
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 40USC316]

 
             TITLE 40--PUBLIC BUILDINGS, PROPERTY, AND WORKS
 
                     CHAPTER 4--THE PUBLIC PROPERTY
 
Sec. 316. Disposition of securities

    With respect to any bonds, notes, or other securities acquired on 
behalf of the United States under the provisions of the Transportation 
Act of 1920, including, without limitation of the foregoing, any 
securities acquired as an incident to a case under title 11, 
receivership, or reorganization proceeding, or by assignment, transfer, 
substitution, or issuance, or by purchase, default, or other acquisition 
(whether at a foreclosure sale or otherwise) of collateral given for the 
payment of obligations to the United States, the President, or any 
officer, agent, or agency he may designate, is authorized to sell, 
exchange or otherwise dispose of, any such bonds, notes, or other 
securities, or to enter into arrangements for the extension of the 
maturity thereof, in such manner, in such amounts, at such prices, for 
cash, securities or other property, or any combination thereof, and upon 
such terms and conditions as the President or any officer, agent, or 
agency so designated may deem advisable and in the public interest.

(Feb. 28, 1920, ch. 91, Sec. 213, as added Aug. 13, 1940, ch. 666, 54 
Stat. 788; amended Pub. L. 95-598, title III, Sec. 325, Nov. 6, 1978, 92 
Stat. 2679.)

                       References in Text

    The Transportation Act of 1920, referred to in text, is act Feb. 28, 
1920, ch. 91, 41 Stat. 456, as amended, which was classified to this 
section, section 1375a of former Title 10, Army and Air Force, sections 
131 to 146 of Title 45, Railroads, and sections 1 to 5, 6, 10 to 15a, 
16, 17, 18, 19a, 20, 20a, 25 to 27, 71 to 74, 76 to 79, 141, and 142 of 
Title 49, Transportation. For complete classification of this Act to the 
Code, see Tables. Numerous sections of the Act that were classified to 
Title 49 were repealed by Pub. L. 95-473, Sec. 4(b), Oct. 13, 1978, 92 
Stat. 1467, the first section of which enacted subtitle IV (Sec. 10101 
et seq.) of Title 49. For distribution of former sections of Title 49 
into the revised Title 49, see table at the beginning of Title 49.

                          Codification

    Section was formerly classified to section 80 of Title 49, 
Transportation.


                               Amendments

    1978--Pub. L. 95-598 substituted ``case under title 11'' for 
``bankruptcy''.


                    Effective Date of 1978 Amendment

    Amendment by Pub. L. 95-598 effective Oct. 1, 1979, see section 
402(a) of Pub. L. 95-598, set out as an Effective Date note preceding 
section 101 of Title 11, Bankruptcy.
