Title 12 — Banks and BankingRelease 119-73not60
§1722 Benefits and Burdens Incident to Administration of Functions and Operations Under Sections 1720 and 1721
Title 12 › Chapter 13— NATIONAL HOUSING › Subchapter III— NATIONAL MORTGAGE ASSOCIATIONS › § 1722
Summary
After paying its debts, expenses, and any reserves the Secretary of Housing and Urban Development requires, the Association must give all remaining benefits, burdens, and earnings only to the Secretary of the Treasury, paid each year into miscellaneous receipts.
Full Legal Text
Title 12, §1722
Banks and Banking — Source: USLM XML via OLRC
All of the benefits and burdens incident to the administration of the functions and operations of the Association under section 1720 and 1721, respectively, of this title, after allowance for related obligations of the Association, its prorated expenses, and the like, including amounts required for the establishment of such reserves as the Secretary of Housing and Urban Development shall deem appropriate, shall inure solely to the Secretary of the Treasury, and such related earnings or other amounts as become available shall be paid annually by the Association to the Secretary of the Treasury for covering into miscellaneous receipts.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
section 1720 of this title, referred to in text, was repealed by Pub. L. 98–181, title I [title IV, § 483(a)], Nov. 30, 1983, 97 Stat. 1240.
Prior Provisions
A prior section 307 of act
June 27, 1934, ch. 847, title III, 48 Stat. 1255; amended Feb. 3, 1938, ch. 13, § 8, 52 Stat. 24, related to exemption from taxation, prior to the general amendment of this subchapter by act
July 1, 1948, ch. 784, § 1, 62 Stat. 1206, and was subsequently covered by section 1719 of this title until the general amendment of this subchapter by act Aug. 2, 1954. See section 1723a(c) of this title.
Amendments
1968—Pub. L. 90–448 repealed subsecs. (a) and (b) which related to separate accountability and to functions of the Association under section 1720 and 1721 of this title, redesignated subsec. (c) as the entire section, and substituted “Secretary of Housing and Urban Development” for “board of directors of the Association”.
Statutory Notes and Related Subsidiaries
Effective Date
of 1968 AmendmentFor
Effective Date
of amendment by title VIII of Pub. L. 90–448, see section 808 of Pub. L. 90–448, set out as an
Effective Date
note under section 1716b of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 1722
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60