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§ 699. National Aeronautics and Space Administration appropriations; availability of certain appropriations without fiscal year limitation.

REPEATED

Pub. L. 92-68, § 1(e), Aug. 6, 1971, 85 Stat. 175; Pub. L. 92-304, § 1(e), May 19, 1972, 86 Stat. 159.

§ 700. Defense Department appropriations; alien personnel.

REPEATED

Pub. L. 92-204, title VII, § 703, Dec. 18, 1971, 85 Stat. 726; Pub. L. 92-570, title VII, § 703, Oct. 26, 1972, 86 Stat. 1196; Pub. L. 93-238, title VII, § 703, Jan. 2, 1974, 87 Stat. 1038.

§700a. Same; property, services, and commodities; acceptance from foreign countries; quarterly reports.

REPEATED

Pub. L. 92-204, title VII, § 720, Dec. 18, 1971, 85 Stat. 731; Pub. L. 92-570, title VII, § 720, Oct. 26, 1972, 86 Stat. 1199; Pub. L. 93-238, title VII, § 720, Jan. 2, 1974, 87 Stat. 1042.

TRANSFER OF FUNCTIONS

All functions vested by law (including reorganization plan) in the Bureau of the Budget or the Director of the Bureau of the Budget were transferred to the President of the United States by section 101 of 1970 Reorg. Plan No. 2, eff. July 1, 1970, 35 F.R. 7959, 84 Stat. 2085. Section 102 of 1970 Reorg. Plan No. 2, redesignated the Bureau of the Budget as the Office of Management and Budget. See Office of Management and Budget note set out under this section in the main volume.

§ 700b. Same; access roads; advances for construction. Funds appropriated to the Department of Defense for construction may be used for advances to the Federal Highway Administration, Department of Transportation, for the construction of access roads as authorized by section 210 of Title 23 when projects authorized therein are certified as important to the national defense by the Secretary of Defense. (Pub. L. 93-194, § 106, Dec. 20, 1973, 87 Stat. 768.)

SIMILAR PROVISIONS

Section is from the Military Construction Appropriation Act, 1974. Similar provisions were contained in the following prior appropriation acts:

1972-Pub. L. 92-547, § 106, Oct. 25, 1972, 86 Stat. 1158. 1971-Pub. L. 92-160, § 106, Nov. 18, 1971, 85 Stat. 484. §700d. Veterans Administration; settlement of construction contracts prohibited without independent audit as to reasonableness and appropriateness and specific provision in Appropriation Act. No funds appropriated in any Appropriation Act for any fiscal year shall be used to make a settlement of any construction contract by the Veterans Administration in an amount in excess of $1,000,000 which has not been audited independently as to the reasonableness and appropriateness of expenditures and which has not been provided for specifically in an Appropriations Act. (Pub. L. 93-245, ch. III, § 301, Jan. 3, 1974, 87 Stat. 1072.)

APPROPRIATION ACCOUNTS

§ 703. Review of accounts; reports by agencies and by Comptroller General.

TRANSFER OF FUNCTIONS

All functions vested by law (including reorganization plan) in the Bureau of the Budget or the Director of the Bureau of the Budget were transferred to the President of the United States by section 101 of 1970 Reorg. Plan No. 2, eff. July 1, 1970, 35 F.R. 7959, 84 Stat. 2085. Section 102 of 1970 Reorg. Plan No. 2, redesignated the

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POSTAL SAVINGS SYSTEM; UNCLAIMED DEPOSITS, DISTRIBUTION; RETENTION AND DISTRIBUTION BALANCE; PRO RATA SHARE, DETERMINATION; RETENTION BALANCE, AVAILABILITY FOR CLAIMS; APPROPRIATIONS

