31 U.S.C. § 3110 | Sale of obligations of governments of foreign countries

(a)

With the approval of the President, the Secretary of the Treasury may sell obligations of the government of a foreign country when the obligations were acquired under—

(1)

June 16, 1947 the First Liberty Bond Act and matured before ;

(2)

October 16, 1938 the Second Liberty Bond Act and matured before ; or

(3)

section 7(a) of the Victory Liberty Loan Act.

(b)

The Secretary may prescribe the conditions and frequency for receiving payment under obligations of a government of a foreign country acquired under the laws referred to in subsection (a) of this section. A sale of an obligation acquired under those Acts shall at least equal the purchase price and accrued interest. The proceeds of obligations sold under this section and payments received from governments on the principal of their obligations shall be used to redeem or buy (for not more than par value and accrued interest) bonds of the United States Government issued under this chapter. If those bonds cannot be redeemed or bought, the Secretary shall redeem or buy other outstanding interest-bearing obligations of the Government that are subject to redemption or which can be bought at not more than par value and accrued interest.

Pub. L. 97–258Sept. 13, 198296 Stat. 942(, , .)

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
3110	31:801.	Sept. 24, 1917, ch. 56, § 3, 40 Stat. 289.
	31:802, 803.	Mar. 3, 1919, ch. 100, §§ 7(b), 8, 40 Stat. 1312, 1313.
	31:804.	Apr. 24, 1917, ch. 4, § 3, 40 Stat. 35.

In the section, the words “government of a foreign country” are substituted for “foreign governments” for consistency in the revised title and with other titles of the United States Code.

In subsection (a), the text of 31:801 and 802 (related to converting certain obligations of foreign governments into obligations bearing a higher rate of interest or with a longer term to maturity) is omitted as executed.

In subsection (b), the text of 31:804 is omitted as unnecessary. The word “conditions” is substituted for “terms and conditions” because it is inclusive. The words “unless otherwise hereafter provided by law” are omitted as surplus.

Editorial Notes

References in Text

act Apr. 24, 1917, ch. 4 40 Stat. 35 section 462a of Title 12 Pub. L. 97–258, § 5(b)Sept. 13, 198296 Stat. 1072The First Liberty Bond Act, referred to in subsec. (a)(1), is , , which enacted sections 746, 755, 755a, 759, 764, 774, and 804 of former Title 31 and , Banks and Banking, and amended sections 745 and 768 of former Title 31, and was repealed by , , .

act Sept. 24, 1917, ch. 56 40 Stat. 288 Pub. L. 97–258, § 5(b)Sept. 13, 198296 Stat. 1072The Second Liberty Bond Act, referred to in subsec. (a)(2), is , , which enacted sections 747, 752 to 754b, 757, 757b, 757c to 757e, 758, 760, 765, 766, 771, 773, and 801 and amended sections 745, 764, 769, and 774 of former Title 31, and was repealed by , , .

act Mar. 3, 1919, ch. 100 40 Stat. 1309 Pub. L. 97–258, § 5(b)Sept. 13, 198296 Stat. 1072Section 7(a) of the Victory Liberty Loan Act, referred to in subsec. (a)(3), is section 7(a) of , , and was repealed by , , .