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12 U.S.C. § 3017a — Bonds, debentures, notes and other evidences of indebtedness

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

12 U.S.C. § 3017a — Bonds, debentures, notes and other evidences of indebtedness

**(a) Authorization for public or private sale; time of issuance, interest rates, and terms and conditions; outstanding amount** The Bank is authorized to obtain funds through the public or private sale of its bonds, debentures, notes, and other evidences of indebtedness. Such obligations shall be issued at such times, bear interest at such rates, and contain such terms and conditions as the Board shall determine: Provided, however, That the amount of such obligations which may be outstanding at any one time pursuant to this section shall not exceed ten times the paid-in capital and surplus of the Bank. **(b) Purchase and sale by Bank; methods of sale and delivery** The Bank may purchase its own obligations, and may provide for the sale of any such obligations through a fiscal agent or agents, by negotiation, offer, bid, syndicate sale, or otherwise, and may deliver such obligations by book entry, wire transfer, or such other means as may be appropriate. **(c) Obligations as not guaranteed by United States and not to constitute a debt or obligation of United States** Obligations issued under this section shall not be guaranteed by the United States and shall not constitute a debt or obligation of the United States or any agency or instrumentality thereof other than the Bank.

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Source file: Laws/federal/codes/united-states-code/title-12/section-3017a-bonds-debentures-notes-and-other-evidences-of-indebtedness--6f21482025.md
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Source location: Title 12, Chapter 31, § 3017a; chapter-031-national-consumer-cooperative-bank.md

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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. § 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. § 3017a — Class A notes as paid-in capital of the

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

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