12 U.S.C. § 3024 — Conflict of interest rules; adoption and

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