§ 712. Functions of Association

(a) General The Association is authorized to—

(1) monitor the financial performance of the Corporation;

(2) review whether the goals and requirements of this chapter are met;

(3) purchase or otherwise acquire or receive, and hold and dispose of securities (whether debt or equity) of the Corporation under sections 726 and 727 of this title and exercise all of the rights, privileges, and powers of a holder of any such securities;

(4) purchase accounts receivable of the Corporation in accordance with section 727 of this title;

(5) appoint and fix the compensation of such personnel as the Association considers necessary and appropriate; and

(11) of this section, to the appropriate department or agency of the Federal Government, including the abolition of those functions which will no longer be necessary.

(i) Monitoring of contractors

The Board of Directors of the Association shall adopt procedures to insure (1) that contractors, including law firms, provide reports containing written verification of tasks assigned, work performed, time worked, and costs incurred, including periodic status reports on work performed, (2) that such reports are audited by the Association, (3) that no funds are paid to contractors without written reports complying with the requirements of this subsection, and (4) that the Association applies such procedures uniformly to all contractors.

(Pub. L. 93–236, title II, § 202, Jan. 2, 1974, 87 Stat. 990; Pub. L. 94–5, § 2(a), Feb. 28, 1975, 89 Stat. 7; Pub. L. 94–210, title VI, §§ 601(c), 607(b), (c), Feb. 5, 1976, 90 Stat. 84, 96; Pub. L. 95–199, § 2, Nov. 23, 1977, 91 Stat. 1423; Pub. L. 96–73, title II, §§ 202, 203, Sept. 29, 1979, 93 Stat. 555; Pub. L. 97–35, title XI, § 1148(a), (b), Aug. 13, 1981, 95 Stat. 674; Pub. L. 97–468, title VI, § 605(e), Jan. 14, 1983, 96 Stat. 2564.)

Codification

Codification

Subsec. (f), formerly (g), of this section as originally enacted consisted of pars. (1) and (2). Par. (1), which amended section 856 of former Title 31, Money and Finance, was repealed by Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068, the first section of which enacted Title 31.

Amendments

Amendments

1983—Subsec. (a)(11). Pub. L. 97–468 added par. (11).

1981—Subsec. (a). Pub. L. 97–35, § 1148(a)(1), substituted provisions respecting financial performance monitoring, goal review, etc., for provisions respecting plan preparation and implementation, issuance of obligations, etc.

Subsecs. (b) to (j). Pub. L. 97–35, § 1148(a), struck out subsec. (b) which related to additional duties of the Association, and redesignated subsecs. (c) to (j) as (b) to (i), respectively.

1979—Subsec. (e)(3). Pub. L. 96–73, § 202, added par. (3).

Subsecs. (h) to (j). Pub. L. 96–73, § 203, added subsecs. (h) to (j).

1977—Subsec. (e). Pub. L. 95–199 substituted “Reports” for “Annual report” in heading, redesignated cls. (1) through (7) as cls. (A) through (G) in first par., and added par. (2).

1976—Subsec. (a)(2). Pub. L. 94–210, § 601(c), inserted provisions relating to securities under section 726 of this title and certificates of value under section 746 of this title.

Subsec. (e). Pub. L. 94–210, § 607(b), in cl. (4) inserted “, certificates of value issued, securities purchased,” after “obligations issued”.

Subsec. (f). Pub. L. 94–210, § 607(c), inserted provisions relating to receipts and disbursements under sections 726 and 746 of this title.

1975—Subsec. (b)(2). Pub. L. 94–5, § 2(a)(1), inserted “and express” after “rail” wherever appearing.

Subsec. (b)(7). Pub. L. 94–5, § 2(a)(2), substituted “; and” for a period at end of par. (7).

Subsec. (b)(8). Pub. L. 94–5, § 2(a)(3), added par. (8).

Effective Date Of Amendment

Effective Date of 1981 Amendment

Amendment by Pub. L. 97–35 effective Aug. 13, 1981, see section 1169 of Pub. L. 97–35, set out as an Effective Date note under section 1101 of this title.

Effective Date of 1979 Amendment

Amendment by Pub. L. 96–73 effective Oct. 1, 1979, see section 501(a) of Pub. L. 96–73.

Miscellaneous

Termination of Reporting Requirements

For termination, effective May 15, 2000, of provisions of law requiring submittal to Congress of any annual, semiannual, or other regular periodic report listed in House Document No. 103–7 (in which reports required under subsecs. (d)(1), (3), (e), and (f) of this section are listed as the 3rd through 6th items on page 195), see section 3003 of Pub. L. 104–66, as amended, and section 1(a)(4) [div. A, § 1402(1)] of Pub. L. 106–554, set out as notes under section 1113 of Title 31, Money and Finance.

Abolition of Special Court, Regional Rail Reorganization Act of 1973, and Transfer of Functions

Special court abolished and all jurisdiction and functions transferred to United States District Court for District of Columbia, see section 719(b)(2) of this title.

Abolition of United States Railway Association and Transfer of Functions and Securities

See section 1341 of this title.

Applicability of National Environmental Policy Act

Application of National Environmental Policy Act to actions of Commission not affected by title VI of Pub. L. 94–210, see section 619 of Pub. L. 94–210, set out as a note under section 791 of this title.