2015 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 24 - Federal Financing Bank (Sections 2281 - 2296)
Sec. 2287 - Initial capital
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 24 - FEDERAL FINANCING BANK Sec. 2287 - Initial capital |
| Contains | section 2287 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 93-224, §8, Dec. 29, 1973, 87 Stat. 939. |
| Statutes at Large Reference | 87 Stat. 939 |
| Public and Private Law | Public Law 93-224 |
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The Secretary of the Treasury is authorized to advance the funds necessary to provide initial capital to the Bank. Each such advance shall be upon such terms and conditions as to yield a return at a rate not less than a rate determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturity. Interest payments on such advances may be deferred, at the discretion of the Secretary, but any such deferred payments shall themselves bear interest at the rate specified in this section. There is authorized to be appropriated not to exceed $100,000,000, which shall be available for the purposes of this section without fiscal year limitation.
(Pub. L. 93–224, §8, Dec. 29, 1973, 87 Stat. 939.)
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