§ 635. — Deposit of moneys; depositaries, custodians, and fiscal agents; contributions to employees' compensation funds.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC635]
TITLE 15--COMMERCE AND TRADE
CHAPTER 14A--AID TO SMALL BUSINESS
Sec. 635. Deposit of moneys; depositaries, custodians, and
fiscal agents; contributions to employees' compensation funds
(a) All moneys of the Administration not otherwise employed may be
deposited with the Treasury of the United States subject to check by
authority of the Administration. The Federal Reserve banks are
authorized and directed to act as depositaries, custodians, and fiscal
agents for the Administration in the general performance of its powers
conferred by this chapter. Any banks insured by the Federal Deposit
Insurance Corporation, when designated by the Secretary of the Treasury,
shall act as custodians and financial agents for the Administration.
Each Federal Reserve bank, when designated by the Administrator as
fiscal agent for the Administration, shall be entitled to be reimbursed
for all expenses incurred as such fiscal agent.
(b) The Administrator shall contribute to the employees'
compensation fund, on the basis of annual billings as determined by the
Secretary of Labor, for the benefit payments made from such fund on
account of employees engaged in carrying out functions financed by the
revolving fund established by section 633(c) of this title. The annual
billings shall also include a statement of the fair portion of the cost
of the administration of such fund, which shall be paid by the
Administrator into the Treasury as miscellaneous receipts.
(Pub. L. 85-536, Sec. 2[6], July 18, 1958, 72 Stat. 387.)
Prior Provisions
Prior similar provisions were contained in section 206 of act July
30, 1953, ch. 282, title II, 67 Stat. 235, which was previously
classified to this section. See Codification note set out under section
631 of this title.