Pub. L. 92-117, Aug. 13, 1971, 85 Stat. 337, provided: "That (a) to provide a sharing in the amount of unclaimed Postal Savings System deposits among the States and other jurisdictions in which such deposits were made, which is more equitable and expeditious than may be accomplished under differing escheat laws, the Secretary of the Treasury is authorized, within sixty days following enactment of this Act [Aug. 13, 1971], and on such date as he may set during each of the four succeeding calendar years, to divide the remaining principal of unclaimed deposits held pursuant to the Act of March 28, 1966 (80 Stat. 92), in the trust fund account established under section 17 of the Act of June 26, 1934 (31 U.S.C. 725p) [this section], including the accrued interest applicable thereto, into a retention balance and a distribution balance. The retention balance shall consist of that portion of the remaining principal and accrued interest which he deems necessary to retain for the purpose of honoring claims by or on behalf of depositors; the distribution balance shall consist of that portion not so designated. The Secretary is authorized to proceed to distribute to each of the fifty States and to the District of Columbia, Puerto Rico, the Virgin Islands, and Guam, referred to in this section as other jurisdictions of deposit, a pro rata share of the distribution balance. Each such share shall be determined on the basis of the ratio between

"(1) the dollar amount of the principal of the unclaimed deposits remaining as of each determination, which had been deposited in the post offices of the given State or other jurisdiction of deposit, as the case may be, according to the records of the former Postal Savings System and the Treasury Department, and

"(2) the dollar amount of the principal of the total remaining deposits.

All determinations made by the Secretary of the Treasury under this subsection shall be final and conclusive and not subject to review in any court.

"(b) The retention balance remaining after the final distribution authorized by subsection (a) shall be held by the Secretary of the Treasury in perpetuity in the trust fund account established under section 17 of the Act of June 26, 1934 (31 U.S.C. 725p) [this section], for the purpose of honoring claims by or on behalf of depositors, without regard to any laws of the States or other jurisdictions of deposit concerning the disposition of unclaimed or abandoned property.

"SEC. 2. There is hereby authorized to be appropriated without fiscal year limitation to the trust fund estab11shed under section 17 of the Act of June 26, 1934 (31 U.S.C. 725p) [this section], out of any money in the Treasury not otherwise appropriated, such sums as may be necesary to pay claims by or on behalf of depositors whenever the balance in that trust fund account is insufficient to pay such claims as a result of determinations and distributions authorized by the first section of this Act."

§ 7258-3. Same; appropriation and disposition of power

revenues.

TRANSFER OF FUNCTIONS

All functions vested by law (including reorganization plan) in the Bureau of the Budget or the Director of the Bureau of the Budget were transferred to the President of the United States by section 101 of 1970 Reorg. Plan No. 2, eff. July 1, 1970, 35 F.R. 7959, 84 Stat. 2085. Section 102 of 1970 Reorg. Plan No. 2, redesignated the Bureau of the Budget as the Office of Management and Budget. See Change of Name note set out under this section in the main volume.

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tificates issued for any such security. (As amended Pub. L. 92-19, May 27, 1971, 85 Stat. 74.) AMENDMENTS

1971-Subsec. (a). Pub. L. 92–19, in revising the provisions, substituted former subsec. (d) provisions empowering Secretary of Treasury to make necessary rules and regulations for administration of section and authorization for granting relief on account of loss, theft, destruction, mutilation, or defacement of any security identified by number and description for former provisions authorizing relief prior to maturity where bearer securities are clearly proven to have been destroyed, and where there is probability of loss or theft granting of relief only after maturity and upon a finding that sufficient time has elapsed as would indicate that the securities have been destroyed or irretrievably lost, are not held by any person as his own property, and will never become the basis of a valid claim against the United States, the latter provision now covered in subsec. (c) of this section.

Subsec. (b). Pub. L. 92-19, in revising the provisions, made it clear that indemnity bond is required whether relief is provided before, at, or after maturity, and deleted provision excepting certain classes of cases from the requirement of an indemnity bond where not essential in public interest, namely, where loss, theft, destruction, etc. occurred without fault of owner; where substantially entire security is surrendered and any missing portion is insufficient to form basis of a valid claim against the United States; where the security is transferable only by operation of law; and where owner of the security is the Federal Government or official, State or local government, Federal Government corporation, foreign government, or Federal Reserve bank.

