PUBLIC LAW 87-305-SEPT. 26, 1961
Public Law 87-305 September 26, 1961 [H. R. 8762]
Small B u s i n e s s Act Amendments of 1961.
15 USC 63 1 note. 15 USC 633. Ante, p. 167. Revolving fund.
15 USC 6 3 6, 6 3 7. Ante, p. 167. 72 Stat. 689. 15 USC 661 note.
72 Stat. 385. 15 USC 634. S a f e t y deposit boxes, rentals.
Report i n g requirements. 72 Stat. 393. 15 USC 639. Report.
AN ACT To amend the Small Business Act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Small Business Act Amendments of 1961". SEC. 2. As used in this Act, unless otherwise indicated, references to "the Act" are to the Small Business Act, approved July 18, 1958 (72 Stat. 384), as amended. SEC. 3. Section 4(c) of the Act is amended to read as follows: "(c) The Administration is authorized to obtain money from the Treasury of the United States for use in the performance of the powers and duties granted to or imposed upon it by law, not to exceed a total of $1,125,000,000 outstanding at any one time. For this purpose appropriations not to exceed $1,125,000,000 are hereby authorized to be made to a revolving fund in the Treasury. Advances shall be made to the Administration from the revolving fund when requested by the Administration. This revolving fund shall be used for the purposes enumerated subsequently in sections 7(a), 7 (b), and 8(a) of this Act, and in the exercise of the functions of the Administration under the Small Business Investment Act of 1958. Not to exceed an aggregate of $725,000,000 shall be outstanding at any One time for the purposes enumerated in sections 7(a) and 8(a) of this Act. Not to exceed an aggregate of $150,000,000 shall be outstanding at any one time for the purposes enumerated in section 7(b). Not to exceed an aggregate of $250,000,000 shall be outstanding at any one time for the exercise of the functions of the Administration under the Small Business Investment Act of 1958. The Administration shall pay into miscellaneous receipts of the Treasury, at the close of each fiscal year, interest on the net amount of the cash disbursements from such advances at a rate determined by the Secretary of the Treasurj^, taking into consideration the current average rate on outstanding interestbearing marketable public debt obligations of the United States of comparable maturities." SEC. 4. Section 5 of the Act is amended by adding at the end thereof a new subsection as follows: " (d) Section 3648 of the Revised Statutes (31 U.S.C. 529) shall not apply to prepayments of rentals made by the Administration on safety deposit boxes used by the Administration for the safeguarding of instruments held as security for loans or for the safeguarding of other documents." SEC. 5. (a) Section 10 of the Act is amended— (1) by striking out subsection (a) and inserting in lieu thereof the following: "(a) The Administration shall make a report on December 31 of each year of operations under this Act to the President, the President of the Senate, and the Speaker of the House of Representatives. Such report shall include the names of the business concerns to whom contracts are let and for whom financing is arranged by the Administration, together with the amounts involved, and such report shall include information on the progress of the Administration in liquidating the assets and winding up the affairs of the Reconstruction Finance Corporation, and such other information and such comments and recommendations as the Administration may deem appropriate. The requirement contained in this subsection with respect to the inclusion of information respecting the progress of the Administration in liquidating the assets and winding up the affairs of the Reconstruction