12 U.S.C. § 2287 — Initial capital
submitted 53 years ago by Pub. L. 93-224 to r/title-12-BANKS-AND-BANKING · 121 words · no verdicts yet
This section addresses initial capital. It sets out the specific duties, powers, limits, definitions, or other rules stated in its provisions.
The Secretary of the Treasury may advance the funds necessary to provide initial capital to the Bank*. Each such advance must be upon such terms and conditions as to yield a return at a rate not less than a rate determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturity. Interest payments on such advances may be deferred, at the discretion of the Secretary, but any such deferred payments must themselves bear interest at the rate specified in this section. There may be appropriated not to exceed $100,000,000, which must be available for the purposes of this section without fiscal year limitation.
The Secretary of the Treasury is authorized to advance the funds necessary to provide initial capital to the Bank*. Each such advance shall be upon such terms and conditions as to yield a return at a rate not less than a rate determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturity. Interest payments on such advances may be deferred, at the discretion of the Secretary, but any such deferred payments shall themselves bear interest at the rate specified in this section. There is authorized to be appropriated not to exceed $100,000,000, which shall be available for the purposes of this section without fiscal year limitation.
Source credit: (Pub. L. 93–224, § 8, Dec. 29, 1973, 87 Stat. 939.)
- 1973Enacted · Pub. L. 93-224 · 87 Stat. 939
A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-224 on 1973-12-29.
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