PUBLIC LAWS-CHS. 32, 33 -FEB . 24 , 1938 Adjustmentsauthor- ized. Reduction in amount of obligations authorized to be out- standing. Sums representing repayments of funds disbursed to be covered in. Exception. Directors; number. 47 Stat. 5. 15U.S.C.§603; Supp. III, § 603. Reconstruction Finance Corporation may hold pursuant to any pro- vision of law referred to in said subsection (b): Provided further, That the Secretary of the Treasury and the Reconstruction Finance Corporation are authorized and directed to make adjustments on their books and records as may be necessary to carry out the pur- poses of this Act. SEC. 2. The amount of notes, debentures, bonds, or other such obligations which the Reconstruction Finance Corporation is authorized and empowered to have outstanding at any one time under the provisions of law referred to in subsections (a) and (b) of section 1 of this Act is correspondingly reduced by the amount of the notes authorized to be canceled by the Secretary of the Treasury pursuant to section 1 of this Act. SEC. 3 . Any sums at any time received by any agency of the United States, including the Reconstruction Finance Corporation, repre- senting repayments or recoveries of funds disbursed out of amounts allocated or made available pursuant to any of the provisions of law referred to in section 1 hereof, shall forthwith be covered into the general fund of the Treasury, except that whenever, under applicable provisions of law or otherwise, such funds represent amounts which continue to be available or required to be expended for the purposes for which originally allocated or made available, such funds shall not be covered into the general fund of the Treasury until the expira- tion of the period during which they are so available or required to be expended. SEC. 4. Section 3 of the Reconstruction Finance Corporation Act, approved January 22, 1932, as amended (U. S. C ., 1934 ed., title 15, sec. 601, and the following), is further amended by striking out the first two sentences of such section and inserting in lieu thereof the following: "The management of the Corporation shall be vested in a board of directors consisting of five persons appointed by the Presi- dent of the United States by and with the advice and consent of the Senate. Of the five members of the board not more than three shall be members of any one political party and not more than one shall be appointed from any one Federal Reserve district." Approved, February 24, 1938. [CHAPTER 33] AN ACT February 24, 1938 Is. 5581 Amending Acts fixing the rate of payment of irrigation construction costs on the [Public, No. 433] Wapato Indian irrigation project, Yakima, Washington, and for other purposes. Yakima Indian Res- ervation, Wash. Wapato irrigation project. 41 Stat. 431; 42 Stat. 595. Construction charges. Assessment rate. Effective date and duration. Annual repayment schedule, modifica- tion. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That so much of the Act approved February 14, 1920 (41 Stat. 431), as amended by the Act approved May 25, 1922 (42 Stat. L . 595 and 596), as fixes the annual rate of payment of irrigation construction costs or assess- ments on the Wapato Indian irrigation project on the Yakima Reservation in the State of Washington, be, and it is hereby, amended so as to fix the per-acre per-annum assessment rate at $1.25 against those lands classed as A or B which are subject to construc- tion assessments pursuant to existing law. Such rate is to take effect immediately upon approval of this Act and shall continue until the total cost assessable under existing law against such of the A and B lands shall have been repaid. SEC. 2. The Secretary of the Interior is hereby authorized and directed to modify the annual repayment schedule set forth in the 80 [52 STAT.
�
