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FE D E R AL R E S E R V E BANK O F N E W YORK Fiscal Agent of the United States r Circular No. 6 5 6 7 1 L July 1, 1970 J LOAN GUARANTEES FOR DEFENSE PRODUCTION Revised Supplement to Regulation V, Effective June 4, 1970 Reprint of Regulation V To A ll B a n ks, O ther F in a n c in g In s titu tio n s , and O thers Concerned, in the Second F ederal R eserve D is tr ic t: The Board of Governors of the Federal Reserve System has amended, effective June 4, 1970, its Regulation V, Loan Guarantees for Defense Production, to expand, to a limited extent, the authority of the governmental agencies guaranteeing a loan under the Defense Production Act of 1950, as amended, to prescribe from time to time a higher interest rate than otherwise payable on such loan if the agency determines that such higher rate is necessary in obtaining V-loan financing of a contract or other operation essential to the national defense. Enclosed is a copy of a new Supplement to Regulation V, giving effect to the amendment. Also enclosed is a reprint, in the new size, of Regulation V, as amended effective September 27, 1966, to replace your small-size printing of the regulation bearing the same date. A l fr e d H a y es, President. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM SUPPLEMENT TO REGULATION V Effective Ju n e 4, 1970 SEC T IO N 7— M A X IM U M R A T E S O F IN T E R E S T , G U A R A N T E E F EES, A N D C O M M IT M E N T FEE S P ursuant to the provisions of the Defense Production A ct of 1950 and Executive O rder No. 10480, dated A ugust 14, 1953, as am ended, the Board of G overnors of the Federal Reserve Sys tem hereby prescribes the m axim um rate of inter est, guarantee fees, and com m itm ent fees which m ay be charged w ith respect to guaranteed loans executed through the agency of any Federal Re serve Bank: (a ) M axim um rate of interest. The m axim um interest rate charged a borrow er by a financing institution w ith respect to a guaranteed loan shall not exceed IV i per cent per annum , except th at the agency guaranteeing a particular loan may from tim e to time prescribe a higher rate if it determ ines the loan to be necessary for the pu r pose of financing any contractor, subcontractor, or other person in connection w ith the perform ance of any contract or other operation deem ed by the guaranteeing agency to be necessary to expedite production and deliveries or services under G ov ernm ent contracts for the procurem ent of m aterials or the perform ance of services for the national defense. (b) G u aran tee fees. T he schedule o f fees w ith respect to guaranteed loans is as follows: G u aran tee F ee P er cen t o f loan g u aran teed 70 or less 75 80 85 90 95 Over 95 (P er cent of interest payable by borrow er on guaranteed portion of loan) 10 15 20 25 30 35 4 0 -5 0 In any case in w hich the rate of interest on the loan is in excess o f 6 per cent, the guarantee fee shall be com puted as though the interest rate were 6 per cent. (c) C om m itm ent fees. In any case in w hich a com m itm ent fee is charged a borrow er w ith res pect to a guaranteed loan, such fee shall not exceed Vi of 1 per cent per annum . In any such case, the financing institution will pay to the guar anteeing agency a percentage o f such com m itm ent fee, based on the guaranteed portion of the credit, equal to the same percentage of the interest pay able on the loan w hich is required to be paid by the financing institution to the g u arantor as a guarantee fee. BOARD OF G OVERNORS of the FEDERAL RESERVE SYSTEM LOAN GUARANTEES FOR DEFENSE PRODUCTION R EG U LA TIO N V (32A CFR Ch. XV) As amended effective September 27, 1966 Any inquiry relating to this regulation should be addressed to the Federal Reserve Bank of the Federal Reserve District in which the inquiry arises. C O N T EN T S Page S e c . 1— A u t h o r it y S e c . 2 — O b je c t iv e s Sy stem ............................................................3 of [S e c . ser v e F ed er a l R eser ve Banks of F ederal R e ........................................ 4 ..................................... 4 .......................................................... 4 ................................................. 5 ...............................................................3 S e c . 3 — P r o c e d u r e s .................................................... (a ) (b ) (c) (d ) Page S e c . 4— R e s p o n s i b i l i t y 3 A pplications ............................................. .......3 Eligibility of b o r r o w e r .......................... ...... 3 A pproval of g u a r a n te e s ........................ .......4 O ther form s and procedures ............ ....... 4 Sec . 