§8508. General provisions

(a) Budget and accounting

In the performance of, and with respect to, the functions, powers, and duties under this subchapter, the Secretary, notwithstanding the provisions of any other law, shall-

(1) prepare annually and submit a budget program as provided for wholly owned Government corporations by chapter 91 of title 31; and

(2) maintain a set of accounts which shall be audited by the Comptroller General in accordance with the provisions of chapter 35 of title 31, but such financial transactions of the Secretary, as the making of loans and vouchers approved by the Secretary, in connection with such financial transactions shall be final and conclusive upon all officers of the Government.

(b) Use of funds

Funds made available to the Secretary pursuant to the provisions of this subchapter shall be deposited in a checking account or accounts with the Treasurer of the United States. Receipts and assets obtained or held by the Secretary in connection with the performance of functions under this subchapter, and all funds available for carrying out the functions of the Secretary under this subchapter (including appropriations therefor, which are hereby authorized), shall be available, in such amounts as may from year to year be authorized by the Congress, for the administrative expenses of the Secretary in connection with the performance of such functions.

(c) Legal powers

In the performance of, and with respect to, the functions, powers, and duties under this subchapter, the Secretary, notwithstanding the provisions of any other law, may-

(1) prescribe such rules and regulations as may be necessary to carry out the purposes of this subchapter;

(2) sue and be sued;

(3) foreclose on any property or commence any action to protect or enforce any right conferred upon the Secretary by any law, contract, or other agreement, and bid for and purchase at any foreclosure or any other sale any property in connection with which the Secretary has made a loan pursuant to this subchapter; ¹

(4) in the event of any such acquisition, notwithstanding any other provision of law relating to the acquisition, handling, or disposal of real property by the United States, complete, administer, remodel and convert, dispose of, lease, and otherwise deal with, such property, but any such acquisition of real property shall not deprive any State or political subdivision of such State civil or criminal jurisdiction in and over such property or impair the civil rights under the State or local laws of the inhabitants on such property;

(5) sell or exchange at public or private sale, or lease, real or personal property, and sell or exchange any securities or obligations, upon such terms as the Secretary may fix;

(6) obtain insurance against loss in connection with property and other assets held; and

(7) include in any contract or instrument made pursuant to this subchapter such other covenants, conditions, or provisions as may be necessary to assure that the purposes of this subchapter will be achieved.

(d) Contracts for supplies or services

Section 5 of title 41 shall not apply to any contract for services or supplies on account of any property acquired pursuant to this subchapter ¹ if the amount of such contract does not exceed $1,000.

(e) Applicability of chapter 91 of title 31

The provisions of section 9107(a) of title 31 which are applicable to corporations or agencies subject to chapter 91 of such title, shall also be applicable to the activities of the Secretary under this subchapter.

(Pub. L. 89–10, title XII, §12008, as added Pub. L. 103–382, title I, §101, Oct. 20, 1994, 108 Stat. 3873 .)

References in Text

This subchapter, referred to in subsec. (c)(3), was in the original "this part" and was translated as reading "this title", meaning title XII (§§12001–12013) of Pub. L. 89–10, to reflect the probable intent of Congress, because title XII of Pub. L. 89–10 does not contain parts.

This subchapter, referred to in subsec. (d), was in the original "this subtitle" and was translated as reading "this title", meaning title XII (§§12001–12013) of Pub. L. 89–10, to reflect the probable intent of Congress, because title XII of Pub. L. 89–10 does not contain subtitles.

¹ See References in Text note below.