US (United States) Code. Title 31. Subtitle VI: Miscellaneous. Chapter 19: Government Corporations

Codificación normativa de EEUU (Estados Unidos) Legislación Federal estadounidense # Money and finance

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-CITE-

31 USC CHAPTER 91 - GOVERNMENT CORPORATIONS 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE VI - MISCELLANEOUS

CHAPTER 91 - GOVERNMENT CORPORATIONS

-HEAD-

CHAPTER 91 - GOVERNMENT CORPORATIONS

-MISC1-

Sec.

9101. Definitions.

9102. Establishing and acquiring corporations.

9103. Budgets of wholly owned Government corporations.

9104. Congressional action on budgets of wholly owned

Government corporations.

9105. Audits.

9106. Management reports.

9107. Accounts.

9108. Obligations.

9109. Exclusion of a wholly owned Government corporation

from this chapter.

9110. Standards for depository institutions holding

securities of a Government-sponsored corporation for

customers.

AMENDMENTS

1990 - Pub. L. 101-576, title III, Sec. 306(b), Nov. 15, 1990,

104 Stat. 2854, substituted "Management" for "Audit".

1986 - Pub. L. 99-571, title II, Sec. 201(b)(2), Oct. 28, 1986,

100 Stat. 3224, added item 9110.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in sections 3501, 3515, 3516 of this

title; title 2 section 651; title 5 sections 4101, 8147; title 7

section 943; title 12 sections 1438, 1723a, 1789, 2293; title 15

sections 713a-4, 714c; title 16 sections 450ss-3, 698v-4, 838i;

title 20 section 1082; title 22 sections 290f, 290h-6, 2199, 2395,

3611, 3612a, 3721; title 38 section 7806; title 40 sections 113,

522, 581, 582, 583, 602; title 41 section 403; title 42 sections

292j, 1437h, 4124; title 45 section 741; title 49 section 44308;

title 50 App. section 1941g.

-End-

-CITE-

31 USC Sec. 9101 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE VI - MISCELLANEOUS

CHAPTER 91 - GOVERNMENT CORPORATIONS

-HEAD-

Sec. 9101. Definitions

-STATUTE-

In this chapter -

(1) "Government corporation" means a mixed-ownership Government

corporation and a wholly owned Government corporation.

(2) "mixed-ownership Government corporation" means -

(A) the Central Bank for Cooperatives.

(B) the Federal Deposit Insurance Corporation.

(C) the Federal Home Loan Banks.

(D) the Federal Intermediate Credit Banks.

(E) the Federal Land Banks.

(F) the National Credit Union Administration Central

Liquidity Facility.

(G) the Regional Banks for Cooperatives.

(H) the Rural Telephone Bank when the ownership, control, and

operation of the Bank are converted under section 410(a) of the

Rural Electrification Act of 1936 (7 U.S.C. 950(a)).

(I) the Financing Corporation.

(J) the Resolution Trust Corporation.

(K) the Resolution Funding Corporation.

(3) "wholly owned Government corporation" means -

(A) the Commodity Credit Corporation.

(B) the Community Development Financial Institutions Fund.

(C) the Export-Import Bank of the United States.

(D) the Federal Crop Insurance Corporation.

(E) Federal Prison Industries, Incorporated.

(F) the Corporation for National and Community Service.

(G) the Government National Mortgage Association.

(H) the Overseas Private Investment Corporation.

(I) the Pennsylvania Avenue Development Corporation.

(J) the Pension Benefit Guaranty Corporation.

(K) the Rural Telephone Bank until the ownership, control,

and operation of the Bank are converted under section 410(a) of

the Rural Electrification Act of 1936 (7 U.S.C. 950(a)).

(L) the Saint Lawrence Seaway Development Corporation.

(M) the Secretary of Housing and Urban Development when

carrying out duties and powers related to the Federal Housing

Administration Fund.

(N) the Tennessee Valley Authority.

[(O) Repealed. Pub. L. 104-134, title III, Sec. 3117(a), Apr.

26, 1996, 110 Stat. 1321-350.]

(P) the Panama Canal Commission.

-SOURCE-

(Pub. L. 97-258, Secs. 1, 2(l)(1), Sept. 13, 1982, 96 Stat. 1041,

1062; Pub. L. 97-452, Sec. 1(26), Jan. 12, 1983, 96 Stat. 2478;

Pub. L. 100-86, title III, Sec. 303, Aug. 10, 1987, 101 Stat. 597;

Pub. L. 101-73, title III, Sec. 307(e), title V, Secs. 501(d),

511(b)(1), Aug. 9, 1989, 103 Stat. 353, 394, 406; Pub. L. 102-486,

title IX, Sec. 902(b), Oct. 24, 1992, 106 Stat. 2944; Pub. L.

103-82, title II, Sec. 202(e)(1), Sept. 21, 1993, 107 Stat. 888;

Pub. L. 103-272, Sec. 4(f)(1)(Z), July 5, 1994, 108 Stat. 1363;

Pub. L. 103-325, title I, Sec. 104(e), Sept. 23, 1994, 108 Stat.

2168; Pub. L. 104-106, div. C, title XXXV, Sec. 3530, Feb. 10,

1996, 110 Stat. 642; Pub. L. 104-127, title VII, Sec. 722(b), Apr.

4, 1996, 110 Stat. 1115; Pub. L. 104-134, title III, Sec. 3117(a),

Apr. 26, 1996, 110 Stat. 1321-350; Pub. L. 104-287, Sec. 4(2), Oct.

11, 1996, 110 Stat. 3388; Pub. L. 105-134, title IV, Sec.

415(d)(2), Dec. 2, 1997, 111 Stat. 2590; Pub. L. 107-171, title VI,

Sec. 6201(d)(6), May 13, 2002, 116 Stat. 419.)

-MISC1-

HISTORICAL AND REVISION NOTES

1982 ACT

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Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

9101(1) (no source).

9101(2) 31:856. Dec. 6, 1945, ch. 557, Sec.

201, 59 Stat. 600; July 26,

1956, ch. 741, Sec. 201(a)(2),

(3), 70 Stat. 667; Oct. 30,

1970, Pub. L. 91-518, Sec.

804, 84 Stat. 1340; May 7,

1971, Pub. L. 92-12, Sec. 4,

85 Stat. 37; Jan. 2, 1974,

Pub. L. 93-236, Secs.

202(g)(1), 301(f) (last

sentence), 87 Stat. 992, 1005;

Feb. 5, 1976, Pub. L. 94-210,

Sec. 612(b), 90 Stat. 108;

Aug. 20, 1978, Pub. L. 95-351,

Sec. 301(a), 92 Stat. 513;

Nov. 10, 1978, Pub. L. 95-630,

Sec. 1805, 92 Stat. 3724; Aug.

13, 1981, Pub. L. 97-35, Sec.

396(h)(1), 95 Stat. 440.

9101(3) 31:846. Dec. 6, 1945, ch. 577, Sec.

101, 59 Stat. 597; Aug. 10,

1948, ch. 832, Sec.

501(b)(less proviso), 62 Stat.

1283; June 30, 1949, ch. 285,

Sec. 13, 63 Stat. 356; May 13,

1954, ch. 201, Sec. 6, 68

Stat. 95; July 26, 1956, ch.

741, Sec. 201(a)(1), 70 Stat.

667; June 30, 1958, Pub. L.

85-477, Sec. 502(c), 72 Stat.

272; Oct. 4, 1961, Pub. L.

87-353, Sec. 3(u), 75 Stat.

774; May 25, 1967, Pub. L.

90-19, Sec. 4, 81 Stat. 20;

Aug. 1, 1968, Pub. L. 90-448,

Secs. 807(e), 1719(d), 82

Stat. 544, 610; Dec. 30, 1969,

Pub. L. 91-175, Sec. 501, 83

Stat. 825; Oct. 27, 1972, Pub.

L. 92-578, Sec. 15, 86 Stat.

1274; Sept. 2, 1974, Pub. L.

93-406, Sec. 4002(g)(3), 88

Stat. 1005.

--------------------------------------------------------------------

Clause (1) is included because a number of the provisions of the

chapter apply to mixed-ownership and wholly owned Government

corporations, and the term "Government corporation" provides a

simple phrase to refer to both of those kinds of corporations.

In clause (2)(A), "Amtrak" is substituted for "National Railroad

Passenger Corporation" to conform to section 103(1) of the Rail

Passenger Service Act (45 U.S.C. 502(1)).

In clause (2)(I), the words "when the ownership, control, and

operation of the Bank are converted under section 410(a) of the

Rural Electrification Act of 1936 (7 U.S.C. 950(a))" are added

because of 7:943(c) and 950(a).

In clause (3), the words "Regional Agricultural Credit

Corporations" are omitted because the corporations were merged with

and liquidated by the Regional Agricultural Credit Corporation of

Washington, D.C., which was dissolved on April 16, 1949. The words

"Farmers Home Corporation" are omitted because the corporation

never was activated. The words "Federal Surplus Commodities

Corporation" are omitted because the corporation and the Division

of Marketing and Marketing Agreements were consolidated into the

Surplus Marketing Administration, which was merged into the

Agricultural Marketing Administration, which was dissolved on March

14, 1947. The words "Reconstruction Finance Corporation" are

omitted because the corporation was abolished on June 30, 1957. The

words "Defense Plant Corporation; Defense Supplies Corporation;

Metals Reserve Company; Rubber Reserve Company" are omitted because

the corporations and companies were dissolved on July 1, 1945. The

words "War Damage Corporation" are omitted because the corporation

was terminated on January 22, 1947. The words "the RFC Mortgage

Company" are omitted because the company was transferred to the

Reconstruction Finance Corporation, which was abolished on June 30,

1957. The words "Disaster Loan Corporation" are omitted because the

corporation was dissolved on July 1, 1945. The words "Inland

Waterways Corporation" are omitted because the corporation was

liquidated on July 19, 1963. The words "Warrior River Terminal

Company" are omitted because the company was transferred to the

Inland Waterways Corporation, which was liquidated on July 13,

1963. The words "Virgin Islands Corporation" are omitted because

the corporation was dissolved on July 1, 1966. The words "United

States Spruce Production Corporation" are omitted because the

corporation was dissolved on December 12, 1946. The words

"Institute of Inter-American Affairs" are omitted because the

institute was transferred to the Foreign Operations Administration,

which was abolished on May 9, 1955. The words "Institute of

Inter-American Transportation" are omitted because the institute

was dissolved August 24, 1949. The words "Inter-American

Educational Foundation, Incorporated" are omitted because the

foundation was succeeded by the Institute of Inter-American

Affairs, which was transferred to the Foreign Operations

Administration, which was abolished on May 9, 1955. The words

"Inter-American Navigation Corporation" are omitted because the

corporation was dissolved on February 25, 1947. The words

"Prencinradio, Incorporated" are omitted because Prencinradio,

Incorporated was dissolved May 10, 1949. The words "Cargoes,

Incorporated" are omitted because Cargoes, Incorporated was

dissolved April 30, 1945. The words "Export-Import Bank of the

United States" are substituted for "Export-Import Bank of

Washington" because of section 1(a) of the Act of March 13, 1968

(Pub. L. 90-267, 82 Stat. 47). The words "Petroleum Reserves

Corporation" are omitted because the corporation was transferred to

the Office of Economic Warfare, which was consolidated into the

Foreign Economic Administration, which was transferred to the

Reconstruction Finance Corporation and changed to the War Assets

Corporation. The War Assets Corporation was dissolved as soon as

practicable after March 25, 1946. The words "Rubber Development

Corporation" are omitted because the certificate of incorporation

expired on June 30, 1947. The words "U. S. Commercial Company" are

omitted because the company was liquidated after June 30, 1948. The

words "Smaller War Plants Corporation" are omitted because the

corporation was abolished on June 30, 1947. The words "Defense

Homes Corporation" are omitted because the corporation was

liquidated on June 30, 1948. The words "Home Owners' Loan

Corporation" are omitted because the corporation was dissolved on

February 3, 1954. The words "United States Housing Corporation" are

omitted because the corporation was terminated on September 8,

1952. The words "Panama Railroad Company" (subsequently changed to

"Panama Canal Company" by section 2(a)(2) of the Act of September

26, 1950 (ch. 1049, 64 Stat. 1038)), are omitted because of 22:ch.

51. The words "Tennessee Valley Associated Cooperatives,

Incorporated" are omitted because the corporation was dissolved on

January 18, 1950.

In clause (3)(J), the words "until the ownership, control, and

operation of the Bank are converted under section 410(a) of the

Rural Electrification Act of 1936 (7 U.S.C. 950(a))" are added

because of 7:943(c) and 950(a). Clause (L) is substituted for the

"Federal Housing Administration" because of section 5 of the

Department of Housing and Urban Development Act (Pub. L. 89-174, 79

Stat. 669).

1983 ACT

This amends 31:9101(2) because the National Consumer Cooperative

Bank is no longer a mixed-ownership Government corporation. Section

396(h)(1) and (i) of the Omnibus Budget Reconciliation Act of 1981

(Pub. L. 97-35, 95 Stat. 440) provided that the Bank would cease

being a mixed-ownership Government corporation on the day after the

Final Government Equity Redemption Date. Section 501(36) of the Act

of December 23, 1981 (Pub. L. 97-101, 95 Stat. 1440), provided that

the Redemption Date was December 31, 1981.

AMENDMENTS

2002 - Par. (3)(Q). Pub. L. 107-171 struck out subpar. (Q) which

read: "the Alternative Agricultural Research and Commercialization

Corporation."

1997 - Par. (2). Pub. L. 105-134 redesignated subpars. (B) to (L)

as (A) to (K), respectively, and struck out former subpar. (A)

which read: "Amtrak."

1996 - Par. (2)(J) to (M). Pub. L. 104-287, Sec. 4(2)(A), (B),

redesignated subpars. (K) to (M) as (J) to (L), respectively, and

struck out former subpar. (J), which read: "the United States

Railway Association".

Par. (3)(B). Pub. L. 104-287, Sec. 4(2)(C), substituted a period

for the semicolon at end.

Par. (3)(N). Pub. L. 104-127, Sec. 722(b)(1), and Pub. L.

104-287, Sec. 4(2)(D), amended par. (3) identically, redesignating

subpar. (N), relating to Uranium Enrichment Corporation, as (O).

Par. (3)(O). Pub. L. 104-134, which directed the amendment of

par. (3) of this section by striking out subpar. (N) as added by

section 902(b) of Pub. L. 102-486, was executed by striking out

subpar. (O), to reflect the probable intent of Congress, because of

the redesignation of that subpar. (N) as (O) by section 722(b)(1)

of Pub. L. 104-127 and section 4(2)(D) of Pub. L. 104-287. Subpar.

(O) read as follows: "the Uranium Enrichment Corporation."

Pub. L. 104-127, Sec. 722(b)(1), and Pub. L. 104-287, Sec.

4(2)(D), amended par. (3) identically, redesignating subpar. (N),

relating to Uranium Enrichment Corporation, as (O).

Par. (3)(P). Pub. L. 104-106 added subpar. (P).

Par. (3)(Q). Pub. L. 104-127, Sec. 722(b)(2), added subpar. (Q).

1994 - Par. (2)(K). Pub. L. 103-272 substituted "the" for "The".

Par. (3)(B) to (N). Pub. L. 103-325 added subpar. (B) and

redesignated former subpars. (B) to (M) as (C) to (N),

respectively.

1993 - Par. (3)(E). Pub. L. 103-82 added subpar. (E).

1992 - Par. (3)(N). Pub. L. 102-486 added subpar. (N) relating to

the Uranium Enrichment Corporation.

1989 - Par. (2)(L). Pub. L. 101-73, Sec. 501(d), added subpar.

(L).

Par. (2)(M). Pub. L. 101-73, Sec. 511(b)(1), added subpar. (M).

Par. (3)(E). Pub. L. 101-73, Sec. 307(e), struck out subpar. (E)

relating to Federal Savings and Loan Insurance Corporation.

1987 - Par. (2)(K). Pub. L. 100-86 added subpar. (K).

1983 - Par. (2)(K). Pub. L. 97-452 struck out subpar. (K) which

had already been struck out by Pub. L. 97-258. See 1982 Amendment

note below.

1982 - Par. (2)(K). Pub. L. 97-258, Sec. 2(l)(1), struck out

subpar. (K) relating to National Consumer Cooperative Bank.

EFFECTIVE DATE OF 1996 AMENDMENT

Section 3117(a) of Pub. L. 104-134 provided that the amendment

made by that section was to take effect as of the privatization

date [July 28, 1998]. For definition of that term, see section

2297h(9) of Title 42, The Public Health and Welfare.

EFFECTIVE DATE OF 1993 AMENDMENT

Amendment by Pub. L. 103-82 effective Oct. 1, 1993, see section

202(i) of Pub. L. 103-82, set out as an Effective Date note under

section 12651 of Title 42, The Public Health and Welfare.

EFFECTIVE DATE OF 1983 AMENDMENT

Amendment effective Sept. 13, 1982, see section 2(i) of Pub. L.

97-452, set out as a note under section 3331 of this title.

EFFECTIVE DATE OF 1982 AMENDMENT

Section 2(l) of Pub. L. 97-258 provided that the amendment made

by that section is effective Jan. 1, 1982.

-TRANS-

DISSOLUTION OF PENNSYLVANIA AVENUE DEVELOPMENT CORPORATION

Pennsylvania Avenue Development Corporation dissolved on or

before Apr. 1, 1996, and assets, obligations, indebtedness, and

unobligated and unexpended balances of Corporation transferred, see

Pub. L. 92-578, Sec. 3, Oct. 27, 1972, 86 Stat. 1267, as amended,

which was classified to section 872 of former Title 40, Public

Buildings, Property, and Works, prior to repeal by Pub. L. 107-217,

Sec. 6(b), Aug. 21, 2002, 116 Stat. 1304.

ABOLITION OF UNITED STATES RAILWAY ASSOCIATION AND TRANSFER OF

FUNCTIONS

The United States Railway Association was abolished effective

Apr. 1, 1987, with all powers, duties, rights, and obligations of

Association relating to Consolidated Rail Corporation under the

Regional Rail Reorganization Act of 1973 (45 U.S.C. 701 et seq.)

transferred to Secretary of Transportation on Jan. 1, 1987, and any

securities of Corporation held by Association transferred to

Secretary of Transportation on Oct. 21, 1986, see section 1341 of

Title 45, Railroads.

-MISC2-

COMPENSATION PRACTICES OF GOVERNMENT CORPORATIONS

For provisions relating to certain bonuses paid by

mixed-ownership and wholly owned corporations listed in pars. (2)

and (3) of this section, see Ex. Ord. No. 12976, Oct. 5, 1995, 60

F.R. 52829, set out as a note under section 4501 of Title 5,

Government Organization and Employees.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1105, 1344, 1352 of this

title; title 2 sections 651, 1602; title 5 sections 2302, 8147;

title 7 section 943; title 12 sections 1757, 2293; title 16 section

838i; title 40 section 502; title 41 section 601.

-End-

-CITE-

31 USC Sec. 9102 01/06/03

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TITLE 31 - MONEY AND FINANCE

SUBTITLE VI - MISCELLANEOUS

CHAPTER 91 - GOVERNMENT CORPORATIONS

-HEAD-

Sec. 9102. Establishing and acquiring corporations

-STATUTE-

An agency may establish or acquire a corporation to act as an

agency only by or under a law of the United States specifically

authorizing the action.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 1042.)

-MISC1-

HISTORICAL AND REVISION NOTES

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Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

9102 31:869(a). Dec. 6, 1945, ch. 557, Sec.

304(a), 59 Stat. 602.

--------------------------------------------------------------------

The word "agency" is substituted for "officer or agency of the

Federal Government or by any Government corporation" and "agency or

instrumentality of the United States" because of section 101 of the

revised title, for consistency, and because a Government

corporation is an "instrumentality of the United States

Government". The word "establish" is substituted for "created,

organized" to eliminate unnecessary words. The words "on or after

December 6, 1945" are omitted as executed. The words "law of the

United States" are substituted for "Act of Congress" for

consistency.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 8 section 1363a; title 19

section 2081; title 26 section 7608.

-End-

-CITE-

31 USC Sec. 9103 01/06/03

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TITLE 31 - MONEY AND FINANCE

SUBTITLE VI - MISCELLANEOUS

CHAPTER 91 - GOVERNMENT CORPORATIONS

-HEAD-

Sec. 9103. Budgets of wholly owned Government corporations

-STATUTE-

(a) Each wholly owned Government corporation shall prepare and

submit each year to the President a business-type budget in a way,

and before a date, the President prescribes by regulation for the

budget program.

(b) The budget program for each wholly owned Government

corporation shall -

(1) contain estimates of the financial condition and operations

of the corporation for the current and following fiscal years and

the condition and results of operations in the last fiscal year;

(2) contain statements of financial condition, income and

expense, and sources and use of money, an analysis of surplus or

deficit, and additional statements and information to make known

the financial condition and operations of the corporation,

including estimates of operations by major activities,

administrative expenses, borrowings, the amount of United States

Government capital that will be returned to the Treasury during

the fiscal year, and appropriations needed to restore capital

impairments; and

(3) provide for emergencies and contingencies and otherwise be

flexible so that the corporation may carry out its activities.

(c) The President shall submit the budget programs submitted by

wholly owned Government corporations (as changed by the President)

as part of the budget submitted to Congress under section 1105 of

this title. The President thereafter may submit changes in a budget

program of a corporation at any time.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 1042.)

