12 U.S.C. § 3016 — Annual meetings; notice, agenda, etc

Page 1485 TITLE 12—BANKS AND BANKING § 3017 ceipts, less the operating and other expenses de- ductible therefrom in accordance with generally accepted accounting principles, including, with- out limitation, contributions to allowable re- serves, and after deducting the amounts of any dividends on its capital stock or other member- ship capital payable during, or within forty-five days after, the close of such period. (d) Cooperatives eligible for other Federal credit assistance An eligible cooperative which also has been determined to be eligible for credit assistance from the Rural Electrification Administration, the National Rural Utilities Cooperative Fi- nance Corporation, the Banks for Cooperatives or other institutions of the Farm Credit System, or the Farmers Home Administration may re- ceive the assistance authorized by this chapter only (1) if the Bank determines that a request for assistance from any such source or sources has been rejected or denied solely because of the unavailability of funds from such source or sources, or (2) by agreement between the Bank and the agency or agencies involved. (e) Credit unions eligible for technical assistance from Office of Self-Help Development and Technical Assistance Notwithstanding any other provision of this section, a credit union serving predominantly low-income members (as defined by the Admin- istrator of the National Credit Union Adminis- tration) may receive technical assistance under subchapter II. (Pub. L. 95–351, title I, § 105, Aug. 20, 1978, 92 Stat. 506; Pub. L. 97–35, title III, § 394(e)(1), (f), Aug. 13, 1981, 95 Stat. 436, 437; Pub. L. 115–334, title VI, § 6602(b)(18), Dec. 20, 2018, 132 Stat. 4777.) Editorial Notes REFERENCES IN TEXT All subchapters of this chapter, referred to in subsec. (a), was in the original ‘‘all titles of this Act’’, meaning titles I to III of Pub. L. 95–351. Titles I and II constitute this chapter and title III amended section 5315 of Title 5, Government Organization and Employees, and sec- tions 856, 867, and 868 of former Title 31, Money and Fi- nance. AMENDMENTS 2018—Subsec. (d). Pub. L. 115–334 struck out ‘‘the Rural Telephone Bank,’’ after ‘‘the National Rural Utilities Cooperative Finance Corporation,’’. 1981—Subsec. (a). Pub. L. 97–35, § 394(e)(1), substituted ‘‘primarily owned’’ for ‘‘entirely owned’’. Subsec. (a)(5). Pub. L. 97–35, § 394(f), inserted provi- sions relating to exception for housing cooperatives in existence on Mar. 21, 1980. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1981 AMENDMENT Pub. L. 97–35, title III, § 394(e)(2), Aug. 13, 1981, 95 Stat. 437, provided that: ‘‘The amendment made by para- graph (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. TRANSFER OF FUNCTIONS Functions vested in Administrator of National Credit Union Administration transferred and vested in Na- tional Credit Union Administration Board pursuant to section 1752a of this title. § 3016. Annual meetings; notice, agenda, etc. The Bank shall hold an annual meeting of its stockholders which shall be open to the public. At least 30 days’ advance notice of the time and place of the annual meeting shall be given to all stockholders. Borrowers from the Bank shall also give notice of the meeting to their mem- bers, who shall be entitled to attend. At such meeting the Bank shall give a full report of its activities during the year and its financial con- dition and may present proposals for future ac- tion and other matters of general concern to borrowers and organizations eligible to borrow from the Bank. Members and representatives of borrowers may present motions or resolutions relating to matters within the scope of this chapter and may participate in the discussion thereof and other matters on the agenda. (Pub. L. 95–351, title I, § 106, Aug. 20, 1978, 92 Stat. 507.) § 3017. Bonds, debentures, notes and other evi- dences of indebtedness (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 indebt- edness. Such obligations shall be issued at such times, bear interest at such rates, and contain such terms and conditions as the Board shall de- termine: 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 obliga- tions through a fiscal agent or agents, by nego- tiation, offer, bid, syndicate sale, or otherwise, and may deliver such obligations by book entry, wire transfer, or such other means as may be ap- propriate. (c) Obligations as not guaranteed by United States and not to constitute a debt or obliga- tion 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. (Pub. L. 95–351, title I, § 107, Aug. 20, 1978, 92 Stat. 507; Pub. L. 97–35, title III, §§ 394(g)(1), 396(d), Aug. 13, 1981, 95 Stat. 437, 440.) Editorial Notes AMENDMENTS 1981—Subsec. (a). Pub. L. 97–35, § 394(g)(1), struck out requirement respecting consultation with the Sec- retary of the Treasury. Subsecs. (b) to (d). Pub. L. 97–35, § 396(d), redesignated subsecs. (c) and (d) as (b) and (c), respectively, and