31 U.S.C. § 9102 — Establishing and acquiring corporations

Page 575 TITLE 31—MONEY AND FINANCE § 9104 this title, see Disposition Table preceding section 101 of this title. DISSOLUTION OF PENNSYLVANIA AVENUE DEVELOPMENT CORPORATION Pennsylvania Avenue Development Corporation dis- solved on or before Apr. 1, 1996, and assets, obligations, indebtedness, and unobligated and unexpended balances of Corporation transferred, see Pub. L. 92–578, § 3, Oct. 27, 1972, 86 Stat. 1267, as amended, which was classified to section 872 of former Title 40, Public Buildings, Property, and Works, prior to repeal by Pub. L. 107–217, § 6(b), Aug. 21, 2002, 116 Stat. 1304. ABOLITION OF UNITED STATES RAILWAY ASSOCIATION AND TRANSFER OF FUNCTIONS The United States Railway Association was abolished effective Apr. 1, 1987, with all powers, duties, rights, and obligations of Association relating to Consolidated Rail Corporation under the Regional Rail Reorganiza- tion Act of 1973 (45 U.S.C. 701 et seq.) transferred to Secretary of Transportation on Jan. 1, 1987, and any se- curities of Corporation held by Association transferred to Secretary of Transportation on Oct. 21, 1986, see sec- tion 1341 of Title 45, Railroads. COMPENSATION PRACTICES OF GOVERNMENT CORPORATIONS For provisions relating to certain bonuses paid by mixed-ownership and wholly owned corporations listed in pars. (2) and (3) of this section, see Ex. Ord. No. 12976, Oct. 5, 1995, 60 F.R. 52829, set out as a note under sec- tion 4501 of Title 5, Government Organization and Em- ployees. § 9102. Establishing and acquiring corporations An agency may establish or acquire a corpora- tion to act as an agency only by or under a law of the United States specifically authorizing the action. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 1042.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 9102 ......... 31:869(a). Dec. 6, 1945, ch. 557, § 304(a), 59 Stat. 602. The word ‘‘agency’’ is substituted for ‘‘officer or agency of the Federal Government or by any Govern- ment corporation’’ and ‘‘agency or instrumentality of the United States’’ because of section 101 of the revised title, for consistency, and because a Government cor- poration is an ‘‘instrumentality of the United States Government’’. The word ‘‘establish’’ is substituted for ‘‘created, organized’’ to eliminate unnecessary words. The words ‘‘on or after December 6, 1945’’ are omitted as executed. The words ‘‘law of the United States’’ are substituted for ‘‘Act of Congress’’ for consistency. § 9103. Budgets of wholly owned Government corporations (a) Each wholly owned Government corpora- tion shall prepare and submit each year to the President a business-type budget in a way, and before a date, the President prescribes by regu- lation for the budget program. (b) The budget program for each wholly owned Government corporation shall— (1) contain estimates of the financial condi- tion and operations of the corporation for the current and following fiscal years and the con- dition and results of operations in the last fis- cal year; (2) contain statements of financial condi- tion, income and expense, and sources and use of money, an analysis of surplus or deficit, and additional statements and information to make known the financial condition and oper- ations of the corporation, including estimates of operations by major activities, administra- tive expenses, borrowings, the amount of United States Government capital that will be returned to the Treasury during the fiscal year, and appropriations needed to restore capital impairments; and (3) provide for emergencies and contin- gencies and otherwise be flexible so that the corporation may carry out its activities. (c) The President shall submit the budget pro- grams submitted by wholly owned Government corporations (as changed by the President) as part of the budget submitted to Congress under section 1105 of this title. The President there- after may submit changes in a budget program of a corporation at any time. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 1042.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 9103(a) ..... 31:847(1st sentence). Dec. 6, 1945, ch. 557, § 102, 59 Stat. 598; Sept. 12, 1950, ch. 946, § 105, 64 Stat. 834. 9103(b) ..... 31:847(2d–last sen- tences). 9103(c) ..... 31:848. Dec. 6, 1945, ch. 557, § 103, 59 Stat. 598. In subsection (a), the word ‘‘President’’ is substituted for ‘‘Office of Management and Budget’’ because sec- tions 101 and 102(a) of Reorganization Plan No. 2 of 1970 (eff. July 1, 1970, 84 Stat. 2085) designated the Bureau of the Budget as the Office of Management and Budget and transferred all functions of the Bureau to the President. The words ‘‘in a way, and before a date, the President prescribes by regulation for the budget pro- gram’’ are substituted for ‘‘under such rules and regu- lations as the President may establish as to the date of submission, the form and content, the classifications of data, and the manner in which such budget program shall be prepared and presented’’ to eliminate unneces- sary words. In subsection (b), before clause (1), the words ‘‘budget program’’ are substituted for ‘‘budget program shall be a business-type budget, or plan of operation’’ for con- sistency and to eliminate unnecessary words. In clause (1), the words ‘‘actual’’ and ‘‘completed’’ are omitted as surplus. In clause (2), the words ‘‘as are necessary or desirable’’, ‘‘types of’’, ‘‘together with’’, and ‘‘funds’’ are omitted as surplus. In clause (3), the words ‘‘as au- thorized by law’’ are omitted as surplus. In subsection (c), the words ‘‘as changed’’ are sub- stituted for ‘‘as modified, amended, or revised’’ to eliminate unnecessary words. The word ‘‘submit’’ is substituted for ‘‘transmitted’’ for consistency. The word ‘‘annual’’ is omitted as surplus. The word ‘‘there- after’’ is added for clarity. The text of 31:848 (last par.) is omitted as unnecessary. § 9104. Congressional action on budgets of wholly owned Government corporations (a) Congress shall— (1) consider budget programs for wholly owned Government corporations the President submits; (2) make necessary appropriations author- ized by law; (3) make corporate financial resources avail- able for operating and administrative ex- penses; and