§ 1404. — Authorization of appropriations; revolving fund.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1404]
TITLE 12--BANKS AND BANKING
CHAPTER 10--LOCAL AGRICULTURAL-CREDIT CORPORATIONS, LIVESTOCK-LOAN
COMPANIES AND LIKE ORGANIZATIONS; LOANS TO INDIVIDUALS TO AID IN
FORMATION OR TO INCREASE CAPITAL STOCK
Sec. 1404. Authorization of appropriations; revolving fund
To carry out the provisions of this chapter, including all expenses
incurred thereunder, there are authorized to be appropriated, out of the
unexpended balances of appropriations made to carry out the provisions
of Public Resolution Numbered 112, Seventy-first Congress (46 Stat.
1032), as amended by the Interior Department Appropriation Act for the
fiscal year ending June 30, 1932, and as amended by Public Resolution
Numbered 120 (46 Stat. 1167), and out of the collections from loans made
under Public Resolution Numbered 112, as so amended, a sum not exceeding
$10,000,000, which sum shall be paid into a revolving fund. Not to
exceed 2 per centum of such fund may be used for expenses of
administration. All moneys received from time to time upon the repayment
of any advance or loan made pursuant to this chapter, together with the
interest, shall be paid into the revolving fund and shall thereafter be
available for the purposes and in the manner hereinbefore provided.
(Mar. 3, 1932, ch. 70, Sec. 4, 47 Stat. 60.)