§ 1722. — Benefits and burdens incident to administration of functions and operations under sections 1720 and 1721.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1722]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER III--NATIONAL MORTGAGE ASSOCIATIONS
Sec. 1722. Benefits and burdens incident to administration of
functions and operations under sections 1720 and 1721
All of the benefits and burdens incident to the administration of
the functions and operations of the Association under sections 1720 and
1721, respectively, of this title, after allowance for related
obligations of the Association, its prorated expenses, and the like,
including amounts required for the establishment of such reserves as the
Secretary of Housing and Urban Development shall deem appropriate, shall
inure solely to the Secretary of the Treasury, and such related earnings
or other amounts as become available shall be paid annually by the
Association to the Secretary of the Treasury for covering into
miscellaneous receipts.
(June 27, 1934, ch. 847, title III, Sec. 307, as added Aug. 2, 1954, ch.
649, title II, Sec. 201, 68 Stat. 619; amended Pub. L. 90-448, title
VIII, Sec. 802(v), (w), Aug. 1, 1968, 82 Stat. 539.)
References in Text
Section 1720 of this title, referred to in text, was repealed by
Pub. L. 98-181, title IV, Sec. 483(a), Nov. 30, 1983, 97 Stat. 1240.
Prior Provisions
A prior section 307 of act June 27, 1934, ch. 847, title III, 48
Stat. 1255; amended Feb. 3, 1938, ch. 13, Sec. 8, 52 Stat. 24, related
to exemption from taxation, prior to the general amendment of this
subchapter by act July 1, 1948, ch. 784, Sec. 1, 62 Stat. 1206, and was
subsequently covered by section 1719 of this title until the general
amendment of this subchapter by act Aug. 2, 1954. See section 1723a(c)
of this title.
Amendments
1968--Pub. L. 90-448 repealed subsecs. (a) and (b) which related to
separate accountability and to functions of the Association under
sections 1720 and 1721 of this title, redesignated subsec. (c) as the
entire section, and substituted ``Secretary of Housing and Urban
Development'' for ``board of directors of the Association''.
Effective Date of 1968 Amendment
For effective date of amendment by title VIII of Pub. L. 90-448, see
section 808 of Pub. L. 90-448, set out as an Effective Date note under
section 1716b of this title.
Section Referred to in Other Sections
This section is referred to in section 1723i of this title.
