Page:United States Statutes at Large Volume 94 Part 1.djvu/728

 94 STAT. 678 42 USC 8321.

42 USC 8311. 50 USC app. 2061.

42 USC 8776.

PUBLIC LAW 96-294—JUNE 30, 1980 (4) For purposes of section 211(b) of such Act, an extension or renewal under section 211(e)(1) of such Act or section 211(e)(2)(B) of such Act may be granted at the time the original exemption is issued or at any subsequent date. (5) Nothing in this subsection shall be construed to relieve the petitioner from compliance with subtitle A of title II of the Powerplant and Industrial Fuel Use Act of 1978. (k) This part shall not affect any authority contained in the Defense Production Act of 1950. SEVERABILITY

SEC. 176. If any provision of this part, or the application of any such provision to any person or circumstance, shall for any reason be adjudged by any court of competent jurisdiction to be invalid, the remainder of this part, or the application of such provision to persons or circumstances other than those to which it is held invalid, shall not be affected thereby. FISCAL YEAR, AUDITS AND REPORTS

42 USC 8777.

SEC. 177. (a) The fiscal year of the Corporation shall coincide with the fiscal year of the United States Government. (b)(1) The Corporation shall retain a firm or firms of nationally recognized public accountants who shall prepare, in accordance with generally accepted accounting principles, and report an annual audit of the accounts of the Corporation including statements of the t3rpe required in section 106 of the Government Corporation Control Act (31 U.S.C.851). (2) The General Accounting Office is authorized to conduct such audits of the accounts of the Corporation and to report upon the same to the Congress, as the General Accounting Office shall deem necessary or as the Congress may request, but not less than every three years. (3) All books, accounts, financial records, reports, files, papers, and property belonging to or in use by the Corporation sh^l be made available to the person or persons conducting the audit for verifying transactions. (c)(1) The Corporation shall submit quarterly reports to the Congress and the President. Each report will state the aggregate sums then outstanding or committed for financial assistance under subtitle D and for Corporation construction projects under subtitle E, and a summary of any financial assistance retired or any synthetic fuel project liquidated by the Corporation pursuant to subtitle I. Each report shall contain a list of the concerns receiving financial assistance involved in Corporation construction projects. (2) The quarterly report in which any expenditure or commitment to a concern or synthetic fuel project is first noted shall contain a brief description of the factors considered by the Corporation in making such expenditure or commitment. The report shall include (A) financial statements prepared in accordance with generally accepted accounting principles, consistently applied, as of the end of the Corporation's fiscal quarter preceding the date of the report and (B) compensation of persons employed or under contract by the Corporation at salary rates exceeding $2,500 per month. (d)(1) Not later than 120 days after the end of each fiscal year, the Corporation shall submit to the Congress and the President an

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