Investment of receipts and proceeds

12 U.S.C. § 4711

• Title: 12 — Banks and Banking
• Chapter: SUBCHAPTER I—COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS

Text

(a) Establishment of account
Any dividends on equity investments and proceeds from the disposition of investments, deposits, or credit union shares that are received by the Fund as a result of assistance provided pursuant to section 4707 or 4712 of this title, and any fees received pursuant to section 4708(f) of this title shall be deposited and accredited to an account of the Fund in the United States Treasury (hereafter in this section referred to as "the account") established to carry out the purpose of this subchapter.
(b) Investments
Upon request of the Administrator, the Secretary of the Treasury shall invest amounts deposited in the account in public debt securities with maturities suitable to the needs of the Fund, as determined by the Administrator, and bearing interest at rates determined by the Secretary of the Treasury, comparable to current market yields on outstanding marketable obligations of the United States of similar maturities.
(c) Availability
Amounts deposited into the account and interest earned on such amounts pursuant to this section shall be available to the Fund until expended.

History

(Pub. L. 103–325, title I, §112, Sept. 23, 1994, 108 Stat. 2177.)