Subsec. (c). Pub. L. 92-19 substituted provision requiring as condition for relief on account of interest coupons claimed to have been attached to a security that the Secretary of Treasury be satisfied that such coupons have not been paid and are in fact destroyed or will not become the basis of a valid claim against the United States, formerly constituting last proviso of former subsec. (a), for definition of "interest-bearing security of the United States" or "security" as meaning any direct obligation of the United States issued pursuant to law for valuable consideration and which by its terms bears interest, or is issued on a discount basis and includes bonds, notes, certificates of indebtedness, and Treasury bills, and interim certificates issued for any such security and also meaning any bond issued under section 780 of Title 26, I.R.C. 1939, provision now covered in subsec. (d) of this section.

Subsec. (d). Pub. L. 92-19 substituted definition of "security", formerly included in former subsec. (c) defining "interest-bearing security of the United States" or "security" for former provision empowering Secretary of Treasury to make rules and regulations for administration of section, now incorporated in subsec. (a) of this section. § 742a. Same; by Federal tax acts.

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in title 12 sections 2055, 2079, 2098, 2134.

§ 752. Second, third, and fourth Liberty loans; amount; bonds.

The Secretary of the Treasury, with the approval of the President, is authorized to borrow, from time to time, on the credit of the United States for the purposes of this Act to provide for the purchase, redemption, or refunding, at or before maturity, of any outstanding bonds, notes, certificates of indebtedness, or Treasury bills of the United States, and to meet expenditures authorized for the national security and defense and other public purposes authorized by law, such sum or sums as in his judgment may be necessary, and to issue therefor bonds of the United States.

The bonds authorized in this section shall be in such form or forms and denomination or denomi

nations and subject to such terms and conditions of issue, conversion, redemption, maturities, payment, and rate or rates of interest, not exceeding 44 per centum per annum, and time or times of payment of interest, as the Secretary of the Treasury from time to time at or before the issue thereof may prescribe. The principal and interest thereof shall be payable in United States legal tender coin or currency of the present standard of value. Bonds authorized by this section may be issued from time to time to the public and to Government accounts at a rate or rates of interest exceeding 44 per centum per annum; except that bonds may not be issued under this section to the public, or sold by a Government account to the public, with a rate of interest exceeding 44 per centum per annum in an amount which would cause the face amount of bonds issued under this section then held by the public with rates of interest exceeding 44 per centum per annum to exceed $10,000,000,000.

(As amended Mar. 17, 1971, Pub. L. 92-5, title I, § 3, 85 Stat. 5; July 1, 1973, Pub. L. 93-53, § 2, 87 Stat. 135.)

AMENDMENTS

1973-Pub. L. 93-53 authorized issuance of bonds to the public and to Government accounts and substituted provision that bonds may not be issued under this section to the public, or sold by a Government account to the public, with a rate of interest exceeding 44 per centum per annum in an amount which would case the face amount of bonds issued under this section then held by the public with rates of interest exceeding 44 per centum per annum to exceed $10,000,000,000, for former prohibition against issuance of an aggregate face amount of bonds exceeding $10,000,000,000.

1971-Pub. L. 92-5 added provision that authorized bonds to be issued from time to time at a rate or rates of interest exceeding 4 per centum per annum, with the proviso that the aggregate face amount of the bonds so issued not exceed $10,000,000,000.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 7 sections 934, 1929a; title 12 section 1721; title 15 section 1848; title 20 section 1087-2; title 22 sections 282e, 283e, 284e, 286e, 286m; title 40 section 875; title 42 sections 2931, 296h, 300e-7; title 45 sections 602, 720; title 46 section 1275; title 48 section 1407c.

§ 754. Second and third Liberty loans; certificates of indebtedness and Treasury bills.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 757c-4 of this title.

§ 757b. Public debt limit; limitations on obligations issued under Second Liberty Loan.

The face amount of obligations issued under authority of this Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), shall not exceed in the aggregate $400,000,000,000 outstanding at any one time. The current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder thereof shall be considered, for the purposes of this section, to be the face amount of such obligation. (As amended Mar. 17, 1971, Pub. L. 92-5, title I, § 1, 85 Stat. 5.)