-MISC1-

HISTORICAL AND REVISION NOTES

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Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

9103(a) 31:847(1st Dec. 6, 1945, ch. 557, Sec.

sentence). 102, 59 Stat. 598; Sept. 12,

1950, ch. 946, Sec. 105, 64

Stat. 834.

9103(b) 31:847(2d-last

sentences).

9103(c) 31:848. Dec. 6, 1945, ch. 557, Sec.

103, 59 Stat. 598.

--------------------------------------------------------------------

In subsection (a), the word "President" is substituted for

"Office of Management and Budget" because sections 101 and 102(a)

of Reorganization Plan No. 2 of 1970 (eff. July 1, 1970, 84 Stat.

2085) designated the Bureau of the Budget as the Office of

Management and Budget and transferred all functions of the Bureau

to the President. The words "in a way, and before a date, the

President prescribes by regulation for the budget program" are

substituted for "under such rules and regulations as the President

may establish as to the date of submission, the form and content,

the classifications of data, and the manner in which such budget

program shall be prepared and presented" to eliminate unnecessary

words.

In subsection (b), before clause (1), the words "budget program"

are substituted for "budget program shall be a business-type

budget, or plan of operation" for consistency and to eliminate

unnecessary words. In clause (1), the words "actual" and

"completed" are omitted as surplus. In clause (2), the words "as

are necessary or desirable", "types of", "together with", and

"funds" are omitted as surplus. In clause (3), the words "as

authorized by law" are omitted as surplus.

In subsection (c), the words "as changed" are substituted for "as

modified, amended, or revised" to eliminate unnecessary words. The

word "submit" is substituted for "transmitted" for consistency. The

word "annual" is omitted as surplus. The word "thereafter" is added

for clarity. The text of 31:848 (last par.) is omitted as

unnecessary.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5134 of this title; title

12 section 1757; title 15 section 633; title 19 section 2081; title

26 section 7608; title 42 sections 295h-3d, 4017; title 48 section

1574b; title 49 section 5334.

-End-

-CITE-

31 USC Sec. 9104 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE VI - MISCELLANEOUS

CHAPTER 91 - GOVERNMENT CORPORATIONS

-HEAD-

Sec. 9104. Congressional action on budgets of wholly owned

Government corporations

-STATUTE-

(a) Congress shall -

(1) consider budget programs for wholly owned Government

corporations the President submits;

(2) make necessary appropriations authorized by law;

(3) make corporate financial resources available for operating

and administrative expenses; and

(4) provide for repaying capital and the payment of dividends.

(b) This section does not -

(1) prevent a wholly owned Government corporation from carrying

out or financing its activities as authorized under another law;

(2) affect section 26 of the Tennessee Valley Authority Act of

1933 (16 U.S.C. 831y); or

(3) affect the authority of a wholly owned Government

corporation to make a commitment without fiscal year limitation.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 1043.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

9104(a) 31:849(1st Dec. 6, 1945, ch. 557, Sec.

sentence). 104, 59 Stat. 598; restated

July 30, 1947, ch. 358, Sec.

307, 61 Stat. 584.

9104(b) 31:849(2d, last

sentences).

--------------------------------------------------------------------

In subsection (a), the words "budget programs for wholly owned

Government corporations" are substituted for "Budget programs" for

clarity and consistency. The words "legislation . . . be enacted",

"as may be", "for expenditure", "corporate funds or other", "or

limiting the use thereof", "as the Congress may determine", and

"funds" are omitted as surplus.

In subsection (b), the word "existing" is omitted as surplus. In

clause (1), the word "another" is added for clarity. In clause (3),

the words "contracts or other" and "reference to" are omitted as

surplus.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5134 of this title; title

5 sections 3109, 5721, 7903; title 15 section 633; title 41 section

5a; title 42 sections 295h-3d, 4017; title 44 section 309; title 48

section 1574b.

-End-

-CITE-

31 USC Sec. 9105 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE VI - MISCELLANEOUS

CHAPTER 91 - GOVERNMENT CORPORATIONS

-HEAD-

Sec. 9105. Audits

-STATUTE-

(a)(1) The financial statements of Government corporations shall

be audited by the Inspector General of the corporation appointed

under the Inspector General Act of 1978 (5 U.S.C. App.), or under

other Federal law, or by an independent external auditor, as

determined by the Inspector General or, if there is no Inspector

General, by the head of the corporation.

(2) Audits under this section shall be conducted in accordance

with applicable generally accepted government auditing standards.

(3) Upon completion of the audit required by this subsection, the

person who audits the statement shall submit a report on the audit

to the head of the Government corporation, to the Chairman of the

Committee on Government Operations of the House of Representatives,

and to the Chairman of the Committee on Governmental Affairs of the

Senate.

(4) The Comptroller General of the United States -

(A) may review any audit of a financial statement conducted

under this subsection by an Inspector General or an external

auditor;

(B) shall report to the Congress, the Director of the Office of

Management and Budget, and the head of the Government corporation

which prepared the statement, regarding the results of the review

and make any recommendation the Comptroller General of the United

States considers appropriate; and

(C) may audit a financial statement of a Government corporation

at the discretion of the Comptroller General or at the request of

a committee of the Congress.

An audit the Comptroller General performs under this paragraph

shall be in lieu of the audit otherwise required by paragraph (1)

of this subsection. Prior to performing such audit, the Comptroller

General shall consult with the Inspector General of the agency

which prepared the statement.

(5) A Government corporation shall reimburse the Comptroller

General of the United States for the full cost of any audit

conducted by the Comptroller General under this subsection, as

determined by the Comptroller General. All reimbursements received

under this paragraph by the Comptroller General of the United

States shall be deposited in the Treasury as miscellaneous

receipts.

(b) Upon request of the Comptroller General of the United States,

a Government corporation shall provide to the Comptroller General

of the United States all books, accounts, financial records,

reports, files, workpapers, and property belonging to or in use by

the Government corporation and its auditor that the Comptroller

General of the United States considers necessary to the performance

of any audit or review under this section.

(c) Activities of the Comptroller General of the United States

under this section are in lieu of any audit of the financial

transactions of a Government corporation that the Comptroller

General is required to make under any other law.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 1043; Pub. L. 100-86,

title IV, Sec. 403, Aug. 10, 1987, 101 Stat. 609; Pub. L. 100-233,

title VII, Sec. 703, Jan. 6, 1988, 101 Stat. 1706; Pub. L. 100-399,

title VI, Sec. 602, Aug. 17, 1988, 102 Stat. 1006; Pub. L. 101-73,

title V, Sec. 511(b)(2), Aug. 9, 1989, 103 Stat. 406; Pub. L.

101-576, title III, Sec. 305, Nov. 15, 1990, 104 Stat. 2853; Pub.

L. 103-82, title II, Sec. 202(e)(2), Sept. 21, 1993, 107 Stat.

888.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

9105(a) 31:850(1st sentence Dec. 6, 1945, ch. 557, Sec.

1st-16th, 30th-46th 105, 59 Stat. 599; Aug. 30,

words, 4th-last 1964, Pub. L. 88-518, Sec.

sentences). 2(a), 78 Stat. 698; Jan. 2,

1975, Pub. L. 93-604, Sec.

601(a), 88 Stat. 1962.

