76 STAT. ]
PUBLIC LAW 87-703-SEPT. 27, 1962
the extension of credit for the purchase of such commodities, by agreements either with friendly nations or with the private trade, thereby assisting the development of the economies of friendly nations and maximizing dollar trade. (2) Section 402 is amended— (a) by inserting ", including financial institutions acting in behalf of such nations," after the words "friendly nations"; and (b) by adding at the end thereof the following: "In furtherance of the purpose of maximizing dollar sales through the private trade, the Secretary of Agriculture is authorized to enter into sales agreements with foreign and United States private trade under which he shall undertake to provide for the delivery of surplus agricultural commodities over such periods of time and under the terms and conditions set forth in this title. Any agreement entered into hereunder with the private trade shall provide for the furnishing of such security as the Secretary determines necessary to provide reasonable and adequate assurance of payment of the amount due for agricultural commodities sold pursuant to such agreement." (3) Section 403 is amended— (a) by deleting the words "approximately equal" from the last sentence thereof and substituting therefor the word "reasonable"; and (b) by inserting after the word "agreement" in the last sentence thereof the following: ", except that the date for beginning such annual payment may be deferred for a period not later than two years after such date of last delivery,". (4) Section 405 is amended to read as follows: "SEC. 405. I n the c ^ e of such agreements, the Secretary may enter into agreements with other friendly and historic supplying nations of such commodities for their participation in the supply and assistance program herein authorized on a proportionate and equitable basis. (5) Section 406 is amended by inserting after the word "sections" the following: "101 (b) and (c),". SEC. 202. Section 416 of the Agricultural Act of 1949, as amended, is further amended by inserting in clause (4) after the words "needy persons" the words "and in nonprofit school lunch programs". SEC. 203. Section 308 of the Agricultural Trade Development and Assistance Act of 1954, as amended, is further amended by inserting after the words "needy persons" the words "and in nonprofit school lunch programs". SEC. 204. Section 9 of the Act of September 6, 1958 (Public Law 8 5 931), is amended by inserting after the words "needy persons" the words "and in nonprofit school lunch programs". SEC. 205. I n any school feeding programs undertaken hereafter outside the United States pursuant to section 416 of the Agricultural Act of 1949, as amended, section 308 of Public Law 480 (83d Congress), as amended, and section 9 of the Act of September 6, 1958, as amended, the Secretary shall receive assurances satisfactory to him that, insofar as practicable, there will be student participation in the financing of such programs on the basis of ability to pay, and such programs snail be undertaken with the understanding that commodities will be available for those programs only in accordance with the provisions of such statutes and that commodities made available under section 416 of the Agricultural Act of 1949, as amended, will be available only in accordance with the priorities established in such section.
611
7^^1*0*1732
7 USC 1733.
7 USC 173s.
7 USC 1736. es Stat. 458. ^^^ ^'*^73 Stat. 609. 7 USC i697.
72 Stat. 1792, '^ "^^ 1431b.
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