
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC2355]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
                     CHAPTER 32--FOREIGN ASSISTANCE
 
          SUBCHAPTER III--GENERAL AND ADMINISTRATIVE PROVISIONS
 
                       Part I--General Provisions
 
Sec. 2355. Retention and use of certain items and funds


(a) Commodities and defense articles; disposal to prevent spoilage or 
        wastage or to conserve usefulness; funds realized from disposal 
        or transfer

    Any commodities and defense articles procured to carry out this 
chapter shall be retained by, or upon reimbursement, transferred to, and 
for the use of, such agency of the United States Government as the 
President may determine in lieu of being disposed of to a foreign 
country or international organization, whenever in the judgment of the 
President the best interests of the United States will be served 
thereby, or whenever such retention is called for by concurrent 
resolution. Any commodities or defense articles so retained may be 
disposed of without regard to provisions of law relating to the disposal 
of property owned by the United States Government, when necessary to 
prevent spoilage or wastage of such commodities or defense articles or 
to conserve the usefulness thereof. Funds realized from any disposal or 
transfer shall revert to the respective appropriation, fund, or account 
used to procure such commodities or defense articles or to the 
appropriation, fund, or account currently available for the same general 
purpose.

(b) Commodities transferred as repayment of assistance

    Whenever commodities are transferred to the United States Government 
as repayment of assistance under this chapter, such commodities may be 
used in furtherance of the purposes and within the limitations of this 
chapter.

(c) Funds realized as result of illegal transactions

    Funds realized as a result of any failure of a transaction financed 
under authority of subchapter I of this chapter to conform to the 
requirements of this chapter, or to applicable rules and regulations of 
the United States Government, or to the terms of any agreement or 
contract entered into under authority of subchapter I of this chapter, 
shall revert to the respective appropriation, fund, or account used to 
finance such transaction or to the appropriation, fund, or account 
currently available for the same general purpose.

(d) Funds realized from sale, transfer, or disposal of returned defense 
        articles

    Funds realized by the United States Government from the sale, 
transfer, or disposal of defense articles returned to the United States 
Government by a recipient country or international organization as no 
longer needed for the purpose for which furnished shall be credited to 
the respective appropriation, fund, or account used to procure such 
defense articles or to the appropriation, fund, or account currently 
available for the same general purpose.

(Pub. L. 87-195, pt. III, Sec. 605, Sept. 4, 1961, 75 Stat. 440; Pub. L. 
89-171, pt. III, Sec. 301(a), Sept. 6, 1965, 79 Stat. 658.)

                       References in Text

    This chapter, referred to in subsecs. (a) to (c), was in the 
original ``this Act'', meaning Pub. L. 87-195, Sept. 4, 1961, 75 Stat. 
424, as amended, known as the Foreign Assistance Act of 1961. For 
complete classification of this Act to the Code, see Short Title note 
set out under section 2151 of this title and Tables.


References to Subchapter I Deemed To Include Certain Parts of Subchapter 
                                   II

    References to subchapter I of this chapter are deemed to include 
parts IV (Sec. 2346 et seq.), VI (Sec. 2348 et seq.), and VIII 
(Sec. 2349aa et seq.) of subchapter II of this chapter, and references 
to subchapter II are deemed to exclude such parts. See section 202(b) of 
Pub. L. 92-226, set out as a note under section 2346 of this title, and 
sections 2348c and 2349aa-5 of this title.


                               Amendments

    1965--Subsecs. (c), (d). Pub. L. 89-171 added subsecs. (c) and (d).

                         Delegation of Functions

    For delegation of functions of President under this section, see Ex. 
Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a 
note under section 2381 of this title.