31:857(1st sentence Dec. 6, 1945, ch. 557, Sec.

1st-26th, 39th-last 202, 59 Stat. 600; Aug. 30,

words, 4th-last 1964, Pub. L. 88-518, Sec.

sentences). 1(a), 78 Stat. 698; Jan. 2,

1975, Pub. L. 93-604, Sec.

601(c), 88 Stat. 1962.

9105(b) 31:866(a)(last Dec. 6, 1945, ch. 557, Sec.

proviso), (b). 301, 59 Stat. 601.

9105(c) 31:850(1st sentence

17th-29th words,

2d, 3d sentences).

31:857(1st sentence

27th-38th words,

2d, 3d sentences).

9105(d) 31:850(1st sentence

proviso).

9105(e) 31:866(a)(words

before 1st comma,

1st proviso), (d).

9105(f) 31:866(c).

9105(g) 31:866(a)(words

between 1st comma

and 1st proviso).

--------------------------------------------------------------------

In the section, the words "Comptroller General" are substituted

for "General Accounting Office" for consistency.

In subsection (a), the words "rules and . . . of the United

States" are omitted as surplus. The words "United States" are added

for consistency. The text of 31:850(4th sentence) and 857(4th

sentence) and the words "Effective July 1, 1974" are omitted as

executed.

In subsection (b)(1), the words "pursuant to law" are omitted as

surplus.

In subsection (b)(2), the words "may make a contract" are

substituted for "is authorized in his discretion to employ by

contract" to eliminate unnecessary words.

In subsection (c), before clause (1), the words "at the place or

places" and "of the respective corporations" are omitted as

surplus. The words "A Government corporation shall" are added for

clarity. In clause (1), the words "make available . . . for audit

all records" are substituted for "The representatives of . . .

shall have access to all books, accounts, financial records,

reports, files, and all other papers" for consistency and because

of the restatement. The words "things, or" are omitted because they

are included in "property". In clause (2), the word "full" is

omitted as surplus.

Subsection (d) is substituted for 31:850(1st sentence proviso

words before 7th comma) because of the restatement.

In subsection (e), the words "The Comptroller General shall pay

the cost of an audit" are substituted for "The expenses of auditing

the financial transactions of wholly owned and mixed-ownership

Government corporations as provided in sections 850 and 857 of this

title shall be borne out of appropriations to the General

Accounting Office" to eliminate unnecessary words. The words "full"

and "otherwise . . . funds of any . . . be used to . . . of the

offices" are omitted as surplus. The words "except the cost of such

audits contracted for and undertaken prior to April 25, 1945" are

omitted as executed.

Subsection (g) is substituted for 31:866(a)(words between 1st

comma and 1st proviso) for clarity and consistency.

-REFTEXT-

REFERENCES IN TEXT

The Inspector General Act of 1978, referred to in subsec. (a)(1),

is Pub. L. 95-452, Oct. 12, 1978, 92 Stat. 1101, as amended, which

is set out in the Appendix to Title 5, Government Organization and

Employees.

-MISC2-

AMENDMENTS

1993 - Subsec. (a)(1). Pub. L. 103-82 inserted ", or under other

Federal law," before "or by an independent".

1990 - Pub. L. 101-576 amended section generally. Prior to

amendment, section required Comptroller General to audit financial

transactions of Government corporations at least once every 3

years, the Federal Savings and Loan Insurance Corporation and

Federal home loan banks each year, the Federal Asset Disposition

Association and the Federal Agricultural Mortgage Corporation as

necessary; suggested that Comptroller General in conducting an

audit use reports of examinations of Government corporation by

supervising administrative agency and authorized Comptroller

General to contract for professional services; required audits to

be conducted consistent with principles and procedures applicable

to commercial corporate transactions; set forth responsibility for

payment of audit cost, and authorized appropriations.

1989 - Subsec. (a)(2). Pub. L. 101-73 struck out "Federal Savings

and Loan Insurance Corporation and" after "The Comptroller General

shall audit the" and inserted sentence at end requiring the

Comptroller General to audit the Resolution Funding Corporation

annually.

1988 - Subsec. (a)(4). Pub. L. 100-399 substituted "Corporation"

for "Association" in subpar. (B)(i).

Pub. L. 100-233 added par. (4).

1987 - Subsec. (a)(3). Pub. L. 100-86 added par. (3).

-CHANGE-

CHANGE OF NAME

Committee on Government Operations of House of Representatives

treated as referring to Committee on Government Reform and

Oversight of House of Representatives by section 1(a) of Pub. L.

104-14, set out as a note preceding section 21 of Title 2, The

Congress. Committee on Government Reform and Oversight of House of

Representatives changed to Committee on Government Reform of House

of Representatives by House Resolution No. 5, One Hundred Sixth

Congress, Jan. 6, 1999.

-MISC3-

EFFECTIVE DATE OF 1993 AMENDMENT

Amendment by Pub. L. 103-82 effective Oct. 1, 1993, see section

202(i) of Pub. L. 103-82, set out as an Effective Date note under

section 12651 of Title 42, The Public Health and Welfare.

EFFECTIVE DATE OF 1988 AMENDMENT

Amendment by Pub. L. 100-399 effective as if enacted immediately

after enactment of Pub. L. 100-233, which was approved Jan. 6,

1988, see section 1001(a) of Pub. L. 100-399, set out as a note

under section 2002 of Title 12, Banks and Banking.

DEPOSIT OF FUNDS REIMBURSED TO COMPTROLLER GENERAL TO APPROPRIATION

OF GENERAL ACCOUNTING OFFICE

Pub. L. 106-57, title II, Sept. 29, 1999, 113 Stat. 426, provided

in part: "That notwithstanding 31 U.S.C. 9105 hereafter amounts

reimbursed to the Comptroller General pursuant to that section

shall be deposited to the appropriation of the General Accounting

Office then available and remain available until expended".

Similar provisions were contained in the following prior

appropriation acts:

Pub. L. 105-275, title II, Oct. 21, 1998, 112 Stat. 2450.

Pub. L. 105-55, title II, Oct. 7, 1997, 111 Stat. 1196.

Pub. L. 104-197, title II, Sept. 16, 1996, 110 Stat. 2411.

Pub. L. 104-53, title II, Nov. 19, 1995, 109 Stat. 534.

Pub. L. 103-283, title II, July 22, 1994, 108 Stat. 1440.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 9106 of this title; title

12 sections 1431, 1441, 1441a, 1441b, 1789, 4716; title 16 sections

450ss-3, 698v-4, 831n-4, 838i; title 22 section 3723.

-End-

-CITE-

31 USC Sec. 9106 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE VI - MISCELLANEOUS

CHAPTER 91 - GOVERNMENT CORPORATIONS

-HEAD-

Sec. 9106. Management reports

-STATUTE-

(a)(1) A Government corporation shall submit an annual management

report to the Congress not later than 180 days after the end of the

Government corporation's fiscal year.

(2) A management report under this subsection shall include -

(A) a statement of financial position;

(B) a statement of operations;

(C) a statement of cash flows;

(D) a reconciliation to the budget report of the Government

corporation, if applicable;

(E) a statement on internal accounting and administrative

control systems by the head of the management of the corporation,

consistent with the requirements for agency statements on

internal accounting and administrative control systems under the

amendments made by the Federal Managers' Financial Integrity Act

of 1982 (Public Law 97-255);

(F) the report resulting from an audit of the financial

statements of the corporation conducted under section 9105 of

this title; and

(G) any other comments and information necessary to inform the

Congress about the operations and financial condition of the

corporation.

