Browse Arkansas Code titles and sections
12 U.S.C. § 3012 — Creation and charter; principal office; venue; purposes
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
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: e9360ce299f64218eeaf0f5adbfc1b1614f80f200492e33100461295e6091d70. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_dbbe2752180403695301ab51
Source file: Laws/federal/codes/united-states-code/title-12/section-3012-creation-and-charter-principal-office-venue-purposes--72d27c38ee.md
Pages: Not recorded – Not recorded
Passage SHA-256: 7f0861d48c2974fcd2383d3fdb27c141d4d1ca18d568be05364fbf5e6fbb98f4
Source location: Title 12, Chapter 31, § 3012; chapter-031-national-consumer-cooperative-bank.md
Stored source content
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.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
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
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
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
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
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
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
The Farm Credit Administration and the Government Accountability Office are hereby authorized and directed to examine and audit the Bank. Reports regarding such examinations and audits shall be promptly forwarded to both Houses of the Congress. The Bank shall reimburse the Farm Credit Administration for the costs of any examination or audit conducted by the Farm Credit Administration.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3026
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
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
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General requirements** For the purpose of all subchapters of this chapter, subject to the limitations of subsection (d) of this section, an eligible cooperative is an organization chartered or operated on a cooperative, not-for-profit basis for producing or furnishing goods, services or facilities, primarily for the benefit of its members or voting stockholders who are ultimate consumers of such goods, services, or facilities, or a legally chartered entity primarily owned and controlled by any such organization or organizations, if it—
(1) makes such goods, services or facilities directly or indirectly available to its members or voting stockholders on a not-for-profit basis;
(2) does not pay dividends on voting stock or membership capital in excess of such percentage per annum as may be approved under the bylaws of the Bank;
(3) provides that its net savings shall be allocated or distributed to all members or patrons, in proportion to their patronage, or shall be retained for the actual or potential expansion of its services or the reduction of its charges to the patrons, or for such other purposes as may be authorized by its membership not inconsistent with its purposes;
(4) makes membership available on a voluntary basis, without any social, political, racial, or religious discrimination and without any discrimination on the basis of age, sex, or marital status, to all persons who can make use of its services and are willing to accept the responsibilities of membership, subject only to limitations under applicable Federal or State laws or regulations;
(5) in the case of primary cooperative organizations restricts its voting control to members or voting stockholders on a one vote per person basis (except that this requirement shall not apply to any housing
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3016
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
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
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Only for purposes of [section 3017(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3017/a&num=0&edition=prelim), class A notes shall be deemed to be paid-in capital of the Bank.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3018
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Bank, including its franchise, capital, reserves, surplus, mortgages, or other security holdings and income shall be exempt from taxation now or hereafter imposed by any State, county, municipality, or local taxing authority, but any real property held by the Bank shall be subject to any State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
**(b)** Notwithstanding any other provision of law, for purposes of subchapter T of chapter 1 of title 26—
(1) the Bank shall be treated as a corporation operating on the cooperative basis within the meaning of [section 1381(a)(2) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1381/a/2&num=0&edition=prelim);
(2) the term “patronage dividend”, as defined in [section 1388(a) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1388/a&num=0&edition=prelim) includes, only as such section applies to the Bank, any patronage refunds in the form of class B or class C stock or allocated surplus that are distributed or set aside by the Bank pursuant to [section 3014(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3014/i&num=0&edition=prelim);
(3) the terms “written notice of allocation” and “qualified written notices of allocation”, as defined in sections 1388(b) and (c) of title 26, include (to the extent of par value), only as such sections apply to the Bank, any class B or class C stock distributed by the Bank pursuant to [section 3014(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3014/i&num=0&edition=prelim) and shall also include any allocated surplus set aside by the Bank pursuant to [sect
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3020
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
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. § 3012
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.