PRIA, Government Policy, Made Personal

Summary

Keep any Association money that is not put into mortgages, other securities, or its operating facilities as cash or in bank deposits. It may also be invested in U.S. government securities (or those backed by the U.S. government) or in other investments that trustees, trusts, or public funds are allowed to use.

Title 12, §1723b

Banks and Banking, Source: USLM XML via OLRC

Moneys of the Association not invested in mortgages or other security holdings or in operating facilities shall be kept in cash on hand or on deposit, or invested in obligations of the United States or guaranteed thereby, or in obligations, participations, or other instruments which are lawful investments for fiduciary, trust, or public funds.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

on the subject of this section were formerly contained in section 1718 of this title.

Amendments

1964—Pub. L. 88–560 authorized investment of funds in participations and other instruments which are lawful investments. 1961—Pub. L. 87–70 inserted “or other security holdings” after “mortgages”. 1959—Pub. L. 86–372 substituted “in obligations of the United States or guaranteed thereby, or in obligations which are lawful investments for fiduciary, trust, or public funds” for “in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by, the United States”.

§1723b Investment of Funds