5 — R ates S ec. 6— R and epo rts Statutory A F ees p p e n d ix 7 — S u p p l e m e n t , M a x im u m R a t e s o f I n t e r e s t , G u a r a n t e e F e e s , a n d C o m m i t m e n t F e e s , is printed separately.] REGULATION V (32A CFR Ch. XV) As amended effective September 27, 1966 LOAN GUARANTEES FOR DEFENSE PRODUCTION * SEC T IO N 1— A U T H O R IT Y T his regulation is based upon and issued p u r suant to the D efense P roduction A ct of 1950 (referred to in this regulation as the “A ct” ), and Executive O rder N o. 10480, dated A ugust 14, 1953 as am ended (3 C F R 1949-1953 Com p., p. 962) (referred to in this regulation as the “O rder” ), and after consultation w ith the heads of the guaranteeing agencies designated in the A ct and the O rder, nam ely the D epartm ent of the A rm y, the D epartm ent of the N avy, the D ep art m ent of the A ir Force, the D epartm ent of C om m erce, the D epartm ent of the Interior, the D e partm ent of A griculture, the G eneral Services A dm inistration, the A tom ic Energy Com m ission, the D efense Supply Agency, and the N ational A eronautics and Space A dm inistration. S EC T IO N 2— O B JE C TIV E S O F F E D E R A L R E S E R V E SYSTEM In carrying out its functions under the A ct and the O rder, it will be the objective of the Federal Reserve System to facilitate and expedite to the greatest extent possible the financing of contrac tors, subcontractors, and other persons having contracts or engaged in operations deem ed by the guaranteeing agencies to be necessary to expedite production and deliveries or services under G ov * This text corresponds to the Code of Federal Regula tions, Title 32A, Chapter XV, Reg. V; cited as 32A CFR ch. XV, Reg. V. ernm ent contracts for the procurem ent of m ater ials or the perform ance of services fo r the n a tional defense. T he Board of G overnors of the F ederal Reserve System (referred to in this regu lation as the “B oard” ) and the F ederal Reserve Banks will cooperate fully w ith the guaranteeing agencies in o rder to achieve this objective and will follow in general and to the extent applicable procedures developed from experience obtained in the adm inistration of the V -loan and T -loan p ro gram s during W orld W ar II. SE C T IO N 3— P R O C E D U R E S (a ) A pplications. A ny private financing insti tution m ay subm it to the F ederal Reserve Bank of its district an application for a guarantee of a loan to an eligible borrow er. Such application shall be in such fo rm and contain such inform ation as the Board m ay prescribe after consultation w ith the guaranteeing agencies. (b ) Eligibility of borrow er. N o loan shall be g uaranteed unless it shall first be determ ined that the contract or other operation of the prospective borrow er to be financed by such loan is one which is deem ed by the guaranteeing agency involved to be necessary to expedite p ro duction and deliv eries or services u nder a G overnm ent co n tract for the procurem ent of m aterials or the perform ance of services fo r the national defense. Such deter m ination will be m ade in each case by a duly authorized certifying officer o f the ap propriate guaranteeing agency o r in such oth er m anner as §§ 4-6 REGULATION V the guaranteeing agency m ay prescribe. T he deter m ination will be m ade upon the basis of inform a tion contained in the application and accom pany ing papers filed by the applicant financing institution, unless in the circum stances of a partic ular case it appears th at further inform ation is necessary. (c) A pproval of guarantees. E ach application by a financing institution for a loan guarantee will be subject to approval by the appropriate guaran teeing agency in W ashington or, to such extent as the guaranteeing agency m ay prescribe, by the F ederal Reserve Bank to w hich the application is subm itted. In any case in w hich an application is required to be subm itted to W ashington for approval, the F ederal Reserve Bank will transm it the application, together w ith all necessary sup porting inform ation and the recom m endation of the Federal Reserve Bank, through the Board of G overnors to the guaranteeing agency involved. Subject to determ ination of the borrow er’s eligibil ity, if the application is approved by a duly au thorized contracting officer of the guaranteeing agency, such contracting officer will authorize the Federal Reserve Bank to execute and deliver the guarantee on behalf of the guaranteeing agency. Such authorization will be transm itted to the F ederal Reserve Bank through the B oard of G overnors; and, thereupon, the Federal Reserve Bank, acting as fiscal agent of the U nited States, will execute and deliver the guarantee on behalf of the guaranteeing agency in accordance w ith the term s of the authorization. In any case in which the F ederal Reserve Bank is authorized by a guaranteeing agency to approve applications for guarantees, the Reserve Bank, if