12 U.S.C. § 3025 — Examination and audit

Page 1488 TITLE 12—BANKS AND BANKING § 3021 quarters and provide for the space requirements of its principal and other offices. (Pub. L. 95–351, title I, § 110, Aug. 20, 1978, 92 Stat. 510.) § 3021. Annual report to Congress; contents The Board of the Bank shall report annually to the appropriate committees of the Congress on the Bank’s capital, operations, and financial condition and make recommendations for legis- lation needed to improve its services. (Pub. L. 95–351, title I, § 111, Aug. 20, 1978, 92 Stat. 510.) § 3022. Authorization of additional appropria- tions; restrictions on use In addition to appropriations specifically au- thorized in this chapter, there are authorized to be appropriated $2,000,000 for the fiscal year end- ing September 30, 1979, and for each of the two succeeding fiscal years, ending September 30, 1980, and September 30, 1981, such sums as may be necessary: Provided, That none of these ap- propriated sums shall be used to retire any in- debtedness of the Bank incurred pursuant to sec- tion 3017 of this title. Any sums so appropriated shall remain available until expended. (Pub. L. 95–351, title I, § 112, Aug. 20, 1978, 92 Stat. 510.) § 3023. Appeal procedures applicable upon denial or restriction of application for assistance (a) If an application for assistance under this chapter is denied in whole or in part, the appli- cant shall be informed within thirty days in writing of the reasons for the denial or restric- tion. (b) Any applicant for assistance under this chapter receiving notice of denial or restriction of the application may, within thirty days of re- ceipt of such notice, request the Board of Direc- tors to review the application and notice of de- nial or restriction for a determination of wheth- er the action of the Bank was correctly within the terms of this chapter, the regulations, and the policy of the Board. The Board shall con- sider the request for review at its next meeting and promptly inform the applicant of its deter- mination and the reasons therefor. (Pub. L. 95–351, title I, § 113, Aug. 20, 1978, 92 Stat. 510.) § 3024. Conflict of interest rules; adoption and publication; requirements The Board of Directors shall adopt and publish its own conflict of interest rules which shall be no less stringent in effect than the Federal Ex- ecutive conflict of interest rules contained in Executive Order Numbered 11222 in prohibiting participation or action or the use of inside infor- mation for personal advantage on any matter involving a corporation, trust, partnership, or cooperative organization in which a board mem- ber, officer, or employee holds a substantial fi- nancial interest or holds a position as board member or senior officer, the activities of which organization might be relevant to, be competi- tive with, or be inconsistent with the objectives of any bank created under this chapter. These rules shall require— (1) each nominee for elected membership on the Board established under this chapter to make public and file with the election official before the date of election a statement of his financial interest and position, if any, in such organizations; and (2) each senior executive officer and ap- pointed member of the Board to file with the appointing officer, before entering that office a statement of his financial interest and posi- tion, if any, in such organizations, which shall be available for inspection upon request. (Pub. L. 95–351, title I, § 114, Aug. 20, 1978, 92 Stat. 510; Pub. L. 97–35, title III, § 396(f), Aug. 13, 1981, 95 Stat. 440.) Editorial Notes REFERENCES IN TEXT Executive Order Numbered 11222, referred to in text, which was formerly set out as a note under section 201 of Title 18, Crimes and Criminal Procedure, was re- voked by Ex. Ord. No. 12674, § 501(a), Apr. 12, 1989, 54 F.R. 15161. AMENDMENTS 1981—Pub. L. 97–35 struck out provisions authorizing section to remain in effect until the Final Government Equity Redemption Date. 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. § 3025. Examination and audit The Farm Credit Administration and the Gov- ernment Accountability Office are hereby au- thorized 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 reim- burse the Farm Credit Administration for the costs of any examination or audit conducted by the Farm Credit Administration. (Pub. L. 95–351, title I, § 115, Aug. 20, 1978, 92 Stat. 511; Pub. L. 97–35, title III, § 394(a)(1), Aug. 13, 1981, 95 Stat. 436; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814.) Editorial Notes AMENDMENTS 2004—Pub. L. 108–271 substituted ‘‘Government Ac- countability Office’’ for ‘‘General Accounting Office’’. 1981—Pub. L. 97–35 substituted provisions relating to examination and audit by the Farm Credit Administra- tion and the General Accounting Office, for provisions relating to annual examinations and audits by an agen- cy or instrumentality of the Federal Government des- ignated by the President. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1981 AMENDMENT Pub. L. 97–35, title III, § 394(a)(2), Aug. 13, 1981, 95 Stat. 436, provided that: ‘‘The amendment made by 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.