(a)With the approval of the Comptroller General, a Government corporation may consolidate its cash into an account if the cash will be expended as provided by law.
(b)The Secretary of the Treasury shall keep the accounts of a Government corporation. If the Secretary approves, a Federal reserve bank or a bank designated as a depositary or fiscal agent of the United States Government may keep the accounts. The Secretary may waive the requirements of this subsection.
(1)Subsection (b) of this section does not apply to maintaining a temporary account of not more than $50,000 in one bank.
(2)Subsection (b) of this section does not apply to a mixed-ownership Government corporation when the corporation has no capital of the Government.
(3)Subsection (b) of this section does not apply to the Federal Intermediate Credit Banks, the Central Bank for Cooperatives, the Regional Banks for Cooperatives, or the Federal Land Banks. However, the head of each of those banks shall report each year to the Secretary the names of depositaries where accounts are kept. If the Secretary considers it advisable when an annual report is received, the Secretary may make a written report to the corporation, the President, and Congress.
Dec. 6, 1945, ch. 577, § 302, 59 Stat. 601; July 26, 1956, ch. 741, § 201(a)(4), 70 Stat. 667; Aug. 20, 1978, Pub. L. 95–351, § 301(b), 92 Stat. 514; Aug. 13, 1981, Pub. L. 97–35, § 396(h)(2), 95 Stat. 440.
31:867(1st sentence last proviso).
31:868(d)(1st sentence related to 31:867).
Dec. 6, 1945, ch. 577, § 303(d)(1st sentence related to § 302), 59 Stat. 602.
In subsection (a), the words “After June 30, 1949” are omitted as executed. The words “Government corporation” are substituted for “corporations or agencies subject to this chapter” because of section 9101(1) of the revised title. The words “notwithstanding the provisions of any other law”, “or more . . . for banking and checking purposes”, and “including amounts appropriated, from whatever source derived” are omitted as surplus. The words “if the cash will be expended as provided by law” are substituted for 31:870(proviso) to eliminate unnecessary words.
In subsections (b) and (c), the words “banking or checking” are omitted as surplus.
In subsection (b), the words “Secretary of the Treasury” are substituted for “Treasurer of the United States” because of the source provisions restated in section 321(c) of the revised title. The words “wholly owned and mixed-ownership” and “under such conditions as he may determine” are omitted as surplus.
In subsection (c)(1), the words “establishment and” and “in any one bank” are omitted as surplus.
In subsection (c)(3), the words “head of each” are added for consistency.
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
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 December 31, 1981.
1983—Subsec. (c)(3). Pub. L. 97–452struck out “the National Consumer Cooperative Bank,” after “Regional Banks for Cooperatives,” which had already been struck out by Pub. L. 97–258. See 1982 Amendment note below.
1982—Subsec. (c)(3). Pub. L. 97–258, § 2(l)(2), struck out “the National Consumer Cooperative Bank,” after “Regional Banks for Cooperatives,”.
Effective Date of 1983 Amendment
Amendment effective Sept. 13, 1982, see section 2(i) ofPub. L. 97–452, set out as a note under section
3331 of this title.
Effective Date of 1982 Amendment
Section 2(l) ofPub. L. 97–258provided that the amendment made by such section is effective Jan. 1, 1982.
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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