12 U.S.C. § 1722 — Benefits and burdens incident to adminis-

Page 769 TITLE 12—BANKS AND BANKING § 1722 Pub. L. 100–154, Nov. 5, 1987, 101 Stat. 890, provided: ‘‘That each provision of law amended by Public Law 100–122 [set out below], including those provisions amended by section 2 of such Public Law, is amended by striking out ‘October 31, 1987’ wherever it appears and inserting in lieu thereof ‘November 15, 1987’.’’ Pub. L. 100–122, § 1, Sept. 30, 1987, 101 Stat. 793, pro- vided that: ‘‘Each provision of law amended by Public Law 99–430 [set out below] is amended by striking out ‘September 30, 1987’ wherever it appears and inserting in lieu thereof ‘October 31, 1987’.’’ Fiscal year 1987—Pub. L. 99–430, Sept. 30, 1986, 100 Stat. 986, provided: ‘‘That each provision of law amend- ed by Public Law 99–345 [set out below] is amended by striking out ‘September 30, 1986’ wherever it appears and inserting in lieu thereof ‘September 30, 1987’.’’ Fiscal year 1986—Pub. L. 99–349, title I, July 2, 1986, 100 Stat. 728, provided that: ‘‘The applicable limitation on additional commitments to insure mortgages and loans to carry out the purposes of the National Housing Act [12 U.S.C. 1701 et seq.] during fiscal year 1986 is in- creased by an additional $57,580,000,000 of mortgage and loan principal.’’ and ‘‘The applicable limitation on new commitments to issue guarantees to carry out the purposes of section 306 of the National Housing Act [12 U.S.C. 1721] during fiscal year 1986 is increased by an additional $49,000,000,000 of principal.’’ Pub. L. 99–345, June 24, 1986, 100 Stat. 673, provided that: ‘‘SECTION 1. Each provision of law amended by Public Law 99–289 [set out below], is amended by striking out ‘June 6, 1986’ wherever it appears and inserting in lieu thereof ‘September 30, 1986’. ‘‘SEC. 2. The applicable limitation on additional com- mitments to insure mortgages and loans to carry out the purposes of the National Housing Act [12 U.S.C. 1701 et seq.] during fiscal year 1986 is increased by an addi- tional $9,500,000,000 of mortgage and loan principal.’’ Pub. L. 99–289, May 2, 1986, 100 Stat. 412, provided that: ‘‘SECTION 1. FEDERAL HOUSING ADMINISTRATION FUND. ‘‘(a) The applicable limitation on additional commit- ments to insure mortgages and loans to carry out the purposes of the National Housing Act [12 U.S.C. 1701 et seq.] during fiscal year 1986 is increased by an addi- tional $17,000,000,000 of mortgage and loan principal. ‘‘(b) Each provision of law amended by Public Law 99–267 [amending sections 1703, 1715h, 1715l, 1715z, 1715z–9, 1715z–10, 1715z–14, 1748h–1, 1748h–2, 1749bb, 1749aaa, 1749bbb, and 2811 of this title and sections 1452b, 1485, 1490, 1490c, 4026, 4056, 4101, and 5302 of Title 42, The Public Health and Welfare, and provisions set out as a note under section 1701q of this title] is amend- ed by striking out ‘April 30, 1986’ wherever it appears and inserting in lieu thereof ‘June 6, 1986’. ‘‘SEC. 2. GOVERNMENT NATIONAL MORTGAGE AS- SOCIATION GUARANTEES OF MORTGAGE- BACKED SECURITIES. ‘‘The applicable limitation on new commitments to issue guarantees to carry out the purposes of section 306 of the National Housing Act [12 U.S.C. 1721] during fiscal year 1986 is increased by an additional $60,684,750,000 of principal. ‘‘SEC. 3. ADMINISTRATIVE PROVISION. ‘‘(a) The Secretary of Housing and Urban Develop- ment (hereinafter referred to as the ‘Secretary’) shall estimate the rates at which the authority to make commitments to insure mortgages and loans under the National Housing Act [12 U.S.C. 1701 et seq.], and the authority to make commitments to issue guarantees under section 306(g) of that Act [12 U.S.C. 1721(g)], are likely to be used for the remainder of any fiscal year. The Secretary shall make these estimates at such times as the Secretary deems appropriate, but not less frequently than monthly. ‘‘(b) If an estimate under subsection (a) indicates that either limitation on authority to make commitments for a fiscal year referred to in subsection (a) will be reached before the end of that fiscal year, or in any event whenever 75 per centum of either authority to make commitments has been utilized, the Secretary shall promptly so notify the Committee on Appropria- tions and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Ap- propriations and the Committee on Banking, Finance and Urban Affairs [now Committee on Financial Serv- ices] of the House of Representatives.’’ SPECIAL ASSISTANCE FUNCTIONS FUND; TRANSFER OF FUNDS Pub. L. 98–371, title I, July 18, 1984, 98 Stat. 1218, di- rected Secretary to transfer all assets acquired and li- abilities incurred pursuant to section 1720 of this title to management and liquidating functions fund estab- lished pursuant to this section, and that on Oct. 1, 1984, each outstanding obligation issued by Secretary of Housing and Urban Development to Secretary of the Treasury pursuant to section 1720(d) of this title, to- gether with any promise to repay principal and unpaid interest which had accrued on each obligation, and any other term or condition specified by each such obliga- tion, was canceled. EMERGENCY MORTGAGE PURCHASE ASSISTANCE; TRANSFER OF FUNDS For transfer of all assets acquired and liabilities in- curred pursuant to section 1723e of this title to man- agement and liquidating functions fund established by this section, with provision for cancellation of obliga- tions, see title I [part] of Pub. L. 98–371, set out as a note under section 1723e of this title. ADMINISTRATIVE EXPENSES IN CONNECTION WITH THE SALE OF CERTAIN MORTGAGES TO THE FEDERAL NA- TIONAL MORTGAGE ASSOCIATION Pub. L. 86–372, title III, § 306(b), Sept. 23, 1959, 73 Stat. 670, as amended by Pub. L. 90–19, § 16(b), May 25, 1967, 81 Stat. 25; Pub. L. 90–448, title VIII, § 807(a), Aug. 1, 1968, 82 Stat. 544, provided that: ‘‘In connection with the sale of any mortgages to the Government National Mort- gage Association pursuant to section 306(e) of the Fed- eral National Mortgage Association Charter Act [sub- section (e) of this section], the Secretary of Housing and Urban Development is authorized, and any other official, unit, or agency selling such mortgages there- under is directed, to transfer to the Association from time to time, from authorizations, limitations, and funds available for administrative expenses of such offi- cial, unit, or agency in connection with the same mort- gages, such amounts thereof as said Secretary deter- mines to be required for administrative expenses of the Association in connection with the purchase, servicing, and sale of such mortgages: Provided, That no such transfer shall be made after a budget estimate of the Association with respect to the same mortgages has been submitted to and finally acted upon by the Con- gress.’’ § 1722. Benefits and burdens incident to adminis- tration of functions and operations under sections 1720 and 1721 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 re- lated obligations of the Association, its prorated expenses, and the like, including amounts re- quired for the establishment of such reserves as the Secretary of Housing and Urban Develop- ment shall deem appropriate, shall inure solely to the Secretary of the Treasury, and such re- lated earnings or other amounts as become available shall be paid annually by the Associa- tion to the Secretary of the Treasury for cov- ering into miscellaneous receipts. Page 770 TITLE 12—BANKS AND BANKING § 1723 (June 27, 1934, ch. 847, title III, § 307, as added Aug. 2, 1954, ch. 649, title II, § 201, 68 Stat. 619; amended Pub. L. 90–448, title VIII, § 802(v), (w), Aug. 1, 1968, 82 Stat. 539.) Editorial Notes REFERENCES IN TEXT Section 1720 of this title, referred to in text, was re- pealed by Pub. L. 98–181, title I [title IV, § 483(a)], Nov. 30, 1983, 97 Stat. 1240. PRIOR PROVISIONS A prior section 307 of act June 27, 1934, ch. 847, title III, 48 Stat. 1255; amended Feb. 3, 1938, ch. 13, § 8, 52 Stat. 24, related to exemption from taxation, prior to the general amendment of this subchapter by act July 1, 1948, ch. 784, § 1, 62 Stat. 1206, and was subsequently covered by section 1719 of this title until the general amendment of this subchapter by act Aug. 2, 1954. See section 1723a(c) of this title. AMENDMENTS 1968—Pub. L. 90–448 repealed subsecs. (a) and (b) which related to separate accountability and to func- tions of the Association under sections 1720 and 1721 of this title, redesignated subsec. (c) as the entire section, and substituted ‘‘Secretary of Housing and Urban De- velopment’’ for ‘‘board of directors of the Association’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1968 AMENDMENT For effective date of amendment by title VIII of Pub. L. 90–448, see section 808 of Pub. L. 90–448, set out as an Effective Date note under section 1716b of this title. § 1723. Management (a) Government National Mortgage Association All the powers and duties of the Government National Mortgage Association shall be vested in the Secretary of Housing and Urban Develop- ment and the Association shall be administered under the direction of the Secretary. Within the limitations of law, the Secretary shall