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31 U.S.C. § 9108 — Obligations

Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 9108 — Obligations

**(a)** Before a Government corporation issues obligations and offers obligations to the public, the Secretary of the Treasury shall prescribe— (1) the form, denomination, maturity, interest rate, and conditions to which the obligations will be subject; (2) the way and time the obligations are issued; and (3) the price for which the obligations will be sold. **(b)** A Government corporation may buy or sell a direct obligation of the United States Government, or an obligation on which the principal, interest, or both, is guaranteed, of more than $100,000 only when the Secretary approves the purchase or sale. The Secretary may waive the requirement of this subsection under conditions the Secretary may decide. **(c)** The Secretary may designate an officer or employee of an agency to carry out this section if the head of the agency agrees. **(d)** (1) This section does not apply to a mixed-ownership Government corporation when the corporation has no capital of the Government. (2) Subsections (a) and (b) of this section do not apply to the Federal Intermediate Credit Banks, the Central Bank for Cooperatives, the Regional Banks for Cooperatives, and the Federal Land Banks. However, the head of each of those banks shall consult with the Secretary before taking action of the kind described in subsection (a) or (b). If agreement is not reached, the Secretary may make a written report to the corporation, the President, and Congress on the reasons for the Secretary’s disagreement.

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Source location: Title 31, Chapter 91, § 9108; chapter-091-government-corporations.md

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 3331 — Substitute checks

**(a)** In this section, “original check”— (1) means an order for the payment of money— (A) payable on demand; (B) that does not bear interest; (C) drawn by an authorized disbursing official or agent of the United States Government; and (D) the amount of which is deposited with the Treasury or another account available for payment; and (2) does not include coins and currency of the Government. **(b)** When the Secretary of the Treasury is satisfied that an original check is lost, stolen, destroyed in any part, or is so defaced that the value to the owner or holder is impaired, the Secretary may issue a substitute check to the owner or holder of the original check. Except as provided in subsection (c) or (f) of this section, the substitute check is payable from the amount available to pay the original check. **(c)** When the Secretary is satisfied that an original check drawn on a depositary in a foreign country or a territory or possession of the United States is lost, stolen, destroyed in part, or is so defaced that its value to the owner or holder is impaired, the drawer of the original check (or another official designated by the Secretary with the approval of the head of the agency on whose behalf the original check was issued) may issue to the owner or holder of the check a substitute check. The drawer or official shall issue the substitute check by the last day of the fiscal year after the fiscal year in which the original check was issued— (1) using the current date; and (2) drawn on the account of the drawer of the original check or another account available for payment of the substitute. **(d)** A substitute check issued under this section— (1) may be paid only if the original check has not been paid; (2) shall include information necessary

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 9108 — Obligations

Page 579 TITLE 31—MONEY AND FINANCE § 9108 surplus. The words ‘‘if the cash will be expended as pro- vided by law’’ are substituted for 31:870(proviso) to eliminate unnecessary words. In subsections (b) and (c), the words ‘‘banking or checking’’ are omitted as surplus. In subsection (b), the words ‘‘Secretary of the Treas- ury’’ are substituted for ‘‘Treasurer of the United States’’ because of the source provisions restated in section 321(c) of the revised title. The words ‘‘wholly owned and mixed-ownership’’ and ‘‘under such condi- tions as he may determine’’ are omitted as surplus. In subsection (c)(1), the words ‘‘establishment and’’ and ‘‘in any one bank’’ are omitted as surplus. In subsection (c)(3), the words ‘‘head of each’’ are added for consistency. 1983 ACT This amends 31:9107(c)(3) and 9108(d)(2) because the National Consumer Cooperative Bank is no longer a mixed-ownership Government corporation. Section 396(h)(2) and (3) and (i) of the Omnibus Budget Rec- onciliation Act of 1981 (Pub. L. 97–35, 95 Stat. 440) pro- vided that references to the Bank in sections 302 and 303(d)(2d sentence) of the Government Corporation Con- trol Act would be deleted on the day after the Final Government Equity Redemption Date. Section 501(36) of the Act of December 23, 1981 (Pub. L. 97–101, 95 Stat. 1440), provided that the Redemption Date was Decem- ber 31, 1981. Editorial Notes AMENDMENTS 1983—Subsec. (c)(3). Pub. L. 97–452 struck out ‘‘the Na- tional Consumer Cooperative Bank,’’ after ‘‘Regional Banks for Cooperatives,’’ which had already been struck out by Pub. L. 97–258. See 1982 Amendment note below. 1982—Subsec. (c)(3). Pub. L. 97–258, § 2(l)(2), struck out ‘‘the National Consumer Cooperative Bank,’’ after ‘‘Re- gional Banks for Cooperatives,

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