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Long-term capital gains, distribution, limitation. 54 Stat. 821.

68A Stat. 3. 26 USC 1. Redeemable securities, excessive sales load, prohibition. 52 Stat. 1070; 78 Stat. 574. 15 USC 780-3.

Exemption.

Regulations. Ante, p. 1413. 78 Stat. 573. IS u s e 780. eompliance notice.

Rules changes.

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[84 STAT.

Stock of such compaiiv, the Commission may by rule, regulation, or order direct that any matter required to be submitted to the holders of the outstanding voting securities of such company shall not be deemed to have been effectively acted upon unless approved by the holders of such percentage (not exceeding a majority) of the outstanding voting securities of each class or series of stock affected by such matter as shall be prescribed in such rule, regulation, or order." SEC. 11. Section 19 of the Investment Company Act of 1940 (15 U.S.C. 80a-19) is amended by inserting " (a) " after "SEC, 19.", and by adding at the end thereof a new subsection as follows: ""(b) It shall be unlawful in contravention of such rules, regulations, or orders as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors for any registered investment company to distribute long-term capital gains, as defined in the Internal Revenue Code of 1954, more often than once every twelve months." SEC. 12. (a) Section 22(b) of the Investment Company Act of 1940 (15 U.S.C. 80a-22 (b)) is amended to read as follows: "(b)(1) Such a securities association may also, by rules adopted and in effect in accordance with said section 15A, and notwithstanding the iDrovisions of subsection (b)(8) thereof but subject to all other provisions of said section applicable to the rules of such an association, prohibit its members from purchasing, in connection with a primary distribution of redeemable securities of which any registered investment company is the issuer, any such security from the issuer or from any principal underwriter except at a price equal to the price at which such security is then offered to the public less a commission, discount, or spread which is computed in conformity with a method or methods, and within such limitations as to the relation thereof to said public offering price, as such rules may prescribe in order that the price at which such security is offered or sold to the public shall not include an excessive sales load but shall allow for reasonable compensation for sales personnel, broker-dealers, and underwriters, and for reasonable sales loads to investors. The Commission shall on application or otherwise, if it appears that smaller companies are subject to relatively higher operating costs, make due allowance therefor by granting any such company or class of companies appropriate qualified exemptions from the provisions of this section. "(2) At any time after the expiration of eighteen months from the date of enactment of the Investment Company Amendments Act of 1970, or after a securities association has adopted rules as contemplated by this subsection, the Commission may make such rules and regulations pursuant to section 15(b) (10) of the Securities Exchange Act of 1934 as are appropriate to effectuate the purpose of this subsection with respect to sales of shares of a registered investment company by broker-dealers subject to regulation under section 15(b)(8) of that Act: Provided, That the underwriter of such shares may file with the Commission at any time a notice of election to comply with the rules prescribed pursuant to this subsection by a national securities association specified in such notice, and thereafter the sales load shall not exceed that prescribed by such rules of such association, and the rules of the Commission as hereinabove authorized shall thereafter be inapplicable to such sales. "(3) At any time after the expiration of eighteen months from the date of enactment of the Investment Company Amendments Act of 1970 (or, if earlier, after a securities association has adopted for purposes of paragraph (1) any rule respecting excessive sales loads), the Commission may alter or supplement the rules of any securities association as may be necessary to effectuate the purposes of this subsection

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1423

in th© manner provided by seotion l5A(k)(2) of th© Securities Exchange Act of 1034. . ., ^f If J.y'j. "(4) If any provision of this subsection is in conflict with any provision of any law of the United States in effect on the date this subsection takes effect, the provisions of this subsection shall prevail." (b) Section 22(o) of such Act (16 U.S.C. 80a-22(c)) is amended to ^s^/^^'/^",^ j^. read as follows: e.biuty. ' " (c) The Commission may make rules and regulations applicable to S4 st«t. B23. registered investment companies and to principal underwriters of, and dealers in, the redeemable securities of any registered investment company, whether or not members of any securities association, to the same extent, covering the same subject matter, and for the accomplishment of the same ends as are prescribed in subsection (a) of this section in respect of the rules which may be made by a registered securities association governing its members. Any rules and regulations so made by the Commission, to the extent that they may be inconsistent with the rules of any such association, shall so long as they remain in force supersede the rules of the association and be binding upon its members as well as all other underwriters and dealers to whom they may be applicable." Salei (c) Section 22(d) of such Act (15 U.S.C. 80a-22(d)) is amended to tionii reitrlc* read as follows: "(d) No registered investment company shall sell any redeemable security issued by it to any person except either to or through a principal underwriter for distribution or at a current public ©faring price described in the prospectus, and, if such class of security is being currently offered to the public by or through an underwriter, no principal underwriter of such security and no dealer shall sell any such security to any person except a dealer, a principal underwriter, or the issuer, except at a current public offering price described in the prospectus. Nothing in this subsection shall prevent a sale made (i) pursuant to an offer of exchange permitted by section 11 including any offer made JJ use aoL^'ii. pursuant to section 11(b); (ii) pursuant to an offer made solely to all Ante, p. uir.' registered holders of the securities, or of a particular class or series of securities issued by the companv proportionate to their holdings or proportionate to any cash distribution made to them by the company (subject to appropriate qualifications designed solely to avoid issuance of fractional securities); or (iii) in accordance with rules and regulations of the Commission made pursuant to subsection (b) of section 12." SEC. 13. (a) Section 24(d) of the Investment Company Act of 1940 ^^RKi^*tj«"°n^^_ (15 U.S.C. 80a-24(d)) is amended to read as follows: l^onl!' °" ^"^ " "(d) The exemption provided by paragraph (8) of section 3(a) of 54 Stat. 826; the Securities Act of 1933 shall not apply to any security of which an ^^4^stat!%. investment company is the issuer. The exemption provided by para- is use'77c'. graph (11) of said, section 3(a) shall not apply to any security of ^s Stat. 906. which a registered investment company is the issuer, except a security sold or disposed of by the issuer or bona fide offered to the public prior to the effective date of this title, and with respect to a security so sold, disposed of, or offered, shall not apply to any new offering thereof on or after the effective date of this title. The exemption provided by section 4(3) of the Securities Act of 1933 shall not apply to any transac- ^s Stat. sso. tion in a security issued by a face-amount certificate company or in a ^^ ^^^ ''^'^' redeemable security issued by an open-end management company or unit investment trust if any other security of the same class is currently being offered or sold by the issuer or by or through an underwriter in a distribution which is not exempted from section 5 of said Act, except to such extent and subject to such terms and conditions as 5? use 7?e'^' the Commission, having due regard for the public interest and the protection of investors, may prescribe by rules or regulations with respect to any class of persons, securities, or transactions,"

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 1424 Securities, retroactive registration. 54 Stat. 825; 68 Stat. 689.

Reorganization pian consummation, enjoinment.

Unit investment trust, securities, substitution. Commission, approval.

Contract.

Periodic payment plan certificates, regulations.

PUBLIC LAW 91-547-DEC. 14, 1970

[84 STAT.

(b) Section 24 of such Act (15 U.S.C. 80a-24) is further amended by adding at the end thereof a new subsection to read as follows: "(f) In the case of securities issued by a face-amount certificate company or redeemable securities issued by an open-end management company or unit investment tmst, which are sold in an amount in excess of the number of securities included in an effective registration statement of any such company, such company may, in accordance with such rules and regulations as the Commission shall adopt as it deems necessary or appropri-ate in the public interest or for the protection of investors, elect to have the registration of such securities ueemed effective as of the time of their sale, upon payment to the Commission, within six months after any such sale, of a registration fee of three times the amount of the fee which would have otherwise been applicable to such securities. Upon any such election and payment, the registration statement of such company shall be considered to have been in effect with respect to such shares. The Commission may also adopt rules and regulations as it deems necessary or appropriate in the public interest or for the protection of investors to permit the registration of an indefinite number of the securities issued by a face-amount certificate company or redeemable securities issued by an open-end management company or unit investment trust." SEC. 14. Section 25(c) of the Investment Company Act of 1940 (15 T'.S.C. 8a-25(c)) is amended to read as follows: "(c) Any district court of the United States in the State of incorporation of a registered investment company, or any such court for the district in which such company maintains its principal place of business, is authorized to enjoin the consummation of any plan of reorganization of such registered investment company upon proceedings instituted by the Commission (which is authorized so to proceed upon behalf of security holders of such registered company, or any class thereof), if such court shall determine that any such plan is not fair and equitable to all security holders." SEC. 15. (a) Section 26 of the Investment Company Act of 1940 (15 LLS.C. 80a-26) is amended by redesignating subsections (b) and (c) thereof as subsections (c) and (d), respectively, and by inserting immediately after subsection (a) a new subsection as follows: " (b) I t shall be unlawful for any depositor or trustee of a, registered unit investment trust holding the security of a single issuer to substitute another security for such security unless the Commission shall have approved such substitution. The Commission shall issue an order approving such substitution if the evidence establishes that it is consistent with the protection of investors and the purposes fairly intend by the policy and provisions of this title." (b) Eedesignated subsection (c) (formerly subsection (b)) of section 26 of such Act is amended to read as follows: "(c) In the event that a trust indenture, agreement of custodianship, or other instrument pursuant to which securities of a registered unit investment trust are issued does not comply with the requirements of subsection (a) of this section, such instrument will be deemed to meet such requirements if a written contract or agreement binding on the parties and embodying such requirements has been executed by the depositor on the one part and the trustee or custodian on the other part, and three copies of such contract of agreement have been filed with the Commission." SEC. 16. Section 27 of the Investment Company Act of 1940 (15 U.S.C. 80a-27) is amended by adding at the end thereof the following new subsections: " (d) Notwithstanding subsection (a) of this section, it shall be unlawful for any registered investment company issuing periodic

