12 U.S.C. § 3051 — Nonprofit corporation

Page 1491 TITLE 12—BANKS AND BANKING § 3051 of their responsibilities; the problems of and so- lutions for effective and efficient operation of their organizations or of cooperatives in gen- eral; and may by any means it deems appro- priate, conduct membership studies, provide membership education programs, and programs for informing consumers and the general public of the advantages of cooperative action. Man- agement supervision, review, and consultations shall be available from the Office to any eligible cooperative. (Pub. L. 95–351, title II, § 207, Aug. 20, 1978, 92 Stat. 513.) § 3048. Cooperation with Federal agencies offer- ing programs for consumer cooperatives in disseminating information The Office shall work closely with all United States Government agencies offering programs for which consumer cooperatives may be eligible to assure that information concerning all such programs is made available to eligible coopera- tives. (Pub. L. 95–351, title II, § 208, Aug. 20, 1978, 92 Stat. 513.) § 3049. Authorization of appropriations for ad- ministration; availability of amounts There are authorized to be appropriated to the Office $2,000,000 for the fiscal year ending Sep- tember 30, 1979, and for each of the two suc- ceeding fiscal years, such sums as may be nec- essary for the administration of this subchapter. Any sums so appropriated shall remain available until expended. (Pub. L. 95–351, title II, § 209, Aug. 20, 1978, 92 Stat. 513.) § 3050. Fees for providing technical assistance services; waiver; accounting and availability The Office may make the technical assistance services under this subchapter available for such fees as it may establish, except that such serv- ices as the Office may determine may be made available without charge to eligible coopera- tives depending on the nature of the services or on ability to pay. Any fees collected shall be ac- counted for separately and be available for ex- penses of the Office. (Pub. L. 95–351, title II, § 210, Aug. 20, 1978, 92 Stat. 513.) § 3051. Nonprofit corporation (a) Office of Self-Help Development and Tech- nical Assistance abolished; transfer of assets, etc. (1) Upon the incorporation of the nonprofit corporation described in subsection (b), the Of- fice of Self-Help Development and Technical As- sistance is hereby abolished. (2)(A) If the nonprofit corporation described in subsection (b) agrees to accept the liabilities of the Office, the Bank, notwithstanding any other provision of law, shall transfer all assets, liabil- ities, and property of the Office to such non- profit corporation on the day on which such nonprofit corporation is incorporated. (B) Such assets shall include all sums which are appropriated to the Office by the Congress and all sums which are contained in the Account established pursuant to section 3042 of this title. If any such sums are appropriated after the date on which the transfer described in subparagraph (A) occurs, the Bank shall promptly transfer such sums to such nonprofit corporation. (b) Establishment; Board of Directors; functions, etc. (1) As soon as possible after August 13, 1981, the Board shall establish a nonprofit corpora- tion under the laws of the District of Columbia and, notwithstanding the laws of the District of Columbia, name the directors of such nonprofit corporation. (2) Notwithstanding the laws of the District of Columbia, the Board of Directors of such non- profit corporation shall— (A) select an executive director who shall be responsible for the administration of such nonprofit corporation; (B) set the compensation of such executive director and the other employees of such non- profit corporation; (C) promulgate and publish the policies of such nonprofit corporation and make such policies available at all times to eligible co- operatives; and (D) perform the functions specified in sub- paragraphs (A) and (C) of paragraph (3). (3) Such nonprofit corporation shall only per- form— (A) the functions which are authorized to be performed pursuant to sections 3043 through 3048 of this title and section 3050 of this title; (B) such functions as are necessary to com- ply with the laws under which it was incor- porated in the District of Columbia; and (C) such functions as are necessary to re- main qualified as an organization described in section 501(c)(3) of title 26. (4) Notwithstanding any other provision of law— (A) the Bank may provide administrative or staff support to such nonprofit corporation; and (B) any member of the Board of Directors of the Bank may serve as a member of the Board of Directors of such nonprofit corporation. (c) Treatment for tax purposes (1) Notwithstanding any other provision of law, such nonprofit corporation shall be deemed to be, and treated as, qualified as an organiza- tion described in section 501(c)(3) of title 26 from the date on which such nonprofit corporation is established under the laws of the District of Co- lumbia until the date on which the Internal Revenue Service makes a final determination on the application which such nonprofit corpora- tion will submit to the Internal Revenue Service seeking status as an organization qualifying under such section. (2) When performed by such nonprofit corpora- tion, the functions described in subsection (b)(3)(A) shall be deemed to be performed for ‘‘charitable purposes’’ within the meaning of section 501(c)(3) of title 26. (d) Contributions from the Bank (1) The Board of Directors of the Bank may make