Use of Counterpart

Use of Counterpart Sec. 523. Section 115 (b) (6) of the Economic Cooperation Act of 1948, as amended (22 U. S. C. 1513 (b) (6)), is hereby amended by— (a) inserting in the second proviso thereof after “wealth” the following: “for the encouragement of emigration pursuant to subsection (e) of this section”; (b) adding in the last clause of the second proviso “and operating” after “administrative”; (c) striking from the last clause of the second proviso “within such country”; (d) substituting in the fourth proviso the words “upon termination of assistance to such country under this Act” in place of the words “on June 30, 1952”; and (e) adding at the end thereof the following new sentences: “The Administrator shall exercise the power granted to him by this paragraph to make agreements with respect to the use of the funds deposited in the special accounts of ‘participating countries’ (as defined in section 103 (a) hereof) and any other countries receiving assistance under the Mutual Defense Assistance Act of 1949, as amended, in such a manner that the equivalent of not less than $500,000,000 of such funds shall be used exclusively for military production, construction, equipment, and materiel in such countries. The amount to be devoted from each such special account for such use shall be agreed upon by the Administrator and the country or countries concerned.”.