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payment plan certiticates, or for any depositor of or underwriter for such company, to sell any such certificate unless the certificate provides that the holder thereof may surrender the certificate at any time within the first eighteen months after the issuance of the certificate and receive in payment thereof, in cash, the sum of (1) the value of his account, and (2) an amount, from such underwriter or depositor, equal to that part of the excess paid for sales loading which is over 15 per centum of the gross payments made by the certificate holder. The Commission may make rules and regulations applicable to such underwriters and depositors specifying such reserve requirements as it deems necessary or appropriate in order for such underwriters and depositors to carry out the obligations to refund sales charges required by this subsection. Refund privi"(e) With respect to any periodic payment plan certificate sold leges, notice. subject to the provisions of subsection (d) of this section, the registered investment company issuing such periodic payment plan certificate, or any depositor of or underwriter for such company, shall in writing (1) inform each certificate holder who has missed three payments or more, within thirty days following the expiration of fifteen months after the issuance of the certificate, or, if any such holder has missed one payment or more after such period of fifteen months but prior to the expiration of eighteen months after the issuance of the certificate, at any time prior to the expiration of such eighteen-month period, of his right to surrender his certificate as specified in subsection (d) of this section, and (2) inform the certificate holder of (^A) the value of the holder's account as of the time the written notice was given to such holder, and (B) the amount to which he is entitled as specified in subsection (d) of this section. The Commission may make rules specifying the method, form, and contents of the notice required by this subsection. Charges, state ' "(f) With respect to any periodic paj/ment plan, the custodian tnent. bank for such plan shall mail to each certificate holder, within sixty days after the issuance of the certificate, a statement of charges to be deducted from the projected payments on the certificate and a notice of his right of withdrawal as specified in this section. The Commission may make rules specifying the method, form, and contents of the notice required by this subsection. The certificate holder may within forty-five days of the mailing of the notice specified in this subsection surrender his certificate and receive in payment thereof, in cash, the sum of (1) the value of his account, and (2) an amount, from the underwriter or depositor, equal to the difference between the gross payments made and the net amount invested. The Commission may make rules and regulations applicable to underwriters and depositors of companies issuing any such certificates specifying such reserve requirements as it deems necessary or appropriate in order for such underwriters and depositors to carry out the obligations to refund sales charges required by this subsection. " (g) Notwithstanding the provisions of subsections (a) and (d), a Governing provisions. registered investment company issuing periodic payment plan certifi- 54 Stat. 829. 15 USC 80a-27,, cates may elect, by written notice to the Commission, to be governed by the provisions of subsection (h) rather than the provisions of subsections (a) and (d) of this section. Restrictions. " (h) Upon making the election specified in subsection (g), it shall be unlawful for any such electing registered investment company issuing periodic payment plan certificates, or for any depositor of or underwriter for such company, to sell any such certificate, if— " (1) the sales load on such certificate exceeds 9 per centum of the total payments to be made thereon; "(2) more than 20 per centum of any payment thereon is deducted for sales load, or an average of more than 16 per centum

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Page:United States Statutes at Large Volume 84 Part 2.djvu/96

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54 Stat. 827. 15 USC 80a-26.

Face-amount certificates, s a l e.

Reserve payments.

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[84 STAT.

is deducted for sales load froin the first forty-eight monthly payments thereon, or their equivalent; " (3) the amount of sales load deducted from any one of the first twelve monthly payments, the thirteenth through twenty-fourth monthly payments,*the twenty-fifth through thirty-sixth monthly payments, or the thirty-seventh through forty-eighth monthly payments, or their equivalents, respectively, exceeds proportionately the amount deducted from any other such payment, or the amount deducted from any subsequent payment exceeds proportionately the amount deducted from any other subsequent payment; "(4) the deduction for sales load on the excess of the payment or payments in any month over the minimum monthly payment, or its equivalent, to be made on the certificate exceeds the sales load applicable to payments subsequent to the first forty-eight monthly payments or their equivalent; "(5) the first payment on such certificate is less than $20, or any subsequent payment is less than $10; " (6) if such registered company is a management company, the proceeds of such certificate or the securities in which such proceeds are invested are subject to management fees (other than fees for administrative services of the character described in clause (C) of paragraph (2) of section 26(a)) exceeding such reasonable amount as the Commission may prescribe, whether such fees are payable to such company or to investment advisers thereof; or "(7) if such registered company is a unit investment trust the assets of which are securities issued by a management company, the depositor of or principal underwriter for such trust, or any affiliated person of such depositor or underwriter, is to receive from such management company or any affiliated person thereof any fee or payment on account of payments on such certificate exceeding such reasonable amount as the Commission may prescribe." SEC. 17. Section 28 of the Investment Company Act of 1940 (15 U.S.C. 80a-28) is amended by adding at the end thereof a new subsection as follows: " (i) The foregoing provisions of this section shall apply to all faceamount certificates issued prior to the effective date of this subsection; to the collection or acceptance of any payment on such certificates; to the issuance of face-amount certificates to the holders of such certificates pursuant to an obligation expressed or implied in such certificates; to the provisions of such certificates; to the minimum certificate reserves and deposits maintained with respect thereto; and to the assets that the issuer of such certificate was and is required to have with respect to such certificates. With respect to all face-amount certificates issued after the effective date of this subsection, the provisions of this section shall apply except as hereinafter provided. "(1) Notwithstanding subparagraph (A) of paragraph (2) of subsection (a), the reserves for each certificate of the installment type shall be based on assumed annual, semiannual, quarterly, or monthly reserve payments according to the manner in which gross payments for any certificate year are made by the holder, which reserve payments shall be sufficient in amount, as and when accumulated at a rate not to exceed 31^ per centum per annum compounded annually, to provide the minimum maturity or face amount of the certificate when due. Such reserve payments m.ay be graduated according to certificate years so that the reserve payment or payments for the first three certificate years shall amount to at least 80 per centum of the required gross annual payment for such years; the reserve payment or payments foj the fourth certificate year shall amount to at least 90 per centum of

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PUBLIC LAW 91-547-DEC. 14, 1970

such year's required gross annual payment; the reserve payment or payments for the fifth certificate year shall amount to at least 93 per centum of such year's gross annual payment; and for the sixth and each subsequent certificate year the reserve payment or payments shall amount to at least 96 per centum of each such year's required gross annual payment: Provided, That such aggregate reserve payments shall amount to at least 93 per centum of the aggregate gross annual payments required to be made by the holder to obtain the maturity of the certificate. The company may at its option take as loading from the gross payment or payments for a certificate year, as and when made by the certificate holder, an amount or amounts equal in the aggregate for such year to not more than the excess, if any, of the gross payment or payments required to be made by the holder for such year, over and above the percentage of the gross annual payment required herein for such year for reserve purposes. Such loading may be taken by the company prior to or after the setting up of the reserve payment or payments for such year and the reserve payment or payments for such year may be graduated and adjusted to correspond with the amount of the gross payment or payments made by the certificate holder for such year less the loading so taken. "(2) Notwithstanding paragraphs (1) and (2) of subsection (d), (A) in respect of any certificate of the installment type, during the first certificate year, the holder of the certificate, upon surrender thereof, shall be entitled to a value payable in cash not less than 80 per centum of the amount of the ^ross payments made on the certificate; and (B) in respect of any certificate of the installment type, at any time after the expiration of the first certificate year and prior to maturity, the holder of the certificate, upon surrender thereof, shall be entitled to a value payable in cash not less than the then amount of the reserve for such certificate required by clauses (1) and (2) of subparagraph (D) of paragraph (2) of subsection (a), less a surrender charge that shall not exceed 2 per centum of the face or maturity amount of the certificate, or 15 per centum of the amount of such reserve, whichever is the lesser, but in no event shall such value be less than 80 per centum of the gross payments made on the certificate. The amount of the surrender value for the end of each certificate year shall be set out in the certificate." SEC. 18. Section 32(a)"'of the Investment Company Act of 1940 (15 U.S.C. 80a-31(a)) is amended to read as follows: "(a) I t shall be unlawful for any registered management company or registered face-amount certificate company to file with the Commission any financial statement signed or certified by an independent public accountant, unless— "(1) such accountant shall have been selected at a meeting held within thirty days before or after the beginning of the fiscal year or before the annual meeting of stockholders in that year by the vote, cast in person, of a majority of those members of the board of directors who are not interested persons of such registered company; "(2) such selection shall have been submitted for ratification or rejection at the next succeeding annual meeting of stockholders if such meeting be held, except that any vacancy occurring between annual meetings, due to the death or resignation of the accountant, may be filled by the vote of a majority of those members of the board of directors who are not interested persons of such registered company, cast in person at a meeting called for the purpose of voting on such action; "(3) the employment of such accountant shall have been conditioned upon the right of the company by vote of a majority of 47-348 O - 72 - 7 (Pt. 2)

1427

Surrender values. 54 Stat. 832. IS u s e 80a-28.

Independent public account ants.

