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12 U.S.C. § 3014 — Board of Directors
Federal law — U.S. Code and appendices · legal_authorities
**(a) Composition; term of office; removal by President** The Bank shall be governed by a Board of Directors (hereinafter in this chapter referred to as the “Board”) which shall consist of 15 members. All members shall serve for a term of 3 years. After the expiration of the term of any member, such member may continue to serve until his successor has been elected or has been appointed and qualified. Any member appointed by the President may be removed for cause by the President.
**(b) Appointment by President; election by stockholders**
(1) The President shall appoint, by and with the advice and consent of the Senate—
(A) one member who shall be selected from among proprietors of small business concerns, as defined under [section 632 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section632&num=0&edition=prelim), which are manufacturers or retailers;
(B) one member who shall be selected from among the officers of the agencies and departments of the United States; and
(C) one member who shall be selected from among persons having extensive experience in the cooperative field representing low-income cooperatives eligible to borrow from the Bank.
(2) Twelve members of the Board shall be elected by the holders of class B stock and class C stock in accordance with the provisions of subsection (d) and the bylaws of the Bank.
**(c) Resignations; continuances; completion of term; committee representation**
(1) On the day after the Final Government Equity Redemption Date, all members of the Board of Directors of the Bank who were appointed by the President shall resign, except that—
(A) the member who shall have been appointed by the President from among proprietors of small business concerns, and
(B) one member who shall
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Source file: Laws/federal/codes/united-states-code/title-12/section-3014-board-of-directors--e8d29f6bb5.md
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Source location: Title 12, Chapter 31, § 3014; chapter-031-national-consumer-cooperative-bank.md
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**(a) Composition; term of office; removal by President** The Bank shall be governed by a Board of Directors (hereinafter in this chapter referred to as the “Board”) which shall consist of 15 members. All members shall serve for a term of 3 years. After the expiration of the term of any member, such member may continue to serve until his successor has been elected or has been appointed and qualified. Any member appointed by the President may be removed for cause by the President.
**(b) Appointment by President; election by stockholders**
(1) The President shall appoint, by and with the advice and consent of the Senate—
(A) one member who shall be selected from among proprietors of small business concerns, as defined under [section 632 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section632&num=0&edition=prelim), which are manufacturers or retailers;
(B) one member who shall be selected from among the officers of the agencies and departments of the United States; and
(C) one member who shall be selected from among persons having extensive experience in the cooperative field representing low-income cooperatives eligible to borrow from the Bank.
(2) Twelve members of the Board shall be elected by the holders of class B stock and class C stock in accordance with the provisions of subsection (d) and the bylaws of the Bank.
**(c) Resignations; continuances; completion of term; committee representation**
(1) On the day after the Final Government Equity Redemption Date, all members of the Board of Directors of the Bank who were appointed by the President shall resign, except that—
(A) the member who shall have been appointed by the President from among proprietors of small business concerns, and
(B) one member who shall be designated by the President and who shall have been appointed by the President from among the officers and employees of the agencies and departments of the United States Government,
may continue to serve until their successors have been appointed and qualified.
(2) Any member of the Board of Directors of the Bank who was elected by the holders of class B or class C stock before the Final Government Equity Redemption Date shall serve the remainder of the term for which such member was elected.
(3) Any member appointed pursuant to subsection (b)(1) shall be entitled to sit on any committee of the Board, but not more than one member so appointed may sit on any one committee.
**(d) Elections; nominations by cooperative classes; vacancies filled; representation requirements**
(1) All elections of members of the Board by the holders of class B stock and class C stock shall be conducted in accordance with the bylaws of the Bank. Such bylaws shall conform to the requirements of this section. Nominations for such elections shall be made by the following classes of cooperatives: (A) housing, (B) consumer goods, (C) low-income cooperatives, (D) consumer services, and (E) all other eligible cooperatives.
