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10 U.S.C. § 7457 — Acceptance of guarantees with gifts for major projects
Federal law — U.S. Code and appendices · legal_authorities
**(a) Acceptance Authority.—** Subject to subsection (c), the Secretary of the Army may accept from a donor or donors a qualified guarantee for the completion of a major project for the benefit of the Academy.
**(b) Obligation Authority.—** The amount of a qualified guarantee accepted under this section shall be considered as contract authority to provide obligation authority for purposes of Federal fiscal and contractual requirements. Funds available for a project for which such a guarantee has been accepted may be obligated and expended for the project without regard to whether the total amount of the funds and other resources available for the project (not taking into account the amount of the guarantee) is sufficient to pay for completion of the project.
**(c) Notice of Proposed Acceptance.—** The Secretary of the Army may not accept a qualified guarantee under this section for the completion of a major project until after the expiration of 30 days following the date upon which a report of the facts concerning the proposed guarantee is submitted to Congress or, if earlier, the expiration of 14 days following the date on which a copy of the report is provided in an electronic medium pursuant to [section 480 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title10-section480&num=0&edition=prelim).
**(d) Prohibition on Commingling of Funds.—** The Secretary of the Army may not enter into any contract or other transaction involving the use of a qualified guarantee and appropriated funds in the same contract or transaction.
**(e) Definitions.—** In this section:
(1) **Major project.—** — The term “major project” means a project for the purchase or other procurement of real or personal property, or for the construction, renovation, or repai
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Source file: Laws/federal/codes/united-states-code/title-10/section-7457-acceptance-of-guarantees-with-gifts-for-major-projects--64fb1022a5.md
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Source location: Title 10, Chapter 753, § 7457; chapter-753-united-states-military-academy.md
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**(a) Acceptance Authority.—** Subject to subsection (c), the Secretary of the Army may accept from a donor or donors a qualified guarantee for the completion of a major project for the benefit of the Academy.
**(b) Obligation Authority.—** The amount of a qualified guarantee accepted under this section shall be considered as contract authority to provide obligation authority for purposes of Federal fiscal and contractual requirements. Funds available for a project for which such a guarantee has been accepted may be obligated and expended for the project without regard to whether the total amount of the funds and other resources available for the project (not taking into account the amount of the guarantee) is sufficient to pay for completion of the project.
**(c) Notice of Proposed Acceptance.—** The Secretary of the Army may not accept a qualified guarantee under this section for the completion of a major project until after the expiration of 30 days following the date upon which a report of the facts concerning the proposed guarantee is submitted to Congress or, if earlier, the expiration of 14 days following the date on which a copy of the report is provided in an electronic medium pursuant to [section 480 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title10-section480&num=0&edition=prelim).
**(d) Prohibition on Commingling of Funds.—** The Secretary of the Army may not enter into any contract or other transaction involving the use of a qualified guarantee and appropriated funds in the same contract or transaction.
**(e) Definitions.—** In this section:
(1) **Major project.—** — The term “major project” means a project for the purchase or other procurement of real or personal property, or for the construction, renovation, or repair of real or personal property, the total cost of which is, or is estimated to be, at least $1,000,000.
(2) **Qualified guarantee.—** — The term “qualified guarantee”, with respect to a major project, means a guarantee that—
(A) is made by one or more persons in connection with a donation, specifically for the project, of a total amount in cash or securities that, as determined by the Secretary of the Army, is sufficient to defray a substantial portion of the total cost of the project;
(B) is made to facilitate or expedite the completion of the project in reasonable anticipation that other donors will contribute sufficient funds or other resources in amounts sufficient to pay for completion of the project;
(C) is set forth as a written agreement that provides for the donor to furnish in cash or securities, in addition to the donor’s other gift or gifts for the project, any additional amount that may become necessary for paying the cost of completing the project by reason of a failure to obtain from other donors or sources funds or other resources in amounts sufficient to pay the cost of completing the project; and
(D) is accompanied by—
(i) an irrevocable and unconditional standby letter of credit for the benefit of the Academy that is in the amount of the guarantee and is issued by a major United States commercial bank; or
(ii) a qualified account control agreement.
(3) **Qualified account control agreement.—** — The term “qualified account control agreement”, with respect to a guarantee of a donor, means an agreement among the donor, the Secretary of the Army, and a major United States investment management firm that—
(A) ensures the availability of sufficient funds or other financial resources to pay the amount guaranteed during the period of the guarantee;
(B) provides for the perfection of a security interest in the assets of the account for the United States for the benefit of the Academy with the highest priority available for liens and security interests under applicable law;
(C) requires the donor to maintain in an account with the investment management firm assets having a total value that is not less than 130 percent of the amount guaranteed; and
(D) requires the investment management firm, at any time that the value of the account is less than the value required to be maintained under subparagraph (C), to liquidate any noncash assets in the account and reinvest the proceeds in Treasury bills issued under [section 3104 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3104&num=0&edition=prelim).
(4) **Major united states commercial bank.—** — The term “major United States commercial bank” means a commercial bank that—
(A) is an insured bank (as defined in section 3 of the Federal Deposit Insurance Act ([12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)));
(B) is headquartered in the United States; and
(C) has net assets in a total amount considered by the Secretary of the Army to qualify the bank as a major bank.
(5) **Major united states investment management firm.—** — The term “major United States investment management firm” means any broker, dealer, investment adviser, or provider of investment supervisory services (as defined in section 3 of the Securities Exchange Act of 1934 ([15 U.S.C. 78c](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c&num=0&edition=prelim)) or section 202 of the Investment Advisers Act of 1940 ([15 U.S.C. 80b–2](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80b–2&num=0&edition=prelim))) or a major United States commercial bank that—
(A) is headquartered in the United States; and
(B) holds for the account of others investment assets in a total amount considered by the Secretary of the Army to qualify the firm as a major investment management firm.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Secretary of the Treasury may borrow on the credit of the United States Government amounts necessary for expenditures authorized by law and may buy, redeem, and make refunds under [section 3111 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3111&num=0&edition=prelim). For amounts borrowed, the Secretary may issue—
(1) certificates of indebtedness of the Government; and
(2) Treasury bills of the Government.
**(b)** The Secretary may prescribe conditions for issuing certificates of indebtedness and Treasury bills under [section 3121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3121&num=0&edition=prelim) and conditions under which the certificates and bills may be redeemed before maturity. Notwithstanding [section 3121(a)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3121/a/5&num=0&edition=prelim), the payment date of certificates of indebtedness and Treasury bills may not be more than one year after the date of issue.
**(c)** Treasury bills issued under this section may not be accepted before maturity to pay principal or interest on obligations of governments of foreign countries that are held by the United States Government.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** When used in this subchapter, unless the context otherwise requires, the following definitions shall apply:
(1) “Assignment” includes any direct or indirect transfer or hypothecation of an investment advisory contract by the assignor or of a controlling block of the assignor’s outstanding voting securities by a security holder of the assignor; but if the investment adviser is a partnership, no assignment of an investment advisory contract shall be deemed to result from the death or withdrawal of a minority of the members of the investment adviser having only a minority interest in the business of the investment adviser, or from the admission to the investment adviser of one or more members who, after such admission, shall be only a minority of the members and shall have only a minority interest in the business.
(2) “Bank” means (A) a banking institution organized under the laws of the United States or a Federal savings association, as defined in [section 1462(5) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1462/5&num=0&edition=prelim), (B) a member bank of the Federal Reserve System, (C) any other banking institution, savings association, as defined in [section 1462(4) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1462/4&num=0&edition=prelim), or trust company, whether incorporated or not, doing business under the laws of any State or of the United States, a substantial portion of the business of which consists of receiving deposits or exercising fiduciary powers similar to those permitted to national banks under the authority of the Comptroller of the Currency, and which is supervised and examined by State or Federal authority having supervision over banks or sav
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Defense Acquisition System.—** In this part, the term “defense acquisition system” means—
(1) the workforce engaged in carrying out the acquisition of property and services for the Department of Defense;
(2) the management structure responsible for directing and overseeing the acquisition of property and services for the Department of Defense; and
(3) the statutory, regulatory, and policy framework that guides the acquisition of property and services for the Department of Defense.
**(b) Element of the Defense Acquisition System.—** In this part, the term “element of the defense acquisition system” means an organization that—
(1) employs members of the acquisition workforce;
(2) carries out acquisition functions; and
(3) focuses primarily on acquisition.
