Statutes, codes, and regulations
United States Code
Title 31 - MONEY AND FINANCESubtitle VI - MISCELLANEOUS
Chapter 91 - GOVERNMENT CORPORATIONS
Section 9107 - Accounts

31 U.S.C. § 9107

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Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)
Section 9107 - Accounts
(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.

31 U.S.C. § 9107

Pub. L. 97-258, §§1, 2(l)(2), Sept. 13, 1982, 96 Stat. 1044, 1062; Pub. L. 97-452, §1(27), Jan. 12, 1983, 96 Stat. 2478.

HISTORICAL AND REVISION NOTES 1982 ACT
Revised SectionSource (U.S. Code)Source (Statutes at Large)
9107(a)31:870.Aug. 24, 1949, ch. 506, §309, 63 Stat. 662.
9107(b)31:867(1st sentence less last proviso).Dec. 6, 1945, ch. 577, §302, 59 Stat. 601; July 26, 1956, ch. 741, §201(a)(4), 70 Stat. 667; Aug. 20, 1978, Pub. L. 95-351, §301(b), 92 Stat. 514; Aug. 13, 1981, Pub. L. 97-35 §396(h)(2), 95 Stat. 440.
9107(c)(1)31:867(1st sentence last proviso).
9107(c)(2)31:868(d)(1st sentence related to 31:867).Dec. 6, 1945, ch. 577, §303(d)(1st sentence related to §302), 59 Stat. 602.
9107(c)(3)31:867(last 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 ACTThis 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.

EDITORIAL NOTES

AMENDMENTS1983-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, §2(l)(2), struck out "the National Consumer Cooperative Bank," after "Regional Banks for Cooperatives,".

STATUTORY NOTES AND RELATED SUBSIDIARIES

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 AMENDMENTPub. L. 97-258, §2(l), Sept. 13, 1982, 96 Stat. 1062, provided that the amendment made by such section is effective Jan. 1, 1982.

Government corporation
"Government corporation" means a mixed-ownership Government corporation and a wholly owned Government corporation.
mixed-ownership Government corporation
"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 Financing Corporation.(I) the Resolution Trust Corporation.(J) the Resolution Funding Corporation.