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15 U.S.C. § 714f — Use of funds
Federal law — U.S. Code and appendices · legal_authorities
The Corporation is authorized to use in the conduct of its business all its funds and other assets, including capital and net earnings therefrom, and all funds and other assets which have been or may hereafter be transferred or allocated to, borrowed by, or otherwise acquired by it.
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Source file: Laws/federal/codes/united-states-code/title-15/section-714f-use-of-funds--aba5bf93da.md
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Source location: Title 15, Chapter 15, § 714f; chapter-015-economic-recovery.md
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The Corporation is authorized to use in the conduct of its business all its funds and other assets, including capital and net earnings therefrom, and all funds and other assets which have been or may hereafter be transferred or allocated to, borrowed by, or otherwise acquired by it.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Notwithstanding any other provision of law, none of the establishments or agencies named in subsection (b) of this section shall, after June 30, 1937, incur any obligations for administrative expenses, except pursuant to an annual appropriation specifically therefor, nor shall any such establishment or agency continue to function after said date unless established by or pursuant to law: Provided, That nothing contained in this section shall be construed to extend the period during which any such establishment or agency heretofore has been authorized by law to function.
**(b)** [1., 2. Repealed] 3. Federal Housing Administration; 4. Federal Surplus Commodities Corporation; 5. Export-Import Bank of the United States; 6. Second Export-Import Bank of Washington, District of Columbia; 7. Reconstruction Finance Corporation; 8. Electric Home and Farm Authority; 9. Commodity Credit Corporation; 10. Federal Emergency Administration of Public Works; [11. Repealed] 12. Reconstruction Finance Mortgage Company.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 712a
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Under regulations prescribed under [section 3903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3903&num=0&edition=prelim), the head of an agency acquiring property or service from a business concern, who does not pay the concern for each complete delivered item of property or service by the required payment date, shall pay an interest penalty to the concern on the amount of the payment due. The interest shall be computed at the rate of interest established by the Secretary of the Treasury, and published in the Federal Register, for interest payments under section 7109(a)(1) and (b) of title 41, which is in effect at the time the agency accrues the obligation to pay a late payment interest penalty.
**(b)** The interest penalty shall be paid for the period beginning on the day after the required payment date and ending on the date on which payment is made.
**(c)**
(1) A business concern shall be entitled to an interest penalty of $1.00 or more which is owed such business concern under this section, and such penalty shall be paid without regard to whether the business concern has requested payment of such penalty.
(2) Each payment subject to this chapter for which a late payment interest penalty is required to be paid shall be accompanied by a notice stating the amount of the interest penalty included in such payment and the rate by which, and period for which, such penalty was computed.
(3) If a business concern—
(A) is owed an interest penalty by an agency;
(B) is not paid the interest penalty in a payment made to the business concern by the agency on or after the date on which the interest penalty becomes due;
(C) is not paid the interest penalty by the agency within 10 days after the date on which such
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3902
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Federal law — U.S. Code and appendices · legal_authorities
Page 1178
TITLE 15—COMMERCE AND TRADE
§ 714f
sections 713a–1 to 713a–5 of this title. Sections 713a–1
and 713a–2 were repealed by Pub. L. 87–155, § 1, Aug. 17,
1961, 75 Stat. 391, and section 713a–3 was omitted from
the Code.
Executive Documents
EXCEPTIONS FROM TRANSFER OF FUNCTIONS
For exception of functions of corporations of Depart-
ment of Agriculture from transfer of functions to Sec-
retary of Agriculture by Reorg. Plan No. 2 of 1953, see
Exceptions From Transfer of Functions note set out
under section 712a of this title.
§ 714f. Use of funds
The Corporation is authorized to use in the
conduct of its business all its funds and other as-
sets, including capital and net earnings there-
from, and all funds and other assets which have
been or may hereafter be transferred or allo-
cated to, borrowed by, or otherwise acquired by
it.
(June 29, 1948, ch. 704, § 8, 62 Stat. 1072.)
Executive Documents
EXCEPTIONS FROM TRANSFER OF FUNCTIONS
For exception of functions of corporations of Depart-
ment of Agriculture from transfer of functions to Sec-
retary of Agriculture by Reorg. Plan No. 2 of 1953, see
Exceptions From Transfer of Functions note set out
under section 712a of this title.
§ 714g. Board of Directors
(a) Composition; appointment, tenure and com-
pensation; quorum; duties
The management of the Corporation shall be
vested in a board of directors (hereinafter re-
ferred to as the ‘‘Board’’), subject to the general
supervision and direction of the Secretary. The
Secretary shall be an ex officio director and
shall serve as Chairman of the Board. The Board
shall consist of seven members (in addition to
the Secretary), who shall be appointed by the
President. In addition to their duties as mem-
bers of the Board, such appointed members shall
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 714f
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