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<br />001069 <br /> <br />employee, or agent thereof, in which is drawn in quostion the validity of this <br />Act or of any other law of the United States, or the validity of any aot or <br />oonduot of the Corporation or of suoh direotor, offioer, employee, or agent <br />done pursuant to or under color of this Aot or ally other suoh law. <br /> <br />SEe. 7. (a) The Corporation shall at all times maintain oomplete and <br />acourate books of aooount. In Deoember of eaoh year the board shall file with <br />the President and the Congress a financial statement and a oomplete report as <br />to the business of the Corporation oovering the preceding governmental fisoal <br />year. <br /> <br />\ <br /> <br />'. <br /> <br />(b) All purchases and contraots for supplies or services, exoept f~r <br />personal servioes, made by the Corporation shall be made after advertising, <br />in suoh manner and at suoh times suffioiently in advanoe of opening bids, a& <br />the board shall detennine to be adequate to insure notice and opportunity <br />for oompetition: Provided, That advertisement shall not be required when <br />(1) the board determines that an emergenoy requires immediate delivery of the <br />supplies or performa.noe 0 f the services; or ~2) repair parts, aooessories, <br />supplemental equipment, or servioes are required for supplies or services <br />previously furnished or oontraoted for J or (3) the aggregate amount involved <br />in ally purchase of supplies or procurement of services does not exceed $500; <br />in whioh oases such purohases of supplies or proourement of services may be <br />made in the open markE1t in the manner OOllDllOn among businessmen: Provided <br />further, That in oomparing bids and in making a.....rds the board may oonsider <br />suoh factors as relative quality and adaptability of supplies or servioes, the <br />bidder's financial responsibility, skill, experience, reoord of integrity in <br />dealing, ability to furnish repairs and maintenanoe servioes, the tiJne of <br />delivery or perfonnanoe offered, and whether the bidder has oomplied with the <br />speoifioations . <br /> <br />. <br /> <br />(0) The Corporation shall determine and prescribe the m/l.IlIlfIr in whioh <br />its obligations and expenses shall be incurred, allovred, paid, and audited: <br />Provided, That in addition to suoh other audits as the Corporation may deem <br />necessary or desirable, if ally, the Comptroller Gsneral of the United States <br />shall make, with personnel of his seleotion, a ourrent and oontinuing audit <br />of the Corporation's a.coounts in aooordanoe with the usual methods of auditing <br />oommonly employed in respeot to private business corporations. In making suoh <br />audit, the Comptroller General and his representatives shall have, at the <br />principal office and other offioes and places of business of the Corporation, <br />free and open aooess to all papers, books, reoords, files, aooounts, and <br />other properly and things belonging to or used or employed by the Corporation, <br />together vdth full faoilities fbr oounting all oash and verifying transaotions <br />with and balanoes in depositaries. Within five months af'ter the end of eaoh <br />fisoal year, the Comptroller General shall make a oomplete report of his audit <br />for suoh fisoal year in triplioate, one oopy for the President, one oopy for <br />the Corporation, and one oopy to be retained by him for the uses of Congress. <br /> <br />. <br />'Ii <br /> <br />. <br />. <br /> <br />. <br /> <br />-7- <br />