§1307 — Title 40 Public Buildings, Property, and Works | U.S. Code

Summary

The President, or someone the President names, can sell or otherwise get rid of securities the Government acquired under the Transportation Act of 1920 (ch. 91, 41 Stat. 456), including those from bankruptcy (title 11) or receiverships, and can set amounts, prices, and terms, accept cash, other securities, or property, and extend maturities as appropriate.

Title 40, §1307

Public Buildings, Property, and Works — Source: USLM XML via OLRC

The President, or an officer, agent, or agency the President may designate, may dispose of any securities acquired on behalf of the Federal Government under the provisions of the Transportation Act of 1920 (ch. 91, 41 Stat. 456), including any securities acquired as an incident to a case under title 11, under a receivership or reorganization proceeding, by assignment, transfer, substitution, or issuance, or by acquisition of collateral given for the payment of obligations to the Government, or may make arrangements for the extension of the maturity of the securities, in the manner, in amounts, at prices, for cash, securities, or other property or any combination of cash, securities, or other property, and on terms and conditions the President or designee considers advisable and in the public interest.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 130740:316.Feb. 28, 1920, ch. 91, § 213, as added Aug. 13, 1940, ch. 666, 54 Stat. 788; Pub. L. 95–598, title III, § 325, Nov. 6, 1978, 92 Stat. 2679. The words “sell, exchange, or otherwise”, “bonds, notes, or other”, “purchase, default, or other”, and “(whether at a foreclosure sale or otherwise)” are omitted as unnecessary.

Editorial Notes

References in Text

The Transportation Act of 1920, referred to in text, is act Feb. 28, 1920, ch. 91, 41 Stat. 456, as amended, which was classified to section 316 of former Title 40, Public Buildings, Property, and Works, section 1375a of former Title 10, Army and Air Force, sections 131 to 146 of Title 45, Railroads, and sections 1 to 5, 6, 10 to 15a, 16, 17, 18, 19a, 20, 20a, 25 to 27, 71 to 74, 76 to 79, 141, and 142 of Title 49, Transportation. For complete classification of this Act to the Code, see Tables. Numerous sections of the Act that were classified to Title 49 were repealed by Pub. L. 95–473, § 4(b), Oct. 13, 1978, 92 Stat. 1467, the first section of which enacted subtitle IV (§ 10101 et seq.) of Title 49. For distribution of former sections of Title 49 into the revised Title 49, see table at the beginning of Title 49. section 316 of former Title 40 was repealed and reenacted as this section by Pub. L. 107–217, §§ 1, 6(b), Aug. 21, 2002, 116 Stat. 1062, 1304.

§1307 Disposition of securities