Reimbursement to Fund

12 U.S.C. § 4748

• Title: 12 — Banks and Banking
• Chapter: SUBCHAPTER II—SMALL BUSINESS CAPITAL ENHANCEMENT

Text

(a) In general
If a participating State withdraws funds from a reserve fund pursuant to terms of the participation agreement permitted by subsection (d) or (r) of section 4745 of this title, such participating State shall, not later than 15 calendar days after such withdrawal, submit to the Fund an amount computed by multiplying the amount withdrawn by the appropriate factor, as determined under subsection (b).
(b) Factor
The appropriate factor shall be obtained by dividing the total amount of contributions that have been made by the participating State to all reserve funds which were subject to reimbursement—
(1) by 2; and
(2) by the total amount of contributions made by the participating State to all reserve funds, including if applicable, contributions that have been made by the State prior to becoming a participating State if the State continued its own capital access program in accordance with section 4743(b) of this title.
(c) Use of reimbursements
The Fund may use funds reimbursed pursuant to this section to make reimbursements under section 4747 of this title.

History

(Pub. L. 103–325, title II, §258, Sept. 23, 1994, 108 Stat. 2213.)