Page:United States Statutes at Large Volume 60 Part 1.djvu/1097

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PUBLIC LAWS-CH. 964-AUG. 14 , 1946 0 Stat. 522. 7U.S.0.§§1000- 1006; Supp. V, § 1001 note. Pot, p. 1072. Payments in lieu of taxes. Ante, p. 1067. False representa- tion. "VARIABLE PAYMENTS "SEC. 48. The Secretary shall require annual payments in install- ments sufficient to pay any obligations or indebtedness to him under this Act within the term of such obligation or indebtedness. The Secretary shall provide a method whereby a borrower may pay any obligation or indebtedness by a system of variable payments under which a surplus above the required installment for any year may be paid in periods of above-normal income and employed to reduce pay- ments below the required annual payment in subsequent periods of subnormal income. Any advance payments to the Secretary shall not affect the obligation to pay the required annual installment during periods of normal or above-normal income. "SET-OFF "SEC. 49. No set-off shall be made against any payment to be made by the Secretary to any person under the provisions of this Act, by reason of any indebtedness of such person to the United States, and no debt due to the Secretary under the provisions of this Act shall be set off against any payments owing by the United States, unless the Secre- tary shall find that such set-off will not adversely affect the objectives of this Act. "TAXATION "SEC. 50. (a) All property which is being utilized to carry out the purposes of title I of this Act (other than property used solely for administrative purposes) shall, notwithstanding that legal title to such property remains in the Secretary, be subject to taxation by the State, Territory, district, dependency, and political subdivision concerned, in the same manner and to the same extent as other similar property is taxed. "(b) All property to which subsection (a) of this section is inap- plicable which is held by the Secretary pursuant to this Act shall be exempt from all taxation now or hereafter imposed by the United States or any State, Territory, district, dependency, or political sub- division, but the Secretary shall make payments in respect of any such property in lieu of taxes. "BID AT FORECLOSURE "SEc. 51. The Secretary is authorized and empowered to bid for and purchase at any foreclosure or other sale, or otherwise to acquire property pledged or mortgaged or conveyed to secure any loan or other indebtedness owing to or acquired by the Secretary under this Act; to accept title to any property so purchased or acquired; to operate for a period not in excess of one year from the date of acquisition, or lease such property for such period as may be deemed necessary to protect the investment therein; and to sell or otherwise dispose of such prop- erty in a manner consistent with the provisions of section 43 of this Act. " PENALTIES "SEC. 52. (a) Whoever makes any material representation, know- ing it to be false, for the purpose of influencing in any way the action of the Secretary upon any application, discount, purchase, or repur- chase agreement, contract of sale, lease or loan, or any change or exten- sion of any of the same by renewal, compromise, adjustment, defer- ment of action or otherwise, or the acceptance, release or substitution of security therefor, shall, upon conviction thereof, be punished by a [60 STAT. 1070