(2)
(A) Vacant shareholder directorships shall be filled so that at any time when there are three or more shareholder directors on the Board, there shall be at least one director representing each of the following classes of cooperatives: (i) housing cooperatives, (ii) low-income cooperatives, and (iii) consumer goods and services cooperatives.
(B) Each nominee for a shareholder directorship of a particular class shall have at least three years experience as a director or senior officer in the class of cooperatives to be represented.
(C) No one class of cooperatives specified in paragraph (1) shall be represented on the Board by more than three directors.
**(e) Terms; officer of Bank not to serve as director; notice requirements of Bank and voting shareholders** No director shall be eligible to be elected for more than two consecutive full three-year terms. No officer of the Bank shall be eligible to serve simultaneously as a director on the Board of the Bank. The Bank shall give adequate advance notice to all voting stockholders of nominees and of the procedures for nominating other candidates. Each voting stockholder shall make the information required in this paragraph available to its members.
**(f) Annual election of chairman and vice chairman and selection of secretary; eligibility; establishment of Bank policies and direction of management** The Board shall annually elect from among its members a chairman and vice chairman and select a secretary who need not be a member. The Board shall establish the policies of the Bank governing its funding, lending, and other financial and technical assistance, and shall direct the management of the Bank.
**(g) Conduct of meetings; rules governing** The Board shall meet at least quarterly. Its meeting shall be open to members or representatives of all eligible cooperatives and other eligible organizations, as observers only, and to persons or representatives of groups who identify their interest in the Bank and who are invited to attend a meeting, subject to such rules as the Board may establish for the conduct of such meetings. Those rules shall include the manner of giving notice of meetings, the procedure for the conduct of meetings, the manner of submitting topics for the agenda, the allocation of time of presentations, and debate. The chairman, when sustained by the majority of the Board present, may adjourn the open meeting into an executive session on motion of the chairman, any Board member, or at the request of any applicant, borrower, officer, or employee when the matter under discussion involves an application, a loan, a personnel action, or other matter which might tend to impinge on the right of privacy of any person.
**(h) Compensation and expenses** Members of the Board appointed by the President from among the officers of the agencies and departments of the United States Government shall not receive any additional compensation by virtue of their service on the Board. The member of the Board appointed from among proprietors of small business and the member of the Board appointed pursuant to subsection (b)(1)(C) shall (1) receive compensation at a rate equal to the daily equivalent of the rate prescribed for grade GS–18 under [section 5332 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5332&num=0&edition=prelim) for each day that they are engaged in the performance of their duties on the Board, and (2) be allowed travel expenses, including per diem in lieu of subsistence, in the same manner as persons employed intermittently in the Government service are allowed expenses under section 5703(b) 11 See References in Text note below. of title 5 for each day that they are away from their homes or regular places of business in the performance of their duties on the Board. The members of the Board who are elected by the holders of class B stock and class C stock shall be compensated in accordance with the bylaws of the Bank. All compensation and expenses paid to the members of the Board of Directors shall be paid by the Bank.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** This section applies to—
(1) positions that are classified above GS–15 pursuant to section 5108; and
(2) scientific or professional positions established under section 3104;
but does not apply to—
(A) any Senior Executive Service position under section 3132; or
(B) any position in the Federal Bureau of Investigation and Drug Enforcement Administration Senior Executive Service under section 3151.
**(b)**
(1) Subject to such regulations as the Office of Personnel Management prescribes, the head of the agency concerned shall fix the rate of basic pay for any position within such agency to which this section applies. A rate fixed under this section shall be—
(A) not less than 120 percent of the minimum rate of basic pay payable for GS–15 of the General Schedule; and
(B) subject to paragraph (3), not greater than the rate of basic pay payable for level III of the Executive Schedule.
The payment of a rate of basic pay under this section shall not be subject to the pay limitation of section 5306(e) or 5373.
(2) Subject to paragraph (1), effective at the beginning of the first applicable pay period commencing on or after the first day of the month in which an adjustment takes effect under section 5303 in the rates of pay under the General Schedule, each rate of pay established under this section for positions within an agency shall be adjusted by such amount as the head of such agency considers appropriate.
