42 USC 2297h-4 – Transfers to private corporation
Concurrent with privatization, the Corporation shall transfer to the private corporation—
(1) the lease of the gaseous diffusion plants in accordance with section 2297h-5 of this title,
(2) all personal property and inventories of the Corporation,
(3) all contracts, agreements, and leases under section 2297h-6(a) of this title,
(4) the Corporation’s right to purchase power from the Secretary under section 2297h-6(b) of this title,
(5) such funds in accounts of the Corporation held by the Treasury or on deposit with any bank or other financial institution as approved by the Secretary of the Treasury, and
(6) all of the Corporation’s records, including all of the papers and other documentary materials, regardless of physical form or characteristics, made or received by the Corporation.
Terms Used In 42 USC 2297h-4
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.