PUBLIC LAWS-CHS. 285, 286 -JUNE 30, 1949 Interior, and the Governor of the Virgin Islands, who are the stock- holders of the Virgin Islands Company, a corporation created by ordinance of the Colonial Council for Saint Thomas and Saint John, Virgin Islands of the United States, are hereby authorized and directed to take such steps as may be appropriate to dissolve the said Virgin Islands Company. SEC. 12. Section 5 of the Act of May 26, 1936 (49 Stat. 1372, 1373; 48 U. S. C ., 1946 edition, sec. 1401d), is hereby amended to read as follows: Payment in lieu "fThe Virgin Islands Corporation shall pay annually into the munici- pal treasuries of the Virgin Islands in lieu of taxes an amount equal to the amount of taxes which would be payable on the real property in the Virgin Islands owned by the Virgin Islands Corporation, if such real property were in private ownership and taxable, but the valuation placed upon such property for taxation purposes by the local taxing authorities shall be reduced to a reasonable amount by the designee of the President of the United States as provided in section 1 of the Virgin Islands Corporation Act if, after investigation, he finds that such valuation is excessive and unreasonable, and any such reduction in valuation, together with the findings on which it is based, shall not be reviewable by any court. The Virgin Islands Corpora- tion shall also pay into the municipal treasuries of the Virgin Islands amounts equal to the amounts of any taxes of general application which a private corporation similarly situated would be required to pay into the said treasuries. Similar payments shall be made with respect to any property owned by the United States in the Virgin Islands which is used for ordinary business or commercial purposes, and the income derived from any property so used shall be available Income, etc., taxe. for making such payments: Provided, however, That the payments authorized by this section shall not include payments in lieu of income taxes, capital stock taxes, or franchise taxes." 319USatc. Sp SEc. 13. Section 101 of the Government Corporation Control Act is n, §86. hereby amended by striking out the words "The Virgin Islands Com- pany" and inserting in lieu thereof the words "Virgin Islands Corporation". Effective date. SEC. 14 . This Act shall become effective on June 30, 1949. Short title. SEC. 15. This Act may be cited as the "Virgin Islands Corporation Act". Approved June 30, 1949. [CHAPTER 2861 June 30,1949 AN ACT [H. R . 3083I Making appropriations for the Treasury and Post Office Departments and funds [Public Law 150] available for the Export-Import Bank and the Reconstruction Finance Corpo- ration for the fiscal year ending June 30, 1950, and for other purposes. Be it enacted by? the Senate and House of Representatives of the Treasury and Post United States of America in Congress assembled, Office Departments Appropriation Act, 1950. Treasury Depart- TITLE I-TREASURY DEPARTMENT ment Appropriation Act, 1950. That the following sums are appropriated, out of any money in the Treasury not otherwise appropriated, for the Treasury Department for the fiscal year ending June 30, 1950, namely: OFFICE OF THE SECRETARY SALARIES For personal services in the District of Columbia, $750,000. 356 [63 STAT.
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