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12 U.S.C. § 3015 — Capitalization

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

12 U.S.C. § 3015 — Capitalization

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Stable record: federal_law:legal_authorities:record_usc_6644f6ffcbc5bbd04db72fa9
Source file: Laws/federal/codes/united-states-code/title-12/section-3015-capitalization--4fce3c6432.md
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Source location: Title 12, Chapter 31, § 3015; chapter-031-national-consumer-cooperative-bank.md

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**(a) Subscriptions for capital; authorization of appropriations** The capital of the Bank shall consist of capital subscribed by borrowers from the Bank, by cooperatives eligible to become borrowers, by organizations owned and controlled by such borrowers, by foundations, trust or charitable funds, by public bodies, by other public or private investors, and by the United States. There are authorized to be appropriated not to exceed $47,000,000 for fiscal year 1982 for purposes of purchasing class A stock. **(b) Classes of stock; general requirements respecting rights, powers, privileges, and preferences** The capital stock of the Bank shall include class B and class C stock and such other classes with such rights, powers, privileges, and preferences of the separate classes as may be specified, not inconsistent with law, in the bylaws of the Bank. Class A notes which are held by the United States shall have first preference with respect to assets and interest payments over all classes of stock issued by the Bank. So long as any class A notes are outstanding, the Bank shall not pay any dividend on any class of stock at a rate greater than the statutory interest rate payable on class A notes. Class B and class C stock shall be common stock with voting rights as provided for herein and shall be issued only to eligible borrowers and organizations controlled by such borrowers or organizations eligible to borrow, and shall be transferable only on the books of the Bank and then only to another eligible borrower. No holder of voting stock of the Bank shall be entitled to more than one vote regardless of the number of shares of stock of other classes held, except as provided in subsection (g) of this section. **(c) Class A notes; interest payments; redemption, etc.** The holder of class A notes shall be entitled to interest at a rate or rates determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable terms and conditions as of the last day of the month preceding each issuance of such class A notes to the Secretary of the Treasury, except that, until October 1, 1990, interest payments shall not exceed 25 percent of gross revenues for the year, less necessary operating expenses including a reserve for possible losses. From time to time, the Bank may, with the approval of the Secretary of the Treasury and consistent with the terms of this chapter, issue replacement class A notes upon terms and conditions to be agreed upon by the Bank and the Secretary, bearing interest as provided in this subsection, in substitution for those class A notes previously issued. Any such interest payment may be deferred by the Board of Directors with the approval of the Secretary of the Treasury, except that any interest payment so deferred shall bear interest at a rate equal to the rate determined pursuant to the first sentence of this subsection. Without the approval of the Secretary of the Treasury, the Bank shall not pay any dividend or distribution on, or make any redemption or repurchase of, any class of stock at any time when the deferred interest payments on class A notes shall not have been paid in full, together with any unpaid interest on such notes. Upon any liquidation or dissolution of the Bank, the holder of class A notes shall be entitled to receive out of the assets of the Bank available for distribution to its stockholders, prior to any payment to the holders of any class of stock of the Bank, an amount not less than the aggregate face value of all class A notes outstanding, plus all accrued and unpaid interest payments accrued thereon to and including the date of payment (together with all unpaid interest thereon). The class A notes shall be redeemed and retired as soon as practicable consistent with the purposes of this chapter (such redemption to be at a price equal to the face value of the class A notes so redeemed plus interest payments accrued thereon to the date of redemption), except that beginning on October 1, 1990, there shall be redeemed as a minimum with respect to each fiscal year a number of class A notes having an aggregate face value equal to the aggregate consideration received by the Bank for the issue of its class B and class C stock during that fiscal year. Each such redemption shall take place not later than ninety days after the close of each fiscal year. All class A notes shall be redeemed by the Bank no later than October 31, 2020. **(d) Class B stock; ownership requirements, etc.** Class B stock shall be held only by recipients of loans under [section 3015 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3015&num=0&edition=prelim), and such borrowers shall be required to own class B stock in an amount not less than 1 per centum of the face amount of the loan at the time the loan is made. Such borrowers may be required by the Bank to own additional class B or class C stock at the time the loan is made, but not to exceed an amount equal to 10 per centum of the face amount of the loan, or from time to time, as the Bank may determine. Such additional stock ownership requirements may be on the basis of the face amount of the loan, the outstanding balances, or on a percentage of interest payable during any year or any quarter thereof, as the Bank may determine will provide adequate capital for the operation of the Bank and equitable ownership thereof among borrowers. **(e) Class C stock; purchase, dividends, etc.** Class C stock shall be available for purchase and shall be held only by borrowers or by organizations eligible to borrow under [section 3015 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3015&num=0&edition=prelim) or by organizations controlled by such borrowers, and shall be entitled to dividends in the manner specified in the bylaws of the Bank. Such dividends shall be payable only from income, and, until all class A notes has 11 So in original. Probably should be “have”. been retired, the rate of such dividends shall not exceed the rate of the statutory interest payment on class A notes. **(f) Nonvoting stock of other classifications and priorities; issuance, etc.** Nonvoting stock of other classifications and other priorities may be issued at the discretion of the Board, to other investors, except that so long as any class A notes are outstanding, the Board shall not authorize or issue any class of stock, whether voting or nonvoting, that would rank prior or equal to the class A notes as to dividends, interest payments, or upon liquidation or dissolution. **(g) Voting requirements of bylaws** (1) The bylaws of the Bank may provide for more than one vote on the basis of— (A) the amount of class B stock, class C stock, or both classes held, with such limitations as will encourage investments in class C stock; (B) the amount of patronage of the Bank; and (C) number of members in the cooperative. (2) Such bylaws shall avoid— (A) voting control of the Bank from becoming concentrated with the larger affluent or smaller less affluent organizations; (B) a disproportionately larger vote in one or more of the groups of cooperatives referred to in [section 3013(d)(2)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3013/d/2/A&num=0&edition=prelim); and (C) the concentration of more than 5 per centum of the total voting control in any one class B or class C stockholder. **(h) Acceptance by Bank of nonreturnable capital contributions** The Bank may accept nonreturnable capital contributions on which no interest, dividend, or patronage refund shall be payable from associations, foundations, or funds or public bodies or agencies at the discretion of the Board. **(i) Patronage refunds** After payment of all operating expenses of the Bank, including interest on its obligations, and after setting aside appropriate funds for reserves for losses, for interest payments on class A notes and dividends on class C stock and for any redemption of class A notes in accordance with subsection (c), the Bank shall annually set aside the remaining earnings of the Bank for patronage refunds in the form of class B or C stock or allocated surplus in accordance with the bylaws of the Bank. After ten years from the date of issue of any such stock, or at such earlier time as all the Government-held stock is retired, patronage refunds may be made in cash, or partly in stock and partly in cash.