REFERENCES IN TEXT

This Act, referred to in the text, is the Second Liberty Bond Act, act Sept. 24, 1917, ch. 56, 40 Stat. 288, as amended, and is classified to section 745, former section 747, sections 752, 752a, 753, 754, 754a, 754b, 757, 757b, and 757c, former section 757c-1, sections 757c-2, 757c-3, 757c-4, 757d, 757e, 758, 760, and 764, former section 765, and sections 766, 769, 771, 773, 774, and 801 of this title. AMENDMENTS

1971-Pub. L. 92-5 increased the permanent debt limit from $380,000,000,000 to $400,000,000,000.

TEMPORARY INCREASE IN THE PUBLIC DEBT LIMIT The public debt limit set forth in this section was temporarily increased for a limited period by the following Acts:

Dec. 3, 1973, Pub. L. 93-173, § 1, 87 Stat. 691 Increase of $75,700,000,000 for the period Dec. 3, 1973, to June 30, 1974.

Oct. 27, 1972, Pub. L. 92-599, Title I, § 101, 86 Stat. 1324, as amended July 1, 1973, Pub. L. 93-53, § 1, 87 Stat. 134 Increase of $65,000,000,000 for the period Nov. 1, 1972, to Nov. 30, 1973.

Mar. 17, 1972, Pub. L. 92-250, 86 Stat. 63, as amended July 1, 1972, Pub. L. 92-336, title I, § 1, 86 Stat. 406-Increase of $20,000,000,000 for the period Mar. 15, 1972 to Oct. 31, 1972.

Mar. 17, 1971, Pub. L. 92-5, title I, § 2(a), 85 Stat. 5, as amended July 1, 1972, Pub. L. 92-336, title I, § 1, 86 Stat. 406-Increase of $30,000,000,000 for the period of Mar. 17, 1971 to Oct. 31, 1972.

REPEAL

Pub. L. 92-599, title I, § 101, Oct. 27, 1972, 86 Stat. 1324, as amended Pub. L. 93-53, § 1, July 1, 1973, 87 Stat. 134, providing for a temporary increase of $65,000,000,000 in the public debt limit for the period of Nov. 1, 1972, to Nov. 30, 1973, was repealed by Pub. L. 93–173, § 2, Dec. 3, 1973, 87 Stat. 691, eff. Dec. 3, 1973.

Pub. L. 91-301, § 2, June 30, 1970, 84 Stat. 368, providing for a temporary increase of $15,000,000,000 in the public debt limit for the period of June 30, 1970 to June 30, 1971 was repealed by Pub. L. 92-5, title I, § 2(b), Mar. 17, 1971, 85 Stat. 5, eff. Mar. 17, 1971.

JOINT COMMITTEE TO REVIEW OPERATION OF BUDGET CEILING AND TO RECOMMEND PROCEDURE FOR IMPROVING CONGRESSIONAL CONTROL OVER BUDGETARY OUTLAY AND RECEIPT TOTALS

Pub. L. 92-599, title III, § 301, Oct. 27, 1972, 86 Stat. 1324, provided that:

"(a) [Establishment; membership.] There is hereby established a joint committee composed of thirty-two members appointed as follows:

"(1) seven members from the Committee on Ways and Means of the House of Representatives, appointed by the Speaker of the House;

"(2) seven members from the Committee on Appropriations of the House of Representatives, appointed by the Speaker of the House;

"(3) two additional Members of the House of Representatives, one from the majority party, and one from the minority party, appointed by the Speaker of the House;

"(4) seven members of the Committee on Finance of the Senate, appointed by the President pro tempore of the Senate;

"(5) seven members of the Committee on Appropriations of the Senate, appointed by the President pro tempore of the Senate; and

"(6) two additional Members of the Senate, one from the majority party, and one from the minority party, appointed by the Preisdent pro tempore of the Senate. No person appointed by reason of his membership on any of the committees referred to in paragraphs (1), (2), (4), and (5) shall continue to serve as a member of the Joint committee after he has ceased to be a member of that committee from which he was chosen, except that the members chosen from the Committee on Appropriations and the Committee on Ways and Means of the House of Representatives who have been reelected to the House of Representatives may continue to serve as members of the Joint committee notwithstanding the expiration of the

Congress. A vacancy in the joint committee shall not affect the power of the remaining members to execute the functions of the joint committee, and shall be filled in the same manner as the original selection.

