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12 U.S.C. § 3001 — Nonprofit corporation
Federal law — U.S. Code and appendices · legal_authorities
**(a) Office of Self-Help Development and Technical Assistance abolished; transfer of assets, etc.**
(1) Upon the incorporation of the nonprofit corporation described in subsection (b), the Office of Self-Help Development and Technical Assistance is hereby abolished.
(2)
(A) If the nonprofit corporation described in subsection (b) agrees to accept the liabilities of the Office, the Bank, notwithstanding any other provision of law, shall transfer all assets, liabilities, and property of the Office to such nonprofit corporation on the day on which such nonprofit corporation is incorporated.
(B) Such assets shall include all sums which are appropriated to the Office by the Congress and all sums which are contained in the Account established pursuant to [section 3042 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3042&num=0&edition=prelim). If any such sums are appropriated after the date on which the transfer described in subparagraph (A) occurs, the Bank shall promptly transfer such sums to such nonprofit corporation.
**(b) Establishment; Board of Directors; functions, etc.**
(1) As soon as possible after August 13, 1981, the Board shall establish a nonprofit corporation under the laws of the District of Columbia and, notwithstanding the laws of the District of Columbia, name the directors of such nonprofit corporation.
(2) Notwithstanding the laws of the District of Columbia, the Board of Directors of such nonprofit corporation shall—
(A) select an executive director who shall be responsible for the administration of such nonprofit corporation;
(B) set the compensation of such executive director and the other employees of such nonprofit corporation;
(C) promulgate and publish the policies of such nonprofit c
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Stable record: federal_law:legal_authorities:record_usc_9f735db7627a5f258d592276
Source file: Laws/federal/codes/united-states-code/title-12/section-3001-nonprofit-corporation--5c80b7debf.md
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Passage SHA-256: fc84eeed05b437f3f9f24418991c02ed12f168fc8aa39e8ad30257f4f8b45579
Source location: Title 12, Chapter 31, § 3001; chapter-031-national-consumer-cooperative-bank.md
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**(a) Office of Self-Help Development and Technical Assistance abolished; transfer of assets, etc.**
(1) Upon the incorporation of the nonprofit corporation described in subsection (b), the Office of Self-Help Development and Technical Assistance is hereby abolished.
(2)
(A) If the nonprofit corporation described in subsection (b) agrees to accept the liabilities of the Office, the Bank, notwithstanding any other provision of law, shall transfer all assets, liabilities, and property of the Office to such nonprofit corporation on the day on which such nonprofit corporation is incorporated.
(B) Such assets shall include all sums which are appropriated to the Office by the Congress and all sums which are contained in the Account established pursuant to [section 3042 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3042&num=0&edition=prelim). If any such sums are appropriated after the date on which the transfer described in subparagraph (A) occurs, the Bank shall promptly transfer such sums to such nonprofit corporation.
**(b) Establishment; Board of Directors; functions, etc.**
(1) As soon as possible after August 13, 1981, the Board shall establish a nonprofit corporation under the laws of the District of Columbia and, notwithstanding the laws of the District of Columbia, name the directors of such nonprofit corporation.
(2) Notwithstanding the laws of the District of Columbia, the Board of Directors of such nonprofit corporation shall—
(A) select an executive director who shall be responsible for the administration of such nonprofit corporation;
(B) set the compensation of such executive director and the other employees of such nonprofit corporation;
(C) promulgate and publish the policies of such nonprofit corporation and make such policies available at all times to eligible cooperatives; and
(D) perform the functions specified in subparagraphs (A) and (C) of paragraph (3).
(3) Such nonprofit corporation shall only perform—
(A) the functions which are authorized to be performed pursuant to sections 3043 through 3048 of this title and [section 3050 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3050&num=0&edition=prelim);
(B) such functions as are necessary to comply with the laws under which it was incorporated in the District of Columbia; and
(C) such functions as are necessary to remain qualified as an organization described in [section 501(c)(3) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section501/c/3&num=0&edition=prelim).
(4) Notwithstanding any other provision of law—
(A) the Bank may provide administrative or staff support to such nonprofit corporation; and
(B) any member of the Board of Directors of the Bank may serve as a member of the Board of Directors of such nonprofit corporation.
**(c) Treatment for tax purposes**
(1) Notwithstanding any other provision of law, such nonprofit corporation shall be deemed to be, and treated as, qualified as an organization described in [section 501(c)(3) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section501/c/3&num=0&edition=prelim) from the date on which such nonprofit corporation is established under the laws of the District of Columbia until the date on which the Internal Revenue Service makes a final determination on the application which such nonprofit corporation will submit to the Internal Revenue Service seeking status as an organization qualifying under such section.
(2) When performed by such nonprofit corporation, the functions described in subsection (b)(3)(A) shall be deemed to be performed for “charitable purposes” within the meaning of [section 501(c)(3) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section501/c/3&num=0&edition=prelim).
**(d) Contributions from the Bank**
(1) The Board of Directors of the Bank may make contributions to the nonprofit corporation in such amounts as the Board of Directors of the Bank deems appropriate, except that—
(A) such contributions may be made only out of the Bank’s earnings, determined in accordance with generally accepted accounting principles; and
(B) the Bank shall set aside amounts sufficient to satisfy its obligations to the Secretary of the Treasury for payments of principal and interest on class A notes and other debt before making any contributions to such nonprofit corporation.
