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15 U.S.C. § 635Deposit of moneys; depositaries, custodians, and fiscal agents; contributions to employees’ compensation funds

submitted 68 years ago by Pub. L. 85-536 to r/title-15-COMMERCE-AND-TRADE · 200 words · no verdicts yet

in plain englishAI-generated · not legal advice

Unused Administration money may be deposited with the Treasury and designated banks may serve as depositaries, custodians, and fiscal agents. The Administrator must fund covered employees’ compensation and related administrative costs.

(a) Money the Administration is not otherwise using may be deposited with the Treasury, subject to checks authorized by the Administration. Federal Reserve banks must serve as depositaries, custodians, and fiscal agents in generally carrying out the chapter’s powers. FDIC-insured banks must serve as custodians and financial agents when the Treasury Secretary designates them. A Federal Reserve bank designated by the Administrator as fiscal agent must be reimbursed for all expenses incurred in that role. (b) The Administrator must contribute, based on Labor Secretary annual billings, to the employees’ compensation fund for benefits paid for employees performing functions financed by section 633(c)’s revolving fund. The bill must include the fund’s fair administrative cost, which the Administrator must pay into the Treasury as miscellaneous receipts.
the actual law source: uscode.house.gov ↗public domain
(a)

All moneys of the Administration not otherwise employed may be deposited with the Treasury of the United States subject to check by authority of the Administration. The Federal Reserve banks are authorized and directed to act as depositaries, custodians, and fiscal agents for the Administration in the general performance of its powers conferred by this chapter. Any banks insured by the Federal Deposit Insurance Corporation, when designated by the Secretary of the Treasury, shall act as custodians and financial agents for the Administration. Each Federal Reserve bank, when designated by the Administrator as fiscal agent for the Administration, shall be entitled to be reimbursed for all expenses incurred as such fiscal agent.

(b)

The Administrator shall contribute to the employees’ compensation fund, on the basis of annual billings as determined by the Secretary of Labor, for the benefit payments made from such fund on account of employees engaged in carrying out functions financed by the revolving fund established by section 633(c) of this title. The annual billings shall also include a statement of the fair portion of the cost of the administration of such fund, which shall be paid by the Administrator into the Treasury as miscellaneous receipts.

Source credit: (Pub. L. 85–536, § 2[6], July 18, 1958, 72 Stat. 387.)

history & why it existsrecord from the source credit
  • 1958Enacted · Pub. L. 85-536 · 72 Stat. 387

A history note hasn’t been published yet. The record shows enactment by Pub. L. 85-536 on 1958-07-18.

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