(b) A Government corporation shall provide the President, the

Director of the Office of Management and Budget, and the

Comptroller General of the United States a copy of the management

report when it is submitted to Congress.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 1044; Pub. L. 101-576,

title III, Sec. 306(a), Nov. 15, 1990, 104 Stat. 2854.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

9106(a) 31:851(1st-3d Dec. 6, 1945, ch. 557, Sec.

sentences). 106, 59 Stat. 599; Aug. 30,

1964, Pub. L. 88-518, Sec.

2(b), 78 Stat. 698; Jan. 2,

1975, Pub. L. 93-604, Sec.

601(b), 88 Stat. 1962.

31:858(1st-3d Dec. 6, 1945, ch. 557, Sec.

sentences). 203, 59 Stat. 600; Aug. 30,

1964, Pub. L. 88-518, Sec.

1(b), 78 Stat. 698; Jan. 2,

1975, Pub. L. 93-604, Sec.

601(d), 88 Stat. 1963.

9106(b) 31:851(last

sentence).

31:858(last

sentence).

--------------------------------------------------------------------

In subsection (a), before clause (1), the words "of a Government

corporation" are added for clarity. In clause (5), the words

"program, expenditure, or other", "observed in the course of the

audit", and "of law" are omitted as surplus. In clause (6), the

word "statement" is substituted for "report" for consistency. The

words "noted in the audit" are omitted as surplus. The word "made"

is substituted for "accomplished" for consistency. In clause (7),

the word "other" is added for clarity because of the restatement.

The words "with respect thereto" are omitted as surplus.

In subsection (b), the words "The Comptroller General" are added

for clarity.

-REFTEXT-

REFERENCES IN TEXT

The Federal Managers' Financial Integrity Act of 1982, referred

to in subsec. (a)(2)(E), is Pub. L. 97-255, Sept. 8, 1982, 96 Stat.

814, which added subsec. (d) to section 66a of former Title 31,

Money and Finance. Section 66a of former Title 31 was repealed by

Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1068, and

reenacted by the first section thereof as section 3512 of this

title. Provisions relating to statements on internal accounting and

administrative control systems are restated in section 3512(d)(2)

and (3) of this title.

-MISC2-

AMENDMENTS

1990 - Pub. L. 101-576 substituted "Management" for "Audit" in

section catchline and amended text of section generally. Prior to

amendment, section read as follows:

"(a) The Comptroller General shall submit to Congress a report on

each audit of a Government corporation under section 9105 of this

title not later than 6.5 months after the end of the last year

covered by the audit. The report shall state the scope of the audit

and include -

"(1) a statement (showing intercorporate relations) of assets,

liabilities, capital, and surplus or deficit;

"(2) a statement of surplus or deficit analysis;

"(3) a statement of income and expenditures;

"(4) a statement of sources and the use of money;

"(5) specifically each financial transaction or undertaking the

Comptroller General believes was carried out or made without

authority of law;

"(6) comments and information the Comptroller General considers

necessary to keep Congress informed about the operations and

financial condition of the Government corporation, including a

statement of impaired capital noticed and recommendations for the

return of capital of the United States Government or the payment

of dividends the Comptroller General believes should be made; and

"(7) other recommendations the Comptroller General considers

advisable.

"(b) The Comptroller General shall give the President, the

Secretary of the Treasury, and the Government corporation a copy of

the report when it is submitted to Congress."

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 16 sections 831n-4, 838i;

title 22 section 2199; title 42 section 12651d.

-End-

-CITE-

31 USC Sec. 9107 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE VI - MISCELLANEOUS

CHAPTER 91 - GOVERNMENT CORPORATIONS

-HEAD-

Sec. 9107. Accounts

-STATUTE-

(a) With the approval of the Comptroller General, a Government

corporation may consolidate its cash into an account if the cash

will be expended as provided by law.

(b) The Secretary of the Treasury shall keep the accounts of a

Government corporation. If the Secretary approves, a Federal

reserve bank or a bank designated as a depositary or fiscal agent

of the United States Government may keep the accounts. The

Secretary may waive the requirements of this subsection.

(c)(1) Subsection (b) of this section does not apply to

maintaining a temporary account of not more than $50,000 in one

bank.

(2) Subsection (b) of this section does not apply to a

mixed-ownership Government corporation when the corporation has no

capital of the Government.

(3) Subsection (b) of this section does not apply to the Federal

Intermediate Credit Banks, the Central Bank for Cooperatives, the

Regional Banks for Cooperatives, or the Federal Land Banks.

However, the head of each of those banks shall report each year to

the Secretary the names of depositaries where accounts are kept. If

the Secretary considers it advisable when an annual report is

received, the Secretary may make a written report to the

corporation, the President, and Congress.

-SOURCE-

(Pub. L. 97-258, Secs. 1, 2(l)(2), Sept. 13, 1982, 96 Stat. 1044,

1062; Pub. L. 97-452, Sec. 1(27), Jan. 12, 1983, 96 Stat. 2478.)

-MISC1-

HISTORICAL AND REVISION NOTES

1982 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

9107(a) 31:870. Aug. 24, 1949, ch. 506, Sec.

309, 63 Stat. 662.

9107(b) 31:867(1st sentence Dec. 6, 1945, ch. 577, Sec.

less last proviso). 302, 59 Stat. 601; July 26,

1956, ch. 741, Sec. 201(a)(4),

70 Stat. 667; Aug. 20, 1978,

Pub. L. 95-351, Sec. 301(b),

92 Stat. 514; Aug. 13, 1981,

Pub. L. 97-35, Sec. 396(h)(2),

95 Stat. 440.

9107(c)( 31:867(1st sentence

1) last proviso).

9107(c)( 31:868(d)(1st Dec. 6, 1945, ch. 577, Sec.

2) sentence related to 303(d)(1st sentence related to

31:867). Sec. 302), 59 Stat. 602.

9107(c)( 31:867(last

3) sentence).

--------------------------------------------------------------------

In subsection (a), the words "After June 30, 1949" are omitted as

executed. The words "Government corporation" are substituted for

"corporations or agencies subject to this chapter" because of

section 9101(1) of the revised title. The words "notwithstanding

the provisions of any other law", "or more . . . for banking and

checking purposes", and "including amounts appropriated, from

whatever source derived" are omitted as surplus. The words "if the

cash will be expended as provided by law" are substituted for

31:870(proviso) to eliminate unnecessary words.

In subsections (b) and (c), the words "banking or checking" are

omitted as surplus.

In subsection (b), the words "Secretary of the Treasury" are

substituted for "Treasurer of the United States" because of the

source provisions restated in section 321(c) of the revised title.

The words "wholly owned and mixed-ownership" and "under such

conditions as he may determine" are omitted as surplus.

In subsection (c)(1), the words "establishment and" and "in any

one bank" are omitted as surplus.

In subsection (c)(3), the words "head of each" are added for

consistency.

