Title 12 — Banks and Banking
Chapter 13 — National Housing
§ 1722. Benefits and burdens incident to administration of functions and operations under sections 1720 and 1721
Statutory text
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
June 27, 1934, ch. 847, title III, § 307, as added Aug. 2, 1954, ch. 649, title II, § 201, 68 Stat. 619 · 68 Stat. 619
Enacted · 12 U.S.C. § 1722
June 27, 1934, ch. 847, title III, § 307, as added Aug. 2, 1954, ch. 649, title II, § 201, 68 Stat. 619
Source evidence
Code source credit
June 27, 1934, ch. 847, title III, § 307, as added Aug. 2, 1954, ch. 649, title II, § 201, 68 Stat. 619Housing and Urban Development Act of 1968
Pub. L. 90–448 title VIII § 802(v) · 82 Stat. 476
Repealed · 12 U.S.C. § 1722
Pub. L. 90–448 repealed subsecs. (a) and (b) which related to separate accountability and to functions of the Association under sections 1720 and 1721 of this title
Redesignated · 12 U.S.C. § 1722
Pub. L. 90–448 redesignated subsec. (c) as the entire section
Substituted · 12 U.S.C. § 1722
Pub. L. 90–448 substituted “Secretary of Housing and Urban Development” for “board of directors of the Association”
Source evidence
Code amendment note
Pub. L. 90–448 repealed subsecs. (a) and (b) which related to separate accountability and to functions 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 Development” for “board of directors of the Association”.Enacted provision · exact public law section
(v) Subsections (a) and (b) of section 307 of such Act are repealed. Repeal. 12 USC 1722.Effective date note
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.
3 of 4 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
Section 1720 of this title, referred to in text, was repealed by Pub. L. 98–181, title I [title IV, § 483(a)], , 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 . 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 functions 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 Development” 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.
Credits
1934–1968 · 2 acts
- 1934June 27, 1934, ch. 847, title III, § 307, as added Aug. 2, 1954, ch. 649, title II, § 201, 68 Stat. 619
- 1968amended Pub. L. 90–448, title VIII, § 802(v), (w), , 82 Stat. 539.
Show as published
(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), , 82 Stat. 539.)