it approves the application and subject to determ ination of the borrow er’s eligibility, will execute and deliver the guarantee w ithout submission of the application for prior approval by any officer of the guaran teeing agency; but the Reserve Bank will prom ptly notify the guaranteeing agency of the execution of such guarantee. (d) O ther form s and procedures. T he Board will prescribe from tim e to tim e, after consultation w ith the guaranteeing agencies, form s to be fol lowed in the execution of guarantees pursuant to this regulation and such other form s as m ay be necessary. The Board will also prescribe, after consultation with the guaranteeing agencies, p ro cedures w ith respect to such m atters as the p u r chase of guaranteed loans by the Federal Reserve Banks as fiscal agents, the handling and dispo sition by the Federal Reserve Banks of guarantee fees and other fees collected, and such other p ro cedures as m ay be found necessary. SE C T IO N 4— R E SPO N SIB IL IT Y O F F E D E R A L R E SE R V E BANKS A Federal Reserve Bank in arranging fo r or m aking any guarantee on behalf of any guarantee ing agency will be expected to m ake reasonable efforts to afford such guaranteeing agency the best available protection against possible financial loss consistent w ith the obtaining of national de fense production expeditiously. N o F ederal Re serve Bank, however, shall have any responsibility or accountability except as agent in taking any action pursuant to o r under authority of the Act, the O rder, or this regulation. E ach F ederal R e serve Bank will be reim bursed by each guaran teeing agency in the usual m an n er fo r all expenses and losses incurred by the Reserve Bank in acting as agent on behalf o f such guaranteeing agency, including am ong such expenses, notw ithstanding any other provision of law, attorneys’ fees and ex penses of litigation. SEC T IO N 5— R A T E S A N D FEE S Rates of interest, guarantee fees, com m itm ent fees, and other charges which may be m ade with respect to guaranteed loans and guarantees exe cuted through the agency of any Federal Reserve Bank under this regulation will from time to tim e be prescribed, either specifically or by m axim um lim its or otherw ise, in § 7 (the Supplem ent) by the Board of G overnors after consultation with the guaranteeing agencies. SEC T IO N 6— R E PO R T S E ach Federal Reserve Bank shall m ake such reports as the Board of G overnors shall require with respect to its operations pursuant to the term s of the A ct, the O rder and this regulation. (SE C T IO N 7— M A X IM U M R A TES O F IN T E R E ST , G U A R A N T E E FEE S, A N D C O M M IT M E N T FEE S, is published separately.) 4 REGULATION V STATUTORY APPENDIX STATUTORY APPENDIX in otherw ise carrying o ut the purposes o f this section. All such funds as m ay be necessary to enable any such fiscal agent to carry out any guarantee m ade by it on behalf o f any guarantee ing agency shall be supplied and disbursed by or under authority from such guaranteeing agency. N o such fiscal agent shall have any responsibility or accountability except as agent in taking any action p u rsuant to or under authority of the p ro visions of this section. E ach such fiscal agent shall be reim bursed by each guaranteeing agency for all expenses and losses incurred by such fiscal agent in acting as agent on behalf of such guaran teeing agency, including am ong such expenses, notw ithstanding any other provision of law, at torneys’ fees and expenses of litigation. DEFENSE PRODUCTION ACT OF 1950 A ct of Septem ber 8, 1950 (64 Stat. 798) * * * * * T IT L E III— E X PA N SIO N O F P R O D U C T IV E C A P A C IT Y A N D S U PPL Y S e c . 301. (a ) In order to expedite production and deliveries or services under G overnm ent con tracts, the President m ay authorize, subject to such regulations as he m ay prescribe, the D epart m ent of the A rm y, the D epartm ent of the N avy, the D epartm ent of the A ir Force, the D epartm ent of Com m erce, and such other agencies of the U nited States engaged in procurem ent for the national defense as he m ay designate (hereinafter referred to as “guaranteeing agencies” ), w ithout regard to provisions of law relating to the m aking, perform ance, am endm ent, or m odification of con tracts, to guarantee in whole or in p art any public or private financing institution (including any F ederal Reserve b a n k ), by com m itm ent to p u r chase, agreem ent to share losses, or otherwise, against loss of principal or interest on any loan, discount, or advance, or on any com m itm ent in connection therew ith, w hich m ay be m ade by such financing institution for the purpose of finan cing any contractor, subcontractor, or other per son in connection w ith the perform ance of any contract or other operation deem ed by the