31 U.S.C. § 9107 — Accounts

Page 578 TITLE 31—MONEY AND FINANCE § 9107 (F) the report resulting from an audit of the financial statements of the corporation con- ducted under section 9105 of this title; and (G) any other comments and information necessary to inform the Congress about the operations and financial condition of the cor- poration. (b) A Government corporation shall provide the President, the Director of the Office of Man- agement and Budget, and the Comptroller Gen- eral of the United States a copy of the manage- ment report when it is submitted to Congress. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 1044; Pub. L. 101–576, title III, § 306(a), Nov. 15, 1990, 104 Stat. 2854.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 9106(a) ..... 31:851(1st–3d sen- tences). Dec. 6, 1945, ch. 557, § 106, 59 Stat. 599; Aug. 30, 1964, Pub. L. 88–518, § 2(b), 78 Stat. 698; Jan. 2, 1975, Pub. L. 93–604, § 601(b), 88 Stat. 1962. 31:858(1st–3d sen- tences). Dec. 6, 1945, ch. 557, § 203, 59 Stat. 600; Aug. 30, 1964, Pub. L. 88–518, § 1(b), 78 Stat. 698; Jan. 2, 1975, Pub. L. 93–604, § 601(d), 88 Stat. 1963. 9106(b) ..... 31:851(last sen- tence). 31:858(last sen- tence). In subsection (a), before clause (1), the words ‘‘of a Government corporation’’ are added for clarity. In clause (5), the words ‘‘program, expenditure, or other’’, ‘‘observed in the course of the audit’’, and ‘‘of law’’ are omitted as surplus. In clause (6), the word ‘‘statement’’ is substituted for ‘‘report’’ for consistency. The words ‘‘noted in the audit’’ are omitted as surplus. The word ‘‘made’’ is substituted for ‘‘accomplished’’ for consist- ency. In clause (7), the word ‘‘other’’ is added for clar- ity because of the restatement. The words ‘‘with re- spect thereto’’ are omitted as surplus. In subsection (b), the words ‘‘The Comptroller Gen- eral’’ are added for clarity. Editorial Notes REFERENCES IN TEXT The Federal Managers’ Financial Integrity Act of 1982, referred to in subsec. (a)(2)(E), is Pub. L. 97–255, Sept. 8, 1982, 96 Stat. 814, which added subsec. (d) to sec- tion 66a of former Title 31, Money and Finance. Section 66a of former Title 31 was repealed by Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068, and reenacted by the first section thereof as section 3512 of this title. Provi- sions relating to statements on internal accounting and administrative control systems are restated in sec- tion 3512(d)(2) and (3) of this title. AMENDMENTS 1990—Pub. L. 101–576 substituted ‘‘Management’’ for ‘‘Audit’’ in section catchline and amended text of sec- tion generally. Prior to amendment, section read as follows: ‘‘(a) The Comptroller General shall submit to Con- gress a report on each audit of a Government corpora- tion under section 9105 of this title not later than 6.5 months after the end of the last year covered by the audit. The report shall state the scope of the audit and include— ‘‘(1) a statement (showing intercorporate relations) of assets, liabilities, capital, and surplus or deficit; ‘‘(2) a statement of surplus or deficit analysis; ‘‘(3) a statement of income and expenditures; ‘‘(4) a statement of sources and the use of money; ‘‘(5) specifically each financial transaction or un- dertaking the Comptroller General believes was car- ried out or made without authority of law; ‘‘(6) comments and information the Comptroller General considers necessary to keep Congress in- formed about the operations and financial condition of the Government corporation, including a state- ment of impaired capital noticed and recommenda- tions for the return of capital of the United States Government or the payment of dividends the Comp- troller General believes should be made; and ‘‘(7) other recommendations the Comptroller Gen- eral considers advisable. ‘‘(b) The Comptroller General shall give the Presi- dent, the Secretary of the Treasury, and the Govern- ment corporation a copy of the report when it is sub- mitted to Congress.’’ § 9107. Accounts (a) With the approval of the Comptroller Gen- eral, a Government corporation may consolidate its cash into an account if the cash will be ex- pended as provided by law. (b) The Secretary of the Treasury shall keep the accounts of a Government corporation. If the Secretary approves, a Federal reserve bank or a bank designated as a depositary or fiscal agent of the United States Government may keep the accounts. The Secretary may waive the requirements of this subsection. (c)(1) Subsection (b) of this section does not apply to maintaining a temporary account of not more than $50,000 in one bank. (2) Subsection (b) of this section does not apply to a mixed-ownership Government cor- poration when the corporation has no capital of the Government. (3) Subsection (b) of this section does not apply to the Federal Intermediate Credit Banks, the Central Bank for Cooperatives, the Regional Banks for Cooperatives, or the Federal Land Banks. However, the head of each of those banks shall report each year to the Secretary the names of depositaries where accounts are kept. If the Secretary considers it advisable when an annual report is received, the Secretary may make a written report to the corporation, the President, and Congress. (Pub. L. 97–258, §§ 1, 2(l)(2), Sept. 13, 1982, 96 Stat. 1044, 1062; Pub. L. 97–452, § 1(27), Jan. 12, 1983, 96 Stat. 2478.) HISTORICAL AND REVISION NOTES 1982 ACT Revised Section Source (U.S. Code) Source (Statutes at Large) 9107(a) ..... 