Page:United States Statutes at Large Volume 60 Part 1.djvu/929

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PUBLIC LAWS-CHS. 811, 864-AUG. 7, 1946 ipii [CHAPTER 864] August 7, 1946 AN ACT Is. 14771 To authorize relief in certain cases where work, supplies, or services have been [Public Law 667] furnished for the Government under contracts during the war. Be it enacted by the Senate and House of Representatives of the traement con- United States of America in Congress assembled, That where work, Settlement of supplies, or services have been furnished between September 16, 1940, clams. and August 14, 1945, under a contract or subcontract, for any depart- ment or agency of the Government which prior to the latter date was authorized to enter into contracts and amendments or modifications of contracts under section 201 of the First War Powers Act, 1941 (50 50 u.a ., Supp. U . S. C., Supp. IV, app., sec. 611), such departments and agencies are v, app. 611 . hereby authorized, in accordance with regulations to be prescribed by the President within sixty days after the date of approval of this Act, to consider, adjust, and settle equitable claims of contractors, includ- ing subcontractors and materialmen performing work or furnishing supplies or services to the contractor or another subcontractor, for losses (not including diminution of anticipated profits) incurred between September 16, 1940, and August 14, 1945, without fault or negligence on their part in the performance of such contracts or subcontracts. Settlement of such claims shall be made or approved in each case by the head of the department or agency concerned or by a central authority therein designated by such head. Amounts notallow- SEC. 2. (a) In arriving at a fair and equitable settlement of claims under this Act, the respective departments and agencies shall not allow any amount in excess of the amount of the net loss (less the amount of any relief granted subsequent to the establishment of such loss) on all contracts and subcontracts held by the claimant under which work, supplies, or services were furnished for the Government between September 16, 1940, and August 14, 1945, and shall consider with respect to such contracts and subcontracts (1) action taken under the 56 Stat. 245. Renegotiation Act (50 U.S. C ., Supp. IV, app., sec. 1191), the Contract v, app. si. upp. Settlement Act of 1944 (41 U. S . C., Supp. IV, sec 101-125), or similar 58S. St64. supp legislation; (2) relief granted under section 201 of the First War V, § 101-125 . Powers Act, 1941, or otherwise; and (3) relief proposed to be granted by any other department or agency under this Act. Wherever a department or agency considering a claim under this Act finds that losses under any such contract or subcontract affected the computa- tion of the amount of excessive profits determined in a renegotiation Purchase of loans. SEC. 2 . To furnish a market for loans guaranteed or insured under 8Stat. 284 .pp the provisions of the Servicemen's Readjustment Act of 1944, as v, .§693697e. amended, Reconstruction Finance Corporation is authorized, under 3.Ae' P. 29; post, such terms and conditions and in such manner as it may determine, to purchase directly or through a subsidiary, loans so guaranteed or insured. Loans, etc., to Phil- SEC. 3 . The Reconstruction Finance Corporation is hereby author- nes. ized to lend or extend credit to the Government of the Republic of the Philippines in an amount or amounts not exceeding in the aggre- gate $75,000,000 at such time or times before July 1, 1947, and upon such terms and conditions as the Reconstruction Finance Corporation after consultation with the National Advisory Council on Interna- tional Monetary and Financial Problems shall deem to be warranted by the financial position of the Government of the Republic of the Bate of interest. Philippines: Provided, That the rate of interest to be charged in con- nection with any loan or extension of credit made pursuant to this section shall not be less than 2 per centum per annum. Approved August 7, 1946. 902 [60 STAT.