12 U.S.C. § 3026 — Acceleration of the Final Government Eq-

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.