**(c) Acquisition.—** In this part, the term “acquisition” has the meaning provided in [section 131 of title 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title41-section131&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 10 U.S.C. § 3001
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirement.—** Whenever the Secretary of Defense or any other official of the Department of Defense submits to Congress (or any committee of either House of Congress) a report that the Secretary (or other official) is required by law to submit, the Secretary (or other official) shall provide to Congress (or such committee) a copy of the report in an electronic medium.
**(b) Exception.—** Subsection (a) does not apply to a report submitted in classified form.
**(c) Definition.—** In this section, the term “report” includes any certification, notification, or other communication in writing.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** When used in this chapter, unless the context otherwise requires—
(1) The term “exchange” means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange.
(2) The term “facility” when used with respect to an exchange includes its premises, tangible or intangible property whether on the premises or not, any right to the use of such premises or property or any service thereof for the purpose of effecting or reporting a transaction on an exchange (including, among other things, any system of communication to or from the exchange, by ticker or otherwise, maintained by or with the consent of the exchange), and any right of the exchange to the use of any property or service.
(3)
(A) The term “member” when used with respect to a national securities exchange means (i) any natural person permitted to effect transactions on the floor of the exchange without the services of another person acting as broker, (ii) any registered broker or dealer with which such a natural person is associated, (iii) any registered broker or dealer permitted to designate as a representative such a natural person, and (iv) any other registered broker or dealer which agrees to be regulated by such exchange and with respect to which the exchange undertakes to enforce compliance with the provisions of this chapter, the rules and regulations thereunder, and its own rules. For purposes of section
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78c
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
**(a) Definitions of bank and related terms**
(1) **Bank** — The term “bank”—
(A) means any national bank and State bank, and any Federal branch and insured branch;
(B) includes any former savings association.
(2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which—
(A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and
(B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia,
including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989.
(3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
**(b) Definition of savings associations and related terms**
(1) **Savings association** — The term “savings association” means—
(A) any Federal savings association;
(B) any State savings association; and
(C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association.
(2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1813
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Federal law — U.S. Code and appendices · legal_authorities
Page 3078
TITLE 10—ARMED FORCES
§ 7456
bursed under Government travel regulations for
his travel expenses.
(i)(1) A majority of the members of the Board
may call an official meeting of the Board once
per year.
(2) A member may attend such meeting—
(A) in person, at the Academy; or
(B) remotely, at the election of such mem-
ber.
(Aug. 10, 1956, ch. 1041, 70A Stat. 245, § 4355; Pub.
L. 96–579, § 13(a), Dec. 23, 1980, 94 Stat. 3369; Pub.
L. 104–106, div. A, title X, § 1061(e)(2), title XV,
§ 1502(a)(12), Feb. 10, 1996, 110 Stat. 443, 503; Pub.
L. 106–65, div. A, title X, § 1067(1), Oct. 5, 1999, 113
Stat. 774; renumbered § 7455, Pub. L. 115–232, div.
A, title VIII, § 808(c)(1), Aug. 13, 2018, 132 Stat.
1839; Pub. L. 117–81, div. A, title V, §§ 554(a),
555(a), Dec. 27, 2021, 135 Stat. 1738; Pub. L.
118–159, div. A, title V, § 558(a), Dec. 23, 2024, 138
Stat. 1898.)
HISTORICAL AND REVISION NOTES
Revised
section
Source (U.S. Code)
Source (Statutes at Large)
4355(a) .....
4355(b) .....
10:1055.
10:1056 (1st sentence).
10:1056 (less 1st sen-
tence).
June 29, 1948, ch. 714,
§§ 1–6, 62 Stat. 1094;
June 30, 1954, ch. 432,
§ 732, 68 Stat. 356.
4355(c) .....
10:1057.
4355(d) .....
10:1058.
4355(e) .....
10:1059(a).
4355(f) .....
10:1059(b).
4355(g) .....
10:1059(c).
4355(h) ....
10:1060.
In subsections (a) and (b), the word ‘‘designated’’ is
substituted for the word ‘‘appointed’’ to make it clear
that the positions described are not constitutional of-
fices.
Subsection (b) is substituted for 10:1056(e) (2d sen-
tence).
