42-U.S.C.-3938
§3938 – Annual Report of Corporation; Audit of Accounts
Pathway
Title 42 > Chapter 49 > Section 3938
Details
- Reference: Section 3938
- Legend: §3938 – Annual Report of Corporation; Audit of Accounts
- USCode Year: 2011
Provision Content
(a)(1) The corporation shall submit an annual report to the President for transmittal to the Congress within six months after the end of its fiscal year. The report shall include a comprehensive and detailed report of the operations, activities, and financial condition of the corporation and the partnership under this chapter.
(2) The report shall contain a description of the activities undertaken under section 3936(a)(4) of this title, and shall specify, as a percentage of equity and in dollars, the extent of the corporations and the partnerships investment in housing for the benefit of families and individuals of low or moderate income, the extent of the corporations and the partnerships investment in other housing, and the extent of the corporations and the partnerships activities which are undertaken under section 3936(a)(4) of this title.
(b) The accounts of the corporation and of the partnership shall be audited annually in accordance with generally accepted auditing standards by independent certified public accountants or independent licensed public accountants certified or licensed by a regulatory authority of a State or other political subdivision of the United States.
(Pub. L. 90–448, title IX, §908, Aug. 1, 1968, 82 Stat. 550; Pub. L. 98–479, title I, §104(c)(3), Oct. 17, 1984, 98 Stat. 2225.)
Amendments
1984—Subsec. (a). Pub. L. 98–479 designated existing provisions as par. (1) and added par. (2).
Termination of Reporting Requirements
For termination, effective May 15, 2000, of provisions in subsec. (a) of this section relating to transmittal of annual report to Congress, see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and item 2 on page 182 of House Document No. 103–7.
U.S. Encyclopedia of Law Coverage
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