United States Code

AMENDMENTS

1951-Act July 31, 1951, authorized the President to prescribe conditions and exceptions allowing the maintenance of substantial inventories of critical materials in certain cases.

TERMINATION DATE

Termination of section on Mar. 31, 1983, see section 2166(a) of this Appendix.

DELEGATION OF FUNCTIONS

Functions of the President under act Sept. 8, 1950 [section 2061 et seq. of this Appendix], relating to the production, conservation use, control, distribution, and allocation energy delegated to the Secretary of Energy, see section 4 of Ex. Ord. No. 11790, eff. June 25, 1974, 39 F.R. 23185, set out as a note under section 761 of Title 15, Commerce and Trade.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 2157, 2158, 2166 of this Appendix.

§ 2073. Penalties

Any person who willfully performs any act prohibited, or willfully fails to perform any act required, by the provisions of this title [sections 2071 to 2075 of this Appendix] or any rule, regulation, or order thereunder, shall, upon conviction, be fined not more than $10,000 or imprisoned for not more than one year, or both.

(Sept. 8, 1950, ch. 932, title I, § 103, 64 Stat. 799.)

TERMINATION DATE

Termination of section on Mar. 31, 1983, see section 2166(a) of this Appendix.

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 2157, 2158 of this Appendix.

§ 2074. Omitted

CODIFICATION

Section, act Sept. 8, 1950, ch. 932, title I, § 104, as added July 31, 1951, ch. 275, title I, § 101(c), 65 Stat. 132, and amended June 30, 1952, ch. 530, § 103, 66 Stat. 297, which related to limitations on imports of fats and oils, terminated on June 30, 1953 by the terms of section 2166(a) of this Appendix.

§ 2075. Presidential power to ration gasoline among classes of end-users unaffected

Nothing in this Act [sections 2061 to 2169 of this Appendix] shall be construed to authorize the President to institute, without the approval of the Congress, a program for the rationing of gasoline among classes of end-users. (Sept 8, 1950, ch. 932, title I, § 105, as added June 30, 1980, Pub. L. 96-294, title I, § 103, 94 Stat. 617.)

EFFECTIVE DATE

Section effective June 30, 1980, see section 107 of Pub. L. 96-294, set out as an Effective Date of 1980 Amendment note under section 2062 of this Appendix.

TERMINATION DATE

Termination of section on Mar. 31, 1983, see section 2166(a) of this Appendix.

§ 2076. Designation of energy as a strategic and critical material

For purposes of this Act [sections 2061 to 2169 of this Appendix], "energy" shall be designated as a "strategic and critical material" after the date of the enactment of this section [June 30, 1980]: Provided, That no provision of this Act [section 2061 to 2169 of this Appendix] shall, by virtue of such designation

(1) grant any new direct or indirect authority to the President for the mandatory allocation or pricing of any fuel or feedstock (including, but not limited to, crude oil, residual fuel oil, any refined petroleum product, natural gas, or coal) or electricity or any other form of energy; or

(2) grant any new direct or indirect authority to the President to engage in the production of energy in any manner whatsoever (such as oil and gas exploration and development, or any energy facility construction), except as expressly provided in sections 305 and 306 [section 2095 and 2096 of this Appendix] for synthetic fuel production.

(Sept. 8, 1950, ch. 932, title I, § 106, as added June 30, 1980, Pub. L. 96-294, title I, § 103, 94 Stat. 617.)

EFFECTIVE DATE

Section effective June 30, 1980, see section 107 of Pub. L. 96-294, set out as an Effective Date of 1980 Amendment note under section 2062 of this Appendix.

TERMINATION DATE

Termination of section on Mar. 31, 1983, see section 2166(a) of this Appendix.

TITLE II-AUTHORITY TO REQUISITION AND CONDEMN

AMENDMENTS

1951-Act July 31, 1951, ch. 275, title I, § 102(a), 65 Stat. 132, in heading added "And Condemn". § 2081. Omitted

CODIFICATION

Section, acts Sept. 8, 1950, ch. 932, title II, § 201, 64 Stat. 799; July 31, 1951, ch. 275, title I, § 102 (b), 65 Stat. 132, which related to requisition of property needed for national defense, terminated on June 30, 1953, by the terms of section 2166(a) of this Appendix. TITLE III-EXPANSION OF PRODUCTIVE CAPACITY AND SUPPLY

TITLE REFERRED TO IN OTHER SECTIONS This title is referred to in section 2166 of this Appendix.