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[84 STAT.

the outstanding voting securities at any meeting called for the purpose to terminate such employment forthwith without any penalty; and "(4) such certificate or report of such accountant shall be addressed both to the board of directors of such registered company and to the security holders thereof. Vacancy. j ^ j-j^g selection of an accountant has been rejected pursuant to paragraph (2) or his employment terminated pursuant to paragraph (3), the vacancy so occurring may be filled by a vote of a majority of the outstanding voting securities, either at the meeting at which the rejection or termination occurred or, if not so filled, at a subsequent meeting which shall be called for the purpose. In the case of a common-law 15 USC 80a-i6 ^^'^^t of the character described in section 16(b), no ratification of the employment of such accountant shall be required but such employment may be terminated and such accountant removed by action of the holders of record of a majority of the outstanding shares of beneficial interest in such trust in the same manner as is provided in section 16(b) in respect of the removal of a trustee, and all the provisions therein contained as to the calling of a meeting shall be applicable. I n the event of such termination and removal, the vacancy so occurring may be filled by action of the holders of record of a majority of the shares of beneficial interest either at the meeting, if any, at which such termination and removal occurs, or by instruments in writing filed with the custodian, or if not so filed within a reasonable time then at a subsequent meeting which shall be called by the trustees for the Ante, p. 1413. pnrpose. The provisions of paragraph (42) of section 2(a) as to a majority shall be applicable to the vote cast at any meeting of the shareholders of such a trust held pursuant to this subsection." SEC. 19. Section 33 of the Investment Company Act of 1940 (15 54 Stat. 839. JT §,(> 80a-32) is amended to read as follows: "FILING OF DOCUMENTS WITH COMMISSION I N CIVIL ACTIONS

33. Every registered investment company which is a party and every affiliated person of such company who is a party defendant to any action or claim by a registered investment company or a security holder thereof in a derivative or representative cap>acity against an officer, director, investment adviser, trustee, or depositor of such company, shall file with the Commission, unless already so filed, (1) a copy of ail pleadings, verdicts, or judgments filed with the court or served in connection with such action or claim, (2) a copy of any proposed settlement, compromise, or discontinuance of such action, and (3) a copy of such motions, transcripts, or other documents filed in or issued by the court, or served in connection with such action or claim as may be requested in writing by the Commission. If any document referred to in clause (1) or (2) — " (A) is delivered to such company or party defendant, such document shall be filed with the Commission not later than ten days after the receipt thereof; or " (B) is filed in such court or delivered by such company or party defendant, such document shall be filed with the Commission not later than five days after such filing or delivery." SEC. 20. Section 36 of the Investment Company Act of 1940 (15 U.S.C. 80a-35) is amended to read as follows: ''SEC.

u. BREACH OF FIDUCIARY DUTY

"SEC. 36. (a) The Commission is authorized to bring an action in the proper district court of the United States, or in the United States court of any territory or other place subject to the jurisdiction of the

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PUBLIC LAW 91-547-DEC. 14, 1970

United States, alleging that a person serving or acting in one or more of the following capacities has engaged within five years of the commencement of the action or is about to engage in any act or practice constituting a breach of fiduciary duty involving personal misconduct in respect of any registered investment company for which such person so serves or acts— "(1) as officer, director, member of any advisory board, investment adviser, or depositor; or "(2) as principal underwriter, if such registered company is an open-end company, unit investment trust, or face-amount certificate company. If such allegations are established, the court may enjoin such persons from acting in any or all such capacities either permanently or temporarily and award such injunctive or other relief against such person as may be reasonable and appropriate in the circumstances, having due regard to the protection of investors and to the effectuation of the policies declared in section 1(b) of this title. " (b) For the purposes of this subsection, the investment adviser of a registered investment company shall be deemed to have a fiduciary duty with respect to the receipt of compensation for services, or of payments of a material nature, paid by such registered investment company, or by the security holders thereof, to such investment adviser or any affiliated person of such investment adviser. An action may be brought under this subsection by the Commission, or by a security holder of such registered investment company on behalf of such company, against such investment adviser, or any affiliated person of such investment adviser, or any other person enumerated in subsection (a) of this section who has a fiduciary duty concerning such compensation or payments, for breach of fiduciary duty in respect of such compensation or payments paid by such registered investment company or by the security holders thereof to such investment adviser or person. With respect to any such action the following provisions shall apply: "(1) I t shall not be necessary to allege or prove that any defendant engaged in personal misconduct, and the plaintiff shall have the burden of proving a breach of fiduciary duty. "(2) In any such action approval by the board of directors of such investment company of such compensation or payments, or of contracts or other arrangements providing for such compensation or payments, and ratification or approval of such compensation or payments, or of contracts or other arrangements providing for such compensation or payments, by the shareholders of such investment company, shall be given such consideration by the court as is deemed appropriate under all the circumstances. " (3) No such action shall be brought or maintained against any person other than the recipient of such compensation or payments, and no damages or other relief shall be granted against any person other than the recipient of such compensation or payments. No award of damages shall be recoverable for any period prior to one year before the action was instituted. Any award of damages against such recipient shall be limited to the actual damages resulting from the breach of fiduciary duty and shall in no event exceed the amount of compensation or payments received from such investment company, or the security holders thereof, by such recipient. "(4) This subsection shall not apply to compensation or payments made in connection with transactions subject to section 17 of this title, or rules, regulations, or orders thereunder, or to sales loans for the acquisition of any security issued by a registered investment company. " (5) Any action pursuant to this subsection may be brought only in an appropriate district court of the United States.

Enjoinment.

Burden of proof.

Ante,

p. 1420.

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54 Stat. 805, 846; Ante, p. 1415. 15 USC 80a-48. 52 Stat. 1075; 78 Stat. 570. 15 USC 780, Infra, 54 Stat. 844. 62 Stat. 928.

Ante, p. 1429.

54 Stat. 847; 74 Stat. 885.

"Person associated with an investment adviser."

Infra,

Registration requirements, exemptions.

74 Stat. 885.

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[84

STAT.

"(6) No finding by a court with respect to a breach of fiduciary duty under this subsection shall be made a basis (A) for a finding of a violation of this title for the purposes of sections 9 and 49 of this title, section 15 of the Securities Exchange Act of 1934, or section 203 of title II of this Act, or (B) for an injunction to prohibit any person from serving in any of the capacities enumerated m subsection (a) of this section." SEC. 21. The last sentence of section 43(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-42(a)) is amended by striking out '•sections 239 and 240 of the Judicial Code, as amended'' and inserting in lieu thereof "section 1254 of title 28, United States Code". SEC. 22. Section 44 of the Investment Company Act of 1940 (15 r. S. C. 80a-43) is amended— (1) by striking out the next to the last sentence and inserting in lieu thereof "Judgments and decrees so rendered shall be subject to review as provided in sections 1254, 1291, 1292, and 1294 of title 28, United States Code."; and (2) by adding at the end thereof a new sentence as follows: "The Commission may intervene as a party in any action or suit to enforce any liability or duty created by, or to enjoin any noncompliance with, section 36(b) of this title at any stage of such action or suit prior to final judgment therein." SEC. 23. Section 202(a) of the Investment Advisers Act of 1940 (15 TT.S.C. 80b-2(a)) is amended as follows. (1) Paragraph (2) is amended by striking out "under section 11(k) of the Federal Reserve Act, as amended" and inserting in lieu thereof "under the authority of the Comptroller of the Currency". (2) Paragraphs (17) through (20) are redesignated as paragraphs (18) through (21), respectively, and a new paragraph is inserted immediately after paragraph (16) to read as follows: "(17) The term 'person associated with an investment adviser' means any partner, oificer, or director of such investment adviser (or any person performing similar functions), or any person directly or indirectly controlling or controlled by such investment adviser, including any employee of such investment adviser, except that for the purposes of section 203 of this title (other than subsection (f) thereof), persons associated with an investment adviser whose functions are clerical or ministerial shall not be included in the meaning of such term. The Commission may by rules and regulations classify, for the purposes of any portion or portions of this title, persons, including employees controlled by an investment adviser." SEC. 24. (a) Section 203(b) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(b)) is amended to read as follows: "(b) The provisions of subsection (a) shall not apply to— "(1) any investment adviser all of whose clients are residents of the State within which such investment adviser maintains his or its principal office and place of business, and who does not furnish advice or issue analyses or reports with respect to securities listed or admitted to unlisted trading privileges on any national securities exchange; "(2) any investment adviser whose only clients are insurance companies; or "(3) any investment adviser who during the course of the preceding twelve months has had fewer than fifteen clients and who neither holds himself out generally to the public as an investment adviser nor acts as an investment adviser to any investment company registered under title I of this Act." (b) Section 203(c) of such Act (15 U.S.C. _80b-3 (c)) is amended by striking out subparagraph (F) and inserting in lieu thereof the following:

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PUBLIC LAW 91-547-DEC. 14, 1970

1431

"(F) whetlier such investment adviser, or any person associated with such investment adviser, is subject to any disqualification which would be a basis for denial, suspension, or revocation of registration of such investment adviser under the provisions (c) Section 203 of'such Act (15 U.S.C. 80b-3) is further amended y^^l^H^'^^f^' by redesignating subsection (d) as subsection (e), redesignating subsection (e) as subsection (g), and inserting after subsection (c) anew subsection as follows: "(d) Any provision of this title (other than subsection (a) of this section) which prohibits any act, practice, or course of business if the mails or any means or instrumentality of interstate commerce are used in connection therewith shall also prohibit any such act, practice, or course of business by any investment adviser registered pursuant to this section or any person acting on behalf of such an investment adviser, irrespective of any use of the mails or any means or instrumentality of interstate commerce in connection therewith." (d) Redesignated subsection (e) (formerly subsection (d) of sec- denL^/Vrsurention 203 of such Act) (15 U.S.C. 80b-3(d)) is amended to read as sion? or suspenfollows: "(e) The Commission shall, after appropriate notice and opportu- Hearting oppornity for hearing, by order censure, deny registration to, or suspend tunity. for a period not exceeding twelve months, or revoke the registration of, an investment adviser, if it finds that such censure, denial, suspension, or revocation is in the public interest and that such investment adviser or any person associated with such investment adviser, whether prior to or subsequent to becoming such— "(1) has willfully made or caused to be made in any application for registration or report filed with the Commission under this title, or in any proceeding before the Commission with respect to registration, any statement which was at the time and in the l i ^ t of the circumstances under which it was made false or misleading with respect to any material fact, or who has omitted to state in any such application or report any material fact which is required to be stated therein; or "(2) has been convicted within ten years preceding the filing of the application or at any time thereaher ot any felony or misdemeanor which the Commission finds (A) involves the purchase or sale of any security, (B) arises out of the conduct of the business of a broker, dealer, or investment adviser, (C) involves embezzlement,^ fraudulent conversion, or misappropriation of funds or securities, or (D) involves the violation of section 1341, 1342, or 62 Stat. 763. 1343 of title 18, United States Code; or "(3) is permanently or temporarily enjoined by order, judgment or decree of any court of competent jurisdiction from acting as an investment adviser, underwriter, broker, or dealer, or an affiliated person or employee of any investment company, bank, or insurance company, or from engaging in or continuing any conduct or practice m connection with any such activity, or in connection with the purchase or sale of any security; or "(4) has willfully violated any provision of the Securities Act of 1933, or of the Securities Exchange Act of 1934, or of title I of \l J'|^- :i^^ ^^^• this Act, or of this title, or of any rule or regulation under any 78a. of such statutes; or sj stau m. 15 "(5) has aided, abetted, counseled, commanded, induced, or sob-iu s e 80a-l, procured the violation by any other person of the Securities Act of 1933, or the Securities Exchange Act of 1934, or of title I of this Act, or of this title, or of any rule or regulation under any of such statutes or has failed reasonably to supervise, with a view to pre-