1983 ACT

This amends 31:9107(c)(3) and 9108(d)(2) because the National

Consumer Cooperative Bank is no longer a mixed-ownership Government

corporation. Section 396(h)(2) and (3) and (i) of the Omnibus

Budget Reconciliation Act of 1981 (Pub. L. 97-35, 95 Stat. 440)

provided that references to the Bank in sections 302 and 303(d)(2d

sentence) of the Government Corporation Control Act would be

deleted on the day after the Final Government Equity Redemption

Date. Section 501(36) of the Act of December 23, 1981 (Pub. L.

97-101, 95 Stat. 1440), provided that the Redemption Date was

December 31, 1981.

AMENDMENTS

1983 - Subsec. (c)(3). Pub. L. 97-452 struck out "the National

Consumer Cooperative Bank," after "Regional Banks for

Cooperatives," which had already been struck out by Pub. L. 97-258.

See 1982 Amendment note below.

1982 - Subsec. (c)(3). Pub. L. 97-258, Sec. 2(l)(2), struck out

"the National Consumer Cooperative Bank," after "Regional Banks for

Cooperatives,".

EFFECTIVE DATE OF 1983 AMENDMENT

Amendment effective Sept. 13, 1982, see section 2(i) of Pub. L.

97-452, set out as a note under section 3331 of this title.

EFFECTIVE DATE OF 1982 AMENDMENT

Section 2(l) of Pub. L. 97-258 provided that the amendment made

by such section is effective Jan. 1, 1982.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 12 sections 1431, 1441,

1441a, 1441b, 4703; title 49 section 5334.

-End-

-CITE-

31 USC Sec. 9108 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE VI - MISCELLANEOUS

CHAPTER 91 - GOVERNMENT CORPORATIONS

-HEAD-

Sec. 9108. Obligations

-STATUTE-

(a) Before a Government corporation issues obligations and offers

obligations to the public, the Secretary of the Treasury shall

prescribe -

(1) the form, denomination, maturity, interest rate, and

conditions to which the obligations will be subject;

(2) the way and time the obligations are issued; and

(3) the price for which the obligations will be sold.

(b) A Government corporation may buy or sell a direct obligation

of the United States Government, or an obligation on which the

principal, interest, or both, is guaranteed, of more than $100,000

only when the Secretary approves the purchase or sale. The

Secretary may waive the requirement of this subsection under

conditions the Secretary may decide.

(c) The Secretary may designate an officer or employee of an

agency to carry out this section if the head of the agency agrees.

(d)(1) This section does not apply to a mixed-ownership

Government corporation when the corporation has no capital of the

Government.

(2) Subsections (a) and (b) of this section do not apply to the

Rural Telephone Bank (when the ownership, control, and operation of

the Bank are converted under section 410(a) of the Rural

Electrification Act of 1936 (7 U.S.C. 950(a))), the Federal

Intermediate Credit Banks, the Central Bank for Cooperatives, the

Regional Banks for Cooperatives, and the Federal Land Banks.

However, the head of each of those banks shall consult with the

Secretary before taking action of the kind described in subsection

(a) or (b). If agreement is not reached, the Secretary may make a

written report to the corporation, the President, and Congress on

the reasons for the Secretary's disagreement.

-SOURCE-

(Pub. L. 97-258, Secs. 1, 2(l)(2), Sept. 13, 1982, 96 Stat. 1045,

1062; Pub. L. 97-452, Sec. 1(27), Jan. 12, 1983, 96 Stat. 2478.)

-MISC1-

HISTORICAL AND REVISION NOTES

1982 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

9108(a) 31:868(a). Dec. 6, 1945, ch. 557, Sec.

303(less (d)(1st sentence

related to Sec. 302)), 59

Stat. 601; July 26, 1956, ch.

741, Sec. 201(a)(4), 70 Stat.

667; May 7, 1971, Pub. L.

92-12, Sec. 5, 85 Stat. 37;

Aug. 20, 1978, Pub. L. 95-351,

Sec. 301(c), 92 Stat. 514;

Aug. 13, 1981, Pub. L. 97-35,

Sec. 396(h)(3), 95 Stat. 441.

9108(b) 31:868(b).

9108(c) 31:868(c).

9108(d) 31:868(d)(less 1st

sentence related to

31:867).

--------------------------------------------------------------------

In subsections (a) and (b), the words "on or after December 6,

1945" are omitted as executed. The words "wholly owned or

mixed-ownership" are omitted because of section 9101(1) of the

revised title.

In subsection (a), before clause (1), the word "Before" is

substituted for "which are" for clarity. The words "bonds, notes,

debentures, and other similar" are omitted as surplus. The words

"as have been" are omitted as executed. In clause (1), the words

"terms and" are omitted as surplus. The restatement of the source

provisions does not affect other existing laws.

In subsection (b), the word "Government" is added for

consistency. The words "for its own account and in its own right

and interest, at any one time aggregating" and "his approval with

respect to any transaction or classes of transactions subject to

the provisions of . . . for such period of time and" are omitted as

surplus.

In subsection (c), the word "agency" is substituted for "Federal

agency" because of section 101 of the revised title. The words "any

of the functions vested in him by" and "for such purpose" are

omitted as surplus.

In subsection (d)(2), the words "(when the ownership, control,

and operation of the Bank are converted under section 410(a) of the

Rural Electrification Act of 1936 (7 U.S.C. 950(a)))" are added

because of 7:943(c) and 950(a). The words "head of each" are added

for consistency. The words "be required to" are omitted as surplus.

1983 ACT

This amends 31:9107(c)(3) and 9108(d)(2) because the National

Consumer Cooperative Bank is no longer a mixed-ownership Government

corporation. Section 396(h)(2) and (3) and (i) of the Omnibus

Budget Reconciliation Act of 1981 (Pub. L. 97-35, 95 Stat. 440)

provided that references to the Bank in sections 302 and 303(d)(2d

sentence) of the Government Corporation Control Act would be

deleted on the day after the Final Government Equity Redemption

Date. Section 501(36) of the Act of December 23, 1981 (Pub. L.

97-101, 95 Stat. 1440), provided that the Redemption Date was

December 31, 1981.

AMENDMENTS

1983 - Subsec. (d)(2). Pub. L. 97-452 struck out "the National

Consumer Cooperative Bank," after "the Regional Banks for

Cooperatives," which had already been struck out by Pub. L. 97-258.

See 1982 Amendment note below.

1982 - Subsec. (d)(2). Pub. L. 97-258, Sec. 2(l)(2), struck out

"the National Consumer Cooperative Bank," after "Regional Banks for

Cooperatives,".

EFFECTIVE DATE OF 1983 AMENDMENT

Amendment by Pub. L. 97-452 effective Sept. 13, 1982, see section

2(i) of Pub. L. 97-452, set out as a note under section 3331 of

this title.

EFFECTIVE DATE OF 1982 AMENDMENT

Section 2(l) of Pub. L. 97-258 provided that the amendment made

by such section is effective Jan. 1, 1982.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 12 sections 1431, 1441,

1441a, 1441b.

