(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.
(c)(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 9107(a) | 31:870. | Aug. 24, 1949, ch. 506, §309, |
| 9107(b) | 31:867(1st sentence less last proviso). | Dec. 6, 1945, ch. 577, §302, |
| 9107(c)(1) | 31:867(1st sentence last proviso). | |
| 9107(c)(2) | 31:868(d)(1st sentence related to 31:867). | Dec. 6, 1945, ch. 577, §303(d)(1st sentence related to §302), |
| 9107(c)(3) | 31:867(last sentence). |
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 (
1983-Subsec. (c)(3).
1982-Subsec. (c)(3).
Amendment effective Sept. 13, 1982, see section 2(i) of