(3) In the case of an agency which has a performance appraisal system which, as designed and applied, is certified under section 5307(d) as making meaningful distinctions based on relative performance, paragraph (1)(B) shall apply as if the reference to “level III” were a reference to “level II”.
(4) No employee may suffer a reduction in pay by reaso
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 5376
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Small business concerns**
(1) **In general** — For the purposes of this chapter, a small-business concern, including but not limited to enterprises that are engaged in the business of production of food and fiber, ranching and raising of livestock, aquaculture, and all other farming and agricultural related industries, shall be deemed to be one which is independently owned and operated and which is not dominant in its field of operation.
(2) **Establishment of size standards**
(A) *In general* — In addition to the criteria specified in paragraph (1) and subject to the requirements specified under subparagraph (C), the Administrator may specify detailed definitions or standards by which a business concern may be determined to be a small business concern for the purposes of this chapter or any other Act.
(B) *Additional criteria* — The standards described in paragraph (1) may utilize number of employees, dollar volume of business, net worth, net income, a combination thereof, or other appropriate factors.
(C) *Requirements* — Unless specifically authorized by statute, no Federal department (including the Administration when acting pursuant to subparagraph (A)) or agency may prescribe a size standard for categorizing a business concern as a small business concern, unless such proposed size standard—
(i) is proposed after an opportunity for public notice and comment;
(ii) provides for determining—
(I) the size of a manufacturing concern as measured by the manufacturing concern’s average employment based upon employment during each of the manufacturing concern’s pay periods for the preceding 24 months;
(II) the size of a business concern providing services on the basis of the annual average gross receipts of the business concern over
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 632
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Federal law — U.S. Code and appendices · legal_authorities
An employee serving intermittently in the Government service as an expert or consultant and paid on a daily when-actually-employed basis, or serving without pay or at $1 a year, may be allowed travel or transportation expenses, under this subchapter, while away from his home or regular place of business and at the place of employment or service.
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 5703
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Federal law — U.S. Code and appendices · legal_authorities
The Congress of the United States hereby creates and charters a body corporate to be known as the National Consumer Cooperative Bank (hereinafter in this chapter referred to as the “Bank”). The Bank shall have perpetual existence unless and until its charter is revoked or modified by Act of Congress. The right to revise, amend, or modify the charter of the Bank is specifically and exclusively reserved to the Congress. The principal office of the Bank shall be in Washington, District of Columbia, and, for the purpose of venue, shall be considered a resident thereof. It shall make loans and offer its services throughout the United States, its territories and possessions, and in the Commonwealth of Puerto Rico. The Bank shall—
(1) encourage the development of new and existing cooperatives eligible for its assistance by providing specialized credit and technical assistance;
(2) maintain broad-based control of the Bank by its voting stockholders;
(3) encourage broad-based ownership, control, and active participation by members in eligible cooperatives;
(4) assist in improving the quality and availability of goods and services to consumers; and
(5) encourage ownership of its equity securities by cooperatives and others as provided in [section 3014 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3014&num=0&edition=prelim), so that the date when all of the Bank’s class A stock owned by the United States has been fully redeemed (the “Final Government Equity Redemption Date”) occurs as early as practicable.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3012
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Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) The General Schedule, the symbol for which is “GS”, is the basic pay schedule for positions to which this subchapter applies. Each employee to whom this subchapter applies is entitled to basic pay in accordance with the General Schedule.
(2) The General Schedule is a schedule of annual rates of basic pay, consisting of 15 grades, designated “GS–1” through “GS–15”, consecutively, with 10 rates of pay for each such grade. The rates of pay of the General Schedule are adjusted in accordance with section 5303.