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 1432

PUBLIC LAW 91-547-DEC. 14, 1970

[84 STAT.

venting violations of such statutes, rules, and regulations, another person who commits such a violation, if such other person is subject to his supervision: Provided, That, for the purposes of this paragraph (5), no person shall be deemed to have failed reasonably to supervise any person, if— " (A) there have been established procedures, and a system for applying such procedures, which would reasonably be expected to prevent and detect, insofar as practicable, any such violation by such other person; and " (B) such person has reasonably discharged the duties and obligations incumbent upon him by reason of such procedures and system without reasonable cause to believe that such procedures and system were not being complied with; or '' (6) is subject to an order of the Commission entered pursuant ^"^"* to subsection (f) of this section barring or suspending the ri^ht of such person to be associated with an investment adviser, which order is in effect with respect to such person." 54 Stat. 850; (g) Section 203 of such Act (15 U.S.C. 80b-3) is further amended 74 Stat. 885. by redesignating subsectious (f) and (g) as subsections (h) and (i), respectively, and inserting after redesignated subsection (e) a new subsection as follows: Certain persons, u^f^ rpj^^ Commission may, after appropriate notice and opportunity for hearing, by order censure any person or bar or suspend for a period not exceeding twelve months any person from being associated with an investment adviser, if the Commission finds that such censure, barring, or suspension is in the public interest and that such person has committed or omitted any act or omission enumerated in paragraph (1), (4), or (5) of subsection (e) of this section, or has been convicted of any offense specified in paragraph (2) of subsection (e) within ten years of the commencement of the proceedings under this subsection, or is enjoined from any action, conduct, or practice specified in paragraph (3) of subsection (e). I t shall be unlawful for any person as to whom such an order barring or suspending him from being associated with an investment adviser is in effect, willfully to become, or to be, associated with an investment adviser, without the consent of the Commission, and it shall be unlawful for any investment adviser to permit such a person to become, or remain, a person associated with such investment adviser without the consent of the Commission, if such investment adviser knew, or in the exercise of reasonable care should have known of such order." SEC. 25. Section 205 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-5) is amended to read as follows: "INVESTMENT ADVISORY CONTRACTS

"SEC. 205. Xo investment adviser, unless exempt from registration Ante, p. 1430. pursuaiit to section 203(b), shall make use of the mails or any means or instrumentality of interstate commerce, directly or indirectly, to enter into, extend, or renew any investment advisory contract, or in any way to perform any investment advisory contract entered into, extended, or renewed on or after the effective date of this title, if such contract— "(1) provides for compensation to the investment adviser on the basis of a share of capital gains upon or capital appreciation of the funds or any portion of the funds of the client; "(2) fails to provide, in substance, that no assignment of such contract shall be made by the investment adviser without the consent of the other party to the contract; or

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PUBLIC LAW 91-547-DEC. 14, 1970

1433

"(3) fails to provide, in substance, that the investment adviser, if a partnership, will notify the other party to the contract of any change in the membership of such partnership within a reasonable time after such change. Paragraph (1) of this section shall not (A) be construed to prohibit an investment advisory contract which provides for compensation based upon the total value of a fund averaged over a definite period, or as of definite dates, or taken as of a definite date, or (B) apply to an investment advisory contract with— " (i) an investment company registered under title I of this Act, or "(ii) any other person (except a trust, collective trust fund or separate account referred to in section 3(c) (11) of title I of this ^"'®' P- ^'*Act), provided that the contract relates to the investment of assets in excess of $1 million, which contract provides for compensation based on the asset value of the company or fund under management averaged over a specified period and increasing and decreasing proportionately with the investment performance of the company or fund over a specified period in relation to the investment record of an appropriate index of securities prices or such other measure of investment performance as the Commission by rule, regulation, or order may specify. For purposes of clause (B) of the preceding sentence, the point from which mcreases and decreases in compensation are measured shall be the fee which is paid or earned when the investment performance of such company or fund is equivalent to that of the index or other measure of performance, and an index of securities prices shall be deemed appropriate unless the Commission by order shall determine otherwise. As used "investment in paragraphs (2) and (3) of this section, 'investment advisory con- contract," tract' means any contract or agreement whereby a person agrees to act as investment adviser or to manage any investment or trading account of another person other than an investment company registered under title I of this Act." SEC. 26. The Investment Advisers Act of 1940 (15 U.S.C. 80b-l-21) 54 Stat. 847; is further amended by inserting immediately after section 206 a new ^''ifusc sob-e. section as follows: "EXEMPTIONS

"SEC. 206A. The Commission, by rules and regulations, upon its own motion, or by order upon application, may conditionally or unconditionally exempt any person or transaction, or any class or classes of persons, or transactions, from any provision or provisions of this title or of any rule or regulation thereunder, if and to the extent that such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of this title." SEC. 27. (a) Section 2 of the Securities Act of 1933 (15 U.S.C. 77b) 68 Stat. 6 8 3. ^°^'' Jl^^'^J^^' is amended by adding at the end thereof two new paragraphs as follows: 'Insurance "(13) The term 'insurance company' means a company which is company. " organized as an insurance company, whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies, and which is subject to supervision by the insurance commissioner, or a similar official or agency, of a State or territory or the District of Columbia; or any receiver or similar official or any liquidating agent for such company, in his capacity as such.

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 1434 ac'cfumJ'^'^

etc-t^exemp^ld'"' securities. An^e ^*°*7 i^g^^' Post, p! 1498.

68A Stat. 134; 114^^8*0^8131. 157?! 26 USC 404!

68 Stat. 684. 15 USC 77e.

"Bank."

Savings and

PUBLIC LAW 91.547-DEC. 14, 1970

[84 STAT.

" (14] The term 'separate account* means an account established and maintained by an insurance company pursuant to the laws of any State or territory of the United States, the District of Columbia, or of Canada or any province thereof, under which income, gains and losses, whether or not realized, from assets allocated to such account, are, in accordance with the applicable contract, credited to or charged against such account without regard to other income, gains, or losses of the insurance company." i^) Section 3(a)(2) of such Act (15 U.S.C. 77c(a)(2)) is amended to read as follows: " (^) ^^^^^ sccurity issued or guaranteed by the United States or any territory thereof, or by the District of Columbia, or by any State of the United States, or by any political subdivision of a State or territory or by any public instrumentality of one or more States or territories, or by any person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing; or any security issued or guaranteed by any bank; or any security issued by or representing an interest in or a direct obligation of a Federal Reserve bank; or any interest or )articipation in any common trust fund or similar fund maintained )y a bank exclusively for the collective investment and reinvestment of assets contributed thereto by such bank in its capacity as trustee, executor, administrator, or guardian; or any interest or participation in a single or collective trust fund maintained by a bank or in a separate account maintained by an insurance company which interest or participation is issued in connection with (A) a stock bonus, pension, or profit-sharing plan which meets the requirements for qualification under section 401 of the Internal Revenue Code of 1954, or (B) an annuity plan which meets the requirements for the deduction of the employer's contribution under section 404(a)(2) of such Code, other ^'^^^"^ ^'^"^y P^^^^ described in clause (A) or (B) of this paragraph (i) under which an amount in excess of the. employer's contribution for any period is allocated to the purchase of securities issued by the employer or any company directly or indirectly controlling, controlled by or under common control with the employer or (ii) which covers employees some or all of whom are employees within the meaning of section 401(c)(1) of such Code. The Commission, by rules and regulations or order, shall exempt from the provisions of section 5 of this title any interest or participation issued in connection with a stock bouus, peusion, profit-sharing, or annuity plan which covers employees some or all of whom are employees within the meaning of section 401 (c)(1) of the Internal Revenue Code of 1954, if and to the extent that the Commission determines this to be necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of this title. For the purposes of this paragraph, a security issued or guaranteed by a bank shall not include any interest or participation ]2i any collective trust fund maintained by a bank; and the term 'bank' means any national bank, or any banking institution organized under the laws of any State, territory, or the District of Columbia, the business of which is substantially confined to banking and is supervised by the State or territorial banking commission or similar official; except that in the case of a common trust fund or similar fund, or a. collective trust fund, the term 'bank' has the same meaning as in the Investment Company Act of 1940." (c) Sections 3(a)(5) of such Act (15 U.S.C. 77c(a)(5)) is amended

loan associations,

.