31:870. Aug. 24, 1949, ch. 506, § 309, 63 Stat. 662. 9107(b) ..... 31:867(1st sentence less last proviso). Dec. 6, 1945, ch. 577, § 302, 59 Stat. 601; July 26, 1956, ch. 741, § 201(a)(4), 70 Stat. 667; Aug. 20, 1978, Pub. L. 95–351, § 301(b), 92 Stat. 514; Aug. 13, 1981, Pub. L. 97–35, § 396(h)(2), 95 Stat. 440. 9107(c)(1) 31:867(1st sentence last proviso). 9107(c)(2) 31:868(d)(1st sen- tence related to 31:867). Dec. 6, 1945, ch. 577, § 303(d)(1st sentence related to § 302), 59 Stat. 602. 9107(c)(3) 31:867(last sen- tence). In subsection (a), the words ‘‘After June 30, 1949’’ are omitted as executed. The words ‘‘Government corpora- tion’’ are substituted for ‘‘corporations or agencies sub- ject to this chapter’’ because of section 9101(1) of the re- vised title. The words ‘‘notwithstanding the provisions of any other law’’, ‘‘or more . . . for banking and checking purposes’’, and ‘‘including amounts appro- priated, from whatever source derived’’ are omitted as 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,’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1983 AMENDMENT Amendment effective Sept. 13, 1982, see section 2(i) of Pub. L. 97–452, set out as a note under section 3331 of this title. EFFECTIVE DATE OF 1982 AMENDMENT Pub. L. 97–258, § 2(l), Sept. 13, 1982, 96 Stat. 1062, pro- vided that the amendment made by such section is ef- fective Jan. 1, 1982. § 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, inter- est rate, and conditions to which the obliga- tions 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 Govern- ment, 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 Fed- eral Land Banks. However, the head of each of those banks shall consult with the Secretary be- fore taking action of the kind described in sub- section (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. (Pub. L. 97–258, §§ 1, 2(l)(2), Sept. 13, 1982, 96 Stat. 1045, 1062; Pub. L. 97–452, § 1(27), Jan. 12, 1983, 96 Stat. 2478; Pub. L. 115–334, title VI, § 6602(b)(20), Dec. 20, 2018, 132 Stat. 4777.) HISTORICAL AND REVISION NOTES 1982 ACT Revised Section Source (U.S. Code) Source (Statutes at Large) 9108(a) ..... 31:868(a). Dec. 6, 1945, ch. 557, § 303(less (d)(1st sentence related to § 302)), 59 Stat. 601; July 26, 1956, ch. 741, § 201(a)(4), 70 Stat. 667; May 7, 1971, Pub. L. 92–12, § 5, 85 Stat. 37; Aug. 20, 1978, Pub. L. 95–351, § 301(c), 92 Stat. 514; Aug. 13, 1981, Pub. L. 97–35, § 396(h)(3), 95 Stat. 441. 9108(b) ..... 31:868(b). 9108(c) ..... 31:868(c). 9108(d) ..... 31:868(d)(less 1st sentence related to 31:867). In subsections (a) and (b), the words ‘‘on or after De- cember 6, 1945’’ are omitted as executed. The words ‘‘wholly owned or mixed-ownership’’ are omitted be- cause of section 9101(1) of the revised title. In subsection (a), before clause (1), the word ‘‘Before’’ is substituted for ‘‘which are’’ for clarity. The words ‘‘bonds, notes, debentures, and other similar’’ are omit- ted as surplus. The words ‘‘as have been’’ are omitted as executed. In clause (1), the words ‘‘terms and’’ are omitted as surplus. The restatement of the source pro- visions does not affect other existing laws. In subsection (b), the word ‘‘Government’’ is added for consistency. The words ‘‘for its own account and in its own right and interest, at any one time aggre- gating’’ and ‘‘his approval with respect to any trans- action or classes of transactions subject to the provi- sions of . . . for such period of time and’’ are omitted as surplus. In subsection (c), the word ‘‘agency’’ is substituted for ‘‘Federal agency’’ because of section 101 of the re- vised title. The words ‘‘any of the functions vested in him by’’ and ‘‘for such purpose’’ are omitted as surplus. In subsection (d)(2), the words ‘‘(when the ownership, control, and operation of the Bank are converted under section 410(a) of the Rural Electrification Act of 1936 (7 U.S.C. 950(a)))’’ are added because of 7:943(c) and 950(a). The words ‘‘head of each’’ are added for consistency. The words ‘‘be required to’’ are omitted as surplus. 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.