Us Code § 1846 - Powers and duties
Full text of Us Code United States Code § 1846 — Powers and duties, with citation guidance and answers to common questions.
§ 1846. Powers and duties
(a) Board; inspection of documents; disapproval of certain transactions
The Board is authorized to inspect and copy all accounts, books, records, memoranda, correspondence, and other documents of any enterprise which has received financial assistance under this chapter concerning any matter which may bear upon (1) the ability of such enterprise to repay the loan within the time fixed therefor; (2) the interests of the United States in the property of such enterprise; and (3) the assurance that there is reasonable protection to the United States. The Board is authorized to disapprove any transaction of such enterprise involving the disposition of its assets which may affect the repayment of a loan that has been guaranteed pursuant to the provisions of this chapter.
(b) Government Accountability Office; audit; report to Board and Congress
The Government Accountability Office shall make a detailed audit of all accounts, books, records, and transactions of any borrower with respect to which an application for a loan guarantee is made under this chapter. The Government Accountability Office shall report the results of such audit to the Board and to the Congress.
(Pub. L. 92–70, §7, Aug. 9, 1971, 85 Stat. 180; Pub. L. 108–271, §8(b), July 7, 2004, 118 Stat. 814.)
Editorial Notes
Amendments
2004—Subsec. (b). Pub. L. 108–271 substituted "Government Accountability Office" for "General Accounting Office" in two places.
About This Section
15 U.S.C. § 1846 is part of Title 15 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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