(2) During any period in which the nonprofit corporation described in subsection (b) is qualified as an organization described in [section 501(c)(3) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section501/c/3&num=0&edition=prelim), contributions made by the Bank pursuant to paragraph (1) shall be treated as charitable contributions within the meaning of [section 170(c)(2) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section170/c/2&num=0&edition=prelim), and may be deducted notwithstanding the provisions of [section 170(b)(2) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section170/b/2&num=0&edition=prelim).
(3) During any period in which the nonprofit corporation described in subsection (b) is qualified as an organization described in [section 501(c)(3) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section501/c/3&num=0&edition=prelim), contributions to such nonprofit corporation by any person shall qualify as charitable contributions, as defined in [section 170(c) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section170/c&num=0&edition=prelim), for purposes of the charitable contribution deduction provided for in [section 170(a) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section170/a&num=0&edition=prelim), and shall also qualify for the deductions for estate and gift tax purposes provided for in sections 2055 and 2522 of title 26.
**(e) Conflict of interest rules** Notwithstanding the laws of the District of Columbia, the Board of Directors of such nonprofit corporation shall adopt and publish its own conflict of interest rules which shall be no less stringent in effect than the conflict of interest provisions adopted by the Board of Directors of the Bank pursuant to [section 3024 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3024&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
There are authorized to be appropriated to the Office $2,000,000 for the fiscal year ending September 30, 1979, and for each of the two succeeding fiscal years, such sums as may be necessary for the administration of this subchapter. Any sums so appropriated shall remain available until expended.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3050
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Federal law — U.S. Code and appendices · legal_authorities
**(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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3042
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** If an application for assistance under this chapter is denied in whole or in part, the applicant shall be informed within thirty days in writing of the reasons for the denial or restriction.
**(b)** Any applicant for assistance under this chapter receiving notice of denial or restriction of the application may, within thirty days of receipt of such notice, request the Board of Directors to review the application and notice of denial or restriction for a determination of whether the action of the Bank was correctly within the terms of this chapter, the regulations, and the policy of the Board. The Board shall consider the request for review at its next meeting and promptly inform the applicant of its determination and the reasons therefor.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3024
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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
The Bank shall have the power to make and service loans, commitments for credit, guarantees, furnish financially related services, technical assistance and the results of research, issue its obligations within the limitations imposed by [section 3017 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3017&num=0&edition=prelim) in such amounts, at such times, and on such terms as the Bank may determine, and to exercise the other powers and duties prescribed in this chapter, and shall have the power to—
(1) operate under the direction of its Board of Directors;
(2) adopt, alter, and use a corporate seal, which shall be judicially noted;
(3) elect by its Board of Directors a president, one or more vice presidents, a secretary, a treasurer, and provide for such other officers, employees, and agents as may be necessary, and define their duties in accordance with regulations and standards adopted by the Board, and require surety bonds or make other provisions against losses occasioned by acts of employees;
(4) prescribe by its Board of Directors its bylaws not inconsistent with law, which shall establish the terms of office and the procedure for election of elective members; provide in a manner not inconsistent with this chapter for the classes of its stock and the manner in which its stock shall be issued, transferred, and retired; and prescribe the manner in which its officers, employees, and agents are elected or selected, its property acquired, held and transferred, its loans, commitments, other financial assistance, guarantees and appraisals may be made, its general business conducted, and the privilege granted it by law exercised and enjoyed;
(5) enter into contracts and make advance, progress, or other payments with respect
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3013
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Federal law — U.S. Code and appendices · legal_authorities
Page 1478
TITLE 12—BANKS AND BANKING
§ 3001
‘‘satisfactory record of meeting community
credit needs’’ at its most recent examination
under section 2903 of this title; and
(3) as deemed necessary by the appropriate
Federal financial supervisory agency, for an
institution that has received a rating of less
than ‘‘satisfactory record of meeting commu-
nity credit needs’’ at its most recent examina-
tion under section 2903 of this title.
(b) No exception from CRA examinations in con-
nection with applications for deposit facili-
ties
A regulated financial institution described in
subsection (a) shall remain subject to examina-
tion under this chapter in connection with an
application for a deposit facility.
(c) Discretion
A regulated financial institution described in
subsection (a) may be subject to more frequent
or less frequent examinations for reasonable
cause under such circumstances as may be de-
termined by the appropriate Federal financial
supervisory agency.
(Pub. L. 95–128, title VIII, § 809, as added Pub. L.
106–102, title VII, § 712, Nov. 12, 1999, 113 Stat.
1469.)
CHAPTER 31—NATIONAL CONSUMER
COOPERATIVE BANK
Sec.
3001.
Congressional statement of findings and pur-
pose.
SUBCHAPTER I—ESTABLISHMENT AND
OPERATION
3011.
Creation and charter; principal office; venue;
purposes.
3012.
General corporate powers.
3013.
Board of Directors.
3014.
Capitalization.
3015.
Eligibility of cooperatives.
3016.
Annual meetings; notice, agenda, etc.
3017.
Bonds, debentures, notes and other evidences
of indebtedness.
3017a.
Class A notes as paid-in capital of the Bank.
3018.
Loans.
3019.
Taxation by State, county, etc., taxing au-
thority; Federal tax status.
3020.
Quarters and space for principal and other of-
fices.
3021.
Annual re
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3001
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