§ 2091. Loan guarantees

(a) Purpose of loans; guaranteeing agencies

(1) In order to expedite production and deliveries or services under Government contracts, the President may authorize, subject to such regulations as he may prescribe, the Department of Defense, the Department of Energy, the Department of Commerce, and such other agencies of the United States engaged in procurement for the national defense as he may designate (hereinafter referred to as "guaran

teeing agencies"), without regard to provisions of law relating to the making, performance, amendment, or modification of contracts, to guarantee in whole or in part any public or private financing institution (including any Federal Reserve bank), by commitment to purchase, agreement to share losses, or otherwise, against loss of principal or interest on any loan, discount, or advance, or on any commitment in connection therewith, which may be made by such financing institution for the purpose of financing any contractor, subcontractor, or other person in connection with the performance of any contract or other operation deemed by the guaranteeing agency to be necessary to expedite production and deliveries or services under Government contracts for the procurement of materials or the performance of services for the national defense, or for the purpose of financing any contractor, subcontractor, or other person in connection with or in contemplation of the termination, in the interest of the United States, of any contract made for the national defense; but no small-business concern (as defined in section 714(a)(1) of this Act [former section 2163a(a)(1) of this Appendix]) shall be held ineligible for the issuance of such a guaranty by reason of alternative sources of supply.

(2) Except as provided in section 305 [section 2095 of this Appendix] and section 306 [section 2096 of this Appendix], no authority contained in sections 301, 302, or 303 [sections 2091, 2092, or 2093 of this Appendix] may be used in any

manner

(A) in the development, production, or distribution of synthetic fuel;

(B) for any synthetic fuel project;

(D) to provide any assistance to any person for the purchase of synthetic fuel.

(b) Fiscal agents; accountability; reimbursement

Any Federal agency or any Federal Reserve bank, when designated by the President, is authorized to act, on behalf of any guaranteeing agency, as fiscal agent of the United States in the making of such contracts of guarantee and in otherwise carrying out the purposes of this section. All such funds as may be necessary to enable any such fiscal agent to carry out any guarantee made by it on behalf of any guaranteeing agency shall be supplied and disbursed by or under authority from such guaranteeing agency. No such fiscal agent shall have any responsibility or accountability except as agent in taking any action pursuant to or under authority of the provisions of this section. Each such fiscal agent shall be reimbursed by each guaranteeing agency for all expenses and losses incurred by such fiscal agent in acting as agent on behalf of such guaranteeing agency, including among such expenses, notwithstanding any other provision of law, attorneys' fees and expenses of litigation.

All actions and operations of such fiscal agents under authority of or pursuant to this section shall be subject to the supervision of

the President, and to such regulations as he may prescribe; and the President is authorized to prescribe, either specifically or by maximum limits or otherwise, rates of interest, guarantee and commitment fees, and other charges which may be made in connection with loans, discounts, advances, or commitments guaranteed by the guaranteeing agencies through such fiscal agents, and to prescribe regulations governing the forms and procedures (which shall be uniform to the extent practicable) to be utilized in connection with such guarantees.

(d) Funds available for guarantees

Each guaranteeing agency is authorized to use for the purposes of this section any funds which have heretofore been appropriated or allocated or which hereafter may be appropriated or allocated to it, or which are or may become available to it, for such purposes or for the purpose of meeting the necessities of the national defense.

(e) Maximum obligation; prevention of personal financial insolvency or bankruptcy

(1)(A) Except as provided in subparagraph (B), the maximum obligation of any guaranteeing agency under any loan, discount, advance, or commitment in connection therewith, entered into under this section shall not exceed $38,000,000.

(B) Guarantees which exceed the amount specified in subparagraph (A) may be entered into under this section only if the Committees on Armed Services of the Senate and the House of Representatives have been notified in writing of such proposed obligation and 60 days of continuous session of Congress have expired following the date on which such notice was transmitted to such committees and neither House of Congress has adopted, within such 60day period, a resolution disapproving such obligation. For purposes of this subparagraph, the continuity of a session of Congress is broken only by an adjournment of the Congress sine die, and the days on which either House is not in session because of an adjournment of more than 3 days to a day certain are excluded in the computation of such 60-day period.

