cash premium without an additional contingent premium until and unless it possesses a surplus of at least $100,000.]

Subsection (h) of section 1 of chapter IV:

[It shall satisfy the Superintendent that it has, if a capital stock company, paid up capital stock and surplus at least equal to the capital stock and surplus required of domestic companies invested in accordance with the laws of the District or the Government under which it is organized, and if a company without capital stock, that it has assets at least equal to the assets required of domestic companies and an additional contingent liability of its policyholders equal to not less than the cash premium expressed in the policies in force, and, if an alien company, that it has a surplus of assets invested according to the laws of the District or of the State in the United States where it has its deposit, held in the United States in trust for the benefit and security of all of its policyholders in the United States, over all its liabilities in the United States of an amount equal to the surplus of assets required of a like domestic company; and such alien company shall also deposit securities of the amount and value of $100,000 and of the classes in which insurance companies are permitted by this law to make investments, or satisfy the Superintendent that it has on deposit with the official of a State of the United States, authorized by the law of such State to accept such deposit. securities of the amount and value of $100,000 of the classes in which like insurance companies of such State are permitted to make their investments, for the benefit and security of all policyholders of such company in the United States, and the company shall file with the Superintendent the certificate of such official of any such deposit with such official of any such State.] It shall satisfy the Superintendent that its funds are invested in accordance with the aws of its domicile and in securities or property which afford a degree of financial security substantially equal to that required for similar domestic companies, and, if a stock company, that it has paid-up capital and surplus at least equal to the capital and surplus required of domestic stock companies, or, if a mutual company, that it has a surplus at least equal to that required by this Act for domestic mutual companies.

GRAND RAPIDS, MINN.-LAND EXCHANGE

AUGUST 3, 1949.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed '

Mr. COOLEY, from the Committee on Agriculture, submitted the

following

REPORT

[To accompany H. R. 2015]

The Committee on Agriculture, to whom was referred the bill (H. R. 2015) to authorize the Secretary of Agriculture to convey and exchange certain lands and improvements in Grand Rapids, Minn., for lands in the State of Minnesota, and for other purposes, having considered the same, report favorably thereon without amendment and recommend that the bill do pass.

STATEMENT

In 1939 the village of Grand Rapids, Minn., donated to the Federal Government 13.6 acres of land on the edge of the village to be used as a central automobile- and equipment-repair shop for the Forest Service. It was used for some time in connection with Civilian Conservation Corps activities, but the Forest Service no longer has use for it.

The deed provides for the reversion of the land to the city after 5 years of nonuse by the Federal Government. In the course of time, that clause will become effective. In the meantime, however, the city would like to have the land for public purposes, and there appears to be no reason why the United States should insist upon expiration of the full 5 years before returning the lands.

During its occupancy, the Forest Service constructed several buildings on the land. This bill will permit the Forest Service, with the approval of the National Forest Reservation Commission, to transfer the land and the buildings to the city and to obtain in exchange lands to be added to the national forest in the State at least equivalent in value to the buildings and improvements on the land being returned.

GRAND RAPIDS, MINN.-LAND EXCHANGE

AUGUST 3, 1949.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

Mr. COOLEY, from the Committee on Agriculture, submitted the

following

REPORT

[To accompany H. R. 2015)

The Committee on Agriculture, to whom was referred the bill (H. R. 2015) to authorize the Secretary of Agriculture to convey and exchange certain lands and improvements in Grand Rapids, Minn., for lands in the State of Minnesota, and for other purposes, having considered the same, report favorably thereon without amendment and recommend that the bill do pass.

STATEMENT

In 1939 the village of Grand Rapids, Minn., donated to the Federal Government 13.6 acres of land on the edge of the village to be used as a central automobile- and equipment-repair shop for the Forest Service. It was used for some time in connection with Civilian Conservation Corps activities, but the Forest Service no longer has use for it.

The deed provides for the reversion of the land to the city after 5 years of nonuse by the Federal Government. In the course of time, that clause will become effective. In the meantime, however, the city would like to have the land for public purposes, and there appears to be no reason why the United States should insist upon expiration of the full 5 years before returning the lands.

During its occupancy, the Forest Service constructed several buildings on the land. This bill will permit the Forest Service, with the approval of the National Forest Reservation Commission, to transfer the land and the buildings to the city and to obtain in exchange lands to be added to the national forest in the State at least equivalent in value to the buildings and improvements on the land being returned.