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7 U.S.C. § 941 to 950b — Repealed. Pub. L. 115–334, title VI, § 6602(a), (b)(15), Dec. 20, 2018, 132 Stat. 4776, 4777

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

7 U.S.C. § 941 to 950b — Repealed. Pub. L. 115–334, title VI, § 6602(a), (b)(15), Dec. 20, 2018, 132 Stat. 4776, 4777

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Source file: Laws/federal/codes/united-states-code/title-7/section-941-to-950b-7-u-s-c-941-to-950b-repealed-pub-l-115334-title-vi-6602-a-b-15-dec-20-20--cdc5deb197.md
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Source location: Title 7, Chapter 31, § 941 to 950b; chapter-031-rural-electrification-and-telephone-service.md

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### Statutory Notes Section 941, act May 20, 1936, ch. 432, title IV, § 401, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 30, established the Rural Telephone Bank and set out its status and purpose. Section 942, act May 20, 1936, ch. 432, title IV, § 402, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 30, set out the general powers of the telephone bank. Section 943, act May 20, 1936, ch. 432, title IV, § 403, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 31; amended Pub. L. 103–354, title II, § 235(a)(9), Oct. 13, 1994, 108 Stat. 3221, related to special provisions governing telephone bank as a Federal agency until conversion of ownership, control, and operation. Section 944, act May 20, 1936, ch. 432, title IV, § 404, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 31; amended Pub. L. 103–354, title II, § 235(a)(10), Oct. 13, 1994, 108 Stat. 3221, required the the Secretary to designate an official of the Department of Agriculture to serve as the chief executive officer or governor of the telephone bank, who would perform all functions, powers, and duties of the telephone bank, except as otherwise provided. Section 944a, Pub. L. 100–203, title I, § 1414, Dec. 22, 1987, 101 Stat. 1330–27, provided for publication of rural telephone bank policies and regulations. Section 945, act May 20, 1936, ch. 432, title IV, § 405, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 32; amended Pub. L. 93–32, § 4, May 11, 1973, 87 Stat. 70; Pub. L. 101–624, title XXIII, § 2363(a), (b)(1), (c), Nov. 28, 1990, 104 Stat. 4042–4044; Pub. L. 103–354, title II, § 235(a)(7), Oct. 13, 1994, 108 Stat. 3221, created a board of directors for the telephone bank and set out its membership requirements. Section 946, act May 20, 1936, ch. 432, title IV, § 406, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 33; amended Pub. L. 93–32, § 5, May 11, 1973, 87 Stat. 70; Pub. L. 94–273, § 2(2), Apr. 21, 1976, 90 Stat. 375; Pub. L. 97–98, title XVI, § 1607, Dec. 22, 1981, 95 Stat. 1347; Pub. L. 100–203, title I, § 1413(a), (c), Dec. 22, 1987, 101 Stat. 1330–26; Pub. L. 101–624, title XXIII, §§ 2364, 2367(a), Nov. 28, 1990, 104 Stat. 4044; Pub. L. 103–129, § 2(c)(9), Nov. 1, 1993, 107 Stat. 1365; Pub. L. 103–354, title II, § 235(a)(11), (13), Oct. 13, 1994, 108 Stat. 3221; Pub. L. 104–127, title VII, § 772(b)(3), Apr. 4, 1996, 110 Stat. 1149, related to capitalization of the telephone bank. Section 947, act May 20, 1936, ch. 432, title IV, § 407, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 34; amended Pub. L. 92–324, § 2, June 30, 1972, 86 Stat. 390; Pub. L. 93–32, §§ 6, 7, May 11, 1973, 87 Stat. 70, authorized the telephone bank to obtain funds through the public or private sale of its bonds, debentures, notes, and other evidences of indebtedness. Section 948, act May 20, 1936, ch. 432, title IV, § 408, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 35; amended Pub. L. 93–32, §§ 8, 9, May 11, 1973, 87 Stat. 70, 71; Pub. L. 100–203, title I, §§ 1411(b)(1), (c), 1412, Dec. 22, 1987, 101 Stat. 1330–22, 1330–23, 1330–26; Pub. L. 101–624, title XXIII, §§ 2365, 2366, 2367(b), Nov. 28, 1990, 104 Stat. 4044; Pub. L. 103–129, § 2(a)(2), Nov. 1, 1993, 107 Stat. 1361; Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221; Pub. L. 104–66, title I, § 1011(y), Dec. 21, 1995, 109 Stat. 711, granted the telephone bank lending power subject to certain terms and conditions. Section 949, act May 20, 1936, ch. 432, title IV, § 409, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 36, provided that receipts from telephone bank activities would be available for all obligations and expenditures of the telephone bank. Section 950, act May 20, 1936, ch. 432, title IV, § 410, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 36; amended Pub. L. 94–273, § 2(2), Apr. 21, 1976, 90 Stat. 375; Pub. L. 101–624, title XXIII, § 2363(b)(2), Nov. 28, 1990, 104 Stat. 4043; Pub. L. 103–354, title II, § 235(a)(11), Oct. 13, 1994, 108 Stat. 3221, related to the transfer of ownership, control and power from the Secretary of Agriculture to the Telephone Bank Board. Section 950a, act May 20, 1936, ch. 432, title IV, § 411, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 37, related to the liquidation or dissolution of the telephone bank. Section 950b, act May 20, 1936, ch. 432, title IV, § 412, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 37; amended Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221, limited loans under [section 922 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section922&num=0&edition=prelim) for any borrower with a net worth in excess of 20 percent of its assets. #### Congressional Findings Covering Interest Rates and Loan Prepayments Pub. L. 100–203, title I, § 1411(a), Dec. 22, 1987, 101 Stat. 1330–22, which set out congressional findings related to interest rates and loan prepayments and was formerly set out as a note under [section 948 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section948&num=0&edition=prelim), was repealed by Pub. L. 115–334, title VI, § 6602(b)(16), Dec. 20, 2018, 132 Stat. 4777. #### Prepayment Regulations Pub. L. 100–203, title I, § 1411(b)(2), Dec. 22, 1987, 101 Stat. 1330–23, which directed the Governor of the Rural Telephone Bank to issue regulations to carry out the amendment to this section by section 1411(b)(1) of Pub. L. 100–203 and was formerly set out as a note under [section 948 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section948&num=0&edition=prelim), was repealed by Pub. L. 115–334, title VI, § 6602(b)(16), Dec. 20, 2018, 132 Stat. 4777.

