Pub. L. 87-703, tit. II, sec. 201

Sec. 201. Title IV of the Agricultural Trade Development and Assistance Act of 1954, as amended, is further amended as follows: (1) Section 401 is amended by adding at the end thereof the following new sentence: “It is also the purpose of this title to stimulate and increase the sale of surplus agricultural commodities for dollars through long-term supply agreements and through 76 Stat. 611the 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. In the case 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),”.