Page:United States Statutes at Large Volume 63 Part 1.djvu/392

This page needs to be proofread.


354 PUBLIC LAWS-CH. 285 -JUNE 30, 1949 [63 STAT. mine the interest rate annually in advance, such rate to be calculated to reimburse the Treasury for its cost, taking into consideration the current average interest rate which the Treasury pays upon its market- able obligations. Contributido to r (c) The Corporation shall after June 30, 1949, contribute to the tirement and disabil- . C ityfund. civil-service retirement and disability fund, on the basis of annual billings as determined by the Civil Service Commission, for the Government's share of the cost of the civil-service retirement system applicable to the corporation's employees and their beneficiaries. The Corporation shall also after June 30, 1949, contribute to the Employees' Compensation Fund, on the basis of annual billings as determined by the Federal Security Administrator for the benefit payments made from such fund on account of the Corporation's employees. The annual billings shall also include a statement of the fair portion of the cost of the administration of the respective funds, which shall be paid by the Corporation into the Treasury as miscellaneous receipts. Appropriations an- SE. 8 . (a) Appropriations are hereby authorized for payment to thorized. pot, p.875. the Corporation in the form of a grant, in such amounts as may be estimated in advance in the annual budget as necessary to cover losses to be sustained in the conduct of its activities which are included in the annual budget as predominantly revenue producing. The Cor- poration's annual budget program shall specifically set forth any loss sustained in excess of the grant previously made for the last completed fiscal year. Appropriations are hereby authorized for payment to the Corporation to cover such additional losses incurred. General funds. (b) Appropriations are also authorized for payment to the Corpo- ration in the form of a grant, to be accounted for as general funds of the Corporation, in such amounts as may be necessary to meet expenses to be incurred for specific programs which are included in the annual budget as not predominantly of a revenue-producing char- Restrictions. acter: Provided, however, That (1) in the case of activities of a pre- dominantly non-revenue-producing character the expenses shall not exceed the amounts of the grants for these activities, and that (2) the funds granted under this subsection shall be expended only upon certification by a duly authorized certifying officer designated by the Corporation, and the responsibilities and liabilities of such certifying officer shall be fixed in the same nlanner as those of certifying officers under the Act of December 29, 1941 (55 Stat. 875), as amenled (31 U.S.C . 82b-g). Applicability of ex- (c) The Board of Directors shall have the power and duty to appraise at least annually its necessary working capital requirellents and its reasonably foreseeable requirements for authorized plant replacement and expansion, and it shall pay into the Treasury of the United States any funds in excess thereof. Such payments shall be applied first, to reduce the balance attributable to advances outstand- ing under section 6 (a) and, second, to the Government's investment represented by the value of the net assets transferred under section 10 of this Act and any subsequent similar investments by the Govern- ment in the Corporation. Board of Directors. SEC. 9. The management of the Corporation shall be vested in a Board of Directors consisting of seven members, including the Secre- tary of the Interior, the Secretary of Agriculture, the Chairman of the Reconstruction Finance Corporation, the Governor of the Virgin Islands, and three experienced businessmen who shall be appointed by the President of the United States. Terms of office. The Board shall select its Chairman. The appointed directors shall serve for a period of six years, except that (1) any director appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed, shall be appointed for the remainder of such term, and (2) the terms of office of the directors first taking office