§ 1701m. — Credit and cancellation of notes transferred from Reconstruction Finance Corporation; net loss computation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1701m]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
Sec. 1701m. Credit and cancellation of notes transferred from
Reconstruction Finance Corporation; net loss computation
The Secretary of the Treasury is authorized and directed from time
to time to credit and cancel the note or notes of the Housing and Home
Finance Administrator executed and delivered in connection with loans
transferred from the Reconstruction Finance Corporation to the Housing
and Home Finance Agency pursuant to Reorganization Plan Numbered 23 of
1950 (64 Stat. 1279), to the extent of the net loss, as determined by
the Secretary of the Treasury, sustained by said Agency in the
liquidation of defaulted loans. The net loss shall be the sum of the
unpaid principal and advances for care and preservation of collateral,
together with accrued and unpaid interest on said principal and
advances, and all expenses and costs (other than those subject to
administrative expense limitations) in connection with the liquidation
of defaulted loans, less the amount actually realized by the Housing and
Home Finance Agency on account of such defaulted loans.
(July 14, 1952, ch. 723, Sec. 9, 66 Stat. 603.)
References in Text
Reorganization Plan Numbered 23 of 1950, referred to in text, is set
out in the Appendix to Title 5, Government Organization and Employees.
Codification
Section was enacted as part of the Housing Act of 1952, and not as
part of the National Housing Act which comprises this chapter.
Transfer of Functions
Functions, powers, and duties of Housing and Home Finance Agency and
its Administrator transferred to and vested in Secretary of Housing and
Urban Development by Pub. L. 89-174, Sec. 5, Sept. 9, 1965, 79 Stat.
669, classified to section 3534 of Title 42, The Public Health and
Welfare.
Termination, Liquidation, and Abolition of Reconstruction Finance
Corporation
Section 6(a) of Reorg. Plan No. 1 of 1957, eff. June 30, 1957, 22
F.R. 4633, 71 Stat. 647, set out in the Appendix to Title 5, Government
Organization and Employees, abolished Reconstruction Finance
Corporation.
Termination on June 30, 1954, of Reconstruction Finance Corporation
and liquidation thereof, see sections 608 and 609 of Title 15, Commerce
and Trade, and notes thereunder.
