§ 110. — Guarantee of loans, advances, etc.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 41USC110]
TITLE 41--PUBLIC CONTRACTS
CHAPTER 2--TERMINATION OF WAR CONTRACTS
Sec. 110. Guarantee of loans, advances, etc.
(a) By contract
Any contracting agency is authorized--
(1) to enter into contracts with any Federal Reserve bank, or
other public or private financing institution, guaranteeing such
financing institution against loss of principal or interest on
loans, discounts, or advances or on commitments in connection
therewith, which such financing institution may make to any war
contractor or to any person who is or has been engaged in performing
any operation deemed by such contracting agency to be connected with
or related to war production, for the purpose of financing such war
contractor or other person in connection with or in contemplation of
the termination of one or more such war contracts or operations; and
(2) to make, enter into contracts to make, or to participate
with any Government agency, any Federal Reserve bank or public or
private financing institution in making loans, discounts, or
advances, or commitments in connection therewith, for the purpose of
financing any such war contractor or other person in connection with
or in contemplation of the termination of such war contracts or
operations.
(b) By assignment
Any such loan, discount, advance, guaranty, or commitment in
connection therewith may be secured by assignment of, or covenants to
assign, some or all of the rights of such war contractor or other person
in connection with the termination of such war contracts or operations,
or in such other manner as the contracting agency may prescribe.
(c) Federal Reserve bank as fiscal agent
Subject to such regulations as the Board of Governors of the Federal
Reserve System may prescribe with the approval of the Administrator of
General Services, any Federal Reserve bank is authorized to act, on
behalf of the contracting agencies, as fiscal agent of the United States
in carrying out the purposes of this chapter.
(d) Application of other laws
This section shall not limit or affect any authority of any
contracting agency, under any other statute, to make loans, discounts,
or advances, or commitments in connection therewith or guaranties
thereof.
(July 1, 1944, ch. 358, Sec. 10, 58 Stat. 657; Ex. Ord. No. 9809,
Sec. 8, eff. Dec. 12, 1946, 11 F.R. 14281; 1947 Reorg. Plan No. 1,
Sec. 201, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 951; June 30, 1949,
ch. 288, title I, Sec. 102(b), 63 Stat. 380.)
Transfer of Functions
Functions of Secretary of the Treasury transferred to Administrator
of General Services by section 102(b) of act June 30, 1949, ch. 288, 63
Stat. 380, which was classified to section 752(b) of former Title 40,
Public Buildings, Property, and Works, and was repealed by Pub. L. 107-
217, Sec. 6(b), Aug. 21, 2002, 116 Stat. 1304.
``Secretary'' substituted for ``Director'' by section 8 of 1946 Ex.
Ord. No. 9809 and section 201 of Reorg. Plan No. 1 of 1947, set out in
the Appendix to Title 5, Government Organization and Employees.
Effective Date of Transfer of Functions
Transfer of functions by act June 30, 1949, effective July 1, 1949,
see section 605, formerly section 505, of act June 30, 1949, ch. 288, 63
Stat. 403; renumbered by act Sept. 5, 1950, ch. 849, Sec. 6(a), (b), 64
Stat. 583.
Application to Terminated War Contracts
For application of this section to war contracts terminated at or
before July 21, 1944, see section 124 of this title.
Section Referred to in Other Sections
This section is referred to in section 124 of this title.
