Compiled and edited by Charles J. Kappler. Washington : Government Printing Office, 1941.
|Chap. 551||Chippewa Indian Marketing Association. Loan to, authorized.|
|Chap. 551||Interest rate.|
|Sec. 2||Use of revolving fund not debarred.
48 Stat., 986, ante, 379.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Interior is hereby authorized to withdraw from the Treasury of the United States the sum of $100,000, or so much thereof as may be necessary, of the funds on deposit to the credit of the Chippewa
Indians in Minnesota, and to loan such sum to the Chippewa Indian Cooperative Marketing Association. The amount so loaned to said association shall be available for all purposes, including compensation and reasonable expenses of attorneys, purchase of land and erection of suitable buildings, necessary to the businesslike operation of a cooperative marketing system to be conducted in accordance with articles of incorporation and bylaws approved by the Secretary of the Interior. All funds loaned the association under this authorization shall bear interest at 4 per centum per annum and shall be repaid to the Chippewa tribal fund within a period of ten years from date of such loans.
The use of funds hereby authorized shall not disbar the association from receiving loans from any amounts appropriated pursuant to section 10 of the Act of June 18, 1934 (48 Stat. 986), authorizing the creation of an Indian credit revolving fund.
The Secretary of the Interior shall formulate rules and regulations for carrying out the purposes of this Act.
Approved, August 15, 1935.