Public Law 78–71

That the first sentence

Commodity Credit Corporation, continuance.

57 Stat. 643.

15 U. S. C., Supp. III, § 713.

of section 7 of the Act approved January 31, 1935 (49 Stat. 4), as amended, is hereby amended, as of February 17, 1944, by striking out “February 17, 1944” and inserting in lieu thereof “June 30, 1945”.

Sec. 2.

In cases where producers have expanded or hereafter

Nonbasic agricultural commodities, expansion of production.

55 Stat. 498.

15 U. S. C., Supp, III, § 713a–8 (a).

expand production of nonbasic agricultural commodities pursuant to any public announcement made under section 4 (a) of the Act entitled “An Act to extend the life and increase the credit resources of the Commodity Credit Corporation and for other purposes”, approved July 1, 1941, as amended, it shall be the duty of the Secretary of Agriculture or the War Food Administrator through loans, purchases, and other operations under such section 4 (a), to completely fulfill all commitments made to such producers. In order to

Funds.

carry out the purposes of this section, the Secretary of Agriculture or the War Food Administrator shall use such of the funds available for carrying out the provisions of such section 4 (a) as may be necessary, and such funds are hereby made available for such purpose.

Sec. 3.

Section 7 of the Act approved January 31, 1935 (49 Stat. 4), as amended, is hereby further amended by changing the designation thereof to section 7 (a) ; and by striking out the period at the end of such section and inserting in lieu thereof a colon and the

Records and procedures.

following:

“

Provided

,

however

, That the Corporation shall at all times maintain complete and accurate books of account and shall determine the procedures to be followed in the transaction of the corporate business.

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“(b)“(b)

The financial transactions of the Corporation beginning with the period from July 1, 1944, shall be audited by the General Accounting Office in accordance with the principles applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the

Settlement of claims.

United States: Provided, That the Corporation shall continue to have the authority to make final and conclusive settlement and adjustment of any claims by or against the Corporation or the accounts

Reports.

of its fiscal officers: Provided further, That a report of such audit shall be made to the Congress, together with such recommendations as the Comptroller General may deem advisable, and that each such report shall cover a period of one fiscal year: Provided further, That a copy of each such report shall be furnished the Secretary of the Treasury and that the findings contained therein shall be considered by the Secretary in appraising the assets and liabilities and determining the net worth of the Corporation under sections 1 and 2 of

15 U. S. C. § 713a–2; Supp. III. § 713a–1.

Use of funds.

the Act of March 8, 1938 ( 52 Stat. 107), as amended : Provided, however, That nothing in this section shall be construed as modifying legislation authorizing the use of funds of the Corporation for administrative expenses and requiring accountability therefor.

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“(c)“(c)

The expenses of the audit as provided in this section may be paid up to and including June 30, 1946, from moneys advanced therefor by the Corporation, or from any appropriation or appropriations for the General Accounting Office, and appropriations so used shall be reimbursed promptly by the Corporation as billed by

Nonadministrative expenses.

the Comptroller General : Provided, That any such advances or reimbursements shall be considered as nonadmimstrative expenses of the Corporation. For the purpose of such audit the representatives of the General Accounting Office shall have access to all papers, books, files, accounts, financial records, warehouses, and all other things, property, and places belonging to or under the control of or used or employed by the Corporation and shall be afforded full facilities for verifying transactions with the balances in depositaries and with

Acceptance of certain reports.

fiscal agents: Provided further, That the certified financial reports and schedules of the fiscal agents of the Corporation based on commercial audits in the usual course of business may be accepted by the General Accounting Office in its audit of the financial transactions of the Corporation as final and not subject to further audit verification.

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“(d)“(d)

Any examination of the corporate records shall be made at the place or places where such records are normally kept in the transaction of the corporate business, and the Corporation shall retain custody of contracts, vouchers, schedules, or other financial or accounting documents, either original or duplicate, relating to its non-administrative transactions.”

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