to time, make a ratable dividend on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction and, after the assets of such organization have been liquidated, shall make further dividends on all claims previously proved or adjudicated; and the liquidating agent may accept in lieu of a formal proof of claim on behalf of any creditor or member the statement of any amount due to such creditor or member as shown on the books and records of the credit union: Provided, That all claims not filed before payment of the final dividend shall be barred and claims rejected or disallowed by the liquidating agent shall be likewise barred unless suit be instituted thereon within three months after notice of rejection or disallowance; (iii) in a "no publication" liquidation, determine from all sources available to him, and within the limits of available funds of the Federal credit union, the amounts due to creditors and members, and after sixty days shall have elapsed

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Chapter 3.-COLLECTION OF STATISTICS

§ 72. Contents and distribution of reports; publication by Department of Agriculture.-The statistics of the quantity of cotton ginned shall show the quantity ginned from each crop prior to August 1, August 16, September 1, September 16, October 1, October 18, November 1, November 14, December 1, December 13, January 16, and March 1: Provided, That the Director of the Census may limit the canvasses of August 1 and August 16 to those sections of the cotton-growing States in which cotton has been ginned. The quantity of cotton consumed in manufacturing establishments, the quantity of baled cotton on hand, the number of active consuming cotton spindles, the number of active spindle-hours, and the statistics of cotton imported and exported shall relate to each month, and shall be published as soon as possible after the close of the month. The Director of the Census shall furnish to the Department of Agriculture, immediately prior to the publication of each report of that Department regarding the cotton crop, the latest available statistics hereinbefore mentioned, and the said Department of Agriculture shall publish the same in connection with each of its reports concerning cotton. (As amended June 28, 1949, ch. 256, § 1, 63 Stat. 278.)

§ 76. Simultaneous publication of cotton reports.-The reports of cotton ginned to the dates as of which the Department of Agriculture is also required to issue cotton crop reports shall be issued simultaneously with the cotton crop reports of that department, the two reports to be issued from the same place at eleven o'clock antemeridian on the eighth day following that on which the respective reports relate. When such date of release falls on Sunday, a legal holiday, or other day which pursuant to statute or Executive order is a nonworkday in the Department of Commerce at Washington generally, the reports shall be issued at 11 o'clock antemeridian of the next succeeding workday. (As amended June 28, 1949, ch. 256, § 2, 63 Stat. 278.)

COTTONSEED, OILSEEDS, NUTS AND KERNELS; FATS, OILS, AND GREASES STATISTICS

§ 81. Collection and publication.-(a) The Director of the Census is authorized and directed to collect, collate, and publish monthly statistics concerning

(1) the quantities of (A) cottonseed, soybeans, peanuts, flaxseed, corn germs, copra, sesame seed, babassu nuts and kernels, and other oilseeds, nuts, and kernels received, crushed, and on hand at oil mills; (B) crude and refined oils, cakes, and meals, and other primary products, by type or kind, of the above-mentioned seeds, nuts, and kernels manufactured, shipped out, and on hand at oil mills and processing establishments; (C) crude and refined vegetable oils, by type or kind, used by class of product and held by manufacturers of vegetable shortening, margarine, soap, and other principal products using large quantities of vegetable oils; (D) crude and refined vegetable oils, by type or kind, held in warehouses and in transit to consuming establishments;

(2) the quantities, by types or kinds, of (A) animal fats and oils and greases produced; (B) animal fats and oils and greases shipped

and held by producers; (C) animal fats and oils and greases, fish and marine mammal oils used by class of product and held by manufacturers of shortening, margarine, soap, and other principal products which require the use of large quantities of animal fats and oils and greases, fish and marine mammal oils; (D) animal fats and oils and greases, fish and marine mammal oils held in warehouses, cold storage, and in transit to consuming establishments.

(b) Nothing in this section shall be construed to require the Director to collect, more frequently than he deems necessary to provide reliable statistical reports, information from any person who produces, holds, or consumes fats and oils in inconsequential quantities. (As amended July 25, 1947, ch. 331, 61 Stat. 457.)

1947 Amendment.-Act of July 25, 1947, cited to text, amended section generally by increasing statistical coverage to include other oilseeds, nuts, and kernels, and fats, oils, and greases, and by omitting proviso limiting annual cost of collection and publication of statistics.

§ 84. Duty to answer questions correctly; penalty.-It shall be the duty of each owner, official, agent, or person in charge of any mill, or of any manufacturing or wholesale establishment or warehouse, or cold-storage establishment, engaged in the activities set forth in subsection (a) of section 81 of this title, and when requested by the Director of the Census or by an employee of the Bureau of the Census acting under instructions of said Director, to answer correctly, to the best of his ability, all questions of the census schedules submitted to him under the provisions of sections 81-86 of this title. Any owner, official, agent, or person in charge of any mill, or of any manufacturing or wholesale establishment or warehouse, or coldstorage establishment, engaged in the activities set forth in subsection (a) of section 81 of this title, and who shall refuse or willfully neglect to answer any questions of the census schedules submitted to him under the provisions of sections 81-86 of this title or shall willfully answer any such questions falsely shall be guilty of a misdemeanor, and upon conviction thereof shall be fined not more than $1,000. The request of the Director of the Census may be made by registered mail, by telegraph, by visiting representatives, or by one or more of these, and if made by registered mail or telegraph the return receipt therefor shall be prima facie evidence of an official request. (As amended July 25, 1947, ch. 331, 61 Stat. 457.)