guaran teeing agency to be necessary to expedite produc tion and deliveries or services under G overnm ent contracts for the procurem ent of m aterials or the perform ance of services for the national defense, o r for the purpose of financing any contractor, subcontractor or other person in connection with o r in contem plation of the term ination, in the interest of the U nited States, of any contract m ade for the national defense; but no small-business concern (as defined in section 7 1 4 ( a ) (1 ) of this A ct) shall be held ineligible fo r the issu ance of such a guaranty by reason of alternative sources of supply. (c) All actions and operations of such fiscal agents u nder authority of or p u rsu an t to this sec tion shall be subject to the supervision of the President, and to such regulations as he m ay p re scribe; and the President is authorized to prescribe;, either specifically or by m axim um lim its or other wise, rates of interest, guarantee and com m itm ent fees, and oth er charges w hich m ay be m ade in connection w ith loans, discounts, advances, or com m itm ents guaranteed by the guaranteeing agencies through such fiscal agents, and to p re scribe regulations governing the form s and p ro cedures (w hich shall be uniform to the extent practicable) to be utilized in connection w ith such guarantees. (d ) E ach guaranteeing agency is hereby au thorized to use for the purposes of this section any funds w hich have heretofore been ap p ro p ri ated or allocated o r w hich hereafter m ay be ap propriated or allocated to it, or w hich are or m ay becom e available to it, fo r such purposes or fo r the purpose of m eeting the necessities o f the na tional defense. [U.S.C., title 50, App. sec 2091.] * * * * * T IT L E V II— G E N E R A L PR O V ISIO N S * * * * * S ec . 702. A s used in this A ct— (b ) A ny F ederal agency or any Federal R e serve bank, w hen designated by the President, is (a ) T he w ord “person” includes an individual, hereby authorized to act, on behalf of any guaran corporation, partnership, association, or any other teeing agency, as fiscal agent of the U nited States organized group of persons, or legal successor or in the m aking of such contracts of guarantee and representative of the foregoing, and includes the 5 STATUTORY APPENDIX REGULATION V U nited States or any agency thereof, or any other governm ent, or any of its political subdivisions, or any agency of any of the foregoing: P ro vid ed , T h at no punishm ent provided by this A ct shall apply to the U nited States, or to any such govern m ent, political subdivision, or governm ent agency. (b ) T he w ord “m aterials” shall include raw m aterials, articles, com m odities, products, sup plies, com ponents, technical inform ation, and processes. (c) T he w ord “facilities” shall not include farm s, churches or other places of w orship, or private dwelling houses. (d ) T he term “national defense” m eans pro gram s for m ilitary and atom ic energy production or construction, m ilitary assistance to any foreign nation, stockpiling, and directly related activity. * * * * A dm inistrative P rocedure A ct (6 0 Stat. 237) ex cept as to the requirem ents of section 3 thereof. A ny rule, regulation, or order, or am endm ent thereto, issued u n d er authority of this A ct shall be accom panied by a statem ent that in the fo rm u lation thereof there has been consultation w ith industry representatives, including trade associa tion representatives, and th at consideration has been given to their recom m endations, or th at spe cial circum stances have rendered such consulta tion im practicable or contrary to the interest of the national defense, but no such rule, regulation, or order shall be invalid by reason of any subse quent finding by judicial or other authority that such a statem ent is inaccurate. [U.S.C., title 50, App. sec. 2159.] * * S e c . 7 0 3 . (a ) Except as otherw ise specifically provided, the President m ay delegate any pow er or authority conferred upon him by this A ct to any officer or agency of the G overnm ent, includ ing any new agency o r agencies (and the President is hereby authorized to create such new agencies, other than corporate agencies, as he deems neces sa ry ), and he m ay authorize such redelegations by that officer or agency as the President m ay deem appropriate. * * * * * * * * S ec . 704. T he President may m ake such rules, * * * * * * (b) N otw ithstanding the foregoing— (1 ) T he Congress by concurrent resolution or the P resident by proclam ation m ay term inate this A ct p rio r to the term ination otherw ise provided therefor. * The functions exercised under this A ct shall be excluded from the operation of the Sec. 709. * S ec . 