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12 U.S.C. § 4711 — Investment of receipts and proceeds

submitted 32 years ago by Pub. L. 103-325 to r/title-12-BANKS-AND-BANKING · 177 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section covers investment of receipts and proceeds. It states the rules that apply to that subject.

(a) Establishment of account Any dividends on equity investments and proceeds from the disposition of investments, deposits, or credit union shares that are received by the Fund as a result of assistance provided under section 4707 or 4712 of this title, and any fees received under section 4708(f) of this title must be deposited and accredited to an account of the Fund in the United States Treasury (after this in this section referred to as “the account”) established to carry out the purpose of this subchapter. (b) Investments Upon request of the Administrator, the Secretary of the Treasury must invest amounts deposited in the account in public debt securities with maturities suitable to the needs of the Fund, as determined by the Administrator, and bearing interest at rates determined by the Secretary of the Treasury, comparable to current market yields on outstanding marketable obligations of the United States of similar maturities. (c) Availability Amounts deposited into the account and interest earned on that amounts under this section must be available to the Fund until expended.

the actual law source: uscode.house.gov ↗public domain
(a) Establishment of account

Any dividends on equity investments and proceeds from the disposition of investments, deposits, or credit union shares that are received by the Fund as a result of assistance provided pursuant to section 4707 or 4712 of this title, and any fees received pursuant to section 4708(f) of this title shall be deposited and accredited to an account of the Fund in the United States Treasury (hereafter in this section referred to as “the account”) established to carry out the purpose of this subchapter.

(b) Investments

Upon request of the Administrator, the Secretary of the Treasury shall invest amounts deposited in the account in public debt securities with maturities suitable to the needs of the Fund, as determined by the Administrator, and bearing interest at rates determined by the Secretary of the Treasury, comparable to current market yields on outstanding marketable obligations of the United States of similar maturities.

(c) Availability

Amounts deposited into the account and interest earned on such amounts pursuant to this section shall be available to the Fund until expended.

Source credit: (Pub. L. 103–325, title I, § 112, Sept. 23, 1994, 108 Stat. 2177.)

history & why it existsrecord from the source credit
  • 1994Enacted · Pub. L. 103-325 · 108 Stat. 2177

A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-325 on 1994-09-23.

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