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31 U.S.C. § 9107 - U.S. Code - Unannotated Title 31. Money and Finance § 9107. Accounts

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - 31 U.S.C. § 9107 - U.S. Code - Unannotated Title 31. Money and Finance § 9107. Accounts - last updated January 01, 2024 | https://codes.findlaw.com/us/title-31-money-and-finance/31-usc-sect-9107/

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