"(b) [Functions; report by February 15, 1973.] The joint committee created by subsection (a) shall make a full study and review of

"(1) the procedures which should be adopted by the Congress for the purpose of improving congressional control of budgetary outlay and receipt totals, including procedures for establishing and maintaining an overall view of each year's budgetary outlays which is fully coordinated with an overall view of the anticipated revenues for that year, and

"(2) the operation of the limitation on expenditures and net lending imposed by section 201 of this Act for the fiscal year ending June 30, 1973 [which set a limit of $250,000,000 effective for one day, Oct. 27, 1972]. The joint committee shall report the results of such study and review to the Speaker of the House of Representatives and to the President pro tempore of the Senate, not later than February 15, 1973.

"(c) [Chairman; staff.] (1) The chairman of the joint committee shall be selected by the members of the joint committee.

"(2) The joint committee is authorized to appoint such staff, and to request such assistance from the existing staffs of the Congress, as may be necessary to carry out the purposes of this section.

"(d) [Expenses.] The expenses of the joint committee, which shall not exceed $100,000 through February 28, 1973, shall be paid from the contingent fund of the Senate upon vouchers approved by the chairman of the joint

committee.

"(e) [Termination.] The joint committee shall cease to exist at the close of the first session of the Ninety-third Congress.

§ 757c. United States savings bonds and Treasury sav ings certificates.

(j) Tax refund check-bonds; series E bond status; requirement of timely refund claim; date of issue; redemption of issues to joint payees.

(1) The Secretary of the Treasury is authorized to prescribe by regulations that checks issued to individuals (other than trusts and estates) as refunds made in respect of the taxes imposed by subtitle A of the Internal Revenue Code of 1954 may, at the time and in the manner provided in such regulations, become United States savings bonds of series E. Except as provided in paragraph (2), bonds issued under this subsection shall be treated for all purposes of law as series E bonds issued under this section. This subsection shall apply only if the claim for refund was filed on or before the last day prescribed by law for filing the return (determined without extensions thereof) for the taxable year in respect of which the refund is made.

(2) Any check-bond issued under this subsection shall bear an issue date of the first day of the first calendar month beginning after the close of the taxable year for which issued.

(3) In the case of any check-bond issued under this subsection to joint payees, the regulations prescribed under this subsection may provide that either payee may redeem the bond upon his request. (As amended July 1, 1973, Pub. L. 93-53, § 3(a), 87 Stat. 135.)

REFERENCES IN TEXT

Subtitle A of the Internal Revenue Code of 1954, referred to in subsec. (j) (1), contains the income taxes provisions, which are classified to section 1 et seq. of Title 26, Internal Revenue Code.

AMENDMENTS

1973-Subsec. (j). Pub. L. 93-53 added subsec. (j).

EFFECTIVE DATE OF 1973 AMENDMENT

Section 3(b) of Pub. L. 93-53 provided that: "The amendment made by subsection (a) [enacting subsec. (j) of this section] shall apply with respect to refunds made after December 31, 1973."

§ 757c-4. Unmatured obligations not redeemable in payment of any United States tax in an amount above the fair market value of such obligation. In the case of obligations issued after March 3, 1971, under this Act or under any other provision of law, the terms and conditions of issue shall not permit the redemption before maturity of such obligation in payment of any tax imposed by the United States in any amount above the fair market value of such obligation at the time of such redemption. This section shall not apply to any Treasury bill which is issued under the authority of section 754 of this title. (Sept. 24, 1917, ch. 56, § 27, as added Pub. L. 92-5, title I, § 4 (b), Mar. 17, 1971, 85 Stat. 5.)

