§ 9107. — Accounts.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 31USC9107]
TITLE 31--MONEY AND FINANCE
SUBTITLE VI--MISCELLANEOUS
CHAPTER 91--GOVERNMENT CORPORATIONS
Sec. 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.
(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.)
Historical and Revision Notes
1982 Act
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Revised Section Source (U.S. Code) Source (Statutes at Large)
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9107(a).............................. 31:870. Aug. 24, 1949, ch. 506, Sec. 309, 63
Stat. 662.
9107(b).............................. 31:867(1st sentence less last Dec. 6, 1945, ch. 577, Sec. 302, 59
proviso). 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)(1)........................... 31:867(1st sentence last
proviso).
9107(c)(2)........................... 31:868(d)(1st sentence related Dec. 6, 1945, ch. 577, Sec. 303(d)(1st
to 31:867). sentence related to Sec. 302), 59 Stat.
602.
9107(c)(3)........................... 31:867(last sentence).
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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.
Section Referred to in Other Sections
This section is referred to in title 12 sections 1431, 1441, 1441a,
1441b, 4703; title 49 section 5334.
