No employer shall be subject to any liability or punishment under the Fair Labor Standards Act of 1938 , as amended [ 29 U.S.C. 201 et seq.] (in any action or proceeding commenced prior to or on or after January 24, 1950 ), on account of the failure of said employer to pay an employee compensation for any period of overtime work performed prior to July 20, 1949 , if the compensation paid prior to July 20, 1949 , for such work was at least equal to the compensation which would have been payable for such work had section 7(d)(6) and (7) and section 7(g) of the Fair Labor Standards Act of 1938 , as amended [ 29 U.S.C. 207(d)(6) , (7), (g)], been in effect at the time of such payment. (Oct. 26, 1949, ch. 736, § 16(e), 63 Stat. 920 .) Editorial Notes References in Text The Fair Labor Standards Act of 1938 , referred to in text, is act June 25, 1938, ch. 676, 52 Stat. 1060 , which is classified generally to this chapter. For complete classification of this Act to the Code, see section 201 of this title and Tables. Codification Section was enacted as part of the Fair Labor Standards Amendments of 1949 , and not as part of the Fair Labor Standards Act of 1938 which comprises this chapter. “ January 24, 1950 ” substituted in text for “the effective date of this Act”. See Effective Date of 1949 Amendment note set out under section 202 of this title . CFR Title Parts 29 42 , 510 , 516 , 525 , 553 , 570 , 775 , 776 , 778 , 779 , 780 , 782 , 783 , 784 , 785 , 786 , 788 , 789 , 790 , 791 , 793 , 794 , 1620 , 1621 , 1695