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Page:United States Statutes at Large Volume 61 Part 1.djvu/348

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PUBLIC LAWS-CHS. 248, 249-JULY 15, 1947 Rules and regula- tions. Quarterly report. 66 Stat. 177. 50U.S.C.app. 1633. Ante, pp. 25 ,34 ,322; post, p. 946. Infra. 56 Stat. 176. 50U.S.C.app. §§ 631-645a. Ante, pp. 25,34,214, 322; port, p . 946. 54 Stat. 714. 50U.8.C.app. 701. Ante, pp. 214, 323; post, p. 946. Supra. 9upra. Appropriations au- thorized. Po,t p. 618. July 16, 1947 [H. R. 3861] [Public Law 1891 ti 1a (I action taken under such delegated authority, and may promulgate such rules and regulations as may be necessary to enable him to per. form the functions, powers, and duties imposed upon him by this section. (b) The Secretary shall make a quarterly report, within thirty days after each quarter, to the President and to the Congress of his operations under the authority conferred on him by this section. Each such report shall contain a recommendation by him as to whether the controls exercised under title III of the Second War Powers Act, 1942, as amended, and section 6 of the Act entitled "An Act to expedite the strengthening of the national defense", approved July 2, 1940, as amended, should or should not be continued, together with the current facts and reasons therefor. Each such report shall also contain detailed information with respect to licensing procedures under such Acts, allocations and priorities under the Second War Powers Act, 1942, as amended, and the allocation or nonallocation to countries of materials and commodities (together with the reasons therefor) under section 6 of the Act entitled "An Act to expedite the strengthening of the national defense", approved July 2, 1940, as amended. PERSONNEL SEC. 7 . Notwithstanding any other law to the contrary, personnel engaged in the performance of duties related to functions, powers, and duties delegated by the President under the Second War Powers Act of 1942, as amended, and section 6 of the Act entitled "An Act to expedite the strengthening of the national defense", approved July 2, 1940, as amended, and whose employment was terminated, or who were furloughed, in June or July 1947, may be reemployed to perform duties in connection with the functions, powers, and duties extended by this Act. APPROPRIATIONS SEC. 8. There is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, such sums as may be necessary to carry out the purposes of this Act. EFFECTIVE DATE SEC. 9 . This Act shall take effect on July 16,1947. Approved July 15, 1947. [CHAPTER 249] AN ACT To allow to a successor railroad corporation the benefits of certain carry-overs of a predecessor corporation for the purposes of certain provisions of the Internal Revenue Code. Be it enacted by the Senate and House of Representatives of the Railroad corpora United States of America in Congress assembled, That (a) if a Acqisoition of cer- railroad corporation (as defined in section 77m of the National Bank- ain property. 4v7tat. 1481 . ruptcy Act, as amended) (hereinafter referred to as successor corpo- 1IU.s.. 120(m). ration) has acquired, prior to January 1, 1950, property from another such railroad corporation (hereinafter referred to as predecessor corporation) in a receivership proceeding, or in a proceeding under iiU.8 . 1a7. section 77 of the National Bankruptcy Act, as amended, and if the basis of the property so acquired is determined under section 113 2U. S C 113(a) (a) (20) of the Internal Revenue Code, then, for the purposes of W the determination under the Internal Revenue Code of- 324 [61 STAT.