62 STAT.] 8OTH CONG., 2D SESS.-CHS. 333, 334-MAY 21, 25 , 1948 the principles and procedures of the Renegotiation Act of February 25, 1944, as amended, having regard for the different economic conditions existing on or after the effective date of this Act from those prevailing during the period 1942 to 1945. In any case in which the contract price of any such contract or subcontract was based upon estimated costs, then the Secretary of Defense shall determine the difference between such estimated costs and actual costs and shall, in eliminating excessive profits, take into consideration as an element the extent to which such difference is the result of the efficiency of the contractor or sub- contractor. (g) The powers and duties hereby conferred upon the Secretary of Defense may be delegated by him to any officer (military or civilian) or agency of the National Military Establishment. (h) Any person who willfully fails or refuses to furnish any in- formation, records, or data required of him under this section, or who knowingly furnishes any such information, records, or data contain- ing information which is false or misleading in any material respect, shall, upon conviction thereof, be punished by a fine of not more than $10,000 or imprisonment for not more than two years, or both. (i) This section may be cited as the "Renegotiation Act of 1948". SEC. 4. This Act may be cited as the "Supplemental National Defense Appropriation Act, 1948". Approved May 21, 1948. [CHAPTER 334] AN ACT To amend the Reconstruction Finance Corporation Act, as amended, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 1 of the Reconstruction Finance Corporation Act, as amended, is amended to read as follows: "SEO. 1 . (a) There is hereby created a body corporate with the name 'Reconstruction Finance Corporation' (herein called the Corporation), with a capital stock of $100,000,000 subscribed by the United States of America. Its principal office shall be located in the District of Colum- bia, but there may be established agencies or branch offices in any city or cities of the United States under rules and regulations prescribed by the Board of Directors. This Act may be cited as the 'Reconstruc- tion Finance Corporation Act'. "(b) Within six months after the close of each fiscal year the Corpo- ration shall make a report to the Congress of the United States which shall contain financial statements for the fiscal year, including a balance sheet, a statement of income and expense, anaanalysis of accumu- lated net income. The accumulated net income shall be determined after provision for reasonable reserves for uncollectibility of loans and investments outstanding. Such statements shall be prepared from the financial records of the Corporation which shall be maintained in accordance with generally accepted accounting principles applicable to commercial corporate transactions. The report shall contain sched- ules showing, as of the close of the fiscal year, each direct loan to any one borrower of $100,000 or more, each loan to any one borrower of $100,000 or more in which the Corporation has a participation or an agreement to participate, and the investments in the securities and obligations of any one borrower which total $100,000 or more. Within six months after the end of each fiscal year, beginning with the fiscal year ended June 30, 1948, the Corporation shall pay over to the Secre- tary of the Treasury as miscellaneous receipts, a dividend on its capital 261 58 Stat. 78. 50U.S.C.app. 1191. Delegation of pow- ers. Failure to furnish information. Short title. May 25, 1948 [S. 22871 [Public Law 548] Reconstruction Fi- nance Corporation Act, amendment. 47 Stat. 5. 15 U. S. C., Supp. I, 1601. Principal office. Short title. Report to Congress. Payment of divi- dend into Treasury.
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