^

i

j

s

n

\ / \ / /

exempted securities. ^.. 48 Stat. 76. " " "' ""

to read as follows: "(^) -'^^y security issued (A) by a savings and loan association, building and loan association, cooperative bank, homestead associa-

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 84 STAT. ]

PUBLIC LAW 91-547-DEC. 14, 1970

tion, or similar institution, which is supervised and examined by State or Federal authority having supervision over any such institution, except that the foregoing exemption shall not apply with respect to any such security where the issuer takes from the total amount paid or deposited by the purchaser, by way of any fee, cash value or other device whatsoever, either upon termination of the investment at maturity or before maturity, an aggregate amount in excess of 3 per centum of the face value of such security; or (B) by (i) a farmer's cooperative organization exempt from tax under section 521 of the Internal Revenue Code of 1954, (ii) a corporation described in section 501(c) (16) of such Code and exempt from tax under section 501(a) of such Code, or (iii) a corporation described in section 501(c)(2) of such Code which is exempt from tax under section 501(a) of such Code and is organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to an organization or corporation described in clause (i) or (ii);". SEC. 28. (a) Section 3(a) (12) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a) (12)) is amended to read as follows: ''(12) The term 'exempted security' or 'exempted securities' includes securities which are direct obligations of or obligations guaranteed as to principal or interest by the United States; such securities issued or guaranteed by corporations in which the United States has a direct or mdirect interest as shall be designated for exemption by the Secretary of the Treasury as necessary or appropriate in the public interest or for the protection of investors; securities which are direct obligations of or obligations guaranteed as to principal or interest by a State or any political subdivision thereof, or by any agency or instrumentality of a State or any political subdivision thereof, or by any municipal corporate instrumentality of one or more States; any interest or participation in any common trust fund or similar fund maintained by a bank exclusively for the collective investment and reinvestment of assets contributed thereto by such bank in its capacity as trustee, executor, administrator, or guardian; any interest or participation in a collective trust fund maintained by a bank or in a separate account maintained by an insurance company which interest or participation is issued in connection with (A) a stock-bonus, pension, or profit-sharing plan which meets the requirements for qualification under section 401 of the Internal Revenue Code of 1954, or (B) an annuity plan which meets the requirements for the deduction of the employer's contribution under section 404(a)(2) of such Code, other than any plan described in clause (A) or (B) of this paragraph w'liich covers employees some or all of whom are employees within the meaning of section 401(c)(1) of such Code; and such other securities (which may include, among others, unregistered securities the market in which is predominantly intrastate) as the Commission may, by such rules and regulations as it deems necessary or appropriate in the public interest or for the protection of investors, either unconditionally or upon specified terms and conditions or for stated periods, exempt from the operation of any one or more provisions of tnis title which by their terms do not apply to an 'exempted security' or to 'exempted securities'." (b) Section 3(a) (19) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a) (19)) is amended to read as follows: "(19) the terms 'investment company', 'affiliated person', 'insurance company', and 'separate account' have the same meanings as in the Investment Company Act of 1940." (c) Section 12(g)(2) of such Act (15 U.S.C. 781(g)(2)) is amended by adding at the end thereof a new subparagraph as follows: " (H) any interest or participation in any collective trust funds

1435

68A Stat. 176, 26 USC 521. 26 USC 501.

48 Stat. 884; Ante, p. 718! Post, p. 1499. "Exempted security."

68A Stat. 134; 76 Stat. 809, 1141; 80 Stat. 1577. 26 USC 4 0 1. 26 USC 404.

Definitions. 78 Stat. 565.

54 Stat. 789. 15 USC 80a-5:i. Exemptions, 78 Stat. 566.

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 1436

68A Stat. 134; 76 Stat. 809, 1141; 80 Stat. 1577. 26 USC 4 0 1. 26 USC 404. Nonapplicability. 48 Stat. 74. 15 USC 77a. 54 Stat. 789. 15 USC 80a-51.

Effective dates.

PUBLIC LAW 91-548-DEC. 14, 1970

[84 STAT.

maintained by a bank or in a separate account maintained by an insurance company which interest or participation is issued in connection with (i) a stock-bonus, pension, or profit-sharing plan which meets the requirements for qualification under section 401 of the Internal Revenue Code of 1954, or (ii) an annuity plan which meets the requirements for deduction of the employer's contribution under section 404(a)(2) of such Code." SEC. 29. The provisions of the Securities Act of 1933 and the Investment Company Act of 1940 shall not apply, except for purposes of definition of terms used in this section, to any interest or participation (including any separate account or other fund providing for the sharing of income or gains and losses, and any interest or participation in such account or fund) in any contract, certificate, or policy providing for life insurance benefits which was issued prior to March 23^ 1959, by an insurance company, if (1) the form of such contract, certificate, or policy was approved by the insurance commissioner, or similar ojfScial or agency, of a State, territory or the District of Columbia, and (2) under such contract, certificate, or policy not to exceed 49 per centum of the gross premiums or other consideration paid was to be allocated to a separate account or other fund providing for the sharing of income or gains and losses. Nothing herein contained shall be taken to imply that any such interest or participation constitutes a "security" under any other laws of the United States. SEC. 30. This Act shall take effect on the date of its enactment, except that— (1) sections 5(a), (b), and (c); 8; 9 (a); 11; 18; 2 4 (a); and 25 (amending sections 10(a), (b), and (c); 15; 1 7 (f); 19; and 32(a) of the Investment Company Act of 1940; and sections 203 (b) and 205 of the Investment Advisers Act of 1940, respectively) shall take effect upon the expiration of one year after the date of enactment of this Act; (2) that part of section 5(d) which substitutes "interested persons" for "affiliated persons" in section 10(d) of the Investment Company Act of 1940 shall take effect upon the expiration of one year after the date of enactment of this Act; (3) sections 16 and 17 (amending section 27 and 28 of the Investment Company Act of 1940) shall take effect upon the expiration of six months after the date of enactment of this Act; and (4) that part of section 20 which adds a subsection (b) to section 36 of the Investment Company Act of 1940 shall take effect upon the expiration of eighteen months after the date of enactment of this Act. Approved December 14, 1970. Public Law 91-548 AN ACT

December 14, 1970 [H. R. 13934] To ameml the Act uf September 21.19.59 (73 Stat. 590j, to authorize the Secretary

of the Interior to revise the boundaries of Minute Man National Historical Park, and for other [uirposes.

Minute Man National Histori c a l Park. Boundary revision. 16 USC 4 1 0 s.

Be it emicted by the Senate and House of RepveHentatlveH of the United States of Ametica in Congress assembled, That section 1 of the Act of September 21, 1959 (73 Stat. 590) is amended by inserting " (a) " after the word "that" in the first sentence and adding two subsections, as follows:

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 84 STAT.J

PUBLIC LAW 91-550-DEC. 15, 1970

" (b) Notwithstanding the description set forth in subsection (a) of this section, if the Secretary should determine that the relocation of Highway 2 by the Commonwealth of Massachusetts makes it desirable to cstahlish new hoiindarios in comnion with, conti'zuoiis or adjacent to the proposed right-of-way for that highway, he is authorized to relocate such boundaries accordingly, and shall give notice thereof by publication of a map or other suitable description in the Federal Kegister: Provided, That any net acreage increase by reason of the boundary revision and land exchanges with the Commonwealth shall not be included in calculations of acreage in regard to the limitation set forth in subsection (a) of this section, but shall be in addition thereto. "(c) Any lands added to the Minute Man National Historical Park, pursuant to subsection (b) may be acquired only if such acquisition can be accomplished without cost for land acquisition and, when so acquired, shall be subject to all laws, rules, and regulations applicable thereto." SEC. 2. Section 6 of the Act of September 21, 1951 (73 Stat. 590), is anuMulod ]>v (1) deleting "S,s,0,"" and inserting "$l;',.9," and (2) deleting "$5,000,000" and inserting "$10,900,000". Approved December 14, 1970.

1437 P u b l i c a t i o n in Federal Register

Appropriation. 16 USC 410x.

Public Law 91-549 AJN A C 1

December 14, 1970

To amend authority of the Secretary of the Interior under the Act of July 19, 1940 (54 Stat. 773), to encourage through the National Park Service travel in the United States, and for other purposes.

[H. R. 14714]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 5 of the Act entitled "An Act to encourage travel in the United States, and for other purposes", approved July 19, 1940 (54 Stat. 773), is amended to read as follows: "SEC. 5. For the purpose of carrying out the provisions of this Act, there is authorized to be appropriated not to exceed $250,000 for the fiscal year 1971 and not to exceed $750,000 for the fiscal year 1972." Approved December 14, 1970.

Travel in U.S., encouragement. Appropriation. 16 USC 18d.

Public Law 91-550 AN ACT To amend section 4 of the Act of May 31, 1933 (48 Stat. 108).

December IS, 1970 [H. R. 471]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 4 of ^p'^^tr^d the Act of May 31, 1933 (48 Stat. 108), providing for the protection of rnbe, N. Mex.^°' the watershed within the Carson National Forest for the Pueblo de Lands in trust. Taos Indians in New- Mexico, be and hereby is amended to read as follows: "SKC. 4. (a) That, for the purpose of safeguarding the interests and welfare of the tribe of Indians known as the Pueblo de Taos of New Mexico, the following described lands and improvements thereon, upon which said Indians depend and have depended since time immemorial for water supply, forage for their domestic livestock, wood and timber for their personal use, and as the scene of certain religious ceremonials, are hereby declared to be held by the United States in trust for tine Pueblo de Taos:

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 1438

78 Stat, 891. 16 USC 1132,

Land usage, limitation.

Wilderness. 16 USC 1131,

PUBLIC LAW 91-550--DEC. 15, 1970

[84 STAT.