REFERENCES IN TEXT

This Act, referred to in the text, is the Second Liberty Bond Act, act Sept. 24, 1917, ch. 56, 40 Stat. 288, as amended, and is classified to section 745, former section 747, sections 752, 752a, 753, 754, 754a, 754b, 757, 757b, and 757c, former section 757c-1, sections 757c-2, 757c-3, 757c-4, 757d, 757e, 758, 760, and 764, former section 765, and sections 766, 769, 771, 773, 774, and 801 of this title. § 765. Repealed. Pub. L. 92-5, title I, § 4(a)(1), Mar. 17, 1971, 85 Stat. 5.

Section, act Sept. 24, 1917, ch. 56, § 14, as added Apr. 4, 1918, ch. 44, § 6, 40 Stat. 505, provided that bonds bearing interest at a higher rate than 4% per annum owned by the decedent for at least 6 months prior to his death and constituting a part of his estate were receivable in payment of estate or inheritance taxes.

EFFECTIVE DATE OF REPEAL

Section 4(a) of Pub. L. 92-5 provided in part that the repeal of this section by Pub. L. 92-5 shall be effective with respect to obligations issued after Mar. 3, 1971.

Chapter 14.-FINANCIAL CONTROL OF
GOVERNMENT CORPORATIONS

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in title 7 section 943; title 12 section 1293; title 22 section 290f; title 45 section 741. § 846. Definition of "wholly owned Government corporation".

As used in this chapter the term "wholly owned Government corporation" means the Commodity Credit Corporation; Regional Agricultural Credit Corporations; Farmers Home Corporation; Pennsylvania Avenue Development Corporation; Federal Crop Insurance Corporation; Federal Surplus Commodities Corporation; Reconstruction Finance Corporation; Defense Plant Corporation; Defense Supplies Corporation; Metals Reserve Company; Rubber Reserve Company; War Damage Corporation; Government National Mortgage Association; the RFC Mortgage Company; Disaster Loan Corporation; Inland Waterways Corporation; Warrior River Terminal Company; Virgin Islands Corporation; Federal Prison Industries, Incorporated; United States Spruce Production Corporation; Overseas Private Investment Corporation; Institute of Inter-American Affairs; Institute of Inter-American Transportation;

Inter-American Educational Foundation, Incorporated; Inter-American Navigation Corporation; Prencinradio, Incorporated; Cargoes, Incorporated; Export-Import Bank of the United States; Petroleum Reserves Corporation; Rubber Development Corporation; U.S. Commercial Company; Smaller War Plants Corporation; Defense Homes Corporation; Federal Savings and Loan Insurance Corporation; Home Owners' Loan Corporation; United States Housing Corporation; Federal Housing Administration; Saint Lawrence Seaway Development Corporation; Panama Canal Company; Tennessee Valley Authority; and Tennessee Valley Associated Cooperatives, Incorporated. (As amended Oct. 27, 1972, Pub. L. 92-578, § 15, 86 Stat. 1274.)

AMENDMENTS

1972-Pub. L. 92-578 inserted "Pennsylvania Avenue Development Corporation;" following "Farmers Home Corporation;".

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1201 of this title; title 7 section 943; title 12 section 2293.

§ 847. Preparation of annual business-type budget; form, content, and manner of submission. TRANSFER OF FUNCTIONS

All functions vested by law (including reorganization plan) in the Bureau of the Budget or the Director of the Bureau of the Budget were transferred to the President of the United States by section 101 of 1970 Reorg. Plan No. 2, eff. July 1, 1970, 35 F.R. 7959, 84 Stat. 2085. Section 102 of 1970 Reorg. Plan No. 2, redesignated the Bureau of the Budget as the Office of Management and Budget. See Change of Name note set out under this section in the main volume.

§ 849. Consideration of programs by Congress; enactment of necessary legislation; effect of section on certain existing authority of corporations.

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in title 15 section 687j. § 852. Corporation deemed Government agency; approval by Congress; effect; entity unaffected.

TRANSFER OF FUNCTIONS

All functions vested by law (including reorganization plan) in the Bureau of the Budget or the Director of the Bureau of the Budget were transferred to the President of the United States by section 101 of 1970 Reorg. Plan No. 2, eff. July 1, 1970, 35 F.R. 7959, 84 Stat. 2085. Section 102 of 1970 Reorg. Plan No. 2, redesignated the Bureau of the Budget as the Office of Management and Budget. See Change of Name note set out under this section in the main volume.

