An Act to emend the Federal Credit Union Act to extend the time of annual meetings, and far other purposes
PL 88-150 (H.R.4842), enacted 10/17/1963

270 
PUBLIC LAW 88-150-OCT. 17, 1963 
[77 STAT. 
Transfer of 
funds, authority. 
Notice to con-
gressional com-
mittees. 
Contract pay-
ments in foreign 
countries. 
Research proj-
ects, indirect 
expenses. 
Use of private-
ly owned ship-
yards. 
Restriction. 
Short title. 
SEC. 536. During the current fiscal year, the Secretary of Defense 
may, if he deems it vital to the security of the United States and 
in the national interest to further improve the readiness of the 
Armed Forces, including the reserve components, transfer under 
the authority and terms of the Emergency Fund an additional 
$200,000,000: Provided^ That the transfer authority mad© avail-
able under the terms of the Emergency Fund appropriation con-
tained in this Act is hereby broadened to meet the requirements of 
this section: Provided further^ That the Secretary of Defense shall 
notify the Appropriations Committees of the Congress promptly 
of all transfers made pursuant to this authority. 
SEC. 537. None of the funds appropriated in this Act may be 
used to make payments under contracts for any program, project, 
or activity in a foreign country unless the Secretary of Defense or 
his designee, after consultation with the Secretary of the Treasury 
or his designee, certifies to the Congress that the use, by purchase 
from the Treasury, of currencies of such country acquired pursuant 
to law is not feasible for the purpose, stating the reason therefor. 
SEC. 538. None of the funds provided herein shall be used to pay 
any recipient of a grant for the conduct of a research project an 
amount for indirect expenses in connection with such project in excess 
of 20 per centum of the direct costs. 
SEC. 539. Of the funds made available in this Act for repair, altera-
tion, and conversion of naval vessels, at least 35 per centum shall be 
available for such repair, alteration, and conversion in privately owned 
shipyards: Provided^ That if determined by the Secretary of Defense 
to be inconsistent with the public interest based on urgency of require-
ment to have such vessels repaired, altered, or converted as required 
above, such work may be done in Navy or private shipyards as he may 
direct. 
SEC. 540. No part of the funds appropriated by this Act shall be 
used to conduct or assist in conductmg any program (including but 
not limited to the payment of salaries, administrative expenses, and 
the conduct of research activities) related directly or indirectly to the 
establishment of a national service corps or similar domestic peace 
corps type of program. 
SEC. 541. This Act may be cited as the "Department of Defense 
Appropriation Act, 1964." 
Approved October 17, 1963. 
October 17, 1963 
[H. R. 4842] 
Public Law 88-150 
AN ACT 
To amend the Federal Credit Union Act to extend the time of annual meetings, 
and for other purposes. 
Federal Credit 
Union Act, amend-
ment. 
73 Stat. 631. 
Be it encucted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That section 11 of 
the Federal Credit Union Act (12 U.S.C. 1760) is amended by striking 
out "during the month of the following January" and inserting in 
lieu thereof "during the following January, February, or March . 
SEC. 2. Section 13 of the Federal Credit Union Act (12 U.S.C. 
1761a) is amended by striking out ", except that the treasurer shall be 
the general manager of the corporation" in the fourth sentence. 
Approved October 17, 1963.