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12 U.S.C. § 3043 — Authorization of appropriations for advances; deposits into separate Account in Bank; availability of amounts

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3043 — Authorization of appropriations for advances; deposits into separate Account in Bank; availability of amounts

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).

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Source file: Laws/federal/codes/united-states-code/title-12/section-3043-authorization-of-appropriations-for-advances-deposits-into-separate-acco--e3ecc8f90d.md
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Source location: Title 12, Chapter 31, § 3043; chapter-031-national-consumer-cooperative-bank.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3014 — Board of Directors

**(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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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3043 — Advances

Page 1490 TITLE 12—BANKS AND BANKING § 3043 (Pub. L. 95–351, title II, § 202, Aug. 20, 1978, 92 Stat. 511; Pub. L. 97–35, title III, § 395(b)(1), Aug. 13, 1981, 95 Stat. 438.) Editorial Notes AMENDMENTS 1981—Pub. L. 97–35 substituted provisions authorizing appropriations for fiscal year 1982, for provisions au- thorizing appropriations for the fiscal year ending Sept. 30, 1979, and the next two succeeding fiscal years. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1981 AMENDMENT Amendment by Pub. L. 97–35 effective Oct. 1, 1981, see section 395(b)(3) of Pub. L. 97–35, set out as a note under section 3014 of this title. § 3043. Advances (a) Capital investment advances; criteria The Office may make a capital investment ad- vance to any eligible cooperative, either in con- junction with or without a loan if the Office de- termines that— (1)(A) the applicant’s initial or supplemental capital requirements exceeds its ability to ob- tain such capital through a loan under section 3018 of this title or from other sources; or (B) the membership of the applicant is, or will consist, substantially of low-income per- sons, as defined by the Board of Directors, or the applicant proposes to undertake to provide specialized goods, services, or facilities to serve their needs; and (2) the applicant cannot obtain sufficient funds through a loan under section 3018 of this title or otherwise, and the applicant presents a plan which the Office determines will permit the replacement of a capital investment ad- vance out of member equities within a period not to exceed thirty years. (b) Interest supplement advances; criteria; amount The Office may make advances to pay all or part of the interest payable to the Bank or any other lender by an eli

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