (or agency thereof) other than South Vietnam. For purposes of this section, "International Fighter aircraft*' means the fighter aircraft developed pursuant to the authority contained in the proviso of the second paragraph of section 101 of Public Law 91-121 (relating to military procurement for fiscal year 1970 and other matters). SEC. 8. (a) Subject to the provisions of subsection (b), the value of any excess defense article granted to a foreign country or international organization under part II of the Foreign Assistance Act of 1961 shall be considered to be an expenditure made from funds appropriated under that Act for military assistance. When an order is placed under the military assistance program with the military departments for a defense article whose stock status is excess at the time ordered, a sum equal to the value thereof shall (1) be reserved and transferred to a suspense account, (2) remain in the suspense account until the excess defense article is either delivered to a foreign country or international organization or the order therefor is cancelled, and (3) be transferred from the suspense account to (A) the general fund of the Treasury upon delivery of such article or (B) to the military assistance appropriation for the current fiscal year upon cancellation of the order. Such sum shall be transferred to the military assistance appropriation for the current fiscal year upon delivery of such article if at the time of delivery the stock status of the article is determined, in accordance with sections 644(g) and (m) of the Foreign Assistance Act of 1961, to be nonexcess. (b) The provisions of subsection (a) shall apply during any fiscal year only to the extent that the aggregate value of excess defense articles ordered during that year exceeds $100,000,000. (c) For purposes of this section, "value" means not less than SSy^ per centum of the amount the United States paid at the time the excess defense articles were acquired by the United States.

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