§511. Disposal of foreign excess property; agency responsibility; foreign policy controlling; use of foreign currencies and credits; duties of State Department

Each executive agency having foreign excess property shall be responsible for the disposal thereof: Provided, That (a) the head of each such executive agency shall, with respect to the disposition of such property, conform to the foreign policy of the United States; (b) the Secretary of State shall have the authority to use foreign currencies and credits acquired by the United States under section 512(b) of this title in order to effectuate the purposes of section 32(b)(2) of the Surplus Property Act of 1944, as amended, and the Foreign Service Buildings Act of May 7, 1926, as amended [22 U.S.C. 291 et seq.] (including section 295b of title 22), and for the purpose of paying any other governmental expenses payable in local currencies, and the authority to amend, modify, and renew agreements in effect on July 1, 1949; (c) any foreign currencies or credits acquired by the Department of State pursuant to such agreements shall be administered in accordance with procedures that may from time to time be established by the Secretary of the Treasury and, if and when reduced to United States currency, shall be covered into the Treasury as miscellaneous receipts; and (d) the Department of State shall, except to such extent as the President shall otherwise determine, continue to perform other functions with respect to agreements for the disposal of foreign excess property in effect on July 1, 1949.

(June 30, 1949, ch. 288, title IV, §401, 63 Stat. 397.)

References in Text

Section 32(b)(2) of the Surplus Property Act of 1944, as amended, referred to in text, is section 32(b)(2) of act Oct. 3, 1944, ch. 479, 58 Stat. 782, as amended, which related to the use of foreign currencies, foreign scholarships, and the establishment of the Board of Foreign Scholarships, and which was classified to section 1641(b)(2) of Title 50, Appendix, War and National Defense, was repealed by Pub. L. 87–256, §111(a)(1), Sept. 21, 1961, 75 Stat. 538, and is covered by section 2451 et seq. of Title 22, Foreign Relations and Intercourse.

The Foreign Service Buildings Act of May 7, 1926, referred to in text, is act May 7, 1926, ch. 250, 44 Stat. 403, as amended, which is classified generally to chapter 8 (§292 et seq.) of Title 22. For complete classification of this Act to the Code, see section 299 of Title 22 and Tables.