### §9108. Obligations

(a) Before a Government corporation issues obligations and offers obligations to the public, the Secretary of the Treasury shall prescribe—

(1) the form, denomination, maturity, interest rate, and conditions to which the obligations will be subject;

(2) the way and time the obligations are issued; and

(3) the price for which the obligations will be sold.

(b) A Government corporation may buy or sell a direct obligation of the United States Government, or an obligation on which the principal, interest, or both, is guaranteed, of more than $100,000 only when the Secretary approves the purchase or sale. The Secretary may waive the requirement of this subsection under conditions the Secretary may decide.

(c) The Secretary may designate an officer or employee of an agency to carry out this section if the head of the agency agrees.

(d)(1) This section does not apply to a mixed-ownership Government corporation when the corporation has no capital of the Government.

(2) Subsections (a) and (b) of this section do not apply to the Federal Intermediate Credit Banks, the Central Bank for Cooperatives, the Regional Banks for Cooperatives, and the Federal Land Banks. However, the head of each of those banks shall consult with the Secretary before taking action of the kind described in subsection (a) or (b). If agreement is not reached, the Secretary may make a written report to the corporation, the President, and Congress on the reasons for the Secretary's disagreement.

(Pub. L. 97–258, §§1, 2(l)(2), Sept. 13, 1982, 96 Stat. 1045, 1062; Pub. L. 97–452, §1(27), Jan. 12, 1983, 96 Stat. 2478; Pub. L. 115–334, title VI, §6602(b)(20), Dec. 20, 2018, 132 Stat. 4777.)

| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
| --- | --- | --- |
| 9108(a) | 31:868(a). | Dec. 6, 1945, ch. 557, §303(less (d)(1st sentence related to §302)), 59 Stat. 601; July 26, 1956, ch. 741, §201(a)(4), 70 Stat. 667; May 7, 1971, Pub. L. 92–12, §5, 85 Stat. 37; Aug. 20, 1978, Pub. L. 95–351, §301(c), 92 Stat. 514; Aug. 13, 1981, Pub. L. 97–35, §396(h)(3), 95 Stat. 441. |
| 9108(b) | 31:868(b). | |
| 9108(c) | 31:868(c). | |
| 9108(d) | 31:868(d)(less 1st sentence related to 31:867). | |

In subsections (a) and (b), the words "on or after December 6, 1945" are omitted as executed. The words "wholly owned or mixed-ownership" are omitted because of section 9101(1) of the revised title.

In subsection (a), before clause (1), the word "Before" is substituted for "which are" for clarity. The words "bonds, notes, debentures, and other similar" are omitted as surplus. The words "as have been" are omitted as executed. In clause (1), the words "terms and" are omitted as surplus. The restatement of the source provisions does not affect other existing laws.

In subsection (b), the word "Government" is added for consistency. The words "for its own account and in its own right and interest, at any one time aggregating" and "his approval with respect to any transaction or classes of transactions subject to the provisions of . . . for such period of time and" are omitted as surplus.

In subsection (c), the word "agency" is substituted for "Federal agency" because of section 101 of the revised title. The words "any of the functions vested in him by" and "for such purpose" are omitted as surplus.

In subsection (d)(2), the words "(when the ownership, control, and operation of the Bank are converted under section 410(a) of the Rural Electrification Act of 1936 (7 U.S.C. 950(a)))" are added because of 7:943(c) and 950(a). The words "head of each" are added for consistency. The words "be required to" are omitted as surplus.

#### 1983 Act

This amends 31:9107(c)(3) and 9108(d)(2) because the National Consumer Cooperative Bank is no longer a mixed-ownership Government corporation. Section 396(h)(2) and (3) and (i) of the Omnibus Budget Reconciliation Act of 1981 (Pub. L. 97–35, 95 Stat. 440) provided that references to the Bank in sections 302 and 303(d)(2d sentence) of the Government Corporation Control Act would be deleted on the day after the Final Government Equity Redemption Date. Section 501(36) of the Act of December 23, 1981 (Pub. L. 97–101, 95 Stat. 1440), provided that the Redemption Date was December 31, 1981.

#### **Editorial Notes**

#### Amendments

2018—Subsec. (d)(2). Pub. L. 115–334 struck out "the Rural Telephone Bank (when the ownership, control, and operation of the Bank are converted under section 410(a) of the Rural Electrification Act of 1936 (7 U.S.C. 950(a)))," after "do not apply to".

1983—Subsec. (d)(2). Pub. L. 97–452 struck out "the National Consumer Cooperative Bank," after "the Regional Banks for Cooperatives," which had already been struck out by Pub. L. 97–258. See 1982 Amendment note below.

1982—Subsec. (d)(2). Pub. L. 97–258, §2(l)(2), struck out "the National Consumer Cooperative Bank," after "Regional Banks for Cooperatives,".

#### **Statutory Notes and Related Subsidiaries**

#### Effective Date of 1983 Amendment

Amendment by Pub. L. 97–452 effective Sept. 13, 1982, see section 2(i) of Pub. L. 97–452, set out as a note under section 3331 of this title.

#### Effective Date of 1982 Amendment

Pub. L. 97–258, §2(l), Sept. 13, 1982, 96 Stat. 1062, provided that the amendment made by such section is effective Jan. 1, 1982.