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12 U.S.C. § 635f — Termination date of Bank’s functions; exceptions; liquidation

submitted 81 years ago by ch. 341 to r/title-12-BANKS-AND-BANKING · 158 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Bank may continue its functions and purposes through the close of business on December 31, 2026. The section preserves specified powers involving obligations that mature later and permits the Bank to continue afterward as a United States corporate agency for orderly liquidation.

The Export-Import Bank must continue exercising its functions in connection with and to advance its objectives and purposes until the close of business on December 31, 2026. This does not prevent the Bank from, before that date, acquiring obligations that mature later; assuming before that date liability as a guarantor, endorser, or acceptor of obligations that mature later; issuing, before or after that date, notes, debentures, bonds, or other obligations for purchase by the Treasury Secretary or other buyers that mature later; or continuing after that date as a United States corporate agency and exercising functions for orderly liquidation. Those later functions include managing the Bank's assets and collecting obligations held by the Bank.

the actual law source: uscode.house.gov ↗public domain

Export-Import Bank of the United States shall continue to exercise its functions in connection with and in furtherance of its objects and purposes until the close of business on December 31, 2026, but the provisions of this section shall not be construed as preventing the bank from acquiring obligations prior to such date which mature subsequent to such date or from assuming prior to such date liability as guarantor, endorser, or acceptor of obligations which mature subsequent to such date or from issuing, either prior or subsequent to such date, for purchase by the Secretary of the Treasury or any other purchasers, its notes, debentures, bonds, or other obligations which mature subsequent to such date or from continuing as a corporate agency of the United States and exercising any of its functions subsequent to such date for purposes of orderly liquidation, including the administration of its assets and the collection of any obligations held by the bank.

Source credit: (July 31, 1945, ch. 341, § 7, formerly § 8, 59 Stat. 529; June 9, 1947, ch. 101, § 3, 61 Stat. 131; Oct. 3, 1951, ch. 445, § 1(c), 65 Stat. 367; Pub. L. 85–55, June 17, 1957, 71 Stat. 82; Pub. L. 88–101, § 2, Aug. 20, 1963, 77 Stat. 128; Pub. L. 90–267, § 1(a), (f), Mar. 13, 1968, 82 Stat. 47, 49; Pub. L. 92–126, § 1(b)(4), Aug. 17, 1971, 85 Stat. 345; Pub. L. 93–331, July 4, 1974, 88 Stat. 289; Pub. L. 93–374, Aug. 14, 1974, 88 Stat. 445; Pub. L. 93–425, Sept. 30, 1974, 88 Stat. 1166; Pub. L. 93–450, Oct. 18, 1974, 88 Stat. 1368; Pub. L. 93–646, § 9, Jan. 4, 1975, 88 Stat. 2336; Pub. L. 95–143, § 4, Oct. 26, 1977, 91 Stat. 1211; Pub. L. 95–407, Sept. 30, 1978, 92 Stat. 882; Pub. L. 95–630, title XIX, § 1906, Nov. 10, 1978, 92 Stat. 3725; Pub. L. 98–109, § 6, Oct. 1, 1983, 97 Stat. 746; Pub. L. 98–143, Nov. 1, 1983, 97 Stat. 916; Pub. L. 98–181, title I [title VI, § 611], Nov. 30, 1983, 97 Stat. 1254; Pub. L. 99–472, § 14, Oct. 15, 1986, 100 Stat. 1204; renumbered § 7 and amended Pub. L. 102–429, title I, §§ 102, 121(c)(2), Oct. 21, 1992, 106 Stat. 2187, 2199; Pub. L. 105–46, § 122, Sept. 30, 1997, 111 Stat. 1158; Pub. L. 105–121, § 2(a), Nov. 26, 1997, 111 Stat. 2528; Pub. L. 107–189, § 3, June 14, 2002, 116 Stat. 699; Pub. L. 109–438, § 2, Dec. 20, 2006, 120 Stat. 3268; Pub. L. 112–122, § 2, May 30, 2012, 126 Stat. 350; Pub. L. 114–94, div. E, title LIV, § 54001(a), Dec. 4, 2015, 129 Stat. 1768; Pub. L. 116–94, div. I, title IV, § 401(a), Dec. 20, 2019, 133 Stat. 3021.)

history & why it existsrecord from the source credit
  • 1945Enacted · Act of July 31, 1945, ch. 341 · 59 Stat. 529
  • 1947Amended · Act of June 9, 1947, ch. 101 · 61 Stat. 131
  • 1951Amended · Act of Oct. 3, 1951, ch. 445 · 65 Stat. 367
  • 1957Amended · Pub. L. 85-55 · 71 Stat. 82
  • 1963Amended · Pub. L. 88-101 · 77 Stat. 128
  • 1968Amended · Pub. L. 90-267 · 82 Stat. 47, 49
  • 1971Amended · Pub. L. 92-126 · 85 Stat. 345
  • 1974Amended · Pub. L. 93-331 · 88 Stat. 289
  • 1974Amended · Pub. L. 93-374 · 88 Stat. 445
  • 1974Amended · Pub. L. 93-425 · 88 Stat. 1166
  • 1974Amended · Pub. L. 93-450 · 88 Stat. 1368
  • 1975Amended · Pub. L. 93-646 · 88 Stat. 2336
  • 1977Amended · Pub. L. 95-143 · 91 Stat. 1211
  • 1978Amended · Pub. L. 95-407 · 92 Stat. 882
  • 1978Amended · Pub. L. 95-630 · 92 Stat. 3725
  • 1983Amended · Pub. L. 98-109 · 97 Stat. 746
  • 1983Amended · Pub. L. 98-143 · 97 Stat. 916
  • 1983Amended · Pub. L. 98-181 · 97 Stat. 1254
  • 1986Amended · Pub. L. 99-472 · 100 Stat. 1204
  • 1992Amended · Pub. L. 102-429 · 106 Stat. 2187, 2199
  • 1997Amended · Pub. L. 105-46 · 111 Stat. 1158
  • 1997Amended · Pub. L. 105-121 · 111 Stat. 2528
  • 2002Amended · Pub. L. 107-189 · 116 Stat. 699
  • 2006Amended · Pub. L. 109-438 · 120 Stat. 3268
  • 2012Amended · Pub. L. 112-122 · 126 Stat. 350
  • 2015Amended · Pub. L. 114-94 · 129 Stat. 1768
  • 2019Amended · Pub. L. 116-94 · 133 Stat. 3021

A history note hasn’t been published yet. The record shows enactment by ch. 341 on 1945-07-31.

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