Internal Revenue Code:Sec. 9602. Management of Trust Funds

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle I - Trust Fund Code
       CHAPTER 98 - TRUST FUND CODE
        Subchapter B - General Provisions
      

Statute

    Sec. 9602. Management of Trust Funds
 
    (a) Report
      It shall be the duty of the Secretary of the Treasury to hold
    each Trust Fund established by subchapter A, and (after
    consultation with any other trustees of the Trust Fund) to report
    to the Congress each year on the financial condition and the
    results of the operations of each such Trust Fund during the
    preceding fiscal year and on its expected condition and operations
    during the next 5 fiscal years.  Such report shall be printed as a
    House document of the session of the Congress to which the report
    is made.
    (b) Investment
      (1) In general
        It shall be the duty of the Secretary of the Treasury to invest
      such portion of any Trust Fund established by subchapter A as is
      not, in his judgment, required to meet current withdrawals.  Such
      investments may be made only in interest-bearing obligations of
      the United States. For such purpose, such obligations may be
      acquired -
          (A) on original issue at the issue price, or
          (B) by purchase of outstanding obligations at the market
        price.
      (2) Sale of obligations
        Any obligation acquired by a Trust Fund established by
      subchapter A may be sold by the Secretary of the Treasury at the
      market price.
      (3) Interest on certain proceeds
        The interest on, and the proceeds from the sale or redemption
      of, any obligations held in a Trust Fund established by
      subchapter A shall be credited to and form a part of the Trust
      Fund.
 

Sources

    (Added Pub. L. 97-119, title I, Sec. 103(a), Dec. 29, 1981, 95
    Stat. 1638.)
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 9502, 9503, 9504, 9505,
    9506, 9507, 9508, 9509 of this title; title 42 sections 9505, 9506,
    9507, 9508, 9510.