Page:United States Statutes at Large Volume 60 Part 1.djvu/771

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PUBLIC LAWS-CHS. 710, 711-JULY 31, 1946 [60 STAT. Transfer of funds. Retention of lands by Secretary. Payment of annual charges. Termination of au- thority. Reduction of inter- est rate. July 31, 1946 [H. R. 6372) [Public Law 574] Federal Credit Un- ion Act, amendments. 4 8 Stat. 1218 . 12U. .C. 1757(5). Usurious transac- tions. 48 Stat. 1219. 12U. S .C. 1759. Issuance of shares in joint tenancy. (d) transfer or cause to be transferred by the appropriate dis- bursing officer to the Grand River Dam Authority all, or such part as the Secretary may in his discretion determine to be just and equitable, of the balance of funds remaining in the special trust account in the Treasury of the United States used by the United States for deposits and disbursements on account of the Grand River Dam project during the period of Federal control thereof. SEC. 3. In connection with and as a part of the adjustment and settlement authorized to be imade by this Act, the Secretary shall retain all lands or interests therein of the United States above elevation seven hundred and fifty feet mean sea level necessary or desirable for operation of the Grand River Dam project at a pool elevation of seven hundred and fifty-five feet above mean sea level at the Grand River Dam, and the Authority shall grant to the Sec- retary on behalf of the United States flowage rights on all lands or interests therein of the Authority above elevation seven hundred and fifty feet mean sea level which are necessary or desirable for such operation. Elevations herein stated are referred to the sea level datum in use at the time the Grand River Dam project was started, known as Grand River Dam datum, which is one and one- tenth feet below the sea level datum now in use at said location. SEC. 4 . The Grand River Dam Authority shall not be required to pay any annual charges under its license issued by the Federal Power Commission for the operation of the project during the period of Federal control thereof. SEC. 5 . The authority and power conferred herein shall cease and terminate thirty days after approval of this Act unless an adjust- ment and settlement shall have been agreed to by the Authority and the Secretary prior thereto. SEC. 6 . The Administrator of the Federal Works Agency or his successor in interest is hereby authorized to reduce the rate of inter- est to 21/2 per centum on all power bonds held by such Agency issued by States, public authorities, counties, municipalities, and other sub- divisions of State governments for power projects financed by the Public Works Administration. Approved July 31, 1946. [CHAPTER 7111 AN ACT To amend the Federal Credit Union Act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Federal Credit Union Act, as amended, is hereby further amended as follows: Paragraph (5) of section 7 is amended by adding at the end thereof the following: "The taking receiving, reserving, or charging a rate of interest greater than is allowed by this subsection, when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon. In case the greater rate of interest has been paid the person by whom it has been paid, or his legal representatives, may recover back, in an action in the nature of an action of debt, the entire amount of interest thus paid from the credit union taking or receiving the same: Provided, That such action is commenced within two years from the time the usurious transaction occurred." SEC. 2. Section 9 of such Act is amended by adding at the end thereof the following: "Shares may be issued in joint tenancy with right of survivorship with any person designated by the credit union member, but no joint 744