717. (a ) T itle I (except section 104), title III, and title V II (except section 714) of this Act, and all authority conferred thereunder, shall term inate at the close of June 30, 1970. Section 714 of this A ct, and all authority conferred there under, shall term inate at the close of July 31, 1953. Section 104, title II, and title V I of this Act, and all authority conferred thereunder, shall term inate at the close of June 30, 1953. Titles IV and V of this A ct, and all authority conferred thereunder, shall term inate at the close of A pril 30, 1953. regulations, and orders as he deem s necessary or appropriate to carry out the provisions of this A ct. A ny regulation or order under this A ct m ay be established in such form and m anner, may contain such classifications and differentiations, and m ay provide for such adjustm ents and rea sonable exceptions as in the judgm ent of the President are necessary or proper to effectuate the purposes of this A ct, or to prevent circum vention or evasion, or to facilitate enforcem ent of this A ct, or any rule, regulation, or order issued u n der this A ct. * * * [U.S.C., title 50, App. sec. 2154.] * * [U.S.C., title 50, App. sec. 2161.] [U.S.C., title 50, App. sec. 2153.] * * S ec . 711. T here are hereby authorized to be appropriated such sum s as m ay be necessary and appropriate for the carrying out of the provisions and purposes o f this A ct by the President and such agencies as he m ay designate o r create. Funds m ade available for the purposes of this A ct m ay be allocated or transferred fo r any of the purposes of this A ct, w ith the approval of the Bureau of the Budget, to any agency desig nated to assist in carrying out this Act. F unds so allocated or transferred shall rem ain available for such period as m ay be specified in the A cts m ak ing such funds available. [U.S.C., title 50, App. sec. 2152.] * * 6 REGULATION V STATUTORY APPENDIX (2 ) T he Congress m ay also provide by con current resolution that any section of this A ct and all authority conferred thereunder shall term i nate prior to the term ination otherw ise provided therefor. w ithin areas of production designated by the D i rector o f the Office o f E m ergency Planning, de velop and prom ote m easures for the expansion of productive capacity and of production and supply of m aterials and facilities necessary for the n a tional defense. (3 ) A ny agency created under this A ct m ay be Se c . 302. (a ) E ach guaranteeing agency is continued in existence for purposes of liquidation hereby authorized, in accordance w ith section for not to exceed six m onths after the term ination 301 of the D efense P roduction A ct of 1950, as of the provision authorizing the creation of such am ended, subject to the provisions of this section, agency. in o rder to expedite production and deliveries or (c ) T he term ination of any section of this Act, services under G overnm ent contracts, and w ithout or of any agency or corporation utilized under regard to provisions of law relating to the m aking, this A ct, shall not affect the disbursem ent of funds perform ance, am endm ent, or m odification of con under, or the carrying out of, any contract, guar tracts, to guarantee in whole or in p art any public antee, com m itm ent or other obligation entered or private financing institution (including any into pursuant to this A ct prior to the date of such F ederal Reserve B an k ), by com m itm ent to p u r term ination, o r the taking of any action necessary chase, agreem ent to share losses, o r otherwise, to preserve or protect the interests of the U nited against loss o f principal or interest on any loan, States in any am ounts advanced or paid out in discount, or advance, or on any com m itm ent in carrying on operations under this A ct, or the connection therew ith, w hich m ay be m ade by taking of any action (including the m aking of new such financing institution for the purpose of finan guarantees) deem ed by a guaranteeing agency to cing any contractor, subcontractor, or other per be necessary to accom plish the orderly liquidation, son in connection w ith the perform ance of any adjustm ent or settlem ent of any loans guaranteed contract or other operation deem ed by the guar u nder this A ct, including actions deem ed neces anteeing agency to be necessary to expedite p ro sary to avoid undue hardship to borrow ers in re duction and deliveries or services under G overn converting to norm al civilian production; and all m ent contracts fo r the procurem ent o f m aterials o f the authority granted to the President, guaran o r the perform ance of services fo r the national teeing agencies, and fiscal agents, under section defense, or for the purpose of financing any con 301 of this A ct shall be applicable to actions taken tractor, subcontractor, or other person in con pursuant to the authority contained in this sub nection w ith or in contem plation of the term