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12 U.S.C. § 3044 — Advances
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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Source file: Laws/federal/codes/united-states-code/title-12/section-3044-advances--4b7ec4f8a6.md
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Source location: Title 12, Chapter 31, § 3044; chapter-031-national-consumer-cooperative-bank.md
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**(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.
**(c) Interest rate applicable to advances** Capital investment advances made by the Office pursuant to subsection (a) and interest supplement advances made by the Office pursuant to subsection (b) shall bear interest at a rate determined by the Board of Directors of the Bank, and the Board of Directors may authorize an interest rate applicable to such advances lower than the rate applicable to loans by the Bank pursuant to [section 3018 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3018&num=0&edition=prelim).
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3018
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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
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
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3044
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