manner and at such times and sold at such prices as have been or as may be approved by the Secretary of the Treasury. (b) Limitation on sale and purchase; waiver.-On or after December 6, 1945, no wholly owned or mixed-ownership Government corporation shall sell or purchase any direct obligation of the United States or obligation guaranteed as to principal or interest, or both, for its own account and in its own right and interest, at any one time aggregating in excess of $100,000, without the approval of the Secretary of the Treasury: Provided, That the Secretary of the Treasury may waive the requirement of his approval with respect to any transaction or classes of transactions subject to the provisions of this subsection for such period of time and under such conditions as he may determine. (c) Delegation of authority by Secretary of the Treasury. The Secretary of the Treasury is authorized to exercise any of the functions vested in him by this section through any officer, or employee of any Federal agency whom he may designate, with the concurrence of the head of the agency concerned, for such purpose. (d) Exemption of corporations under certain conditions; exemption of certain corporations.--Any mixed-ownership Government corporation from which Government capital has been entirely withdrawn shall not be subject to the provisions of section 867 of this title or of this section during the period such corporation remains without Government capital. The provisions of subsections (a) and (b) of this section shall not be applicable to Federal Intermediate Credit Banks, Production Credit Corporations, the Central Bank for Cooperatives, the Regional Banks for Cooperatives, or the Federal Land Banks, except that each such corporation shall be required to consult with the Secretary of the Treasury prior to taking any action of the kind covered by the provisions of subsections (a) and (b) of this section, and in the event an agreement is not reached, the Secretary of the Treasury may make a report in writing to the corporation, to the President, and to the Congress stating the grounds for his disagreement. (Dec. 6, 1945, ch. 557, Title III, § 303, 59 Stat. 601.) § 869. Creation, organization, or acquisition of corporations; liquidation of certain corporations; reincorporation. - (a) No corporation shall be created, organized, or acquired on or after December 6, 1945, by any officer or agency of the Federal Government or by any Government corporation for the purpose of acting as an agency or instrumentality of the United States, except by Act of Congress or pursuant to an Act of Congress specifically authorizing such action. (b) No wholly owned Government corporation created by or under the laws of any State, Territory, or possession of the United States or any political subdivision thereof, or under the laws of the District of Columbia, shall continue after June 30, 1948, as an agency or instrumentality of the United States, and no funds of, or obtained from, the United States or any agency thereof, including corporations, shall be invested in or employed by any such corporation after that date, except for purposes of liquidation. The proper corporate authority of every such corporation shall take the necessary steps to institute dissolution or liquidation proceedings on or before that date: Provided, That prior thereto any such corporation may be reincorporated by Act of Congress for such purposes and term of existence and with such powers, privileges, and duties as authorized by such Act, including the power to take over the assets and assume the liabilities of its respective predecessor corporation. (Dec. 6, 1945, ch. 557, Title III, § 304, 59 Stat. 602.) TITLE 32. - NATIONAL GUARD § 75. Government employees in National Guard; leaves of absence for training periods; employment and reemployment rights; pay and allowances. - All officers and employees of the United States and of the District of Columbia who shall be members of the National Guard shall be entitled to leave of absence from their respective duties, without loss of pay, time, or efficiency rating on all days during which they shall be engaged in field or coast-defense training ordered or authorized under the provisions of this title, for periods not to exceed fifteen days in any one calendar year: Provided, That all members of the National Guard who are in the employ of the United States Government or of the District of Columbia and who are ordered to duty by proper authority shall, when relieved from duty, be restored to the positions held by them when ordered to duty: And provided further, That no existing law shall be construed to prevent any member of the National Guard from accepting employment in any civil branch of the public service nor from receiving the pay incident to such employment in addition to any pay and allowances to which he may be entitled under the provisions of law relating to the National Guard, nor as prohibiting him from practicing his civilian profession or occupation before or in connection with any department of the Federal Government. (As amended July 1, 1947, ch. 192, § 2, 61 Stat. 239.) 1947 Amendment.