Page:United States Statutes at Large Volume 94 Part 2.djvu/614

 94 STAT. 1892

Nonprofit organizations.

PUBLIC LAW 96-445—OCT. 13, 1980

loss or losses upon which the claim was based. The sum of the amounts which would otherwise be payable but for this paragraph which are not paid to any such claimant shall be aggregated, and the Secretary of the Treasury is authorized and directed to make payments out of such aggregated sums in accordance with subparagraph (B). "(B) To the extent that there remain unpaid principal balances on awards to claimants which were, on the date of nationalization or other taking of property, nonprofit organizations operated exclusively for the promotion of social welfare, religious, charitable, or educational purposes (after payments made to such nonprofit organizations pursuant to subparagraphs (A) and (B) of paragraph (1) are taken into account), the Secretary of the Treasury is authorized and directed to make payments from time to time on account of the unpaid principal balance of each remaining award to such nonprofit organizations which bear to such unpaid principal balance the same proportion as the total sums aggregated pursuant to subparagraph (A) at the times such payments are made bear to the aggregate unpaid principal balance of all such awards to nonprofit organizations.". Approved October 13, 1980.

LEGISLATIVE HISTORY: CONGRESSIONAL RECORD, Vol. 126 (1980): Sept. 30, considered and passed House. Oct. 1, considered and passed Senate.

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