**(b)** When payment is made on the basis of an hourly, daily, weekly, or biweekly rate, the rate is computed from the appropriate annual rate of basic pay named by subsection (a) of this section in accordance with the rules prescribed by [section 5504(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5504/b&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 5332
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Federal law — U.S. Code and appendices · legal_authorities
The economic and financial structure of this country in combination with the Nation’s natural resources and the productivity of the American people has produced one of the highest average standards of living in the world. However, the Nation has been experiencing inflation and unemployment together with an increasing gap between producers’ prices and consumers’ purchasing power. This has resulted in a growing number of our citizens, especially the elderly, the poor, and the inner city resident, being unable to share in the fruits of our Nation’s highly efficient economic system. The Congress finds that user-owned cooperatives are a proven method for broadening ownership and control of the economic organizations, increasing the number of market participants, narrowing price spreads, raising the quality of goods and services available to their membership, and building bridges between producers and consumers, and their members and patrons. The Congress also finds that consumer and other types of self-help cooperatives have been hampered in their formation and growth by lack of access to adequate cooperative credit facilities and lack of technical assistance. Therefore, the Congress finds a need for the establishment of a National Consumer Cooperative Bank which will make available necessary financial and technical assistance to cooperative self-help endeavors as a means of strengthening the Nation’s economy.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3011
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Federal law — U.S. Code and appendices · legal_authorities
There are hereby authorized to be appropriated to the Office for the purpose of making advances under [section 3043 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3043&num=0&edition=prelim) an amount not to exceed $14,000,000 for fiscal year 1982. Any amounts appropriated to the Office shall be deposited by the Office in a separate account in the Bank (hereinafter the “Account”), and shall remain available until expended. Repayments of capital investment advances made pursuant to [section 3043(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3043/a&num=0&edition=prelim) and interest supplement advances made pursuant to [section 3043(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3043/b&num=0&edition=prelim) and payments of interest thereon pursuant to [section 3043(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3043/c&num=0&edition=prelim) shall also be deposited in the Account. No other funds of the Bank shall be transferred into the Account. The Account shall be used by the Office only as authorized in [section 3043 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3043&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3043
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Federal law — U.S. Code and appendices · legal_authorities
Page 1482
TITLE 12—BANKS AND BANKING
§ 3014
to the members of the Board of Directors shall
be paid by the Bank.
(Pub. L. 95–351, title I, § 103, Aug. 20, 1978, 92
Stat. 502; Pub. L. 96–149, Dec. 16, 1979, 93 Stat.
1089; Pub. L. 97–35, title III, § 393(a), (b), Aug. 13,
1981, 95 Stat. 435, 436.)
Editorial Notes
REFERENCES IN TEXT
Section 5703 of title 5, referred to in subsec. (h), was
amended generally by Pub. L. 94–22, § 4, May 19, 1975, 89
Stat. 85, and, as so amended, does not contain a subsec.
(b).
AMENDMENTS
1981—Subsec. (a). Pub. L. 97–35, § 393(a), substituted
provisions relating to composition, term of office, and
removal by the President, for provisions relating to
composition, appointment, eligibility, removal, and va-
cancies.
Subsec. (b). Pub. L. 97–35, § 393(a), substituted provi-
sions relating to appointment by the President, and
election by the stockholders, for provisions relating to
resignation and termination of terms of Presidential
appointees, shareholder directorships, resignation of
remaining Presidential appointees on Final Govern-
ment Equity Redemption Date, and continuation of
Presidential appointment power.
Subsec. (c). Pub. L. 97–35, § 393(a), substituted provi-
sions relating to resignations, continuances, comple-
tion of term, and committee representation, for provi-
sions relating to nominating criteria for appointment
or election, and representational limitations.
Subsec. (d). Pub. L. 97–35, § 393(a), substituted provi-
sions relating to nominations by cooperative classes,
vacancies, and representational requirements for elec-
tions, for provisions relating to rules governing elec-
tion of successors to resigned Presidential appointees
and successors to shareholder directors.
Subsec. (h). Pub. L. 97–35, § 393(b
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3014
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