(2) The authority conferred by this section shall not be used primarily to prevent the financial insolvency or bankruptcy of any person, unless

(A) the President certifies that the insolvency or bankruptcy would have a direct and substantially adverse effect upon defense production; and

(B) a copy of such certification, together with a detailed justification thereof, is transmitted to the Congress and to the Committees on Banking and Currency of the respective Houses at least ten days prior to the exercise of that authority for such use.

(Sept. 8, 1950, ch. 932, title III, § 301, 64 Stat. 800; June 30, 1953, ch. 171, § 4, 67 Stat. 129; Aug. 15, 1970, Pub. L. 91-379, title I, § 104, 84 Stat. 799; June 30, 1980, Pub. L. 96-294, title I, § 104(a), (b), 94 Stat. 618.)

AMENDMENTS

1980-Subsec. (a). Pub. L. 96-294, § 104(a), designated existing provisions as par. (1), and in par. (1) as so designated, substituted references to Departments of Defense and Energy, for references to Departments of Army, Navy, and Air Force, and added par. (2).

Subsec. (e)(1). Pub. L. 96-294, § 104(b), designated existing provisions as subpar. (A) and, as so designated, substituted "Except as provided in subparagraph (B)" for "Except with the approval of Congress", and "$38,000,000" for "$20,000,000", and added subpar. (B). 1970-Subsec. (e). Pub. L. 91-379 added subsec. (e). 1953-Subsec. (a). Act June 30, 1953, made it clear that Government guaranties of credit may be made under this section in connection with the termination of Government contracts, and to provide that no small-business concern shall be denied a guaranty merely because an alternative source of supply exists for the item to be procured on the Government contract involved.

CHANGE OF NAME

The Committee on Banking and Currency of the Senate was designated as the Committee on Banking, Housing, and Urban Affairs by Senate Resolution 4, approved Feb. 4, 1977.

The Committee on Banking and Currency of the House of Representatives was designated as the Committee on Banking, Finance and Urban Affairs, by House Resolution 5, 95th Congress, effective Jan. 4, 1977.

EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96-294 effective June 30, 1980, see section 107 of Pub. L. 96-294, set out as a note under section 2062 of this Appendix.

TERMINATION DATE

Termination of section on Mar. 31, 1983, see section 2166(a) of this Appendix.

TRANSFER OF FUNCTIONS

Act July 30, 1953, ch. 282, title I, § 107(a)(2), (b), 67 Stat. 273, required the President to transfer all functions, powers, duties, and authority of the Reconstruction Finance Corporation under sections 2091 to 2094 of this Appendix within sixty days after July 30, 1953, and provided that all assets, funds, contracts, loans, liabilities, commitments, authorizations, allocations, personnel, and records of the Corporation, which the Director of the Bureau of the Budget [now the Office of Management and Budget], determined necessary to the performance of such functions were to be transferred to the officer or agency of the Government to which such functions were transferred.

DELEGATION OF FUNCTIONS

EXECUTIVE ORDER NO. 10223

Ex. Ord. No. 10223, eff. Mar. 12, 1951, 16 F.R. 2247, providing for the performance of certain functions under act Sept. 8, 1950, was revoked by section 404 of Ex. Ord. No. 10281, eff. Aug. 28, 1951, 16 F.R. 8789.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 2095, 2096 of this Appendix.

§ 2092. Loans to private business enterprises; Congressional action: notification of committees of certain proposed loans, resolution of disapproval, continuity of session, computation of period

To expedite production and deliveries or services to aid in carrying out Government contracts for the procurement of materials or the performance of services for the national defense, the President may make provision for loans (including participations in, or guarantees of, loan) to private business enterprises (including research corporations not organized for profit) for the expansion of capacity, the development of technological processes, or the production of essential materials, including the exploration, development, and mining of strategic and critical metals and minerals, and manufacture of newsprint. Such loans may be made without regard to the limitations of existing law and on such terms and conditions as the President deems necessary, except that (1) financial assistance may be extended only to the extent that it is not otherwise available on reasonable terms, and (2) no such loan may be made in an amount in excess of $48,000,000 unless the Committees on Armed Services of the Senate and the House of Representatives have been notified in writing of such proposed loan and 60 days of continuous session of Congress have expired following the date on which such notice was transmitted to such Committees and neither House of Congress has adopted, within such 60-day period, a resolution disapproving such loan. For purposes of this section, the continuity of a session of Congress is broken only by an adjournment of the Congress sine die, and the days on which either House is not in session because of an adjournment of more than 3 days to a day certain are excluded in the computation of such 60-day period.

