
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 31USC3110]

 
                       TITLE 31--MONEY AND FINANCE
 
                   SUBTITLE III--FINANCIAL MANAGEMENT
 
                         CHAPTER 31--PUBLIC DEBT
 
                    SUBCHAPTER I--BORROWING AUTHORITY
 
Sec. 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) the First Liberty Bond Act and matured before June 16, 1947;
        (2) the Second Liberty Bond Act and matured before October 16, 
    1938; 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. 97-258, Sept. 13, 1982, 96 Stat. 942.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
3110.................................  31:801.                         Sept. 24
, 1917, ch. 56, Sec.  3, 40 Stat.
                                                                        289.
                                       31:802, 803.                    Mar. 3, 
1919, ch. 100, Secs.  7(b), 8, 40
                                                                        Stat. 1
312, 1313.
                                       31:804.                         Apr. 24,
 1917, ch. 4, Sec.  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.

                       References in Text

    The First Liberty Bond Act, referred to in subsec. (a)(1), is act 
Apr. 24, 1917, ch. 4, 40 Stat. 35, which enacted sections 746, 755, 
755a, 759, 764, 774, and 804 of former Title 31 and section 462a of 
Title 12, Banks and Banking, and amended sections 745 and 768 of former 
Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 
96 Stat. 1072.
    The Second Liberty Bond Act, referred to in subsec. (a)(2), is act 
Sept. 24, 1917, ch. 56, 40 Stat. 288, as amended, 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 Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 
1072.
    Section 7(a) of the Victory Liberty Loan Act, referred to in subsec. 
(a)(3), is section 7(a) of act Mar. 3, 1919, ch. 100, 40 Stat. 1309, and 
was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 
1072.
