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12 U.S.C. § 3018 — Class A notes as paid-in capital of the Bank
Federal law — U.S. Code and appendices · legal_authorities
Only for purposes of [section 3017(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3017/a&num=0&edition=prelim), class A notes shall be deemed to be paid-in capital of the Bank.
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Stable record: federal_law:legal_authorities:record_usc_414e7aa265e137015a399598
Source file: Laws/federal/codes/united-states-code/title-12/section-3018-class-a-notes-as-paid-in-capital-of-the-bank--93ea6f9729.md
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Source location: Title 12, Chapter 31, § 3018; chapter-031-national-consumer-cooperative-bank.md
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Only for purposes of [section 3017(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3017/a&num=0&edition=prelim), class A notes shall be deemed to be paid-in capital of the Bank.
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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) Capital investment advances; criteria** The Office may make a capital investment advance to any eligible cooperative, either in conjunction with or without a loan if the Office determines that—
(1)
(A) the applicant’s initial or supplemental capital requirements exceeds its ability to obtain such capital through a loan under [section 3018 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3018&num=0&edition=prelim) or from other sources; or
(B) the membership of the applicant is, or will consist, substantially of low-income persons, 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3018&num=0&edition=prelim) or otherwise, and the applicant presents a plan which the Office determines will permit the replacement of a capital investment advance 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 eligible cooperative applicant which the Office determines cannot pay a market rate of interest because it sells goods or services to, or provides facilities for the use of, persons of low income: Provided, That such advances will not exceed an amount equal to 4 per centum of the principal amount of the indebtedness of such applicant to the Bank or such other lender for any year in which the net income of the cooperative is insufficient to meet scheduled interest payments.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3044
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Federal law — U.S. Code and appendices · legal_authorities
Page 1486
TITLE 12—BANKS AND BANKING
§ 3017a
struck out former subsec. (b) relating to discretionary
authority for issuance to and purchase by Secretary of
Treasury.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1981 AMENDMENT
Pub. L. 97–35, title III, § 394(g)(2), Aug. 13, 1981, 95
Stat. 437, provided that: ‘‘The amendment made by
paragraph (1) [amending this section] shall take effect
on the day after the Final Government Equity Redemp-
tion Date [Dec. 31, 1981].’’ For definition of ‘‘Final Gov-
ernment Equity Redemption Date’’, see section 396(a)
of Pub. L. 97–35, set out as a note under section 3012 of
this title.
Amendment by section 396(d) of Pub. L. 97–35 effec-
tive on the day after the Final Government Equity Re-
demption Date (Dec. 31, 1981), see section 396(i) of Pub.
L. 97–35, set out as a note under section 3011 of this
title.
§ 3017a. Class A notes as paid-in capital of the
Bank
Only for purposes of section 3017(a) of this
title, class A notes shall be deemed to be paid-
in capital of the Bank.
(Pub. L. 97–35, title III, § 391(b)(1), Aug. 13, 1981,
95 Stat. 434.)
Editorial Notes
CODIFICATION
Section was enacted as part of the National Con-
sumer Cooperative Bank Act Amendments of 1981 and
also as part of the Omnibus Budget Reconciliation Act
of 1981, and not as part of the National Consumer Coop-
erative Bank Act which comprises this chapter.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Pub. L. 97–35, title III, § 391(b)(2), Aug. 13, 1981, 95
Stat. 434, provided that: ‘‘This subsection [enacting
this section] shall take effect on the day after the Final
Government Equity Redemption Date [Dec. 31, 1981].’’
For definition of ‘‘Final Government Equity Redemp-
tion Date’’, see section 396(a) of Pub. L. 97–35
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3018
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