Reconstruction Finance Corporation

Reconstruction Finance Corporation The Treasury Department is hereby authorized to make such expenditures, within the limits of funds and borrowing authority available to it from Reconstruction Finance Corporation activities, and in accord with law, and to make such contracts and commitments without regard to fiscal year limitations as provided by section 104 of the Government Corporation Control Act, as amended, as may be necessary in carrying out the programs set forth in the budget for the fiscal year 1955 for each such activity, except as hereinafter provided: administrative expenses of liquidating the reconstruction finance corporation Not to exceed $3,500,000 (to be computed on an accrual basis) of the funds derived from Reconstruction Finance Corporation activities (except those conducted under Section 409 of the Federal Civil Defense Act of 1950), shall be available during the current fiscal year for administrative expenses incident to the liquidation of said Corporation, including use of the services and facilities of the Federal Reserve banks: Provided, That as used herein the term “administrative expenses” shall be construed to include all salaries and wages, services performed on a contract or fee basis, and travel and other expenses, including the purchase of equipment and supplies, of administrative offices: Provided further, That the limiting amount heretofore stated for administrative expenses shall be increased by an amount which does not exceed the aggregate cost of salaries, wages, travel, and other expenses of persons employed outside the continental United States; the expenses of services performed on a contract or fee basis in connection with the termination of contracts or in the performance of legal services, and all administrative expenses reimbursable from other Government agencies: Provided further, That the distribution of administrative expenses to the accounts of the Corporation shall be made in accordance with generally recognized accounting principles and practices. Not to exceed $50,000 of the funds available pursuant to section 409 of the Federal Civil Defense Act of 1950 (50 U. S. C. App. 2261), shall be available during the current fiscal year for administrative expenses necessary to carry out the functions, powers, duties, and authority of the Treasury Department under said section.