If a school terminates a loan fund established under an agreement pursuant to section
292q(b) of this title, or if the Secretary for good cause terminates the agreement with the school, there shall be a capital distribution as follows:
(1)The Secretary shall first be paid an amount which bears the same ratio to such balance in such fund on the date of termination of the fund as the total amount of the Federal capital contributions to such fund by the Secretary pursuant to section
292q(b)(2)(A) of this title bears to the total amount in such fund derived from such Federal capital contributions and from funds deposited therein pursuant to section
292q(b)(2)(B) of this title.
(2)The remainder of such balance shall be paid to the school.
(b) Payment of proportionate share to Secretary
If a capital distribution is made under subsection (a) of this section, the school involved shall, after the capital distribution, pay to the Secretary, not less often than quarterly, the same proportionate share of amounts received by the school in payment of principal or interest on loans made from the loan fund established pursuant to section
292q(b) of this title as was determined by the Secretary under subsection (a) of this section.
A prior section 728 of act July 1, 1944, was classified to section
294a of this title prior to the general revision of this subchapter by Pub. L. 102–408.
Another prior section 728 of act July 1, 1944, was classified to section
293h of this title prior to renumbering by Pub. L. 94–484.
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
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.