§1117. Power to contract; audit of accounts; reports of Comptroller General

The Federal Maritime Commission and the Secretary of Transportation may enter into such contracts, upon behalf of the United States, and may make such disbursements as may, in its or his discretion, be necessary to carry on the activities authorized by this chapter, or to protect, preserve, or improve the collateral held by the Commission or Secretary to secure indebtedness, in the same manner that a private corporation may contract within the scope of the authority conferred by its charter. All the Commission's and Secretary's financial transactions shall be audited in the General Accounting Office according to approved commercial practice as provided in the Act of March 20, 1922 (42 Stat. 444): Provided, That it shall be recognized that, because of the business activities authorized by this chapter, the accounting officers shall allow credit for all expenditures shown to be necessary because of the nature of such authorized activities, notwithstanding any existing statutory provision to the contrary. The Comptroller General shall report annually or oftener to Congress any departure by the Commission or Secretary from the provisions of this chapter.

(June 29, 1936, ch. 858, title II, §207, 49 Stat. 1988 ; June 23, 1938, ch. 600, §2, 52 Stat. 954 ; Pub. L. 97–31, §12(64), Aug. 6, 1981, 95 Stat. 159 .)

References in Text

Act of March 20, 1922, ch. 104, 42 Stat. 444 , referred to in text, is not classified to the Code.

Amendments

1981-Pub. L. 97–31 substituted "Federal Maritime Commission and the Secretary of Transportation" for "Commission" first time it appeared, and inserted "or his" after "its", "or Secretary" after "Commission" and "and Secretary's" after "Commission's". For prior transfers of functions of the Commission, meaning the United States Maritime Commission, see Transfer of Functions note below.

1938-Act June 23, 1938, authorized disbursements, and provided for the protection, preservation, or improvement of collateral held to secure indebtedness.

Transfer of Functions

For transfer of functions of United States Maritime Commission, see Reorg. Plan No. 6 of 1949, Reorg. Plan No. 21 of 1950, and Reorg. Plan No. 7 of 1961, set out under section 1111 of this Appendix.

Cross References

Advertisements for proposals for purchases and contracts for supplies or services, see section 5 of Title 41, Public Contracts.

Section Referred to in Other Sections

This section is referred to in title 11 section 362.