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12 U.S.C. § 1747e — Benefits and burdens incident to administration of functions and operations under sections 1720 and 1721
Federal law — U.S. Code and appendices · legal_authorities
All of the benefits and burdens incident to the administration of the functions and operations of the Association under sections 1720 and 1721, respectively, of this title, after allowance for related obligations of the Association, its prorated expenses, and the like, including amounts required for the establishment of such reserves as the Secretary of Housing and Urban Development shall deem appropriate, shall inure solely to the Secretary of the Treasury, and such related earnings or other amounts as become available shall be paid annually by the Association to the Secretary of the Treasury for covering into miscellaneous receipts.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1747e-benefits-and-burdens-incident-to-administration-of-functions-and-operati--2a07222685.md
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Source location: Title 12, Chapter 13, § 1747e; chapter-013-national-housing.md
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All of the benefits and burdens incident to the administration of the functions and operations of the Association under sections 1720 and 1721, respectively, of this title, after allowance for related obligations of the Association, its prorated expenses, and the like, including amounts required for the establishment of such reserves as the Secretary of Housing and Urban Development shall deem appropriate, shall inure solely to the Secretary of the Treasury, and such related earnings or other amounts as become available shall be paid annually by the Association to the Secretary of the Treasury for covering into miscellaneous receipts.
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Federal law — U.S. Code and appendices · legal_authorities
The Secretary shall cause to be made in connection with the insurance programs such statistical surveys and legal and economic studies as he shall deem useful to guide the development of housing and the creation of a sound mortgage market in the United States, and shall publish from time to time the results of such surveys and studies. Expenses of such studies and surveys, and expenses of publication and distribution of the results of such studies and surveys, shall be charged as a general expense of such insurance fund or funds, as the Secretary shall determine.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1720
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Federal law — U.S. Code and appendices · legal_authorities
Nothing in this subchapter shall be construed to exempt any real property acquired and held by the Secretary under this subchapter from taxation by any State or political subdivision thereof, to the same extent, according to its value, as other real property is taxed.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1719
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment; abolishment of General Reinsurance Account** The Secretary shall establish as of July 1, 1954, in the Mutual Mortgage Insurance Fund a General Surplus Account and a Participating Reserve Account. All of the assets of the General Reinsurance Account shall be transferred to the General Surplus Account whereupon the General Reinsurance Account shall be abolished. There shall be transferred from the various group accounts to the Participating Reserve Account as of July 1, 1954, an amount equal to the aggregate amount which would have been distributed under the provisions of this section in effect on June 30, 1954, if all outstanding mortgages in such group accounts had been paid in full on said date. All of the remaining balances of said group accounts shall as of said date be transferred to the General Surplus Account whereupon all of said group accounts shall be abolished.
**(b) Credits and charges** The aggregate net income thereafter received or any net loss thereafter sustained by the Mutual Mortgage Insurance Fund in any semiannual period shall be credited or charged to the General Surplus Account and/or the Participating Reserve Account in such manner and amounts as the Secretary may determine to be in accord with sound actuarial and accounting practice.
**(c) Distribution of funds to terminating mortgagors** Upon termination of the insurance obligation of the Mutual Mortgage Insurance Fund by payment of any mortgage insured thereunder, the Secretary is authorized to distribute to the mortgagor a share of the Participating Reserve Account in such manner and amount as the Secretary shall determine to be equitable and in accordance with sound actuarial and accounting practice: Provided, That, in no event, shall any such distributable share exceed
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1716b
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Federal law — U.S. Code and appendices · legal_authorities
Page 822
TITLE 12—BANKS AND BANKING
§ 1747d
Editorial Notes
AMENDMENTS
1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Com-
missioner’’ wherever appearing.
1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’
for ‘‘Administrator’’ wherever appearing.
§ 1747d. Excess earnings used for amortization of
original investment
For all of the purposes of any insurance con-
tract made pursuant to this subchapter, 50 per
centum of the excess earnings, if any, for any
operating year may be applied, in addition to
the minimum annual return, to return on the
outstanding investment but only to the extent
that such application thereof does not result in
an annual return of more than 5 per centum of
the outstanding investment for such operating
year, and the balance of any such excess earn-
ings shall be applied, in addition to the min-
imum annual amortization charge, to amortiza-
tion of the outstanding investment: Provided,
That if in any preceding operating years the
gross income shall have been less than the oper-
ating expenses, such excess earnings shall be ap-
plied to the extent necessary in whole or in part,
first, to the reimbursement of the amount of the
difference between such expenses (exclusive of
any premium charges previously waived here-
under) and such income, and, second, to the pay-
ment of any premium charges previously waived
hereunder.
(June 27, 1934, ch. 847, title VII, § 705, as added
Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1277.)
§ 1747e. Financial statements by Secretary
With respect to each project insured under
this subchapter, the Secretary shall provide
that, after the close of each operating year, the
investor shall submit to him for approval a fi-
nancial and operating statement covering such
operating year. If
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1747e
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