Title 12 — Banks and Banking
Chapter 6A — Export-Import Bank of the United States
§ 635k. Apportionment of losses incurred on loans, guarantees, and insurance; reimbursement; contingent obligations
Statutory text
In the event of any losses, as determined by the Board of Directors of the Bank, incurred on loans, guarantees, and insurance extended under this subchapter, the first $100,000,000 of such losses shall be borne by the Bank; the second $100,000,000 of such losses shall be borne by the Secretary of the Treasury; and any losses in excess thereof shall be borne by the Bank. Reimbursement of the Bank by the Secretary of the Treasury of the amount of losses which are to be borne by the Secretary of the Treasury as aforesaid shall be from funds made available pursuant to section 635l of this title. All guarantees and insurance issued by the Bank shall be considered contingent obligations backed by the full faith and credit of the Government of the United States of America.
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.
Pub. L. 90–390 § 2 · 82 Stat. 296
Enacted · 12 U.S.C. § 635k
(Pub. L. 90–390, § 2, July 7, 1968, 82 Stat. 297.)
Source evidence
Code source credit
(Pub. L. 90–390, § 2, July 7, 1968, 82 Stat. 297.)Enacted provision · exact public law section
Sec. 2. In the event of any losses, as determined by the Board of Losses. Directors of the Bank, incurred on loans, guarantees, and insurance extended under this Act, the first $100,000,000 of such losses shall be borne by the Bank; the second $100,000,000 of such losses shall be borne by the Secretary of the Treasury; and any losses in excess thereof shall be borne by the Bank. Reimbursement of the Bank by the Secretary of the Treasury of the amount of losses which are to be borne by the Secretary of the Treasury as aforesaid shall be from funds made available pursuant to section 3 of this Act. All guarantees and insurance Contingent obligations. issued by the Bank shall be considered contingent obligations backed by the full faith and credit of the Government of the United States of America.
1 of 1 references resolved to an enrolled provision