12 U.S.C. § 3042 — Authorization of appropriations for ad-

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 Final Government Equity Redemption Date and end- ing on December 31, 1990, not less than 30 per- cent of the revenue derived from the sale of stock by the Bank, other than the sale of class B stock or class C stock, shall be used, upon re- ceipt, to retire class A notes. (C) After December 31, 1990, the Bank shall maintain a repayment schedule for class A notes which will assure full repayment of all class A notes not later than December 31, 2020. The re- quirement specified in the previous sentence is in addition to the requirement regarding the re- demption of class A notes which is specified in section 3014(c) of this title. (b)(1) The United States shall not be respon- sible for any obligation of the Bank which is in- curred after the Final Government Equity Re- demption Date. (2) As soon as practicable after August 13, 1981, the Board shall adopt bylaws which will assist in expediting and coordinating the activities which will occur with respect to the Final Government Equity Redemption Date. (Pub. L. 95–351, title I, § 116, as added Pub. L. 97–35, title III, § 391(a)(1), Aug. 13, 1981, 95 Stat. 433.) Editorial Notes REFERENCES IN TEXT The date of the enactment of the first Act providing for appropriations for fiscal year 1982 (other than con- tinuing appropriations) for the Department of Housing and Urban Development and Independent Agencies, re- ferred to in subsec. (a)(1)(A), is Dec. 23, 1981, the date of enactment of Pub. L. 97–101, 95 Stat. 1417, known as the Department of Housing and Urban Development—Inde- pendent Agencies Appropriation Act, 1982. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 97–35, title III, § 391(a)(2), Aug. 13, 1981, 95 Stat. 434, provided that: ‘‘The amendment made by paragraph (1) [enacting this section] shall take effect on the date of the enactment of this Act [Aug. 13, 1981].’’ FINAL GOVERNMENT EQUITY REDEMPTION DATE ESTABLISHED Pub. L. 97–101, title V, § 501(36), Dec. 23, 1981, 95 Stat. 1440, provided in part that: ‘‘the final Government eq- uity redemption date for the National Consumer Coop- erative Bank shall occur on December 31, 1981.’’ SUBCHAPTER II—OFFICE OF SELF-HELP DEVELOPMENT AND TECHNICAL ASSIST- ANCE § 3041. Establishment; appointment, etc., of Di- rector (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 pub- lish in the Federal Register policies and proce- dures governing the operation of the Office. (Pub. L. 95–351, title II, § 201, Aug. 20, 1978, 92 Stat. 511.) Statutory Notes and Related Subsidiaries ABOLITION OF OFFICE AND PERFORMANCE OF FUNCTIONS For abolition of the Office of Self-Help Development and Technical Assistance and performance of the func- tions by a nonprofit corporation upon the incorpora- tion of the nonprofit corporation, see section 3051 of this title. § 3042. Authorization of appropriations for ad- vances; deposits into separate Account in Bank; availability of amounts There are hereby authorized to be appro- priated to the Office for the purpose of making advances under section 3043 of this title an amount not to exceed $14,000,000 for fiscal year 1982. Any amounts appropriated to the Office shall be deposited by the Office in a separate ac- count in the Bank (hereinafter the ‘‘Account’’), and shall remain available until expended. Re- payments of capital investment advances made pursuant to section 3043(a) of this title and in- terest supplement advances made pursuant to section 3043(b) of this title and payments of in- terest thereon pursuant to section 3043(c) of this title shall also be deposited in the Account. No other funds of the Bank shall be transferred into the Account. The Account shall be used by the Office only as authorized in section 3043 of this title. Page 1490 TITLE 12—BANKS AND BANKING § 3043 (Pub. L. 95–351, title II, § 202, Aug. 20, 1978, 92 Stat. 511; Pub. L. 97–35, title III, § 395(b)(1), Aug. 13, 1981, 95 Stat. 438.) Editorial Notes AMENDMENTS 1981—Pub. L. 97–35 substituted provisions authorizing appropriations for fiscal year 1982, for provisions au- thorizing appropriations for the fiscal year ending Sept. 30, 1979, and the next two succeeding fiscal years. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1981 AMENDMENT Amendment by Pub. L. 97–35 effective Oct. 1, 1981, see section 395(b)(3) of Pub. L. 97–35, set out as a note under section 3014 of this title. § 3043. Advances (a) Capital investment advances; criteria The Office may make a capital investment ad- vance to any eligible cooperative, either in con- junction with or without a loan if the Office de- termines that— (1)(A) the applicant’s initial or supplemental capital requirements exceeds its ability to ob- tain such capital through a loan under section 3018 of this title or from other sources; or (B) the membership of the applicant is, or will consist, substantially of low-income per- sons, 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 or otherwise, and the applicant presents a plan which the Office determines will permit the replacement of a capital investment ad- vance 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 mar- ket rate of interest because it sells goods or services to, or provides facilities for the use of, persons of low income: Provided, That such ad- vances will not exceed an amount equal to 4 per centum of the principal amount of the indebted- ness 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. (c) Interest rate applicable to advances Capital investment advances made by the Of- fice pursuant to subsection (a) and interest sup- plement advances made by the Office pursuant to subsection (b) shall bear interest at a rate de- termined by the Board of Directors of the Bank, and the Board of Directors may authorize an in- terest rate applicable to such advances lower than the rate applicable to loans by the Bank pursuant to section 3018 of this title. (Pub. L. 95–351, title II, § 203, Aug. 20, 1978, 92 Stat. 512; Pub. L. 97–35, title III, § 396(g), Aug. 13, 1981, 95 Stat. 440.) Editorial Notes AMENDMENTS 1981—Subsecs. (a), (b). Pub. L. 97–35 struck out ref- erences to the Account wherever appearing. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1981 AMENDMENT Amendment by Pub. L. 97–35 effective on the day after the Final Government Equity Redemption Date (Dec. 31, 1981), see section 396(i) of Pub. L. 97–35, set out as a note under section 3011 of this title. § 3044. Services and information for organiza- tion, financing, and management of coopera- tives; availability; agreements for develop- ment and dissemination; funding The Office shall make available information and services concerning the organization, fi- nancing, and management of cooperatives to best achieve the objectives of this chapter and to best provide the means through which various types of goods, services, and facilities can be made available to members and patrons. The Of- fice may enter into agreements with other agen- cies of Federal, State, and local governments, colleges and universities, foundations, or other organizations for the development and dissemi- nation of such information, and services de- scribed in this subchapter. The Office may make or accept grants or transfer of funds for such purposes. (Pub. L. 95–351, title II, § 204, Aug. 20, 1978, 92 Stat. 512.) § 3045. Investigations and surveys respecting new services, etc., by cooperative not-for- profit organizations The Office may undertake investigations of new types of services which can more effectively be provided through cooperative not-for-profit organizations and make surveys of areas where the increased use of such organizations will con- tribute to the economic well-being of the com- munity. (Pub. L. 95–351, title II, § 205, Aug. 20, 1978, 92 Stat. 512.) § 3046. Financial analysis and market surveys at request of eligible cooperative The Office may, at the request of any eligible cooperative, provide a financial analysis of the applicant’s capital structure and needs and its cost of operations, survey the market for the goods or services the cooperative makes or de- sires to make available to its members or pa- trons or the users of its facilities. (Pub. L. 95–351, title II, § 206, Aug. 20, 1978, 92 Stat. 513.) § 3047. Programs for training directors and staff of eligible cooperatives, and public edu- cation; development and availability; scope and implementation The Office shall develop and make available, alone or in concert with other organizations, a program for training directors and staff of eligi- ble cooperatives to improve their understanding