# § 1722. Benefits and burdens incident to administration of functions and operations under sections 1720 and 1721
All of the benefits and burdens incident to the administration of the functions and operations of the Association under sections 1720 and 1721, respectively, of this title, after allowance for related obligations of the Association, its prorated expenses, and the like, including amounts required for the establishment of such reserves as the Secretary of Housing and Urban Development shall deem appropriate, shall inure solely to the Secretary of the Treasury, and such related earnings or other amounts as become available shall be paid annually by the Association to the Secretary of the Treasury for covering into miscellaneous receipts.
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**Source Credit**: (June 27, 1934, ch. 847, title III, § 307, as added Aug. 2, 1954, ch. 649, title II, § 201, 68 Stat. 619; amended Pub. L. 90–448, title VIII, § 802(v), (w), Aug. 1, 1968, 82 Stat. 539.)
## Editorial Notes
### References in Text
, referred to in text, was repealed by [title IV, § 483(a)], , .
### Prior Provisions
A prior section 307 of , ; amended , , related to exemption from taxation, prior to the general amendment of this subchapter by , , and was subsequently covered by until the general amendment of this subchapter by act . See .
### Amendments
1968— repealed subsecs. (a) and (b) which related to separate accountability and to functions of the Association under sections 1720 and 1721 of this title, redesignated subsec. (c) as the entire section, and substituted “Secretary of Housing and Urban Development” for “board of directors of the Association”.
## Statutory Notes and Related Subsidiaries
### Effective Date of 1968 Amendment
For effective date of amendment by title VIII of , see , set out as an Effective Date note under .