-Act July 1, 1947, cited to text, amended section by adding proviso to give National Guard members 15 days' leave of absence each year when ordered to report to duty and the right of reemployment. § 76. Same; definition. -The words "officers and employees of the United States or of the District of Columbia" as used in section 75 of this title shall be construed to mean all officers and employees of the United States or of the District of Columbia, permanent or temporary indefinite, without regard to classifications or terminology peculiar to the Federal Civil Service System. (July 1, 1947, ch. 192, § 4, 61 Stat. 239.) Codification.-Similar provisions are set out as section 371a of Title 10, Army, and section 853g-1 of Title 34, Navy. TITLE 33.—NAVIGATION AND NAVIGABLE WATERS Chapter 15.-FLOOD CONTROL § 701b-6. Same; examinations and surveys by Secretary of Agriculture. That, in order to further the declaration of policy and principles declared in sections 701a and 701b of this title, and to supplement the preliminary examinations and surveys which the Secretary of the Army has heretofore been, or is hereafter, authorized and directed to make of waterways with a view to the control of their floods, the Secretary of Agriculture be, and he is, authorized and directed to cause preliminary examinations and surveys to be made for run-off and water-flow retardation and soil-erosion prevention on the watersheds of said waterways, the costs thereof to be paid from appropriations heretofore or hereafter made for such purposes. (Aug. 28, 1937, ch. 877, § 3, 50 Stat. 877, amended; July 26, 1947, ch. 343, Title II, § 205(a), 61 Stat. 501; Jan. 19, 1948, ch. 2, § 1, 62 Stat. 4.) Change of Name. -The Department of War was designated the Department of the Army, and the title of the Secretary of War was changed to Secretary of the Army by Act July 26, 1947, cited to text. 1947 Amendment.-Act Jan. 19, 1948, cited to text, amended section by inserting "or is hereafter" following "heretofore been" to make section applicable to future preliminary surveys and examinations. § 701b-7. Same; supplemental reports to Senate and House Public Works Committee. - After the Secretary of Agriculture has submitted to Congress a regular or formal report made on any examination or survey, pursuant to sections 701a, 701b, 701c, 701d-701f, and 701h of this title as supplemented, a supplemental, additional, or review report or estimate may be made if authorized by law or by resolution of the Committee on Public Works of the House of Representatives or the Committee on Public Works of the Senate. (Jan. 19, 1948, ch. 2, § 2, 62 Stat. 4.) TITLE 34.-NAVY Chapter 15.- RESERVE FORCES AND NAVAL MILITIA § 853g. Recruiting, training, mobilization, etc., of Naval Reserve; training equipment and facilities, leave of absence to government employees; reemployment rights. - The Secretary of the Navy shall prescribe all necessary and proper regulations, not inconsistent with the provisions of the Naval Reserve Act of 1938, for the recruiting, organization, government, administration, training, inspection, and mobilization of the Naval Reserve, and shall detail such officers and enlisted men of the Regular Navy and the Naval Reserve, and shall make available such vessels, material, armament, equipment, and other facilities of the Regular Navy as he may deem necessary and advisable for the development of the Naval Reserve in accordance with the provisions of such Act: Provided, That all officers and employees of the United States or of the District of Columbia who are members of the Naval Reserve shall be entitled to leave of absence from their respective duties without loss of pay, time, or efficiency rating, on all days during which they may be employed with or without pay under the orders or authorization of competent authority, on training duty for periods not to exceed fifteen days in any one calendar year: And provided further, That all members of the Naval Reserve who are in the employ of the United States Government or of the District of Columbia and who are ordered to duty by proper authority shall, when relieved from duty, be restored to the positions held by them when ordered to duty. (June 25, 1938, ch. 690, Title I, § 9, 52 Stat. 1177, amended July 1, 1947, ch. 192, § 3, 61 Stat. 239.) References in Text. For distribution of the Naval Reserve Act of 1938, of which this section is a part, see section 853j of this title. 1947 Amendment. - Act July 1, 1947, cited to text, amended section by adding second proviso to give all members of the Naval Reserve reemployment rights after being ordered to duty. Marine Corps and Coast Guard personnel. - Marine Corps and Coast Guard personnel are both included under the provisions of this section since both groups will be under the jurisdiction of the Navy, and subject to the same restrictions, rights, and privileges as naval personnel where called to duty for training purposes. § 853g-1. Same; definition. - The words "officers and employees of the United States or of the District of Columbia" as used in section 853g of this title shall be construed to mean all officers and employees of the United States or of the District of Columbia, permanent or temporary indefinite, without regard to classifications or terminology peculiar to the Federal Civil Service System. (July 1, 1947, ch. 192, § 4, 61 Stat. 239.) Codification.-Similar provisions are set out as section 371a of Title 10, Army, and section 76 of Title 32, National Guard. Section was not enacted as a part of the Naval Reserve Act of 1938 which comprises this subchapter. 1 1 |