[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 31USC9108]
TITLE 31--MONEY AND FINANCE
SUBTITLE VI--MISCELLANEOUS
CHAPTER 91--GOVERNMENT CORPORATIONS
Sec. 9108. Obligations
(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.
(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.)
Historical and Revision Notes
1982 Act
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Revised Section Source (U.S. Code) Source (Statutes at Large)
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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).
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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,''.
