430
Development of small b u s i n e s s.
PUBLIC LAW 87-195-SEPT. 4, 1961
[75 S T A T.
Provided, That the total face amount of the guaranties issued under this paragraph (1) outstanding at any one time shall not exceed $1,000,000,000; and (2) where the President determines such action to be important to the furtherance of the purposes of this title, assuring against loss of not to exceed 75 per centum of any investment due to such risks as the President may determine, upon such terms and conditions as the President may determine: Provided, That guaranties issued under this paragraph (2) shall emphasize economic de,
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velopment projects lurthering social progress and the development of small independent business enterprises, and no such guaranty shall exceed $10,000,000: Provided further, That no payment may be made under this paragraph (2) for any loss arising out of fraud or misconduct for which the investor is responsible: Provided further, That the total face amount of the guaranties issued under this paragraph (2) outstanding at any one time shall not exceed $90,000,000: Provided further, That this authority shall continue until June 30, 1964. (c) No guaranty_ shall exceed the dollar value, as of the date of the investment, of the investment made in the project with the approval of the President plus actual earnings or profits on said investment to the extent provided by such guaranty, nor shall any guaranty extend beyond twenty j^ears from the date of issuance, protection of ((J) The President shall make suitable arrangements for protecting the interests of the United States Government in connection with any guaranty issued under section 221(b), including arrangements with respect to the ownership, use, and disposition of the currency, credits, assets, or investment on account of which payment under such guaranty is to be made, and any right, title, claim, or cause of action existing in connection therewith. Dere^minationb ^^^' ^^^" GT^^^I^^L PROVISIONS.—(a) A fee shall be charged for President. " each guaranty in an amount to be determined by the President. I n the event the fee to be charged for a type of guaranty authorized under section 221(b) is reduced, fees to be paid under existing contracts for the same type of guaranty may be similarly reduced. (b) All fees collected in connection with guaranties issued under section 221(b), under sections 202(b) and 413(b)(4) of the Mutual ^ 71 Stat, 357; 73 Sccurity Act of 1954, as amended, and under section 111(b)(3) of
- 68' itJt. 846; 73 the Ecouomic Cooperation Act of 1948, as amended (22 U.S.C.
^^2*2 ijs'c 187 2 1509(b)(3)) (exclusive of fees for informational media guaranties 1933. ' heretofore or hereafter issued pursuant to section 1011 of the United States Information and Educational Exchange Act of 1948, as 70 Stat. 563. amended (22 U.S.C. 1442) and section 111(b)(3) of the Economic Cooperation Act of 1948, as amended), shall be available for meeting management and custodial costs incurred with respect to currencies or other assets acquired under guaranties made pursuant to section 221(b) of this part, sections 202(b) and 413(b)(4) of the Mutual Security Act of 1954, as amended, and section 111(b)(3) of the Economic Cooperation Act of 1948, as amended (exclusive of informational media guaranties), and shall be available for expenditure in discharge of liabilities under guaranties made pursuant to such sections, until such time as all such property has been disposed of and all such liabilities have been discharged or have expired, or until all such fees have been expended in accordance with the provisions of this section. (c) I n computing the total face amount of guaranties outstanding at any one time for purposes of paragraph (1) of section 221(b), the President shall include the face amounts of outstanding guaranties theretofore issued pursuant to such paragraph, sections 202(b) and 413(b)(4) of the Mutual Security Act of 1954, as amended, and
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