(Sept. 8, 1950, ch. 932, title III, § 302, 64 Stat. 801; June 30, 1952, ch. 530, title I, § 104, 66 Stat. 298; Nov. 16, 1973, Pub. L. 93-155, title VIII, § 807(b), 87 Stat. 615; June 30, 1980, Pub. L. 96-294, title I, § 104(c), 94 Stat. 618.)

AMENDMENTS

1980-Pub. L. 96-294 substituted "$48,000,000" for "$25,000,000".

1973-Pub. L. 93-155 provided for notification of Congressional Committees with respect to certain proposed loans, Congressional resolution of disapproval, continuity of Congressional sessions, and computation of period.

1952-Act June 30, 1952, brought the manufacture of newsprint within its provisions.

EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96-294 effective June 30, 1980, see section 107 of Pub. L. 96-294, set out as a note under section 2062 of this Appendix.

TERMINATION DATE

Termination of section on Mar. 31, 1983, see section 2166(a) of this Appendix.

DELEGATION OF FUNCTIONS

Functions of the President under act Sept. 8, 1950 [section 2061 et seq. of this Appendix], relating to the production, conservation use, control, distribution, and

allocation energy delegated to the Secretary of Energy, see section 4 of Ex. Ord. No. 11790, eff. June 25, 1974, 39 F.R. 23185, set out as a note under section 761 of Title 15, Commerce and Trade.

OBLIGATIONS ENTERED INTO BEFORE NOVEMBER 16, 1973

Amendment by Pub. L. 93-155 not affecting the carrying out of any contract, loan, guarantee, commitment, or other obligation entered into prior to Nov. 16, 1973, see section 807(e) of Pub. L. 93-155, set out as a note under section 2307 of Title 10, Armed Forces.

EXECUTIVE ORDER NO. 10634

Ex. Ord. No. 10634, Aug. 31, 1955, 20 F.R. 6433, as amended by Ex. Ord. No. 10773, July 1, 1958, 23 F.R. 5061; Ex. Ord. No. 10782, Sept. 6, 1958, 23 F.R. 6971, which related to loans for facilities destroyed or damaged by major disaster, was revoked by section 5-106 of Ex. Ord. No. 12148, July 20, 1979, 44 F.R. 43243, set out as a note under section 2251 of this Appendix.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 2091, 2094, 2095, 2096, 2161 of this Appendix.

§ 2093. Purchase of raw materials and installation of equipment

(a) Purchases for use or resale; development of strategic minerals and metals; agricultural commodities; termination date

To assist in carrying out the objectives of this Act [sections 2061 to 2169 of this Appendix], the President may make provision (1) for purchases of or commitments to purchase metals, minerals, and other materials, for Government use or resale; and (2) for the encouragement of exploration, development, and mining of critical and strategic minerals, metals, and materials: Provided, however, That purchases for resale under this subsection shall not include that part of the supply of an agricultural commodity which is domestically produced except insofar as such domestically produced supply may be purchased for resale for industrial uses or stockpiling, and no commodity purchased under this subsection shall be sold at less than the established ceiling price for such commodity (except that minerals, metals, and materials shall not be sold at less than the established ceiling price, or the current domestic market price, whichever is lower), or, if no ceiling price has been established, the higher of the following: (i) the current domestic market price for such commodity, or (ii) the minimum sale price established for agricultural commodities owned or controlled by the Commodity Credit Corporation as provided in section 407 of Public Law 439, Eighty-first Congress [7 U.S.C. 1427]: Provided further, however, That no purchase or commitment to purchase any imported agricultural commodity shall be made calling for delivery more than one year after the expiration of this Act [June 30, 1952].

