12 U.S.C. § 1438 : US Code - Section 1438: Administrative expenses

Search 12 U.S.C. § 1438 : US Code - Section 1438: Administrative expenses

(a) Repealed. Pub. L. 101-73, title VII, Sec. 712, Aug. 9, 1989,
103 Stat. 419
(b) Assessments for administrative expenses
(1) In general
The Board may impose a semiannual assessment on the Federal
Home Loan Banks, the aggregate amount of which is sufficient to
provide for the payment of the Board's estimated expenses for the
period for which such assessment is made.
(2) Deficiencies
If, at any time, amounts available from any assessment for any
semiannual period are insufficient to cover the expenses of the
Board incurred in carrying out the provisions of this chapter
during such period, the Board may make an immediate assessment
against the Banks to cover the amount of the deficiency for such
semiannual period.
(3) Surpluses
If, at the end of any semiannual period for which an assessment
is made, any amount remains from such assessment, such amount
will be deducted from the assessment on the Banks by the Board
for the following semiannual period.
(c) Quarters and facilities; advances of funds; obligations of
United States; legal investments; approval of plans and designs;
custody, management, and control; receipts; expense exclusions;
property defined; budget preparation program; audit; zoning
regulations; delegation of functions; limitation on obligations
(1) The Director of the Office of Thrift Supervision, utilizing
the services of the Administrator of General Services (hereinafter
referred to as the "Administrator"), and subject to any limitation
hereon which may hereafter be imposed in appropriation Acts, is
hereby authorized -
(A) to acquire, in the name of the United States, real property
in the District of Columbia, for the purposes set forth in this
subsection;
(B) to construct, develop, furnish, and equip such buildings
thereon and such facilities as in its judgment may be appropriate
to provide, to such extent as the Director of the Office of
Thrift Supervision may deem advisable, suitable and adequate
quarters and facilities for the Director of the Office of Thrift
Supervision and the agencies under its administration or
supervision;
(C) to enlarge, remodel, or reconstruct any of the same; and
(D) to make or enter into contracts for any of the foregoing.
(2) The Director of the Office of Thrift Supervision may require
of the respective banks, and they shall make to the Director of the
Office of Thrift Supervision, such advances of funds for the
purposes set out in paragraph (1) as in the sole judgment of the
Director of the Office of Thrift Supervision may from time to time
be advisable. Such advances shall be in addition to the assessments
authorized in subsection (b) of this section and shall be
apportioned by the Director of the Office of Thrift Supervision
among the banks in proportion to the total assets of the respective
banks, determined in such manner and as of such times as the
Director of the Office of Thrift Supervision may prescribe. Each
such advance shall bear interest at the rate of 4 1/2 per centum
per annum from the date of the advance and shall be repaid by the
Director of the Office of Thrift Supervision in such installments
and over such period, not longer than twenty-five years from the
making of the advance, as the Director of the Office of Thrift
Supervision may determine. Payments of interest and principal upon
such advances shall be made from receipts of the Director of the
Office of Thrift Supervision or from other sources which may from
time to time be available to the Director of the Office of Thrift
Supervision. The obligation of the Director of the Office of Thrift
Supervision to make any such payment shall not be regarded as an
obligation of the United States. To such extent as the Director of
the Office of Thrift Supervision may prescribe any such obligation
shall be regarded as a legal investment for the purposes of
subsections (g) and (h) of section 1431 of this title and for the
purposes of section 1436 of this title.
(3) The plans and designs for such buildings and facilities and
for any such enlargement, remodeling, or reconstruction shall, to
such extent as the chairperson of (!1) the Director of the Office
of Thrift Supervision may request, be subject to his approval.
(4) Upon the making of arrangements mutually agreeable to the
Director of the Office of Thrift Supervision and the Administrator,
which arrangements may be modified from time to time by mutual
agreement between them and may include but shall not be limited to
the making of payments by the Director of the Office of Thrift
Supervision and such agencies to the Administrator and by the
Administrator to the Director of the Office of Thrift Supervision,
the custody, management, and control of such buildings and
facilities and of such real property shall be vested in the
Administrator in accordance therewith. Until the making of such
arrangements such custody, management, and control, including the
assignment and allotment and the reassignment and reallotment of
building and other space, shall be vested in the Director of the
Office of Thrift Supervision.
(5) Any proceeds (including advances) received by the Director of
the Office of Thrift Supervision in connection with this
subsection, and any proceeds from the sale or other disposition of
real or other property acquired by the Director of the Office of
Thrift Supervision under this subsection, shall be considered as
receipts of the Director of the Office of Thrift Supervision, and
obligations and expenditures of the Director of the Office of
Thrift Supervision and such agencies in connection with this
subsection shall not be considered as administrative expenses. As
used in this subsection, the term "property" shall include
interests in property.
(6) With respect to its functions under this subsection the
Director of the Office of Thrift Supervision shall (A) annually
prepare and submit a budget program as provided in chapter 91 of
title 31 with regard to wholly owned Government corporations, and
for purposes of this sentence, the terms "wholly owned Government
corporations" and "Government corporations," wherever used in such
chapter, shall include the Director of the Office of Thrift
Supervision, and (B) maintain an integral set of accounts which
shall be audited by the Government Accountability Office in
accordance with the principles and procedures applicable to
commercial corporate transactions as provided in such title, and no
other settlement or adjustment shall be required with respect to
transactions under this subsection or with respect to claims,
demands, or accounts by or against any person arising thereunder.
The first budget program shall be for the first full fiscal year
beginning on or after the date of the enactment of this subsection.
Except as otherwise provided in this subsection or by the Director
of the Office of Thrift Supervision, the provisions of this
subsection and the functions thereby or thereunder subsisting shall
be applicable and exercisable notwithstanding and without regard to
the Act of June 20, 1938, except that the proviso of section 16
thereof shall apply to any building constructed under this
subsection, and section 306 of the Act of July 30, 1947 (61 Stat.
584), or any other provision of law relating to the construction,
alteration, repair, or furnishing of public or other buildings or
structures or the obtaining of sites therefor, but any person or
body in whom any such function is vested may provide for delegation
or redelegation of the exercise of such function.
(7) No obligation shall be incurred and no expenditure, except in
liquidation of obligation, shall be made pursuant to the first two
subparagraphs of paragraph (1) of this subsection if the total
amount of all obligations incurred pursuant thereto would thereupon
exceed $13,200,000, or such greater amount as may be provided in an
appropriation Act or other law.