contributions to the nonprofit corporation Page 1492 TITLE 12—BANKS AND BANKING § 3101 1 So in original. The comma probably should follow the quotation marks. in such amounts as the Board of Directors of the Bank deems appropriate, except that— (A) such contributions may be made only out of the Bank’s earnings, determined in ac- cordance with generally accepted accounting principles; and (B) the Bank shall set aside amounts suffi- cient to satisfy its obligations to the Sec- retary of the Treasury for payments of prin- cipal and interest on class A notes and other debt before making any contributions to such nonprofit corporation. (2) During any period in which the nonprofit corporation described in subsection (b) is quali- fied as an organization described in section 501(c)(3) of title 26, contributions made by the Bank pursuant to paragraph (1) shall be treated as charitable contributions within the meaning of section 170(c)(2) of title 26, and may be de- ducted notwithstanding the provisions of sec- tion 170(b)(2) of title 26. (3) During any period in which the nonprofit corporation described in subsection (b) is quali- fied as an organization described in section 501(c)(3) of title 26, contributions to such non- profit corporation by any person shall qualify as charitable contributions, as defined in section 170(c) of title 26, for purposes of the charitable contribution deduction provided for in section 170(a) of title 26, and shall also qualify for the deductions for estate and gift tax purposes pro- vided for in sections 2055 and 2522 of title 26. (e) Conflict of interest rules Notwithstanding the laws of the District of Columbia, the Board of Directors of such non- profit corporation shall adopt and publish its own conflict of interest rules which shall be no less stringent in effect than the conflict of inter- est provisions adopted by the Board of Directors of the Bank pursuant to section 3024 of this title. (Pub. L. 95–351, title II, § 211, as added Pub. L. 97–35, title III, § 395(a), Aug. 13, 1981, 95 Stat. 437; amended Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095.) Editorial Notes AMENDMENTS 1986—Subsecs. (b)(3)(C), (c), (d)(2), (3). Pub. L. 99–514 substituted ‘‘Internal Revenue Code of 1986’’ for ‘‘Inter- nal Revenue Code of 1954’’ wherever appearing, which for purposes of codification was translated as ‘‘title 26’’ thus requiring no change in text. CHAPTER 32—FOREIGN BANK PARTICIPATION IN DOMESTIC MARKETS Sec. 3101. Definitions. 3102. Establishment of Federal branches and agen- cies by foreign bank. 3103. Interstate banking by foreign banks. 3104. Insurance of deposits. 3105. Authority of Federal Reserve System. 3106. Nonbanking activities of foreign banks. 3106a. Compliance with State and Federal laws. 3107. Representative offices. 3108. Regulation and enforcement. 3109. Cooperation with foreign supervisors. 3110. Penalties. 3111. Criminal penalty. § 3101. Definitions For the purposes of this chapter— (1) ‘‘agency’’ means any office or any place of business of a foreign bank located in any State of the United States at which credit bal- ances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent but at which depos- its may not be accepted from citizens or resi- dents of the United States; (2) ‘‘Board’’ means the Board of Governors of the Federal Reserve System; (3) ‘‘branch’’ means any office or any place of business of a foreign bank located in any State of the United States at which deposits are received; (4) ‘‘Comptroller’’ means the Comptroller of the Currency; (5) ‘‘Federal agency’’ means an agency of a foreign bank established and operating under section 3102 of this title; (6) ‘‘Federal branch’’ means a branch of a foreign bank established and operating under section 3102 of this title; (7) ‘‘foreign bank’’ means any company orga- nized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, which engages in the business of banking, or any subsidiary or affiliate, organized under such laws, of any such company. For the pur- poses of this chapter the term ‘‘foreign bank’’ includes, without limitation, foreign commer- cial banks, foreign merchant banks and other foreign institutions that engage in banking activities usual in connection with the busi- ness of banking in the countries where such foreign institutions are organized or oper- ating; (8) ‘‘foreign country’’ means any country other than the United States, and includes any colony, dependency, or possession of any such country; (9) ‘‘commercial lending company’’ means any institution, other than a bank or an orga- nization operating under section 25 of the Fed- eral Reserve Act [12 U.S.C. 601 et seq.], orga- nized under the laws of any State of the United States, or the District of Columbia which maintains credit balances incidental to or arising out of the exercise of banking pow- ers and engages in the business of making commercial loans; (10) ‘‘State’’ means any State of the United States or the District of Columbia; (11) ‘‘State agency’’ means an agency of a foreign bank established and operating under the laws of any State; (12) ‘‘State branch’’ means a branch of a for- eign bank established and operating under the laws of any State; (13) the terms ‘‘affiliate,’’ 1 ‘‘bank’’, ‘‘bank holding company’’, ‘‘company’’, ‘‘control’’, and ‘‘subsidiary’’ have the same meanings assigned to those terms in the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.], and the terms ‘‘controlled’’ and ‘‘controlling’’ shall be construed consistently with the term ‘‘con-