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12 U.S.C. § 3011 — Congressional statement of findings and purpose
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.
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Source file: Laws/federal/codes/united-states-code/title-12/section-3011-congressional-statement-of-findings-and-purpose--730e67982f.md
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Source location: Title 12, Chapter 31, § 3011; chapter-031-national-consumer-cooperative-bank.md
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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
**(a) Composition; term of office; removal by President** The Bank shall be governed by a Board of Directors (hereinafter in this chapter referred to as the “Board”) which shall consist of 15 members. All members shall serve for a term of 3 years. After the expiration of the term of any member, such member may continue to serve until his successor has been elected or has been appointed and qualified. Any member appointed by the President may be removed for cause by the President.
**(b) Appointment by President; election by stockholders**
(1) The President shall appoint, by and with the advice and consent of the Senate—
(A) one member who shall be selected from among proprietors of small business concerns, as defined under [section 632 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section632&num=0&edition=prelim), which are manufacturers or retailers;
(B) one member who shall be selected from among the officers of the agencies and departments of the United States; and
(C) one member who shall be selected from among persons having extensive experience in the cooperative field representing low-income cooperatives eligible to borrow from the Bank.
(2) Twelve members of the Board shall be elected by the holders of class B stock and class C stock in accordance with the provisions of subsection (d) and the bylaws of the Bank.
**(c) Resignations; continuances; completion of term; committee representation**
(1) On the day after the Final Government Equity Redemption Date, all members of the Board of Directors of the Bank who were appointed by the President shall resign, except that—
(A) the member who shall have been appointed by the President from among proprietors of small business concerns, and
(B) one member who shall
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3014
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Federal law — U.S. Code and appendices · legal_authorities
Level IV of the Executive Schedule applies to the following positions, for which the annual rate of basic pay shall be the rate determined with respect to such level under chapter 11 of title 2, as adjusted by [section 5318 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5318&num=0&edition=prelim):
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 5315
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Federal law — U.S. Code and appendices · legal_authorities
**(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 holde
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3015
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Federal law — U.S. Code and appendices · legal_authorities
**(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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3017a
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3019
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Federal law — U.S. Code and appendices · legal_authorities
The Board of Directors shall adopt and publish its own conflict of interest rules which shall be no less stringent in effect than the Federal Executive conflict of interest rules contained in Executive Order Numbered 11222 in prohibiting participation or action or the use of inside information for personal advantage on any matter involving a corporation, trust, partnership, or cooperative organization in which a board member, officer, or employee holds a substantial financial interest or holds a position as board member or senior officer, the activities of which organization might be relevant to, be competitive with, or be inconsistent with the objectives of any bank created under this chapter. These rules shall require—
(1) each nominee for elected membership on the Board established under this chapter to make public and file with the election official before the date of election a statement of his financial interest and position, if any, in such organizations; and
(2) each senior executive officer and appointed member of the Board to file with the appointing officer, before entering that office a statement of his financial interest and position, if any, in such organizations, which shall be available for inspection upon request.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3025
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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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Federal law — U.S. Code and appendices · legal_authorities
Page 1479
TITLE 12—BANKS AND BANKING
§ 3012
section 5315 of Title 5, Government Organization and
Employees, and sections 856, 867, and 868 of former Title
31, Money and Finance] may be cited as the ‘National
Consumer Cooperative Bank Act’.’’
SUBCHAPTER I—ESTABLISHMENT AND
OPERATION
§ 3011. Creation and charter; principal office;
venue; purposes
The Congress of the United States hereby cre-
ates 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 exist-
ence 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 spe-
cifically and exclusively reserved to the Con-
gress. The principal office of the Bank shall be
in Washington, District of Columbia, and, for
the purpose of venue, shall be considered a resi-
dent thereof. It shall make loans and offer its
services throughout the United States, its terri-
tories and possessions, and in the Common-
wealth 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, con-
trol, and active participation by members in
eligible cooperatives;
(4) assist in improving the quality and avail-
ability of goods and services to consumers;
and
(5) encourage ownership of its equity securi-
ties by cooperatives and others as provided in
section 3014 of this title, so that the date when
all of the Bank’s class A stock owned by the
United States has been fully redeemed (the
‘‘Final
Governm
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3011
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