(b) Terms and conditions of purchase

Subject to the limitations in subsection (a) of this section, purchases and commitments to purchase and sales under such subsection may be made without regard to the limitations of existing law, for such quantities, and on such terms and conditions, including advance payments, and for such periods, but not extending

beyond September 30, 1995, as the President deems necessary, except that purchases or commitments to purchase involving higher than established ceiling prices (or if there be no established ceiling prices, currently prevailing market prices) or anticipated loss on resale shall not be made unless it is determined that supply of the materials could not be effectively increased at lower prices or on terms more favorable to the Government or that such purchases are necessary to assure the availability to the United States of overseas supplies. (c) Subsidy payments on domestically produced materials; exclusion of agricultural products

If the President finds

(1) that under generally fair and equitable ceiling prices for any raw or nonprocessed material, there will result a decrease in supplies from high-costs sources of such material, and that the continuation of such supplies is necessary to carry out the objectives of the Act [sections 2061 to 2169 of this Appendix];

(2) that an increase in cost of transportation is temporary in character and threatens to impair maximum production or supply in any area at stable prices of any materials; he may make provision for subsidy payments on any such domestically produced material other than an agricultural commodity in such amounts and in such manner (including purchases of such material and its resale at a loss without regard to the limitations of existing law), and on such terms and conditions, as he determines to be necessary to insure that supplies from such high-cost sources are continued, or that maximum production or supply in such area at stable prices of such materials is maintained, as the case may be.

(d) Transportation, storage, and processing

The procurement power granted to the President by this section shall include the power to transport and store and have processed and refined, any materials procured under this section.

(e) Installation of equipment in industrial facilities

When in his judgment it will aid the national defense, the President is authorized to install additional equipment, facilities, processes or improvements to plants, factories, and other industrial facilities owned by the United States Government, and to install government-owned equipment in plants, factories, and other industrial facilities owned by private persons.

(f) Transfer of excess materials to national stockpile Notwithstanding any other provision of law to the contrary, metals, minerals, and materials acquired pursuant to the provisions of this section which, in the judgment of the President, are excess to the needs of programs under this Act [sections 2061 to 2169 of this Appendix], shall be transferred to the National Defense Stockpile established by the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98 et seq.), when the President deems such action to be in the public interest. Transfers made pursuant to this subsection shall be made with

out charge against or reimbursement from funds appropriated for the purposes of such Act, except that costs incident to such transfer other than acquisition costs shall be paid or reimbursed from such funds, and the acquisition costs of such metals, minerals, and materials transferred shall be deemed to be net losses incurred by the transferring agency and the notes payable issued to the Secretary of the Treasury representing the amounts thereof shall be canceled. Upon the cancellation of any such notes the aggregate amount of borrowing which may be outstanding at any one time under section 304(b) of this Act, as amended [section 2094(b) of this Appendix], shall be reduced in an amount equal to the amount of any notes so canceled.

(g) Development of substitutes for strategic and critical materials

When in his judgment it will aid the national defense, the President may make provision for the development of substitutes for strategic and critical materials.

(Sept. 8, 1950, ch. 932, title III, § 303, 64 Stat. 801; July 31, 1951, ch. 275, title I, § 103(a), 65 Stat. 133; June 30, 1953, ch. 171, §§ 5, 6, 67 Stat. 130; Aug. 9, 1955, ch. 655, § 3, 69 Stat. 580; June 29, 1956, ch. 474, § 2, 70 Stat. 408; June 30, 1964, Pub. L. 88-343, § 2, 78 Stat. 235; June 30, 1972, Pub. L. 92-325, § 1, 86 Stat. 390; Apr. 21, 1976, Pub. L. 94-273, § 2(29), 90 Stat. 376; July 30, 1979, Pub. L. 96-41, § 3(c), 93 Stat. 325; June 30, 1980, Pub. L. 96-294, title I, § 104(d), 94 Stat. 618.)

REFERENCES IN TEXT

The Strategic and Critical Materials Stock Piling Act, referred to in subsec. (f), is act June 7, 1939, ch. 190, as revised generally by Pub. L. 96-41, § 2, July 30, 1979, 93 Stat. 319, which is classified generally to subchapter III (§ 98 et seq.) of chapter 5 of Title 50, War and National Defense. For complete classification of this Act to the Code, see section 98 of Title 50 and Tables.

