Public Law 81–673

Production of abaca in the Western Hemisphere shall

Production in Western Hemisphere.

be continued by the United States Government: Provided, That the total acreage under cultivation shall not exceed the aggregate under cultivation as of the close of the month next preceding the date upon which this Act shall become effective, except that additional acreage may be added in the Western Hemisphere at the direction of the President and reduction of acreage under cultivation to abaca under this Act shall be effected whenever the President shall so direct: And provided further, That in no event shall the total number of acres under cultivation to abaca under this Act at any one time exceed fifty thousand.

Such surveys and research may be undertaken as are necessary or desirable to obtain the best available land in the Western Hemisphere for the production of abaca, the best development of abaca and development and maintenance of the plantations for the production of abaca established on such land, and the most economical and practical processing and disposition of such fiber and byproducts as result from the production of abaca on such land.

Abaca fiber, produced under this Act, which from time to time is not needed for stockpiling under the Strategic and Critical

50 U. S. C. § 98 note; Sup. III, § 98 note.

Post, p. 468.

Materials Stock Piling Act (60 Stat. 596), as amended, may be sold otherwise than for stockpiling under such Act.

The President may issue such rules and regulations

Rules and regulations.

and make such determinations as he deems necessary and appropriate to carry out the provisions of this Act.

All contracts entered into and all acquisitions of property effected under this Act shall be in such manner and on such terms and conditions as the President shall determine.

The President may exercise any or all of the powers, authority, and discretion conferred upon him by this Act through such departments, agencies, officers, Government corporations, or instrumentalities of the United States, whether or not existing at the date of the enactment of this Act, as he may direct.

The President may transfer to the departments, agencies, officers,

Transfer of facilities, etc.

Government corporations, or instrumentalities of the United States, or to any of them, which he directs to exercise the powers, authority, and discretion conferred upon him by this Act, such facilities, personnel, property, and records relating to such powers, authority, and discretion, as he deems necessary; and he may so transfer all appropriations or other funds available for carrying out such powers, authority, and discretion.

The financial transactions authorized by this Act shall be subject

59 Stat. 597.

31 U. S. C. §§ 841–869; Sup. III. §§ 846, 849.

Post, p. 834.

to the Government Corporation Control Act, as amended, and other laws specifically applicable to wholly owned Government corporations as a class.

For the purpose of carrying out the functions authorized

Revolving fund.

by this Act, there is hereby established in the Treasury, a revolving fund which shall consist of (1) such amounts as the Congress may appropriate thereto, which appropriations are hereby authorized, (2) such amounts as may be paid into the fund pursuant to subsection (e) of this section, and (3) amounts received in connection with any transfer pursuant to subsection 4 (d) of this Act.

Pursuant to regulations prescribed by the President, the Secretary

Advances.

of the Treasury is authorized and directed to make advances from the fund not to exceed a total of $35,000,000 outstanding at any one time. There shall be added to such advances and treated as advances an amount equal to the net value of assets of the program for the production and sale of abaca as held by the Reconstruction Finance Corporation on the effective date of this Act.

Interest shall be paid on each outstanding advance at such rates as may be determined by the Secretary of the Treasury to be appropriate in view of the terms for which such advances are made.

Appropriations are hereby authorized for payment in the form

Appropriations authorized.

of a grant, in such amounts as may be estimated m the annual budget as necessary to cover losses. The annual budget program shall specifically set forth any losses sustained in excess of the grant previously made for the last completed fiscal year. Appropriations are hereby authorized for payment to cover such additional losses incurred.

Receipts for each fiscal year may be used for payment of the

Use of receipts.

costs incurred in connection with projects and activities authorized by this Act After providing out of such receipts for necessary working capital requirements, any amounts in excess thereof shall be paid annually into the fund. Such payment shall be applied to reduce the amount of advances outstanding, and any remaining payments shall be covered into the Treasury as miscellaneous receipts.

Until such time as the appropriations herein authorized are

Exercise of interim powers by RFO.

made, such of the powers, authority, and discretion provided for in this Act as the President may delegate to the Reconstruction Finance Corporation may be exercised by the Reconstruction Finance Corporation under the authority conferred by former section 5d (3) of the Reconstruction Finance Corporation Act, as amended (54 Stat. 573, 961; 55 Stat. 249); joint resolution approved June 30, 1945 (59 Stat. 310); and section 12 of the Reconstruction Finance Corporation Act,

16 U. S. C. § 606b (3); Sup. III, §§ 611 note, 612 note.

as amended (61 Stat. 207), with funds recovered or recoverable from its national defense, war, and reconversion activities.