"Beginning at the southeast corner of the Tenorio tract on the north boundary of the Taos Pueblo grant in section 22, township 26 north, range 13 east; "thence northwesterly and northeasterly along the east boundary of the Tenorio tract to the point where it intersects the boundary of the Lucero de Godoi or Antonio Martinez Grant; "thence following the boundary of the Lucero de Godoi Grant northeasterly, southeasterly and northerly to station 76 on the east boundary of the survey of the Lucero de Godoi Grant according to the March 1894 survey by United States Deputy Surveyor John H, Walker as approved by the United States Surveyor's Office, Santa Fe, New Mexico, on November 23, 1894; "thence east 0.85 mile along the south boundary of the Wheeler Peak Wilderness, according to the description dated July 1, 1965, and reported to Congress pursuant to section 3(a)(1) of the Wilderness Act (PublicLaw 88-577); "thence northeast approximately 0,25 mile to the top of an unnamed peak (which is approximately 0,38 mile southeasterly from from Lew Wallace Peak); "thence northwesterly 1.63 miles along the ridgetop through Lew Wallace Peak to Old Mike Peak; "thence easterly and northeasterly along the ridgetop of the divide between the Red River and the Rio Pueblo de Taos to station numbered 109 of said 1894 survey, at the juncture of the divide with the west boundary of the Beaubien and Miranda Grant, New Mexico (commonly known as the Maxwell Grant), according to the official resurvey of said grant executed during July and August 1923 by United States Surveyor Glen Haste and approved by the General Land Office, Washington, District of Columbia, on April 28.1926; "thence southeasterly, southwesterly, and southerly along the west boundary of the MaxAvell arrant to the north line of unsurveyed section 33, township 26 north, range 15 east; "thence southerly to the north boundary of fractional township 25 north, range 15 east; "thence southerly and southwesterly through sections 4, 9, 8, and 7, township 25 north, range 15 east to the southwest corner of said section 7; "thence westerly along the divide between the Rio Pueblo de Taos and Rio Fernando de Taos to the east boundary of the Taos Pueblo grant; "thence north to the northeast corner of the Taos Pueblo grant; "thence west to the point of beginning; containing approximately 48,000 acres, more or less, "(b) The lands held in trust pursuant to this section shall be a part of the Pueblo de Taos Reservation, and shall be administered under the laws and regulations applicable to other trust Indian lands: Provided, That the Pueblo de Taos Indians shall use the lands for traditional purposes only, such as religious ceremonials, hunting and fishing, a source of water, forage for their domestic livestock, and wood, timber, and other natural resources for their personal use, all subject to such regulations for conservation purposes as the Secretary of the Interior may prescribe. Except for such uses, the lands shall remain forever wnld and shall be maintained as a wilderness as defined in section 2(c) of the Act of September 3, 1964 (78 Stat, 890), With the consent of the tribe, but not otherwise, nonmembers of the tribe

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PUBLIC LAW 91-551-DEC. 15, 1970

1439

may be permitted to enter the lands for purposes compatible with their preservation as a wilderness. The Secretary of the Interior shall be taryl^con'^strvation responsible for the establishment and maintenance of conservation responsibility. measures for these lands, including, without limitation, protection of forests from fire, disease, insects or trespass; prevention or elimination of erosion, damaging land use, or stream pollution; and maintenance of streamflow and sanitary conditions; and the Secretary is authorized to contract with the Secretary of Agriculture for any services or materials deemed necessary to institute or carry out any of such measures. "(c) Lessees or permittees of lands described in subsection (a) jaul^lenewaV^' which are not included in the lands described in the Act of May 31, l^nnqulshment. 1933, shall be given the opportunity to renew their leases or permits ^s Stat. los. under rules and regulations of the Secretary of the Interior to the same extent and in the same manner that such leases or permits could have been renewed if this Act had not been enacted; Ibut the Pueblo de Taos may obtain the relinquishment of any or all of such leases or permits from the lessees or permittees under such terms and conditions as may be mutually agreeable. The Secretary of the Interior is authorized to disburse, from the tribal funds in the Treasury of the United States to the credit of said tribe, so much thereof as may be necessary to pay for such relinquishments and for the purchase of any rights or improvements on said lands owned by nonIndians. The authority to pay for the relinquishment of a permit pursuant to this subsection shall not be regarded as a recognition of any property right of the permittee in the land or its resources. "(a) The Indian Claims Commission is directed to determine in accordance with the provisions of section 2 of the Act of August 13, 1946 (60 Stat. 1049, 1050), the extent to which the value of the interest 2s use 70a. in land conveyed by this Act should be credited to the United States or should be set off against any claim of the Taos Indians against the United States. "(e) Nothing in this section shall impair any vested water right." water rights. Approved December 15, 1970. Public Law 91-551 AN ACT

Dec>jmber 15, 1970

To amend sections 5580, 5581, and 5582 of the Revised Statutes to provide for additional members of the Board of Regents of the Smithsonian Institution and to increase the number of members constituting a quorum.

[H. R. 14213]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section Smithsonian 5580 of the Revised Statutes (20 U.S.C. 42) is amended to read as ^"BO""" o"' follows:

Regents, addi-

"SEC. 5580. The business of the Institution shall be conducted at the '^°"^^ members. city of Washington by a Board of Regents, named the Regents of the Smithsonian Institution, to be composed of the Vice President, the Chief Justice of the United States, three Members of the Senate, three Members of the House of Representatives, and nine other persons, other than Members of Congress, two of whom shall be resident in the city of Washington, and seven of whom shall be inhabitants of some State, but no two of them of the same State.".

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 1440 Appointment.

Term of office.

Meetings.

Quorum.

PUBLIC LAW 91-552-DEC. 16, 1970

[84 STAT.

(b) The first sentence of section 5581 of the Revised Statutes (20 U.S.C. 43) is amended to read as follows: "The regents to be selected shall be appointed as follows: The Members of the Senate by the President thereof; the Members of the House by the Speaker thereof; and the nine other persons by joint resolution of the Congress.". (c) The fifth sentence of section 5581 of the Revised Statutes (20 U.S.C. 43) is amended to read as follows: "The regular term of service for the other nine members shall be six years; and new elections thereof shall be made by joint resolutions of Congress.". (d) The second sentence of section 5582 of the Revised Statutes (20 U.S.C. 44) is amended to read as f ollows: "The board shall also elect three of their own body as an executive committee, and shall fix the time for the regular meetings of the board; and, on application of any three of the regents to the secretary of the institution, it shall be his duty to appoint a special meeting of the Board of Regents, of which he shall give notice, by letter, to each of the members; and, at any meeting of the board, eight shall constitute a quorum to do business." Approved December 15, 1970.

Public Law 91-552 December 16, 1970 [H. J. R e s. 1 4 1 1 ]

Ante, p. 1140.

JOINT RESOLUTION Correcting certain printing and clerical errors in the Legislative Reorganization Act of 1970.

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the following amendments are made to correct certain printing and clerical errors in the Legislative Reorganization Act of 1970 (Public Law 91-510): (1) The item relating to section 472 in the table of contents of the Legislative Reorganization Act of 1970 (84 Stat. 1142) is amended by striking out "Clerk" and inserting in lieu thereof "clerk". (2) The last sentence of section 133(a) of the Legislative Reorganization Act of 1946, as amended by section 102(a) of the Legislative Reorganization Act of 1970 (84 Stat. 1144), is amended by striking out "prescribe" and inserting in lieu thereof "preside". (3) Section 128 of the Legislative Reorganization Act of 1970 (84 Stat. 1160) is amended by striking out "rule" and inserting in lieu thereof "Rule". (4) The third sentence of subparagraph (2) of paragraph (a) of clause 29 of Rule X I of the Rules of the House of Representatives, as amended by section 302(b) of the Legislative Reorganization Act of 1970 (84 Stat. 1177), is amended by striking out "majoriy" and inserting in lieu thereof "majority". (5) Section 302(e) of the Legislative Reorganization Act of 1970 (84 Stat. 1179) is amended by striking out " (a) " and inserting in lieu thereof " (b) ". (6) The last sentence of section 134(c) of the Legislative Reorganization Act of 1946, as amended by section 117(a) of the Legislative Reorganization Act of 1970, is amended by striking out "paragraph 5" and inserting in lieu thereof "paragraph 7". Approved December 16, 1970.

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PUBLIC LAW 91-555-DEC. 17, 1970

Public Law 91-553 JOINT RESOLUTION

^

^

,^,„.,„

December 16, 1970

To amend the joint resolution authorizing appropriations for the payment by [H. J. Res. 1077] the United States of its share of the expenses of the Pan American Railways Congress Association. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Public Law 80-794, Eightieth Congress, approved June 28, 1948, is amended by striking out "$5,000" and inserting in lieu thereof "$15,000" in section 2(a). Approved December 16, 1970.

62 Stat. 1060. 22 USC 280k.

Public Law 91-554 AN ACT

To amend the Act of April 22, 1960, providing for the establishment of the Wilson's Creek Battlefield National Park. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Act entitled "An Act to provide for the establishment of the Wilson's Creek Battlefield National Park, in the State of Missouri", approved April 22, 1960 (74 Stat. 76), is amended as follows: (a) Strike out "Wilson's Creek Battlefield National P a r k " in the title and in section 2(a), and substitute "Wilson's Creek National Battlefield". (b) Amend section 3 to read as follows: "SEC. 3. For development of the Wilson's Creek National Battlefield, there are authorized to be appropriated not more than $2,285,000 (March 1969 prices), plus or minus such amounts, if any, as may be justified by reason of ordinary fluctuations in construction costs as indicated by engineering cost indices applicable to the types of construction involved herein." Approved December 16, 1970.

December 16, 1970

[H. R. II60]

Wilson's Creek Battlefield National P a r k. Name c h a n g e. 16 USC 430kk, 16 USC 430Z/. Appropriation. 16 USC 430mm.

Public Law 91-555 JOINT RESOLUTION Extending the duration of copyright protection in certain cases. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That in any case in which the renewal term of copyright subsisting in any work on the date of approval of this resolution, or the term thereof as extended by Public Law 87-668, by Public Law 89-442, by Public Law 90-141, by Public Law 90-416, or by Public Law 91-147 (or by all or certain of said laws), would expire prior to December 31, 1971, such term is hereby continued until December 31, 1971. Approved December 17, 1970.

December 17, 1970 [S. J. R e s. 230]

Copyright term. Extension.

83 Stat. 360. 17 USC 24 notes.

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STAT.