AMENDMENTS

1980 Subsec. (a). Pub. L. 96-294, § 104(d)(1), inserted references to materials following metals wherever appearing.

Subsec. (b). Pub. L. 96-294, § 104(d)(2), substituted "1995" for "1985".

Subsec. (g). Pub. L. 96-294, § 104(d)(3), struck out provisions relating to certifications by Secretaries of Agriculture and Interior regarding short supply of a particular strategic or critical material.

1979-Subsec. (f). Pub. L. 96-41 substituted "the National Defense Stockpile established by the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98 et seq.)" for "the national stockpile established pursuant to the Act of June 7, 1939, as amended (50 U.S.C. 98-98h)" and "from funds appropriated for the purposes of such Act" for "from funds available under such Act of June 7, 1939, as amended".

1976-Subsec. (b). Pub. L. 94-273 substituted "September" for "June".

1972-Subsec. (b). Pub. L. 92-325 substituted "June 30, 1985" for "June 30, 1975".

1964-Subsec. (b). Pub. L. 88-343 substituted "June 30, 1975" for "June 30, 1965".

1956-Subsec. (b). Act June 29, 1956, substituted "June 30, 1965" for “June 30, 1963".

1955-Subsec. (g). Act Aug. 9, 1955, added subsec. (g). 1953-Subsec. (b). Act June 30, 1953, § 5, substituted "1963" for "1962”.

Subsec. (f). Act June 30, 1953, § 6, added subsec. (f). 1951-Act July 31, 1951, amended section generally to broaden the authority under this section to include materials generally, to continue the prohibition against resale of domestic agricultural commodities except for industrial uses or stockpiling but eliminated it as to imported agricultural commodities, to provide that minerals and metals purchased under subsec. (a) may be sold at less than the established ceiling price, but not less than the current domestic market price, to limit the provision barring contracts calling for delivery more than one year after the expiration of this section to imported agricultural commodities, to provide that purchases and commitments to purchase under subsec. (a) may not be made for any period extending beyond June 30, 1952, and to provide for a differential subsidy.

EFFECTIVE DATE OF 1980 AMENDMENT

Amendment by Pub. L. 96-294 effective June 30, 1980, see section 107 of Pub. L. 96-294, set out as a note under section 2062 of this Appendix.

EFFECTIVE Date of 1955 AMENDMENT Amendment by act Aug. 9, 1955, effective as of the close of July 31, 1955, see section 11 of act Aug. 9, 1955, set out as a note under section 2062 of this Appendix.

TERMINATION DATE

Termination of section on Mar. 31, 1983, see section 2166(a) of this Appendix.

DELEGATION OF FUNCTIONS

EXECUTIVE ORDER NO. 10219

Ex. Ord. No. 10219, eff. Feb 28, 1951, 16 F.R. 1983, as amended by Ex. Ord. No. 10461, eff. June 18, 1953, 18 F.R. 3513; Ex. Ord. No. 10537, eff. June 22, 1954, 19 F.R. 3807; Ex. Ord. No. 10773, eff. July 1, 1958, 23 F.R. 5061; Ex. Ord. No. 10782, eff. Sept. 8, 1958, 23 F.R. 6971, which related to the responsibilities of Federal agencies with respect to transportation and storage, was superseded by Ex. Ord. No. 11051, eff. Sept. 27, 1962, 27 F.R. 9683, formerly set out as a note under section 2271 of this Appendix.

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 2091, 2094, 2095, 2096, 2161 of this Appendix; title 50 section 98c.

§ 2094. Utilization and creation of agencies; cancellation of unpaid notes; disposition of funds

(a) For the purposes of sections 302 and 303 [sections 2092 and 2093 of this Appendix], the President is authorized to utilize such existing departments, agencies, officials, or corporations of the Government as he may deem appropriate, or to create new agencies (other than corporations).

(b) The Secretary of the Treasury is authorized and directed to cancel the outstanding balance of all unpaid notes issued to the Secretary of the Treasury pursuant to this section, together with interest accrued and unpaid on such notes.

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United States Code, Volume 19; Volume 26