ina section. tion, in the interest of the U nited States, of any * * * * * contract m ade fo r the national defense; b u t no [U.S.C., title 50, App. sec. 2166.] small business concern (as defined in section 7 1 4 ( a ) ( 1 ) of the said A ct)shall be held ineligible EXECUTIVE O R D E R NO. 10480 fo r the issuance of such a guaranty by reason of * * * * * alternative sources of supply, P A R T III. E X PA N SIO N O F P R O D U C T IV E (b ) E ach F ederal Reserve Bank is hereby C A P A C IT Y A N D SU PPL Y designated and authorized to act, on behalf of any guaranteeing agency, as fiscal agent of the U nited States in the m aking of such contracts of guaran tee and in otherw ise carrying Out the purposes of section 301 of the said A ct, as am ended, in respect to private financing institutions. S ec . 301. T he D epartm ent of Defense, the A tom ic Energy Com m ission, the D epartm ent of Com m erce, the D epartm ent of the Interior, the D epartm ent of A griculture, the G eneral Services A dm inistration, and the N ational A eronautics and Space A dm inistration, in this P art referred to as guaranteeing agencies, each officer having func tions delegated to him pursuant to section 2 0 1 (a) of this order, and each other agency of the G ov ernm ent having m obilization functions, shall, (c) All actions and operations of F ederal Re serve Banks, under authority of or p u rsu an t to section 301 of the said A ct, as am ended, shall be subject to the supervision of the Board of G over nors of the Federal Reserve System. Said Board 7 i i \ t t / I STATUTORY APPENDIX REGULATION V is hereby authorized, after consultation w ith the heads of the guaranteeing agencies, (1 ) to p re scribe such regulations governing the actions and operations of fiscal agents hereunder as it m ay deem necessary, (2 ) to prescribe, either specif ically or by m axim um limits or otherwise, rates of interest, guarantee and com m itm ent fees, and other charges w hich m ay be m ade in connection with loans, discounts, advances, or com m itm ents guaranteed by the guaranteeing agencies through such fiscal agents, and (3 ) to prescribe regula tions governing the form s and procedures (w hich shall be uniform to the extent practicable) to be utilized in connection with such guarantees. * * * * em ployees of the G overnm ent, (2 ) the pow er to create an agency or agencies, under the jurisdic tion of the officer concerned, to adm inister func tions delegated or assigned by or pursuant to this order, and (3 ) in respect of P art II of this order, the pow er of subpoena: P ro vid ed , T h at the sub poena pow er shall be utilized only after the scope and purpose of the investigation, inspection, or inquiry to w hich the subpoena relates have been defined either by the appropriate officer referred to in section 6 0 2 (a) of this order or by such other person or persons as he shall designate. (c) T here are excluded from the functions del egated by section 6 0 2 (a) of this ord er (1 ) the functions delegated by P art V o f this order, (2 ) the functions of the President w ith respect to reg ulations under section 7 1 0 (b ), ( c ) , ( d ), and (e) of the D efense P roduction A ct of 1950, as am ended, and (3 ) the functions of the President w ith respect to fixing com pensation under section 7 0 3 (a ) o f the said Act. * P A R T VI. G E N E R A L PR O V ISIO N S * * * 9 * * S e c . 602. (a ) Except as otherw ise provided in section 6 0 2 (c) of this order, each officer or agency of the G overnm ent having functions under the Defense P roduction A ct of 1950, as am ended, delegated o r assigned thereto by or pursuant to this Executive order m ay exercise and perform , w ith respect to such functions, the functions vested in the President by T itle V II of the said A ct. Sec. 603. All agencies of the G overnm ent (including, as used in this order, departm ents, establishm ents, and corporations) shall furnish to each officer of the G overnm ent to w hom func tions u nder the D efense P roduction A ct of 1950, as am ended, are delegated o r assigned by or p u r (b ) T he functions which m ay be exercised and suant to this order such inform ation relating to perform ed pursuant to the authority of section defense production or procurem ent, or otherw ise 6 0 2 (a) of this order shall include, but not by relating to the said functions, delegated or as way of lim itation, (1 ) except as otherw ise p ro signed to such officer by or p u rsuant to this order vided in section 7 0 8 (c) of the Defense P roduc as m ay be required to perform those functions. tion A ct of 1950, as am ended, the pow er to redel * * * * * egate functions, and to authorize the successive [U.S.C., title 50, A pp. sec. 2153 annotation.] redelegation of functions, to agencies, officers, and 8
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