1947 Amendment.-Act July 25, 1947, cited to text, amended section by requiring certain persons to answer questions correctly and by providing the penalty for failure to do so. Former provisions of this section relating to statistics of explosive and medicated cotton products were not repeated in these Amended sections.

shall be carried out in such manner as the Director may direct and by such agencies as he may designate.

§ 602. Appointment, qualifications and tenure of directors; compensation of directors and chairman.-The management of the Corporation shall be vested in a board of directors consisting of five persons appointed by the President of the United States by and with the advice and consent of the Senate. Of the five members of the board, not more than three shall be members of any one political party and not more than one shall be appointed from any one Federal Reserve district. The office of director shall be a full-time position. The term of the incumbent directors is extended to June 30, 1950. As of July 1, 1950, two directors shall be appointed for a term of one year, two directors shall be appointed for a term of two years, and one director shall be appointed for a term of three years. Thereafter the term of the directors shall be for a term of three years, but they may continue in office until their successors are appointed and qualified. Whenever a vacancy shall occur in the office of director other than by expiration of term, the person appointed to fill such vacancy shall hold office for the unexpired portion of the term of the director whose place he is selected to fill. After the confirmation of the directors by the Senate, the President shall designate one of the directors to serve as chairman for a period co-extensive with his term as director. The directors, except the chairman, shall receive basic compensation at the rate of $15,000 per annum each. The chairman of the board of directors shall receive basic compensation at the rate of $16,000 per annum. (As amended Oct. 15, 1949, ch. 695, § 5(a), 63 Stat.-.)

1949 amendment.-Act Oct. 15, 1949, cited to text, increased the compensation of the Chairman from $15,000 to $16,000 and the members of the Board from $12,500 to $15,000.

Effective date. The increased compensation provided for by Act Oct. 15, 1949, cited to text, took effect on the first day of the first pay period which began after Oct. 15, 1949, by the provisions of section 9 of said Act Oct. 15, 1949, which is set out as a note under section 3 of Title 5, Executive Departments and Government Officers and Employees.

§ 603c. Use of funds for surplus property or for benefit of other agencies.-Except as otherwise provided hereinafter, none of the funds of the Reconstruction Finance Corporation and its subsidiary shall be used for the custody, maintenance, or disposal of any surplus property within the continental limits of the United States, its Territories or possessions, except such property as may be owned by and held for disposal by the Reconstruction Finance Corporation or its subsidiary; but, notwithstanding any other provision of law, the Reconstruction Finance Corporation may waive reimbursement from General Services Administration for the administrative property transferred prior to July 1, 1946, and for expenses incurred prior thereto in the custody, maintenance, or disposal of any surplus property: Provided, That no part of the funds of the Reconstruction Finance Corporation or of its subsidiary shall be used to make any purchase or for personal services or to enter into any contract for the use or benefit of any other agency of the Government unless such agency shall have authority in law and appropriations available to make reimbursement for such purchase, personal services, or contract. (June 30, 1949, ch. 286, Title

III, § 301, 63 Stat. 375, amended June 30, 1949, ch. 288, Title 1, § 105, 63 Stat. 381.)

Codification.-Section was not enacted as a part of the "Reconstruction Finance Corporation Act" which comprises this chapter.

Transfer of functions.-The functions, records, property, etc., of the War Assets Administration were transferred to the General Services Administration, the functions of the War Assets Administrator were transferred to the Administrator of General Services, and the War Assets Administration, and the office of War Assets Administrator were abolished by section 105 of Act June 30, 1949, cited to text. Said section 105 is set out as section 215 of Title 41, Public Contracts.

§ 604. Loans and advances-Purpose; types of allowable loans.— (a) To aid in financing agriculture, commerce, and industry, to encourage small business, to help in maintaining the economic stability of the country, and to assist in promoting maximum employment and production, the Corporation, within the limitations hereinafter provided, is authorized

(1) To purchase the obligations of and to make loans to any business enterprise organized or operating under the laws of any State or the United States: Provided, That the purchase of obligations (including equipment trust certificates) of, or the making of loans to, railroads engaged in interstate commerce or air carriers engaged in air transportation as defined in the Civil Aeronautics Act of 1938, as amended or receivers or trustees thereof, shall be with the approval of the Interstate Commerce Commission or the Civil Aeronautics Board, respectively: Provided further, That in the case of such railroads or air carriers which are not in receivership or trusteeship, the Commission or the Board, as the case may be, in connection with its approval of such purchases or loans, shall also certify that such railroad or air carrier, on the basis of present and prospective earnings, may be expected to meet its fixed charges without a reduction thereof through judicial reorganization except that such certificates shall not be required in the case of loans or purchases made for the acquisition of equipment or for maintenance.

(2) To make loans to any financial institution organized under the laws of any State or of the United States. If the Secretary of the Treasury certifies to the Corporation that any insurance company is in need of funds for capital purposes, the Corporation may subscribe for or make loans upon nonassessable preferred stock in such insurance company. In any case in which, under the laws of the State in which it is located, any such insurance company so certified is not permitted to issue nonassessable preferred stock, or if such laws permit such issue of preferred stock only by unanimous consent of stockholders, the Corporation is authorized to purchase the legally issued capital notes or debentures of such insurance company.

(3) In order to aid in financing projects authorized under Federal, State, or municipal law, to purchase the securities and obligations of, or make loans to, (A) States, municipalities, and political subdivisions of States, (B) public agencies and instrumentalities of one or more States, municipalities, and political subdivisions of States, and (C) public corporations, boards, and commissions: Provided, That no such purchase or loan shall be made for payment of ordinary governmental or nonproject operating expenses as distinguished from purchases and loans to aid in financing specific public projects.