Joint resolution to request the Secretary of State to arrange for the International Joint Commission, United States and Canada, to conduct a survey of the proposed Passamaquoddy tidal power project, and for other purposes
PL 84-401 (S.J.Res.12), enacted 01/31/1956

70 
S T A T . ] 
PUBLIC LAW 401-J AN. 31, 1966 
SEC. 2. The amendment made by section 1 shall be applicable with 
respect to taxable years begi ming after December 31,1951, and before 
January 1, 1954. No interest shall be allowed or paid on any over-
payment resulting from such amendment. 
Approved January 28, 1956. 
Effective date. 
Public Law 400 
CHAPTER 
19 
AN ACT 
Relating to the application of the documentary stamp tax to transfers of certain 
obligations paid for in installments. 
January 28, 1956 
[H. R. 73641 
Be it enacted hy the Senate and House of Representatives 
of the 
United /States of Amerioa in Congress assembled^ That effective as of 
January 1, 1955, section 4332 of the Internal Eevenue Code of 1954 
(relating to exemption from tax on sales or transfers of certificates 
of indebtedness) is hereby amended by relettering subsection (b) as 
subsection (c) and by inserting after subsection (a) the following 
new subsection: 
" (b) INSTALLMENT PURCHASE OF OBLIGATIONS.—The tax imposed by 
section 4331 shall not apply to any instrument under the terms of which 
the obligee is required to make payment therefor in installments and 
is not permitted to make in any year a payment of more than 20 per-
cent of the cash amount to which entitled upon maturity of the instru-
ment." 
Approved January 28, 1956. 
D o c u m e n t a r y 
stamp tax. 
68A Stat. 516. 
26 u s e 4332-
68A Stat. 516. 
26 u s e 4331. 
Public Law 401 
CHAPTER 
27 
JOINT RESOLUTION 
To request the Secretary of State to arrange for the International Joint Com-
mission, United . States and Canada, to conduct a survey of the proposed 
Passamaquoddy tidal power project, and for other puri>oses. 
Resolved hy the Senate and House of Repre-setitatlves of the United 
States of America i/i Congress assembled. That the International 
Joint (commission created by the treaty between the United States 
and (ireat Britain relating to boundary waters between the United 
States and Canada, signed at Washington on January 11, 1909, under 
the provisions of such treaty, be requested by the Secretary of State 
to arrange for a final survey to be made to determine the cost of 
construction of the proposed Passamacjuoddy tidal power project at 
Passamaquoddy Bay in the State of Maine, ITnited States of America, 
and the Province of New I^runswick, Dominion of Canada, and to 
determine whether or not such cost would allow hydroelectric power 
to be produced at a price that is economically feasible, and also to 
determine what contribution such project Mould make to the national 
economy and the national defense. 
SEC, 2. The survey provided for in the first section shall make use of 
the report (dated March 15, 1950) made by the International Pas-
samaquoddy Engineering Board to the International Joint Com-
mission, and with the supplemental report (dated May 1952) on 
details of estimate of cost of comprehensive investigation of Passa-
maquoddy tidal power project by Corps of Engineers, United States 
Army. 
SEC. 3. The Secretary of the Army, the Federal Power Commis-
sion, and other officers and agencies of the Government of the United 
States are authorized to assist the International Joint Commission 
January 31, 1956 
[S. J. Reg. 121 
P a s samaquoddy 
t i d a l power proj-
ect. 
Survey. 
36 Stat. 2448. 
A g e n c y assist-
ance. 
10 
PUBLIC LAW 402-FEB. 2, 1956 
[70 ST A T , 
Report, 
Appropriation. 
Restriction-
in the making of such survey, and shall be compensated for any work 
performed pursuant to this section out of such funds as may here-
after be appropriated for use by the International Joint Commission 
in carrying out this joint resolution. 
SEC. 4. The Secretary of State shall report the results of such 
survey to the Congress of the United States. 
SEC. 5. There is authorized to be appropriated not to exceed 
$3,000,000 to carry out this joint resolution, and any sum appropriated 
pursuant to this section shall be included in any determination of the 
proportionate share of the cost of construction of the Passamaquoddy 
tidal power project to be borne by the United States. 
SEC. 6. Nothing in this joint resolution or the survey authorized 
herein shall in any way commit the Congress or the Government of 
the United States as to future action on construction of any such 
project. 
Approved January 31, 1956. 
February 2, 1956 
[H. R. 7871] 
Public Law 402 
CHAPTER 29 
AN ACT 
To amend the Small Business Act of 1953. 
Small Business. 
67 Stat. 233. 
15 u s e 633, 
Revolving fund. 
Disaster loans. 
69 Stat. 549. 
15 u s e 636, 
Be it enacted hy the Senate and House of RefresentativeH 
of the 
Vnited States of America in (Jongress ansenihled^ That subsection 
(b) of section 204 of the Small Business Act of 1953, as amended, is 
hereby amended to read as follows: 
"(b) The Administration is authorized to obtain money from the 
Treasury of the United States for nse in the performance of the 
poAvers and duties granted to or imposed upon it by law, not to exceed 
a total of $375,000,000 outstanding at any one time. 
For this purpose 
appropriations not to exceed $375,000,000 are hereby authorized to 
be made to a revolving fund in the Treasury. 
Advances shall be made 
to the Administration from the revolving fund when requested by the 
Administration. 
Tliis revolving fund shall be used for the purposes 
enumerated subsequently in section 207 (a), (b) (1), (b) (2), and 
(b) (3). 
Not to exceed an aggregate of $150,000,000 shall be out-
standing at any one time for the purposes enumerated in section 207 
(a). 
Xot to exceed an aggregate of $125,000,000 shall be outstanding 
at any one time for the purposes enumerated in section 207 (b) (1). 
Xot to exceed an aggregate of $100,000,000 shall be outstanding at any 
one time for the purposes enumerated in section 207 (b) (2) and (b) 
(3). 
The Administration shall pay into miscellaneous receipts of the 
Treasury at the close of each fiscal year, interest on the net amount of 
the cash disbursements from such advances at a rate determined by the 
Secretary of the Treasury, taking into consideration the current aver-
age rate on outstanding interest-bearing marketable public debt obliga-
tions of the United States of comparable maturities.'' 
SEC. 2. The proviso in paragraph (1) of subsection (b) of section 
207 of the Small Business Act of 1953, as amended, is hereby amended 
to read as follows: '"Fvovided, That no such loan including renewals 
and extensions thereof may be made for a period or periods exceeding 
twenty years: And provided fiu'thei\ Tliat the interest rate cm the 
Administration's share of loans made under this paragraph shall not 
exceed 3 per centum per annum;'". 
SEC. 3. (a) Subsection (b) of section 207 of the Small Business Act 
of 1953, as amended, is hereby further amended (1) by striking the 
word "and" which follows the semicolon at the end of paragraph (3) ;