(a)After notice and an opportunity for a hearing, the Secretary is authorized to terminate and recover any grant awarded under this subchapter if the University—
(1)withdraws or expends any endowment fund corpus, or any endowment fund income in excess of the amount authorized by section
130aa–3 of this title;
(2)fails to invest its endowment fund corpus or income in accordance with the investment standards set forth in section
130aa–2 of this title; or
(3)fails to account properly to the Secretary concerning investments and expenditures of its endowment fund corpus or income.
(b)If the Secretary terminates a grant under subsection (a) of this section, the University shall return to the Treasury of the United States an amount equal to the sum of the original grant or grants under this subchapter  plus any income earned thereon. The Secretary may direct the University to take such other appropriate measures to remedy any violation of this subchapter and to protect the financial interest of the United States.
This subchapter, the first time it appears in subsec. (b), was in the original “this Act” which was translated as reading “this title”, meaning title II of Pub. L. 98–480, Oct. 17, 1984, 98 Stat. 2236, as the probable intent of Congress.
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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Description of Change
Statutes at Large
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