§ 856. Definition of "mixed-ownership Government corporations".

As used in this chapter the term "mixed-ownership Government corporations" means (1) the Central Bank for Cooperatives and the Regional Banks for Cooperatives, (2) Federal Land Banks, (3) Federal Intermediate Credit Banks, (4) Federal Home Loan Banks, (5) Federal Deposit Insurance Corporation, (6) the National Railroad Passenger Corporation, (7) the Rural Telephone Bank, (8) the United States Railway Association, and (9) the Consolidated Rail Corporation to the extent provided in the Regional Rail Reorganization Act of 1973. (As amended May 7, 1971, Pub. L. 92-12, title I, § 4, 85 Stat. 37; Jan. 2, 1974, Pub. L. 93-236, title II, § 202(g) (1), title III, § 301 (f), 87 Stat. 992, 1005.)

REFERENCES IN TEXT

The Regional Rail Reorganization Act of 1973, referred to in text, is classified to section 701 et seq. of Title 45, Railroads.

CODIFICATION

Designation for the item "Rural Telephone Bank" has been changed from "(6)" to "(7)" for purposes of codification.

AMENDMENTS

1974-Pub. L. 93-236 added clauses (8) and (9). 1971-Pub. L. 92-12 included the Rural Telephone Bank in the definition of mixed-ownership Government corporations.

EFFECTIVE DATE OF 1971 AMENDMENT

Section 4 of Pub. L. 92-12 provided in part that amendment of this section by Pub. L. 92-12 is effective when ownership, control, and operation of telephone bank is converted as provided in section 950(a) of Title 7, Agriculture.

§ 868. Bonds, notes, and debentures, etc.

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(d) Exemption of corporations under certain conditions; exemption of certain corporations. Any mixed-ownership Government corporation from which Government capital has been entirely withdrawn shall not be subject to the provisions of section 867 of this title or of this section during the period such corporation remains without Government capital. The provisions of subsections (a) and (b) of this section shall not be applicable to the Rural Telephone Bank, Federal Intermediate Credit Banks, the Central Bank for Cooperatives, the Regional Banks for Cooperatives, or the Federal Land Banks, except that each such corporation shall be required to consult with the Secretary of the Treasury prior to taking any action of the kind covered by the provisions of subsections (a) and (b) of this section, and in the event an agreement is not reached, the Secretary of the Treasury may make a report in writing to the corporation, to the President, and to the Congress stating the grounds for his disagreement. (As amended May 7, 1971, Pub. L. 92-12, title I, § 5, 85 Stat. 37.)

AMENDMENTS

1971-Subsec. (d). Pub. L. 92-12 made the provisions of subsecs. (a) and (b) of this section inapplicable to the Rural Telephone Bank.

EFFECTIVE DATE OF 1971 AMENDMENT Section 5 of Pub. L. 92-12 provided in part that amendment of subsec. (d) of this section by Pub. L. 92-12 is effective when ownership, control, and operation of telephone bank is converted as provided in section 950 (a) of Title 7, Agriculture.

Chapter 18.-COMPROMISE AND COLLECTION OF FEDERAL CLAIMS

CHAPTER REFERRED TO IN OTHER SECTIONS This chapter is referred to in title 42 section 5042.

Chapter 19.-PRESIDENTIAL ELECTION
CAMPAIGN FUND

§§ 971 to 973. Repealed. Pub. L. 92-178, title VIII,
§ 802(b)(1), Dec. 10, 1971, 85 Stat. 573.
Sections, Pub. L. 89-809, title III, §§ 303-305, Nov. 13,
1966, 80 Stat. 1588-1590, related to Presidential Election
Campaign Fund, providing in section 971 for operation of
Presidential Election Campaign Fund ((a) establishment;
(b) transfers to the Fund; (c) payments from the Fund,
determination of amounts, limitations, and definitions;

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