The Institute is authorized to utilize in the performance of its functions the Working Capital Fund established by the Act of June 29, 1950 (64 Stat. 275).
(b) Availability of Fund
The working capital of the fund shall be available for obligation and payment for any activities authorized by this chapter, and for any activities for which provision is made in the appropriations which reimburse the fund.
In the performance of authorized activities, the Working Capital Fund shall be available and may be reimbursed for expenses of hire of automobile, hire of consultants, and travel to meetings, to the extent that such expenses are authorized for the appropriations of the Department of Commerce.
The fund may be credited with advances and reimbursements, including receipts from non-Federal sources, for services performed under the authority of section
273 of this title.
(e) “Cost” defined
As used in this chapter, the term “cost” shall be construed to include directly related expenses and appropriate charges for indirect and administrative expenses.
(f) Distribution of earnings; restoration of prior impairment
The amount of any earned net income resulting from the operation of the fund at the close of each fiscal year shall be paid into the general fund of the Treasury: Provided, That such earned net income may be applied to restore any prior impairment of the fund, and to ensure the availability of working capital necessary to replace equipment and inventories.
Act of June 29, 1950 (64 Stat. 275), referred to in subsec. (a), was the Deficiency Appropriation Act, 1950. Provisions thereof relating to Working Capital Fund are not classified to the Code.
A prior section 12 of act Mar. 3, 1901, ch. 872, as added by act July 22, 1950, ch. 486, § 2,64 Stat. 373, related to equipment purchased by Department of Commerce to carry out investigations, prior to repeal by act Aug. 3, 1956.
1988—Subsec. (a). Pub. L. 100–418substituted “Institute” for “National Bureau of Standards”.
1985—Subsec. (f). Pub. L. 99–73struck out “first” after “may be applied”, and inserted provisions relating to working capital for replacement of equipment and inventories.
1978—Subsec. (a). Pub. L. 95–322struck out “, and additional amounts as from time to time may be required for the purposes of said fund are authorized to be appropriated” after “(64 Stat. 275)”.
Effective Date of 1985 Amendment
Amendment by Pub. L. 99–73effective Oct. 1, 1984, see section 5(c) ofPub. L. 99–73, set out as an Effective Date note under section
275c of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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