Page:United States Statutes at Large Volume 88 Part 2.djvu/717

 88

STAT.

]

PUBLIC LAW 93-618-JAN. 3, 1975

functions under this chapter in connection with furnishing adjustment assistance to firms, which sums are authorized to be appropriated to remain available until expended. (c) The unexpended balances of appropriations authorized by section 312(d) of the Trade Expansion Act of 1962 are transferred to the Secretary to carry out his functions under this chapter. SEC. 257. ADMINISTRATION OF FINANCIAL ASSISTANCE. (a) I n making and administering guarantees and loans under section 254, the Secretary may— (1) require security for any such guarantee or loan, and eniorce, waive, or subordinate such security; (2) assign or sell at public or private sale, or otherwise dispose of, upon such terms and conditions and for such consideration as he shall determine to be reasonable, any evidence of debt, contract, claim, personal property, or security assigned to or held by him in connection with such guarantees or loans, and collect, compromise, and obtain deficiency judgments with respect to all obligations assigned to or held by him in connection with such guarantees or loans until such time as such obligations may be referred to the Attorney General for suit or collection; (3) renovate, improve, modernize, complete, insure, rent, sell, or otherwise deal with, upon such terms and conditions and for such consideration as he shall determine to be i/easonable, any real or personal property conveyed to or otherwise acquired by him in connection with such guarantees or loans; (4) acquire, hold, transfer, release, or convey any real or personal property or any interest therein whenever deemed necessary or appropriate, and execute all legal documents for such purposes; and (5) exercise all such other powers and take all such other acts as may be necessary or incidental to the carrying out of functions pursuant to section 254. (b) Any mortgage acquired as security under subsection (a) shall be recorded under applicable State law. (c) All repayments of loans, payments of interest, and other receipts arising out of transactions entered into by the Secretary pursuant to this chapter, shall be available for financing functions performed under this chapter, including administrative expenses in connection with such functions. SEC. 258. PROTECTIVE PROVISIONS. (a) Each recipient of adjustment assistance under this chapter shall keep records which fully disclose the amount and disposition by such recipient of the proceeds, if any, of such adjustment assistance, and which will facilitate an effective audit. The recipient shall also keep such other records as the Secretary may prescribe. (b) The Secretary and the Comptroller General of the United States shall have access for the purpose of audit and examination to any books, documents, papers, and records of the recipient pertaining to adjustment assistance under this chapter. (c) No adjustment assistance under this chapter shall be extended to any firm unless the owners, partners, or officers certify to the Secretary— (1) the names of any attorneys, agents, and other persons engaged by or on behalf of the firm for the purpose of expediting applications for such adjustment assistance; and

2033

19 USC 1912. 19 USC 2347.

19 USC 2348. Recordkeeping.

GAO audit.

