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12 U.S.C. § 3020 — Taxation by State, county, etc., taxing authority; Federal tax status
Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Bank, including its franchise, capital, reserves, surplus, mortgages, or other security holdings and income shall be exempt from taxation now or hereafter imposed by any State, county, municipality, or local taxing authority, but any real property held by the Bank shall be subject to any State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
**(b)** Notwithstanding any other provision of law, for purposes of subchapter T of chapter 1 of title 26—
(1) the Bank shall be treated as a corporation operating on the cooperative basis within the meaning of [section 1381(a)(2) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1381/a/2&num=0&edition=prelim);
(2) the term “patronage dividend”, as defined in [section 1388(a) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1388/a&num=0&edition=prelim) includes, only as such section applies to the Bank, any patronage refunds in the form of class B or class C stock or allocated surplus that are distributed or set aside by the Bank pursuant to [section 3014(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3014/i&num=0&edition=prelim);
(3) the terms “written notice of allocation” and “qualified written notices of allocation”, as defined in sections 1388(b) and (c) of title 26, include (to the extent of par value), only as such sections apply to the Bank, any class B or class C stock distributed by the Bank pursuant to [section 3014(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3014/i&num=0&edition=prelim) and shall also include any allocated surplus set aside by the Bank pursuant to [sect
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Stable record: federal_law:legal_authorities:record_usc_825f77ad6382c07582a1ad46
Source file: Laws/federal/codes/united-states-code/title-12/section-3020-taxation-by-state-county-etc-taxing-authority-federal-tax-status--d899a45b66.md
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Source location: Title 12, Chapter 31, § 3020; chapter-031-national-consumer-cooperative-bank.md
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**(a)** The Bank, including its franchise, capital, reserves, surplus, mortgages, or other security holdings and income shall be exempt from taxation now or hereafter imposed by any State, county, municipality, or local taxing authority, but any real property held by the Bank shall be subject to any State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
**(b)** Notwithstanding any other provision of law, for purposes of subchapter T of chapter 1 of title 26—
(1) the Bank shall be treated as a corporation operating on the cooperative basis within the meaning of [section 1381(a)(2) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1381/a/2&num=0&edition=prelim);
(2) the term “patronage dividend”, as defined in [section 1388(a) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1388/a&num=0&edition=prelim) includes, only as such section applies to the Bank, any patronage refunds in the form of class B or class C stock or allocated surplus that are distributed or set aside by the Bank pursuant to [section 3014(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3014/i&num=0&edition=prelim);
(3) the terms “written notice of allocation” and “qualified written notices of allocation”, as defined in sections 1388(b) and (c) of title 26, include (to the extent of par value), only as such sections apply to the Bank, any class B or class C stock distributed by the Bank pursuant to [section 3014(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3014/i&num=0&edition=prelim) and shall also include any allocated surplus set aside by the Bank pursuant to [section 3014(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3014/i&num=0&edition=prelim);
(4) patrons of the Bank shall be deemed to have consented under [section 1388(c)(2) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1388/c/2&num=0&edition=prelim) to the inclusion in their incomes of any qualified written notices of allocation received by such patrons from the Bank; and
(5) any amounts required to be included in the incomes of patrons of the Bank with respect to class B or class C stock or allocated surplus shall be treated as earnings from business done by such patrons of the Bank with or for their own patrons.
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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
Page 1487
TITLE 12—BANKS AND BANKING
§ 3020
(d)
Assignment
of
guaranteed
loans;
contestability of guarantee; criteria for pur-
chase by Bank of guaranteed loan in lieu of
requiring service by lender
Any loan guaranteed under subsection (c)
shall be assignable to the extent provided in the
contract of guarantee as may be determined by
the Bank. The guarantee shall be uncontestable,
except for fraud or misrepresentation of which
the holder had actual knowledge at the time he
acquired the loan. The Bank in lieu of requiring
such lender to service such guaranteed loan
until final maturity or liquidation, may pur-
chase the loan for the balance of the principal
and accrued interest thereon without penalty, if
it determines that (1) the liquidation of the loan
would result in the insolvency of the borrower
or deprive the borrower of assets essential to its
continued operation, and (2) the loan will be re-
payable with revision of the loan rates, terms,
or payment periods or other conditions not in-
consistent with loans made by the Bank under
subsection (a) of this section, which revisions
the lender or other holder of such guaranteed
loan is unwilling to make.
(e) Aggregate amount of commitments to make
or guarantee loans
As long as any of the class A stock of the
Bank is held by the Secretary of the Treasury,
the aggregate amount of commitments by the
Bank to make or guarantee loans shall not ex-
ceed such amounts as may be specified in annual
appropriation Acts.
(Pub. L. 95–351, title I, § 108, Aug. 20, 1978, 92
Stat. 508; Pub. L. 97–35, title III, §§ 394(b), 396(e),
Aug. 13, 1981, 95 Stat. 436, 440; Pub. L. 99–514, § 2,
Oct. 22, 1986, 100 Stat. 2095.)
Editorial Notes
AMENDMENTS
1986—Subsec. (c). Pub. L. 99–514 substituted ‘‘Internal
R
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3020
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