-End-

-CITE-

31 USC Sec. 9109 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE VI - MISCELLANEOUS

CHAPTER 91 - GOVERNMENT CORPORATIONS

-HEAD-

Sec. 9109. Exclusion of a wholly owned Government corporation from

this chapter

-STATUTE-

When the President considers it practicable and in the public

interest, the President shall include in the budget submitted to

Congress under section 1105 of this title a recommendation that a

wholly owned Government corporation be deemed to be an agency

(except a corporation) under chapter 11 of this title and for

fiscal matters. If Congress approves the recommendation, the

corporation is deemed to be an agency (except a corporation) under

chapter 11 and for fiscal matters for fiscal years beginning after

the fiscal year of approval and is not subject to this chapter. The

corporate entity is not affected by this section.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 1045.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

9109 31:852. Dec. 6, 1945, ch. 577, Sec.

107, 59 Stat. 599.

--------------------------------------------------------------------

The word "President" is substituted for "Director of the Office

of Management and Budget" because sections 101 and 102(a) of

Reorganization Plan No. 2 of 1970 (eff. July 1, 1970, 84 Stat.

2085) designated the Bureau of the Budget as the Office of

Management and Budget and transferred all functions of the Bureau

to the President. The words "with the approval of the President"

are omitted because of the restatement. The word "considers" is

substituted for "deemed" for consistency. The words "in connection

with the budget program of such corporation" are omitted as

surplus. The words "submitted to Congress under section 1105 of

this title" are added for clarity. The words "deemed to be" are

substituted for "treated . . . as if it were" for consistency. The

word "agency" is substituted for "Government agency" and

"establishment" because of section 101 of the revised title and for

consistency. The words "if it were", "appropriations, expenditures,

receipts, accounts, and other", and "in connection with the budget

program for any fiscal year" are omitted as surplus. The words

"deemed to be" are substituted for "regarded as" for consistency.

-End-

-CITE-

31 USC Sec. 9110 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE VI - MISCELLANEOUS

CHAPTER 91 - GOVERNMENT CORPORATIONS

-HEAD-

Sec. 9110. Standards for depository institutions holding securities

of a Government-sponsored corporation for customers

-STATUTE-

(a) The Secretary shall prescribe by regulation standards for the

safeguarding and use of obligations that are government securities

described in subparagraph (B) or (C) of section 3(a)(42) of the

Securities Exchange Act of 1934. Such regulations shall apply only

to a depository institution that is not a government securities

broker or a government securities dealer and that holds such

obligations as fiduciary, custodian, or otherwise for the account

of a customer and not for its own account. Such regulations shall

provide for the adequate segregation of obligations so held,

including obligations which are purchased or sold subject to resale

or repurchase.

(b) Violation of a regulation prescribed under subsection (a)

shall constitute adequate basis for the issuance of an order under

section 5239(a) or (b) of the Revised Statutes (12 U.S.C. 93(a) or

(b)), section 8(b) or 8(c) of the Federal Deposit Insurance Act,

section 5(d)(2) or 5(d)(3) (!1) of the Home Owners' Loan Act of

1933, section 407(e) or 407(f) (!1) of the National Housing Act, or

section 206(e) or 206(f) of the Federal Credit Union Act. Such an

order may be issued with respect to a depository institution by its

appropriate regulatory agency and with respect to a federally

insured credit union by the National Credit Union Administration.

(c) Nothing in this section shall be construed to affect in any

way the powers of such agencies under any other provision of law.

(d) The Secretary shall, prior to adopting regulations under this

section, determine with respect to each appropriate regulatory

agency and the National Credit Union Administration Board, whether

its rules and standards adequately meet the purposes of regulations

to be promulgated under this section, and if the Secretary so

determines, shall exempt any depository institution subject to such

rules or standards from the regulations promulgated under this

section.

(e) As used in this subsection -

(1) "depository institution" has the meaning stated in clauses

(i) through (vi) of section 19(b)(1)(A) of the Federal Reserve

Act and also includes a foreign bank, an agency or branch of a

foreign bank, and a commercial lending company owned or

controlled by a foreign bank (as such terms are defined in the

International Banking Act of 1978).

(2) "government securities broker" has the meaning prescribed

in section 3(a)(43) of the Securities Exchange Act of 1934.

(3) "government securities dealer" has the meaning prescribed

in section 3(a)(44) of the Securities Exchange Act of 1934.

(4) "appropriate regulatory agency" has the meaning prescribed

in section 3(a)(34)(G) of the Securities Exchange Act of 1934.

-SOURCE-

(Added Pub. L. 99-571, title II, Sec. 201(b)(1), Oct. 28, 1986, 100

Stat. 3223; amended Pub. L. 103-272, Sec. 4(f)(1)(AA), July 5,

1994, 108 Stat. 1363.)

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REFERENCES IN TEXT

Section 3(a)(34)(G), (42)(B), (C), (43), (44) of the Securities

Exchange Act of 1934, referred to in subsecs. (a) and (e)(2)-(4),

is classified to section 78c(a)(34)(G), (42)(B), (C), (43), (44) of

Title 15, Commerce and Trade.

Section 8(b) or 8(c) of the Federal Deposit Insurance Act,

referred to in subsec. (b), is classified to section 1818(b), (c)

of Title 12, Banks and Banking.

Section 5(d)(2) or 5(d)(3) of the Home Owners' Loan Act of 1933,

referred to in subsec. (b), is classified to section 1464(d)(2),

(3) of Title 12, but was amended generally by Pub. L. 101-73, title

III, Sec. 301, Aug. 9, 1989, 103 Stat. 282, and no longer relates

to issuance of orders. See section 1464(d)(1) of Title 12.

Section 407 of the National Housing Act, referred to in subsec.

(b), which was classified to section 1730 of Title 12, was repealed

by Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat. 363.

Section 206(e) or 206(f) of the Federal Credit Union Act,

referred to in subsec. (b), is classified to section 1786(e), (f)

of Title 12.

Clauses (i) through (vi) of subparagraph [section] 19(b)(1)(A) of

the Federal Reserve Act, referred to in subsec. (e)(1), are

classified to section 461(b)(1)(A)(i) to (vi) of Title 12.

The International Banking Act of 1978, referred to in subsec.

(e)(1), is Pub. L. 95-369, Sept. 17, 1978, 92 Stat. 607, which

enacted sections 347d, 611a, and 3101 to 3111 of Title 12, amended

sections 72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820,

1821, 1822, 1823, 1828, 1829b, 1831b, and 1841 of Title 12, and

enacted provisions set out as notes under sections 36, 247, 601,

611a, and 3101 of Title 12. For complete classification of this Act

to the Code, see Short Title note set out under section 3101 of

Title 12 and Tables.

-MISC1-

AMENDMENTS

1994 - Subsec. (e)(1). Pub. L. 103-272 substituted "section" for

"subparagraph".

EFFECTIVE DATE; PROMULGATION OF REGULATIONS

Section effective 270 days after Oct. 28, 1986, except that the

Secretary of the Treasury and each appropriate regulatory agency

shall publish for notice and public comment within 120 days after

Oct. 28, 1986, initial implementing regulations to become effective

as temporary regulations 210 days after Oct. 28, 1986, and as final

regulations not later than 270 days after Oct. 28, 1986, see title

IV of Pub. L. 99-571, set out as a note under section 78o-5 of

Title 15, Commerce and Trade.

TRANSITIONAL AND SAVINGS PROVISIONS

For transitional and savings provisions of Pub. L. 99-571, see

section 301 of Pub. L. 99-571, set out as a note under section

78o-5 of Title 15, Commerce and Trade.

-FOOTNOTE-

(!1) See References in Text note below.

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