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

12 U.S.C. § 3011 — Congressional statement of findings and purpose

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.

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

12 U.S.C. § 3042 — Establishment; appointment, etc., of Director

**(a)** There is hereby established within the Bank an Office of Self-Help Development and Technical Assistance (hereinafter the “Office”). **(b)** The Office shall have a Director who shall be appointed by the President, with the advice and consent of the Senate, and who shall not be a member of the Board. Subject to review by the Board, the Director shall promulgate and publish in the Federal Register policies and procedures governing the operation of the Office.

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

12 U.S.C. § 3012 — Creation and charter; principal office; venue; purposes

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.

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

12 U.S.C. § 3019 — Loans

**(a) General requirements for loans and commitments for loans; limitations; allocation of assistance for low-income persons; criteria and factors for making loans, etc.; publication** The Bank may make loans and commitments for loans under this subsection to any organization determined by the Bank to be eligible under the provisions of [section 3015 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3015&num=0&edition=prelim), and may purchase or discount obligations of members of such organizations if the Bank, to the exclusion of all other persons, entities, agencies, or jurisdictions, also determines that the applicant has or will have a sound organizational and financial structure, income in excess of its operating costs and assets in excess of its obligations, and a reasonable expectation of a continuing demand for its production, goods, commodities, or services, or the use of its facilities, so that the loan will be fully repayable in accordance with its terms and conditions. Commencing on October 1, 1985, the Bank shall not make any loan to a cooperative for the purpose of financing the construction, ownership, acquisition, or improvement of any structure used primarily for residential purposes if, after giving effect to such loan, the aggregate amount of all loans outstanding for such purpose would exceed 30 per centum of the gross assets of the Bank. The Board of Directors shall use its best efforts to insure that at the end of each fiscal year of the Bank at least 35 per centum of its outstanding loans are to— (1) cooperatives at least a majority of the members of which are low-income persons, and (2) other cooperatives, if the proceeds of such loans are directly applied to finance a facility, activity, or service tha

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

12 U.S.C. § 3015 — Eligibility of cooperatives

Page 1484 TITLE 12—BANKS AND BANKING § 3015 Editorial Notes AMENDMENTS 1989—Subsec. (c). Pub. L. 101–206 substituted ‘‘The holder of class A notes shall be entitled to interest at a rate or rates determined by the Secretary of the Treasury, taking into consideration the current aver- age yield on outstanding marketable obligations of the United States of comparable terms and conditions as of the last day of the month preceding each issuance of such class A notes to the Secretary of the Treasury, ex- cept that, until October 1, 1990, interest payments shall not exceed 25 percent of gross revenues for the year, less necessary operating expenses including a reserve for possible losses. From time to time, the Bank may, with the approval of the Secretary of the Treasury and consistent with the terms of this chapter, issue replace- ment class A notes upon terms and conditions to be agreed upon by the Bank and the Secretary, bearing in- terest as provided in this subsection, in substitution for those class A notes previously issued.’’ for ‘‘The holder of class A notes shall be entitled to interest payments at a rate determined by the Secretary of the Treasury taking into consideration the average market yield, during the month preceding the close of each fiscal year, on outstanding marketable obligations of the United States of comparable maturity, except that until October 1, 1990, such interest payments shall not exceed 25 per centum of gross revenues for the year less necessary operating expenses, including a reserve for possible losses. Such interest payments shall be pay- able annually into miscellaneous receipts of the Treas- ury and shall be cumulative.’’ and inserted at end ‘‘All class A notes shall be redeemed by the Bank no later than Octob

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3015

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