Title 31 — Money and Finance
Chapter 91 — Government Corporations
§ 9108. Obligations
Statutory text
Before a Government corporation issues obligations and offers obligations to the public, the Secretary of the Treasury shall prescribe—
the form, denomination, maturity, interest rate, and conditions to which the obligations will be subject;
the way and time the obligations are issued; and
the price for which the obligations will be sold.
A Government corporation may buy or sell a direct obligation of the United States Government, 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.
The Secretary may designate an officer or employee of an agency to carry out this section if the head of the agency agrees.
This section does not apply to a mixed-ownership Government corporation when the corporation has no capital of the Government.
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 Federal Land Banks. However, the head of each of those banks shall consult with the Secretary before taking action of the kind described in subsection (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.
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. 97–258 · 96 Stat. 1045
Enacted · 31 U.S.C. § 9108
Pub. L. 97–258, §§ 1, 2(l)(2), Sept. 13, 1982, 96 Stat. 1045, 1062
Source evidence
Code source credit
Pub. L. 97–258, §§ 1, 2(l)(2), Sept. 13, 1982, 96 Stat. 1045, 1062Pub. L. 97–258 § 2 · 96 Stat. 1045
Struck · 31 U.S.C. § 9108(d)(2)
Pub. L. 97–258, § 2(l)(2), struck out “the National Consumer Cooperative Bank,” after “Regional Banks for Cooperatives,”
Source evidence
Code amendment note
Subsec. (d)(2). Pub. L. 97–258, § 2(l)(2), struck out “the National Consumer Cooperative Bank,” after “Regional Banks for Cooperatives,”.Pub. L. 97–452 § 1(27) · 96 Stat. 2467
Struck · 31 U.S.C. § 9108(d)(2)
Pub. L. 97–452 struck out “the National Consumer Cooperative Bank,” after “the Regional Banks for Cooperatives,” which had already been struck out by Pub. L. 97–258. See 1982 Amendment note below
Source evidence
Code amendment note
Subsec. (d)(2). Pub. L. 97–452 struck out “the National Consumer Cooperative Bank,” after “the Regional Banks for Cooperatives,” which had already been struck out by Pub. L. 97–258. See 1982 Amendment note below.Enacted provision · exact public law section
(27) Ante, pp. 1044, 1045. Sections 9107(c)(3) and 9108(d)(2) are each amended by striking out “the National Consumer Cooperative Bank,”.Effective date note
Amendment by Pub. L. 97–452 effective Sept. 13, 1982, see section 2(i) of Pub. L. 97–452, set out as a note under section 3331 of this title.Agriculture Improvement Act of 2018
Pub. L. 115–334 title VI § 6602(b)(20) · 132 Stat. 4490
Struck · 31 U.S.C. § 9108(d)(2)
Pub. L. 115–334 struck out “the Rural Telephone Bank (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))),” after “do not apply to”
Source evidence
Code amendment note
Subsec. (d)(2). Pub. L. 115–334 struck out “the Rural Telephone Bank (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))),” after “do not apply to”.Enacted provision · exact public law section
(20) Section 9108(d)(2) of title 31, United States Code, is amended by striking “the Rural Telephone Bank (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))),”.
2 of 4 references resolved to an enrolled provision · 2 partial
Notes
historicalAndRevision
| 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 ” are omitted as executed. The words “wholly owned or mixed-ownership” are omitted because 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 omitted 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 provisions 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 aggregating” and “his approval with respect to any transaction or classes of transactions subject to the provisions 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 revised 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 Reconciliation Act of 1981 (Pub. L. 97–35, 95 Stat. 440) provided that references to the Bank in sections 302 and 303(d)(2d sentence) of the Government Corporation Control 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 .
Editorial Notes
Amendments1982–2018 · 3 rounds
2018
Subsec. (d)(2). Pub. L. 115–334 struck out “the Rural Telephone Bank (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))),” after “do not apply to”.
1983
Subsec. (d)(2). Pub. L. 97–452 struck out “the National Consumer Cooperative Bank,” after “the Regional Banks for Cooperatives,” which had already been struck out by Pub. L. 97–258. See 1982 Amendment note below.
1982
Subsec. (d)(2). Pub. L. 97–258, § 2(l)(2), struck out “the National Consumer Cooperative Bank,” after “Regional Banks for Cooperatives,”.
Statutory Notes and Related Subsidiaries
Effective Date of 1983 Amendment
Amendment by Pub. L. 97–452 effective , 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), , 96 Stat. 1062, provided that the amendment made by such section is effective .
Credits
1982–2018 · 3 acts
- 1982Pub. L. 97–258, §§ 1, 2(l)(2), , 96 Stat. 1045, 1062
- 1983Pub. L. 97–452, § 1(27), , 96 Stat. 2478
- 2018Pub. L. 115–334, title VI, § 6602(b)(20), , 132 Stat. 4777.
Show as published
(Pub. L. 97–258, §§ 1, 2(l)(2), , 96 Stat. 1045, 1062; Pub. L. 97–452, § 1(27), , 96 Stat. 2478; Pub. L. 115–334, title VI, § 6602(b)(20), , 132 Stat. 4777.)