946
PUBLIC LAW 927-AUG. 2, 1956
[70 S T A T.
of the outstanding voting stock or shares of any organization and such organization; and " (F) Two or more persons directly or indirectly controlling, controlled by, or under common control with, any person." (b) Paragraph 27 (c) of the Tariff Act of 1930 (U.S.C. 1952 46 Stat. 593. edition, title 19, sec. 1001, par. 27 (c)), is amended by striking out "(as defined in subdivision (g) of section 402, title IV), " and ", as defined in subdivision (e) of section 402, title IV". (c) Paragraph 28 (c) of the Tariff Act of 1930 (U.S.C. 1952 edi46 Stat. 594. tion, title 19, sec. 1001, par. 28 (c)), is amended by striking out "(as defined in subdivision (g) of section 402, title IV), " and ", as defined in subdivision (e) of section 402, title IV". (d) Section 336(b) of the Tariff Act of 1930 (U.S.C. 1952 edi46 Stat. 701. tion, title 19, sec. 1336 (b)), is amended by striking o u t " (as defined in section 402(g)) ". (e) I n any action relating to tariff adjustments by executive action, including action taken pursuant to section 350 of the Tariff Act of 19 USC?35i. 1930, as amended, the United States Tariff Commission and each officer of the executive branch of the Government concerned shall give full consideration to any reduction in the level of tariff protection which has resulted or is likely to result from the amendment of section 402 Ant^ p. 943. of the Tariff Act of 1930 made by this Act. Ante. p. 943. (f) Redesignated section 402a of the Tariff Act of 1930 is amended by deleting the word "merchandise" in the introductory matter of subsection (a) and substituting therefor "articles designated by the Secretary of the Treasury as provided for in section 6(a) of the Post, p. 948. Customs Simplification Act of 1956". cvSlncyf'^^"^ ^ ^^^: ^' Section 522(c) of the Tariff Act of 1930 (U.S.C. 1952 edi46 Stat. 740. tion, title 31, sec. 372) is amended to read as follows: "(c)
MARKET RATE W H E N No PROCLAMATION.—
"(1) If no value has been proclaimed under subsection (a) for the quarter in which the merchandise was exported, or if the value so proclaimed varies by 5 per centum or more from a value measured by the buying rate at noon on the day of exportation, then conversion of the foreign currency involved shall be made— " (A) at a value measured by such buying rate, or " (B) if the Secretary of the Treasury shall by regulation so prescribe with respect to the particular foreign currency, at a value measured by the buying rate first certified under this subsection for a day in the quarter in which the day of exportation falls (but only if the buying rate at noon on the day of exportation does not vary by 5 per centum or more from such first-certified buying rate). "(2) For the purposes of this subsection the term 'buying rate' means the buying rate in the New York market for cable transfers payable in the foreign currency so to be converted. Such rate shall be determined by the Federal Reserve Bank of New York and certified to the Secretary of the Treasury, who shall make it public at such times and to such extent as he deems necessary. I n ascertaining such buying rate, the Federal Reserve Bank of New York may, in its discretion— " (A) take into consideration the last ascertainable transactions and quotations, whether direct or through exchange of other currencies, and " (B) if there is no market buying rate for such cable transfers, calculate such rate (i) from actual transactions and quotations in demand or time bills of exchange, or (ii) from the last ascertainable transactions and quotations outside the
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