deter- mine the general policies which shall govern the operations of the Association, and shall have power to adopt, amend, and repeal bylaws gov- erning the performance of the powers and duties granted to or imposed upon it by law. There is hereby established in the Department of Hous- ing and Urban Development the position of President, Government National Mortgage Asso- ciation, who shall be appointed by the Presi- dent, by and with the advice and consent of the Senate. The Secretary shall select and effect the appointment of qualified persons to fill the of- fices of vice president, and such other offices as may be provided for in the bylaws. Persons ap- pointed under the preceding sentence shall per- form such executive functions, powers, and du- ties as may be prescribed by the bylaws or by the Secretary, and such persons shall be execu- tive officers of the Association and shall dis- charge all such executive functions, powers, and duties. (b) Federal National Mortgage Association The Federal National Mortgage Association shall have a board of directors, which shall con- sist of 13 persons, or such other number that the Director determines appropriate, who shall be elected annually by the common stockholders. Except to the extent that action under section 4636a of this title temporarily results in a lesser number, the board shall at all times have as members at least one person from the home- building industry, at least one person from the mortgage lending industry, at least one person from the real estate industry, and at least one person from an organization that has rep- resented consumer or community interests for not less than 2 years or one person who has dem- onstrated a career commitment to the provision of housing for low-income households. Each member of the board of directors shall be elected for a term ending on the date of the next annual meeting of the stockholders. Any seat on the board which becomes vacant after the annual election of the directors shall be filled by the board, but only for the unexpired portion of the term. Within the limitations of law and regula- tion, the board shall determine the general poli- cies which shall govern the operations of the corporation, and shall have power to adopt, amend, and repeal bylaws governing the per- formance of the powers and duties granted to or imposed upon it by law. The board of directors shall select and effect the appointment of quali- fied persons to fill the offices of president and vice president, and such other offices as may be provided for in the bylaws. Any member of the board who is a full-time officer or employee of the Federal Government shall not, as such mem- ber, receive compensation for his services. (June 27, 1934, ch. 847, title III, § 308, as added Aug. 2, 1954, ch. 649, title II, § 201, 68 Stat. 620; amended Pub. L. 89–174, § 5(b), Sept. 9, 1965, 79 Stat. 669; Pub. L. 89–754, title X, § 1020(d), Nov. 3, 1966, 80 Stat. 1296; Pub. L. 90–19, § 1(l), (m), May 25, 1967, 81 Stat. 18, 19; Pub. L. 90–448, title VIII, § 802(y), Aug. 1, 1968, 82 Stat. 539; Pub. L. 94–375, § 17(a), Aug. 3, 1976, 90 Stat. 1076; Pub. L. 98–440, title II, § 207, Oct. 3, 1984, 98 Stat. 1696; Pub. L. 102–550, title XIII, § 1381(h)(1), (i), Oct. 28, 1992, 106 Stat. 3996; Pub. L. 110–289, div. A, title I, §§ 1153(b)(2), 1162(a)(1), July 30, 2008, 122 Stat. 2775, 2781.) Editorial Notes PRIOR PROVISIONS A prior section 308 of act June 27, 1934, ch. 847, title III, 48 Stat. 1255, related to depositories of public mon- eys, prior to the general amendment of this subchapter by act July 1, 1948, ch. 784, § 1, 62 Stat. 1206. Prior provisions on the subject of this section were contained in section 1716 of this title. AMENDMENTS 2008—Subsec. (b). Pub. L. 110–289, § 1162(a)(1), in first sentence, substituted ‘‘13 persons, or such other number that the Director determines appropriate, who’’ for ‘‘eighteen persons, five of whom shall be appointed an- nually by the President of the United States, and the remainder of whom’’, in second sentence, struck out ‘‘appointed by the President’’ after ‘‘as members’’, in third sentence, struck out ‘‘appointed or’’ after ‘‘direc- tors shall be’’ and ‘‘, except that any such appointed member may be removed from office by the President for good cause’’ after ‘‘the stockholders’’, in fourth sen- tence, struck out ‘‘elective’’ after ‘‘Any’’, and struck out fifth sentence which read as follows: ‘‘Any appoint- ive seat which becomes vacant shall be filled by ap- pointment of the President, but only for the unexpired portion of the term.’’