Page:United States Statutes at Large Volume 92 Part 2.djvu/838

 92 STAT. 2118

PUBLIC LAW 95-557—OCT. 31, 1978

or in part, in advance or otherwise, any claim, demand, or right ,,. ,; i of, by, or against the corporation; (7) to invest such funds of the corporation in such investments as the board of directors may prescribe; (8) to acquire, take, hold, and own, and to deal with and dispose of any property; and (9) to exercise all other powers that are necessary and proper to carry out the purposes of this title. Contracts and (c)(1) The corporation may contract with the Office of Neighborgrants, hood Reinvestment of the Federal home loan banks for all staff, services, facilities, and equipment now or in the future furnished by the / Office of Neighborhood Reinvestment to the Urban Reinvestment Task Force, including receiving the services of the Director of the Office of Neighborhood Reinvestment as the corporation's executive director. (2) The corporation shall have the power to award contracts and grants to— (A) neighborhood housing services corporations and other nonprofit corporations engaged in neighborhood preservation activities; and (B) local governmental bodies. Services and (3) The Secretary of Housing and Urban Development, the Federal facilities. Home Loan Bank Board and the Federal home loan banks, the Board of Governors of the Federal Reserve System and the Federal Reserve banks, the Federal Deposit Insurance Corporation, and the Comptroller of the Currency, the National Credit Union Administration or any other department, agency, or other instrumentality of the Federal Government are authorized to provide services and facilities, with or without reimbursement, necessary to achieve the objectives and to carry out the purposes of this title. (d)(1) The corporation shall have no power to issue any shares of stocks, or to declare or pay any dividends. ^ (2) No part of the income or assets of the corporation shall inure to the benefit of any director, officer, or employee, except as reasonable compensation for services or reimbursement for expenses. (3) The corporation may not contribute to or otherwise support any political party or candidate for elective public office. REPORTS AND

Transmittal to President and Congress. 4^USC 8106. /

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AUDITS

SEC. 607. (a) The corporation shall publish an annual report which shall be transmitted by the corporation to the President and the Congress. (b) The accounts of the corporation shall be audited annually. Such audits shall be conducted in accordance with generally accepted auditing standards by independent certified public accountants who are certified by a regulatory authority of the jurisdiction in which the audit is undertaken. (c) In addition to the annual audit, the financial transactions of the corporation for any fiscal year during which Federal funds are available to finance any portion of its operations may be audited by the General Accounting Office in accordance with such rules and regulations as may be prescribed by the Comptroller General of the United States. The financial transactions of the corporation shall be audited by the General Accounting Office at least once during each three years. (d) For any fiscal year during which Federal funds are available to finance any portion of the corporation's grants or contracts, the General Accounting Office, in accordance with such rules and regulations as may be prescribed by the Comptroller General of the United States, may audit the grantees or contractors of the corporation.

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