26 U.S.C. § 9602 — Management of Trust Funds
submitted 45 years ago by Pub. L. 97-119 to r/title-26-INTERNAL-REVENUE-CODE · 241 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
It shall be the duty of the Secretary of the Treasury* to hold each Trust Fund* established by subchapter A, and (after consultation with any other trustees of the Trust Fund) to report to the Congress each year on the financial condition and the results of the operations of each such Trust Fund during the preceding fiscal year* and on its expected condition and operations during the next 5 fiscal years. Such report shall be printed as a House document of the session of the Congress to which the report is made.
It shall be the duty of the Secretary* of the Treasury to invest such portion of any Trust Fund established by subchapter A as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States. For such purpose, such obligations may be acquired—
on original issue at the issue price, or
by purchase of outstanding obligations at the market price.
Any obligation acquired by a Trust Fund established by subchapter A may be sold by the Secretary of the Treasury at the market price.
The interest on, and the proceeds from the sale or redemption of, any obligations held in a Trust Fund established by subchapter A shall be credited to and form a part of the Trust Fund.
Source credit: (Added Pub. L. 97–119, title I, § 103(a), Dec. 29, 1981, 95 Stat. 1638.)
- 1981Enacted · Pub. L. 97-119 · 95 Stat. 1638
A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-119 on 1981-12-29.
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