Public Law 91-556 December 17, 1970 [H. R. 1983 0 ]

Independent Offices and Department of Housing and Urban Development Appropriation Act, 1971.

AN ACT Making appropriations for sundry independent executive bureaus, boards, commissions, corporations, agencies, offices, and the Department of Housing and Urban Development for the fiscal year ending June 30, 1971, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following sums are appropriated, out of any money in the Treasury not otherwise appropriated, for sundry independent executive bureaus, boards, commissions, corporations, agencies, offices, and the Department of Housing and Urban Development for the fiscal year ending June 30, 1971, and for other purposes, namely: TITLE I—INDEPENDENT OFFICES APPALACHIAN R E G I O N A L COMMISSION SALARIES AND

80 Stat. 416.

For necessary expenses of the Federal Cochairman and his alternate on the Appalachian Regional Commission and for payment of the Federal share of the administrative expenses of the commission, including services as authorized by 5 U.S.C. 3109, and hire of passenger motor vehicles, $958,000. CIVIL SERVICE SALARIES AND

80 Stat. 4 0 3. 5 USC 1501.

83 Stat. 137. 81 Stat. 215.

22 USC 287 note.

EXPENSES

COMMISSION EXPENSES

For necessary expenses, including services as authorized by 5 U.S.C. 3109; not to exceed $10,000 for medical examinations performed for veterans by private physicians on a fee basis; payment m advance for library membership in societies whose publications are available to members only or to members at a price lower than to the general public; rental of conference rooms in the District of Columbia; not to exceed $300,000 for performing the duties imposed upon the Commission by chapter 15 of title 5, United States Code; hire of passenger motor vehicles; and not to exceed $1,000 for official reception and representation expenses; $47,577,000, including funding of Interagency Boards of Examiners, together with not to exceed $8,173,000 for necessary expenses incurred during the current fiscal year in the administration of the retirement and insurance programs, to be transferred from the trust funds "Civil Service retirement and disability fund", "Employees life insurance fund", "Employees health benefits fund", and "Retired employees health benefits fund", in such amounts as may be determined by the Civil Service Commission, without regard to the provisions of any other Act, but this provision shall not affect the authority of 5 U.S.C. 8348(a) and section 1(b) of Public Law 89-205 (79 Stat. 840), providing lor additional administrative expenses to effect annuity adjustments under 5 U.S.C. 8340, section 1(c) of Public Law 89-205 (79 Stat. 840) and section 1 of Public Law 89-314 (79 Stat. 1162): Provided, That $600,000 of this appropriation shall be available to carry out the provisions of Executive Order 10422 of January 9, 1953, as amended, prescribing procedures for making available to the Secretary General of the United Nations, and the executive heads of other international organizations, certain information concerning United States citizens employed, or being considered for employment by such organizations, including advances or reimbursements to the applicable appropriations or funds of the

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Civil Service Commission and the Federal Bureau of Investigation for expenses incurred by such agencies under said Executive Order: Provided further, That members of the International Organizations Employees Loyalty Board may be paid actual transportation expenses, find per diem m lieu of subsistence under 5 U.S.C. 5702, while travel- so Stat. 498; ing on official business away from their homes or regular places of ^^ ^*^*' ^^°' business, including periods while en route to and from, and at the place where their services are to be performed. No part of the appropriation herein made to the Civil Service Commission shall be available for the salaries and expenses of the Legal Examining Unit in the Examining and Personnel Utilization Division of the Commission, established pursuant to Executive Order 9358 of July 1, 1943. 3 CFR 1943ANNUITIES UNDER SPECIAL ACTS 1948 comp., p. ^30.

For payment of annuities authorized by the Act of May 29, 1944, as amended (48 U.S.C. 1373a), and the Act of August 19, 1950, as amended (33 U.S.C. 771-775), $1,180,000.

ss Stat. 257;

70 Stat. 607. 64 Stat. 465; 81 Stat. 518,S20.

GOVERNMENT PAYMENTS FOR ANNUITANTS, EMPLOYEES HEALTH BENEFITS

For payment of Government contributions with respect to retired employees, as authorized by chapter 89 of title 5, United States Code, and the Retired Federal Employees Health Benefits Act (74 Stat. 849), as amended, $46,523,000, to remain available until expended.

Ante, p. 869.

FEDERAL LABOR RELATIONS COUNCIL, SALARIES AND EXPENSES

For expenses necessary to carry out functions of the Civil Service Commission under Executive Order No. 11491 of October 29, 1969, 3 CFR 1959 %100,0^0-.Provided, That public members of the Federal Service comp., p. 191. Impasses Panel may be paid travel expenses per diem in lieu of subsistence, as authorized by law (5 U.S.C. 5703) for persons employed so Stat. 499; intermittently in the Government service, and compensation at the ^^ *^^' ^^°" rate of not to exceed the per diem rate equivalent to the rate for grade GS-18. Ante, p. 198-1.

COMMISSION ON GOVERNMENT PROCUREMENT SALARIES AND EXPENSES

For necessary expenses of the Commission on Government Procurement, $1,500,000, to remain available until June 30, 1972. FEDERAL COMMUNICATIONS COMMISSION SALARIES AND EXPENSES

For necessary expenses of the Commission, as authorized by law, including uniforms or allowances therefor, as authorized by law (5 U.S.C. 5901-5902); not to exceed $35,000 for land and structures; so Stat. 508; not to exceed $10,000 for improvement and care of grounds and repairs ^ ^ ^^^^' ^°^* to buildings; not to exceed $500 for official reception and representation expenses; special counsel fees; and services as authorized by 5 U.S.C. 3109; $24,900,000: Provided, That not to exceed $500,000 of so Stat. 4i6. the foregoing amount shall remain available until June 30, 1972, for research and policy studies.

47-348 O - 72 - 8 (Pt. 2)

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FEDP:RAL POWER COMMISSION SALARIES AND EXPENSES

80 Stat. 416.

For expenses necessary for the %York of the Commission, as authorized by hiw, including nire of passenger motor vehicles, services as authorized by 5 U.S.C. 3109, and not to exceed $500 for official reception and representation expenses, $18,210,000. FEDERAL TRADE COMMISSION SALARIES AND EXPENSES

80 Stat. 508; 81 Stat. 206.

For necessary expenses of the Federal Trade Commission, including uniforms or allowances therefor, as authorized by law (5 U.S.C. .5901-5902), and services as authorized hj 5 U.S.C. 3109, $20,500,000: Provided, That no part of the foregoing appropriation shall be expended upon any investigation hereafter provided by concurrent resolution of the Congress until funds are appropriated subsequently to the enactment of such resolution to finance the cost of such investigation. GENERAL SERVICES ADMINISTRATION OPERATING EXPENSES, PUBLIC BUILDINGS SERVICE

For necessary expenses, not otherwise provided for, of real property management and related activities as provided by law; rental of buildings in the District of Columbia; restoration of leased premises; moving Government agencies (including space adjustments) in connection with the assignment, allocation, and transfer of building space; acquisition by purchase or otherwise of real estate and interests therein; and contractual services incident to cleaning or servicing buildings and moving; $340,35,: Provided, That this appropriation shall be available to provide such fencing, lighting, guard booths, and other facilities on private or other property not in Government ownership or control as may be appropriate to enable the United States Secret Service to perform its protective functions pursuant to title 18, U.S.C. 65 Stat. 122; 82 Stat. 1198.

3056. R E P A I R AND IMPROVEMENT OF P u B L I C BuiLDINGS

For expenses, not otherwise provided for, necessary to alter public buildings and to acquire additions to sites pursuant to the Public 73 Stat. 479.

B u i l d i u g s Act of 1959, as amended (40 U.S.C. 6 0 1 - 6 1 5), and to alter

68 Stat. 518.

other federally owned buildings and to acquire additions to sites thereof, including grounds, approaches and appurtenances, wharves and piers, together with the necessary dredging adjacent thereto; and care and safeguarding of sites; preliminary planning of projects by contract or otherwise; maintenance, preservation, demolition, and equipment; $83,280,000, to remain available until expended: Provided, That for the purposes of this appropriation, buildings constructed pursuant to the Public Buildings Purchase Contract Act of 1954 (40 U.S.C. 356) and the Post Office Department Property Act of

74 Stat. 590.

1954 (39 U.S.C. 2104 e t s e q.), and b u i l d i n g s under the control of

another department or agency where alteration of such buildings is required in connection with the moving of such other department or agency from buildings then, or thereafter to be, under the control of General Services Administration shall be considered to be public buildings.

