, 1949-07-01
incorporation the Virgin Islunds Corporation
Mr.. Peterson, from the committee of conference, submitted
the following
HOUS OF REPRESENTATIVES
CONFERENCE REPORT
HOUSE OF REPRESENTATIVES.
CONFERENCE REPORT
Continued from YesteEdaY's issuel

Continued from Yesterdays issue)
Statement Of the Managers on the Part of the House.
The managers on the part of the House at the conference on the
disagreeing votes Of the two Houses on the amendments of the Sc
nate to the the bill N. R. 2989) to incorporate the Virgin Islands
Corporation, and for other purposes, submit the following statement
in explanation of the effect of the, action agreed upon by the con-
ferees and recommended in the accompanying conference report:
The Senate amendment to the text Of the bill struck out all after
the enachng clause. The committee of conference recommends that
the House recede from its disagreement to the Senate amendment
and agree to the same with an amendment which is a substitute for
both the House bill and the Senate amendment. Except as hereafter
explained the conference substitute is substantially identical with the
bill as passed by the House.
The House bill Sec. Sh) provided that no activity for the develop
ment of industrial, commercial mining, agricultural, livestock, fish
cry, or forestry reserves Of the Virgin Islands should be undertaken
by the Corporation if such activity would be in substantial compe-
tHion with any existing private enterprise. The House bill (sec5) al
so prohibited the Corporation from engaging in any activity which
substantially duplicates an undertaking by any private corporation,
partnership, or person. The conference agreement omits these pro-
visions and inserts in lieu thereof a provision to the effect that no
activity shall be undertaken by the Corporation unless it finds that
such activity will further the purposes of the Act and will not con-
fict with the encouragement and promotion of private enterprise
in the Virgin Island.
The House bill (@c. 8 (gO provided that all loans made by the
Corporation should be so secured as reasonably to assure repay
ment" The conference. agreement modifies this provision SO as to
provide that such loans shall be "of such sound value 0 so secured
as reasonably to assure repayment"
Under the House bill (sec. A (aO the Corporation was given indie
finite succession. The conference agreement provides that it shall
have succession until June 80, 1859, unless sooner dissolved by act
of Congress.
The House bill tsec. s eaD authorized total appropriation not to
exceed $sooooo0 for the use of the Corporation, without restriction
on the amount to be appropriated for any one fiscal year. The con-
ference agreement continues the overall authorization but provides
that not to exceed $275OOOo shall be appropriated for the period
consisting Of the fiscal years 1850 and 1851
The House bill (ssc9 provided that the management Of the Cor
poration should be vested in a Board of Directors consisting of seven
members, including the Governor of the Virgin Islands, the head
of a Government agency designated by the President to exercise
general direction of the Corporation, and five other persons appoint
ed by the President for terms of S years. The conference agreement
provides that the Board of Directors shall consist of the Secretary
of the Interior, the Secretary of Agriculture, the Chairman of the
Reconstruction Finance Corporation, the Governor Of the Virgin Is
lands, and three experienced businessmen to be appointed by the
President to serve for terms of s years.
The House bill (sec. 81 provided that the President of the Board
should be elected by the Board from among its members. The con-
ference agreement removes the requirement that the President be-
selected from the membership of the Board.
The Senate receded from. its amendment to the title Of the bill
J. HARDIN PETERSON.
MONROE M. REDEEM.
- u NrrR NR1