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12 U.S.C. § 3042 — Establishment; appointment, etc., of Director
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.
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Stable record: federal_law:legal_authorities:record_usc_c875075762bc3ccf14a71858
Source file: Laws/federal/codes/united-states-code/title-12/section-3042-establishment-appointment-etc-of-director--b69cb6b144.md
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Source location: Title 12, Chapter 31, § 3042; chapter-031-national-consumer-cooperative-bank.md
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**(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.
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Federal law — U.S. Code and appendices · legal_authorities
The Office may make the technical assistance services under this subchapter available for such fees as it may establish, except that such services as the Office may determine may be made available without charge to eligible cooperatives depending on the nature of the services or on ability to pay. Any fees collected shall be accounted for separately and be available for expenses of the Office.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3051
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3001
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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
Page 1489
TITLE 12—BANKS AND BANKING
§ 3042
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.
§ 3026. Acceleration of the Final Government Eq-
uity Redemption Date
(a)(1)(A) The Final Government Equity Re-
demption Date shall occur on December 31, 1981,
or not later than 10 days after the date of the
enactment of the first Act providing for appro-
priations for fiscal year 1982 (other than con-
tinuing appropriations) for the Department of
Housing and Urban Development and Inde-
pendent Agencies, whichever occurs later.
(B) Not later than 5 days after the Final Gov-
ernment Equity Redemption Date, the Sec-
retary of the Treasury shall publish a notice in
the Federal Register indicating the day on
which the Final Government Equity Redemp-
tion Date occurred.
(2)(A) Before the Final Government Equity Re-
demption Date, the Secretary of the Treasury
shall purchase all class A stock for which the
Congress has appropriated funds.
(B) After the Final Government Equity Re-
demption Date, the Secretary of the Treasury
shall not purchase any class A stock.
(3)(A) On the Final Government Equity Re-
demption Date, all class A stock held by the
Secretary of the Treasury on such date shall be
redeemed by the Bank in exchange for class A
notes which are issued by the Bank to the Sec-
retary of the Treasury on behalf of the United
States and which have a total face value equal
to the total par value of the class A stock which
is so redeemed, plus any unpaid dividends on
such stock.
(B) During the period beginning on the Fi
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3042
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