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CONSTRUCTION, PUBLIC BUILDINGS PROJECTS

For an additional amount for expenses, not otherwise provided for, necessary to construct and acquire public buildings projects and alter public buildings by extension or conversion where the estimated cost for a project is in excess of $200,000, pursuant to the Public Buildings Act of 1959, as amended (40 U.S.C. 601-615), including fallout shelters and equipment for such buildingSj $133,560,300, and not to exceed $500,000 of this amount shall be available to the Administrator for construction or alteration of small public buildings outside the District of Columbia as the Administrator approves and deems necessary, including $6,000,000 to replace funds previously used in accordance with the Supplemental Appropriation Act, 1969, all to remain available until expended: Provided, That a total amount of $59,974,800 heretofore appropriated for projects located at Honolulu, Hawaii, Indianapolis, Indiana, Albany, New York, and Bronx, "New York, under this heading in the Independent Offices Appropriation Act, 1967, and the Independent Offices and Department of Housing and Urban Development Appropriations Acts of 1968 and 1970, respectively, are hereby made available for the purposes of this appropriation: Provided further, That the foregoing amounts shall be available for public buildings projects at locations and at maximum construction improvement costs (excluding funds for sites and expenses), as follows: Post office and Federal office building, Petersburg, Alaska, in addition to the sum heretofore appropriated, $488,000; Federal office building, Los Angeles County, California, in addition to the sum heretofore appropriated, $1,098,000; Border station, San Diego, California, formerly Border station, San Ysidro, California, $5,430,000; Post Office and Federal office building, Fort Collins, Colorado, in addition to the sum heretofore appropriated, $864,000; Courthouse, customhouse, and Federal office building, Wilmington, Delaware, $9,127,000; Post office and courthouse. West Palm Beach, Florida, $6,089,000; Post office and Federal office building, Augusta, Georgia, in addition to the sum heretofore appropriated, $2,694,000; Courthouse and Federal office building, Alton, Illinois, $1,500,000; Federal office building (superstructure), Chicago, Illinois, in addition to the sum heretofore appropriated, $9,195,000; Courthouse and Federal office building, Frankfort, Kentucky, in addition to the sum heretofore appropriated, $850,000; Post office and Federal office building, Houma, Louisiana, in addition to the sum heretofore appropriated, $2,064,000; Post office and courthouse (construction and alteration). New Orleans, Louisiana, in addition to the sum heretofore appropriated, $181,500; Courthouse and Federal office building, Grand Rapids, Michigan, $9,411,000; Post office and Federal office building, Keene, New Hampshire, in addition to the sum heretofore appropriated, $477,000; Federal office building, Gallup, New Mexico, in addition to the sum heretofore appropriated, $193.000; Courthouse and Federal office building (superstructure), Philadelphia, Pennsylvania, $61,800,000; Post office and Federal office building, Barrington, Rhode Island, in addition to the sum heretofore appropriated, $96,000; Post office and Federal office building. Providence, Rhode Island, in addition to the sum heretofore appropriated, $1,355,600;

^3 Stat. 479.

^^ ^*^*- ^^^°-

^^ ^'^^- ^7° 81 Stat. 345. 83 Stat. 225.

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Post office, courthouse and Federal office building (construction and alteration), Brattleboro, Vermont, in addition to the sum heretofore appropriated, $630,000; Post office and Federal office building, Morgantown, West Virginia, $8,792,000; and Federal Bureau of Investigation building (superstructure), District of Columbia, $69,800,000: Provided further, That the foregoing limits of costs may be exceeded to the extent that savings are effected in other projects, but by not to exceed 10 per centum. SITES AND EXPENSES, PUBLIC BUILDINGS PROJECTS

For an additional amount for expenses necessary in connection with the construction of public buildings projects not otherwise provided for, including preliminary planning by contract or otherwise, $14,000,000, to remain available until expended. PAYMENTS, PUBLIC IH^ILDINGS PURCHASE CONTRACTS

68 Stat. 518.

For payments of principal, interest, taxes, and any other obligations under contracts entered into pursuant to the Public Buildings Purchase Contract Act of 1954 (40 U.S.C. 356), $2,400,000. EXPENSES, UNI'ITCD STATES COURT FACILI'ITES

For necessary expenses, not otherwise provided for, to provide directly or indirectly, additional space for the United States Courts incident to expansion of facilities (including rental of buildings in the District of Columbia and elsewhere and moving and space adjustments), and furniture and furnishings, $1,000,000. OPERATING EXPENSES, FEDERAL SUPPLY SERVICE

For expenses, not otherwise provided, necessary for supply distribution, procurement, inspection, operation of the stores depot system (including contractual services incident to receiving, handling, and shipping warehouse items), and other supply management and related activities, as authorized by law, $83,346,000. OPERATING EXPENSES, NATIONAL ARCHIVES AND EECOKDS SERVICE

For necessary expenses in connection with Federal records management and related activities, as provided by law, including reimbursement for security guard services, and contractual services incident to movement or disposal of records, $24,485,000. NATIONAL HISTORICAL PUBLICATIONS

GRANTS

For allocation to Federal agencies, and for grants to State and local agencies and nonprofit organizations and institutions, for the collecting, describing, preserving and compiling, and publishing of documentary sources significant to the history of the United States, $350,000, to remain available until expended. OPERATING EXPENSES, TRANSPORTATION AND COMMUNICATIONS SERVICE

80 Stat. 416.

For necessary expenses of transportation, communications, and other public utilities management and related activities, as provided by law, including services as authorized by 5 U.S.C. 3109, $6,478,000.

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OPERATING EXPENSES. PROPERTY MANAGEMENT AND DISPOSAL SERVICE

For expenses, not otherwise provided for, necessary for carrying out the functions of the Administrator with respect to the utilization of excess property; the disposal of surplus property; the rehabilitation of personal property; the appraisal of real and personal property; the national stockpile established by the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98-98h); the supplemental stockpile established by section 104(b) of the Agricultural Trade Development and Assistance Act of 1954 (68 Stat. 456, as amended by 73 Stat. 607); the national industrial reserve established by_ the National Industrial Reserve Act of 1948 (50 U.S.C. 451-462); including services as authorized by 5 U.S.C. 3109, and reimbursement for security guard services, $31,000,000, to be derived from proceeds from transfers of excess property, disposal of surplus property, and sales of stockpile materials: Provided, That during the current fiscal year the General Services Administration is authorized to acquire leasehold interests in property, for periods not in excess of twenty years, for the storage, security, and maintenance of strategic, critical, and other materials in the national and supplemental stockpiles provided said leasehold interests are at nominal cost to the Government: Provided further, That during the current fiscal year there shall be no limitation on the value of surplus strategic and critical materials which, in accordance with section 6 of the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98e), may be transferred without reimbursement to the national stockpile: Provided further. That during the current fiscal year materials in the inventory maintained under the Defense Production Act of 1950, as amended (50 U.S.C. App. 20612166), and excess materials in the national stockpile and the supplemental stockpile, the disposition of which is authorized by law, shall be available, without reimbursement, for transfer at fair market value to contractors as payment for expenses (including transportation and other accessorial expenses) of acquisition of materials, or of refining, processing, or otherwise beneficiating materials, or of rotating materials, pursuant to section 3 of the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98b), and of processing and refining materials pursuant to section 303(d) of the Defense Production Act of 1950, as amended (50 U.S.C. App. 2093(d)).

^o Stat. 596. ^^ use m4" 62 Stat. 1225'. so ^tat. 4i6.

64 Stat. 798.

^^ ^'^'- ^^^

SALARIES AND EXPENSES. OFFICE OF ADMINISTRATOR

For expenses of executive direction for activities under the control of the General Services Administration, $1,215,000: Provided, That not to exceed $500 shall be available for reception and representation , expenses. ALLOWANCES AND OFFICE STAFF FOR FORMER PRESIDENTS

For carrying out the provisions of the Act of August 25, 1958, as amended (3 U.S.C. 102 note), $303,000: Provided, That the Admin- «/i,^|^'^/,^^' istrator of General Services shall transfer to the Secretary of the 81 Stat. 642. Treasury such sums as may be necessary to carry out the provisions of sections (a) and (e) of such Act. ADMINISTRATIVE OPERATIONS F U N D

Funds available to General Services Administration for administrative operations, in support of program activities, shall be expended and accounted for, as a whole, through a single fund: Provided, That costs and obligations for such administrative operations for the re-

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spective program activities shall be accounted for in accordance with systems approved by the General Accounting Office: Provided further, That the total amount deposited into said account for the current fiscal year from funds made available to General Services Administration from any source shall not exceed $28,500,000: Provided further, That amounts deposited into said account for administrative operations for each program shall not exceed the amounts included in the respective program appropriations for such purposes. GENERAL PROVISIONS

The appropriate appropriation or fund available to the General Services Administration shall be credited with (1) cost of operation, protection, maintenance, upkeep, repair, and improvement, included as part of rentals received from Government corporations pursuant 61 Stat. 584, ^Q jj^^y ('^Q U.S.C. 129); (2) reimbursements for services performed in respect to bonds and other obligations under the jurisdiction of the General Services Administration, issued by public authorities. States, or other public bodies, and such services in respect to such bonds or obligations as the Administrator deems necessary and in the public interest may, upon the request and at the expense of the issuing agencies, be provided from the appropriate foregoing appropriation; and (3) appropriations or funds available to other agencies, and transferred to the General Services Administration, in connection with property transferred to the General Services Administration pursuant 50 vsclsl^' note. or funds may be so transferred, with the approval of the Bureau of the Budget. Appropriations to the General Services Administration under the heading "Construction, Public Buildings Projects'' shall be available, 40 USC'e^oT' subject to the provisions of the Public Buildings Act of 1959 for (1) note. acquisition of buildings and sites thereof by purchase, condemnation, or otherwise, including prepayment of purchase contracts, (2) extension or conversion of Government-owned buildings, and (3) construction of new buildings, in addition to those set forth under that appropriation: Provided, That nothing herein shall authorize an expenditure of funds for acquisition, extension or conversion, or construction without the approval of the Committees on Appropriations of the Senate and House of Representatives. Funds available to the General Services Administration shall be available for the hire of passenger motor vehicles. No part of any money appropriated by this or any other Act for any agency of the executive branch of the Government shall be used during the current fiscal year for the purchase within the continental limits of the United States of any typewriting machines except in accordance with regulations issued pursuant to the provisions of the Federal Property and Administrative Services Act of 1949, as 63 Stat. 377. amended. ,te. ^ Not to exceed 2 per centum of any appropriation made available note Funds, transfer, to the General Services Administration for the current fiscal year by this Act may be transferred to any other such appropriation, but no such appropriation shall be increased thereby more than 2 per centum: Provided, That such transfers shall apply only to operating expenses, and shall not exceed in the aggregate the amount of $2,000,000. Appropriations available to any department or agency during the current fiscal year for necessary expenses, including maintenance or operating expenses, shall also be available for (a) reimbursement to the General Services Administration for those expenses of renovation and alteration of buildings and facilities which constitute public
 * ^ ^^^® ^^^ ^^ ^"^y ^' ^^^^ (^^ U.S.C. 451ff), and such appropriations

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