§5416 — Title 12 Banks and Banking | U.S. Code

Summary

The Office of the Comptroller of the Currency may make and carry out contracts, sign legal papers, and buy real property or property interests when it needs them to do its work. It may also keep, maintain, sell, lease, or otherwise dispose of any property it acquires. This authority applies even if chapters 1 to 11 of title 40 or division C of subtitle I of title 41 (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) would otherwise limit those actions. The Office must still follow the Competition in Contracting Act’s rules requiring full and open competition.

Title 12, §5416

Banks and Banking — Source: USLM XML via OLRC

Notwithstanding chapters 1 to 11 of title 40 and division C (except section 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41 or any other provision of law (except the full and open competition requirements of the Competition in Contracting Act), the Office of the Comptroller of the Currency may—

(1)enter into and perform contracts, execute instruments, and acquire real property (or property interest) as the Comptroller deems necessary to carry out the duties and responsibilities of the Office of the Comptroller of the Currency; and

(2)hold, maintain, sell, lease, or otherwise dispose of the property (or property interest) acquired under paragraph (1).

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Competition in Contracting Act, referred to in text, probably means the Competition in Contracting Act of 1984, which is title VII of Pub. L. 98–369, div. B, July 18, 1984, 98 Stat. 1175. For complete classification of this Act to the Code, see

Short Title

of 1984 Act note set out under section 101 of Title 41, Public Contracts, and Tables. Codification In text, “chapters 1 to 11 of title 40 and division C (except section 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41” substituted for “the Federal Property and Administrative Services Act of 1949 (41 U.S.C. 251 et seq.)” on authority of Pub. L. 107–217, § 5(c), Aug. 21, 2002, 116 Stat. 1303, which Act enacted Title 40, Public Buildings, Property, and Works, and Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.

§5416 Contracting and Leasing Authority