Page:United States Statutes at Large Volume 65.djvu/418

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384

PUBLIC LAW 166—OCT. 10, 1951

[65 STAT.

available to meet local currency needs of the aid programs in such countries pursuant to agreements made in advance with the United States: Provided, That except when otherwise prescribed by the Director as necessary to the effective accomplishment of the aid programs in such countries, all funds so advanced shall be held under procedures set out in such agreements until used to pay for goods and services approved by the United States or until repaid to the United States for reimbursement to the appropriation from which drawn. (b) I n order to assist in carrying out the provisions of the Economic Cooperation Act of 1948, as amended, not to exceed $50,000,000 of funds made available under the authority of this Act for assistance pursuant to the provisions of the Economic Cooperation Act of 1948, 62 Stat. 137.

^s amended (22 U.S.C. 1501-1522), may be used to acquire local

currency for the purpose of increasing the production of materials in which the United States is deficient. GUARANTIES

Stat. 143.^^^ 22 U. 8. C. § 1509.

SEC. 520. Funds realized from the sales of notes pursuant to section 111(c)(2) of the Economic Cooperation Act of 1948, as amended, shall be available for making guaranties of investments in accordance with the applicable provisions of sections 111(b)(3) and 111 (c)(2) of the Economic Cooperation Act, as amended, in any area in which assistance is authorized by this Act. ADMINISTRATIVE EXPENSES

64 Stat. 200.

SEC, 521. Funds made available for carrying out the provisions of title I of this Act shall be available for United States participation in the acquisition or construction of facilities in foreign countries for collective defense: Provided, That no part of such funds shall be expended for rental or purchase of land or for payment of taxes. Such funds shall also be available for the administrative expenses of carrying out the purposes of all of the titles of this Act, including expenses incident to United States participation in international security organizations and expenses in the United States in connection with programs authorized under the Act for International Development. Any currency of any nation received by the United States for its own use in connection with assistance furnished by the United States may be used by any agency of the Government without reimbursement from any appropriation for the administrative and operating expenses of carrying out the purpose of this Act. Funds made available for carrying out the purpose of this Act in the Federal Republic of Germany may, as authorized in subsection 114(h) of the Economic Cooperation Act of 1948, as a m ^ d e d (22 U.S.C. 1512 (h)), be transferred by the President to any department or agency for the expenses necessary to meet the responsibilities and obligations of the United States in the Federal Republic of Germany. LOANS

22u^s c%i509

SEC. 522. Section 111(c) of the Economic Cooperation Act of 1948, ^^ amended (22 U.S.C. 1501-1522), is hereby amended by adding a new paragraph as follows: "(3) Of the assistance provided under the applicable provisions of this Act with funds made available under the authority of the Mutual Security Act of 1951, as great an amount (in no event less than 10 per centum) as possible shall be provided on credit terms."