Volume 75 · 391
Public Law 87–155
To authorize annual appropriation to reimburse Commodity Credit Corporation for net realized losses sustained during any fiscal year in lieu of annual appropriations to restore capital impairment based on annual Treasury appraisals, and for other purposes.
Approved August 17, 1961
Statutory text
AN ACT
To authorize annual appropriation to reimburse Commodity Credit Corporation for net realized losses sustained during any fiscal year in lieu of annual appropriations to restore capital impairment based on annual Treasury appraisals, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That sections 1 and
Commodity Credit Corporation.
Capital impairment, annual restoration.
2 of the Act of March 8, 1938, as amended (15 U.S.C. 713a–1, 2), are hereby repealed.
Sec. 2.
There is hereby authorized to be appropriated annually for each fiscal year, commencing with the fiscal year ending June 30, 1961, out of any money in the Treasury not otherwise appropriated, an amount sufficient to reimburse Commodity Credit Corporation for its net realized loss incurred during such fiscal year, as reflected in its accounts and shown in its report of its financial condition as of the close of such fiscal year. Reimbursement of net realized loss shall be with appropriated funds, as provided herein, rather than through the cancellation of notes.
Sec. 3.
In the event the accounts of the Commodity Credit Corporation reflect a net realized gain for any such fiscal year, the amount of such net realized gain shall be deposited in the Treasury by the Commodity Credit Corporation and shall be credited to miscellaneous receipts.
Approved August 17, 1961.