All of the benefits and burdens incident to the administration of the functions and operations of the Association under sections
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.
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.
1968—Pub. L. 90–448repealed subsecs. (a) and (b) which related to separate accountability and to functions of the Association under sections
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”.
Effective Date of 1968 Amendment
For effective date of amendment by title VIII of Pub. L. 90–448, see section 808 ofPub. L. 90–448, set out as an Effective Date note under section
1716b of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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