Laws: Cases and Codes : U.S. Code : Title 25 : Section 564
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U.S. Code as of:
01/19/04
Section 564 - Notes
SOURCE
(Aug. 13, 1954, ch. 732, Sec. 1, 68 Stat. 718.)
REVOLVING FUND: INTEREST-FREE LOANS TO KLAMATH INDIANS; REFINANCING
LENDING AGENCY LOANS
Pub. L. 86-40, June 11, 1959, 73 Stat. 70, provided: "That the
Secretary of the Interior is authorized to make loans, without
interest, from the revolving fund authorized by the Acts of June
18, 1934 (48 Stat. 986; 25 U.S.C. 470), and June 26, 1936 (49 Stat.
1968; 25 U.S.C. 506), as amended and supplemented, to members of
the Klamath Tribe of Indians who elected to withdraw from the tribe
pursuant to the Act of August 13, 1954 (68 Stat. 718; 25 U.S.C.
564), as amended, regardless of the degree of Indian blood of the
borrower, and to collect such loans by setoff against funds payable
to the borrower pursuant to said Act of August 13, 1954, as amended
[this subchapter]. The Secretary is also authorized to refinance
from such revolving fund any loan made by a lending agency to a
withdrawing Klamath Indian that is secured by encumbrance of his
beneficial interest in tribal property with the approval of the
Secretary as required by section 4 of said 1954 Act [section 564c
of this title], and to include therein a nonreimbursable grant
equal to the interest charges incurred by the borrower prior to
such refinancing. In the event adequate funds are not available
from the revolving fund to refinance a loan by such lending agency,
the Secretary is authorized to pay from the revolving fund, without
reimbursement, the interest charged on such loan."
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