91 TITLE VII-MISCELLANEOUS Section 701-Powers of Secretary.-Authorizes the Secretary to (1) have a seal; (2) hold hearings and take testimony; (3) request informative material from other executive departments and agencies (4) dispose of property and collect, compromise, or dispose of obligations; (5) extend the maturity of loans or evidences of indebtedness for periods not longer than 10 years to aid in orderly liquidation; (6) deal with or alter real or personal property; (7) pursue claims against third parties to collection or compromise; (8) acquire property (real, personal, or mixed; tangible or intangible); (9) take all actions desirable in administratively dealing with or realizing on financial obligations; (10) employ and compensate experts or consultants; (11) sue and be sued in appropriate State courts and U.S. district courts without regard to the amount in controversy; and (12) establish rules, regulations, and procedures. Section 702-Prevention of unfair competition.-Prohibits assistance under this Act to any project when the result would be to increase the production of goods, materials, or commodities, or the availability of services or facilities, when there is not sufficient demand for such goods, materials, commodities, services, or facilities to employ the efficient capacity of existing competitive commercial or industrial enterprises. Section 703-Saving provisions. (a) Authorizes actions lying against the Area Redevelopment Administration to be maintained against the Secretary or such other officer of the Department of Commerce as may be appropriate. (b) Provides that all rules, orders, and other actions taken under the Area Redevelopment Act shall remain in effect until modified or rescinded. Section 704-Transfer of functions, effective date, and limitations on assistance.-(a) Vests the functions, powers, duties, authorities, assets, liabilities, and records of the Area Redevelopment Administration in the Secretary. (b) Authorizes the President to make a temporary appointment of an Administrator. (c) Provides for the Act to become immediately effective upon enactment. (d) Provides that applications filed under the Area Redevelopment Act may for 1 year be eligible for assistance under the appropriate provisions of this Act. (e) Prohibits, except under specific authorization by Congress, financial assistance for facilities to generate, transmit, or distribute electric energy, or to produce or transmit gas. Section 705-Separability.-Provides that the invalidation of one part of the Act by a court shall not invalidate any other part. Section 706-Application of Act.-Defines the terms "State," "States," and "United States" to include the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, and American Samoa. Section 707-Annual report.-Requires the Secretary to make a comprehensive and detailed annual report to the Congress for the |