In subsection (c), the words ‘‘during the term for
which such member was appointed’’ and ‘‘Such suc-
cessor shall be appointed * * * who died or resigned’’
are omitted as surplusage.
In subsection (g), the words ‘‘as it may de
Source: Supplied 2024 U.S. Code historical extraction · 10 U.S.C. § 7457
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 966
TITLE 12—BANKS AND BANKING
§ 1813
(B) any other right or remedy against the
Corporation,
against
the
United
States
under applicable law, or against any person
other than a person described in paragraph
(1) participating in such transactions.
This subsection shall not be construed to limit
or alter in any way the immunities that are
available under applicable law for Federal offi-
cials and employees not described in this sub-
section.
(Sept. 21, 1950, ch. 967, § 2[2], 64 Stat. 873; Pub. L.
86–230, § 19, Sept. 8, 1959, 73 Stat. 460; Pub. L.
98–181, title I [title VII, § 702(a)], Nov. 30, 1983, 97
Stat. 1267; Pub. L. 101–73, title II, § 203(a), Aug. 9,
1989, 103 Stat. 188; Pub. L. 102–18, title I, § 103(b),
Mar. 23, 1991, 105 Stat. 60; Pub. L. 104–208, div. A,
title II, § 2243, Sept. 30, 1996, 110 Stat. 3009–419;
Pub. L. 111–203, title III, § 336(a), July 21, 2010, 124
Stat. 1540.)
Editorial Notes
REFERENCES IN TEXT
The Securities Act of 1933, referred to in subsec. (f)(1),
is act May 27, 1933, ch. 38, title I, 48 Stat. 74, which is
classified generally to subchapter I (§ 77a et seq.) of
chapter 2A of Title 15, Commerce and Trade. For com-
plete classification of this Act to the Code, see section
77a of Title 15 and Tables.
PRIOR PROVISIONS
Section is derived from subsec. (b) of former section
264 of this title. See Codification note set out under
section 1811 of this title.
AMENDMENTS
2010—Subsec. (a)(1)(B). Pub. L. 111–203, § 336(a)(1), sub-
stituted ‘‘Director of the Consumer Financial Protec-
tion Bureau’’ for ‘‘Director of the Office of Thrift Su-
pervision’’.
Subsec. (d)(2). Pub. L. 111–203, § 336(a)(2), amended par.
(2) generally. Prior to amendment, text read as follows:
‘‘In the event of a vacancy in the office of the Co
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1813
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Federal law — U.S. Code and appendices · legal_authorities
Page 207
TITLE 15—COMMERCE AND TRADE
§ 78c
submit to Congress an interim report twelve months
after Oct. 26, 1974, and not later than one and one-half
years after Oct. 26, 1974, a full and complete report of
the findings made under the study authorized, together
with such recommendations as they considered appro-
priate.
Executive Documents
EX. ORD. NO. 12631. WORKING GROUP ON FINANCIAL
MARKETS
Ex. Ord. No. 12631, Mar. 18, 1988, 53 F.R. 9421, provided:
By virtue of the authority vested in me as President
by the Constitution and laws of the United States of
America, and in order to establish a Working Group on
Financial Markets, it is hereby ordered as follows:
SECTION 1. Establishment. (a) There is hereby estab-
lished a Working Group on Financial Markets (Working
Group). The Working Group shall be composed of:
(1) the Secretary of the Treasury, or his designee;
(2) the Chairman of the Board of Governors of the
Federal Reserve System, or his designee;
(3) the Chairman of the Securities and Exchange
Commission, or his designee; and
(4) the Chairman of the Commodity Futures Trading
Commission, or her designee.
(b) The Secretary of the Treasury, or his designee,
shall be the Chairman of the Working Group.
SEC. 2. Purposes and Functions. (a) Recognizing the
goals of enhancing the integrity, efficiency, orderli-
ness, and competitiveness of our Nation’s financial
markets and maintaining investor confidence, the
Working Group shall identify and consider:
(1) the major issues raised by the numerous studies
on the events in the financial markets surrounding Oc-
tober 19, 1987, and any of those recommendations that
have the potential to achieve the goals noted above;
and
(2) the actions, including governmental actions under
existing laws and regu
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 78c
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