72 S T A T. ]
PUBLIC LAW 86-477-JUNE 30, 1968
(2) I n subsection (b), strike out all preceding "is hereby" in the first sentence and substitute "The F u n d "; strike out "he" in the first sentence and substitute "it"; strike out "and (3) " in the first sentence and substitute " (3) "; insert before the period at the end of the first sentence ", and (4) the possible adverse effects upon the economy of the United States, with special reference to areas of substantial labor surplus, of the activity and the financing operation or transaction involved"; strike out "from" in the second sentence and substitute "by"; insert after the third sentence "The provisions of section 955 of title 18 of the United States Code shall not apply to 62 Stat. 744. prevent any person, including any individual, partnership, corporation, or association, from acting for or participating with the Fund in any operation or transaction, or from acquiring any obligation issued in connection with any operation or transaction, engaged in by the Fund."; and strike out the last two sentences and substitute the following new sentence: "The President's semiannual reports to Reports of Presthe Congress on operations under this Act, as provided for in section ident. 534 of this Act, shall include detailed information on the implemen- 22 USC 1794. tation of this title.". (b) Amend section 204, which relates to fiscal provisions, as follows: 22 USC 1874. F (1) I n subsection (b), substitute " F u n d " for "President" in the s i o ni ss. c a l p r o v i first sentence and strike out "against the F u n d " in that sentence; change "authorized" to "made available" in the second sentence; and insert "assets of the" before " F u n d " in the third sentence. (2) Strike out subsection (c) and substitute the following: "(c) The Fund shall be deemed to be a wholly owned Government 59 corporation and shall accordingly be subject to the applicable pro- Stat. Stat. 597; 61 584. 31 USC 841 note, visions of the Government Corporation Control Act, as amended.". 849. (c) Amend section 205, which relates to powers and authorities, as 71 Stat. 358. 22 USC 1875. follows: me (1) Insert "MANAGEMENT," before "POWERS" in the heading of the p oM aen a g eand n t, w rs authorities. section. (2) Strike out subsections (a) and (b) and substitute the following new subsections: Board of Direc" (a) The management of the Fund shall be vested in a Board of tors. Directors (hereinafter referred to in this title as the 'Board') consisting of the Under Secretary of State for Economic Affairs, who shall be Chairman, the Director of the International Cooperation Administration, the Chairman of the Board of Directors of the Export-Import Bank, the Managing Director of the Fund, and the United States Executive Director on the International Bank for Reconstruction and Development. The Board shall carry out its functions subject to the foreign policy guidance of the Secretary of State. The Board shall act by a majority vote participated in by a quorum; and three members of the Board shall constitute a quorum. Subject to the foregoing sentence, vacancies in the membership of the Board shall not affect its power to act. The Board shall meet for organization purposes when and where called by the Chairman. The Board may, m addition to taking any other necessary or appropriate actions in connection with the management of the Fund, adopt, amend, and repeal bylaws governing the conduct of its business and the performance of the authorities, powers, and functions of the Fund and its officers and employees. The members of the Board shall receive no compensation for their services on the Board but may be paid actual travel expenses and per diem in lieu of subsistence under the Standardized Government Travel Regulations in connection with travel or absence from their homes or regular places of business for purposes of business of the Fund.