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

7 U.S.C. § 922 — Loans for telephone service

From such sums as are from time to time made available by the Congress to the Secretary for such purpose, pursuant to [section 903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section903&num=0&edition=prelim), the Secretary is authorized and empowered to make loans to persons now providing or who may hereafter provide telephone service in rural areas, to public bodies now providing telephone service in rural areas and to cooperative, nonprofit, limited dividend, or mutual associations. Except as otherwise provided by this subchapter, such loans shall be made under the same terms and conditions as are provided in [section 904 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section904&num=0&edition=prelim), for the purpose of financing the improvement, expansion, construction, acquisition, and operation of telephone lines, facilities, or systems to furnish and improve telephone service in rural areas: Provided, however, That the Secretary, in making such loans, shall give preference to persons providing telephone service in rural areas, to public bodies now providing telephone service in rural areas, and to cooperative, nonprofit, limited dividend, or mutual associations. The Secretary in making such loans shall, insofar as possible, obtain assurance that the telephone service to be furnished or improved thereby will be made available to the widest practical number of rural users. When it is determined by the Secretary to be necessary in order to furnish or improve telephone service in rural areas, such loans may be made for the improvement, expansion, construction, acquisition, and operation of telephone lines, facilities, or systems without regard to their geographical location. The Secretary is fu

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