12 U.S.C. § 3001 — Congressional statement of findings and

Page 1478 TITLE 12—BANKS AND BANKING § 3001 ‘‘satisfactory record of meeting community credit needs’’ at its most recent examination under section 2903 of this title; and (3) as deemed necessary by the appropriate Federal financial supervisory agency, for an institution that has received a rating of less than ‘‘satisfactory record of meeting commu- nity credit needs’’ at its most recent examina- tion under section 2903 of this title. (b) No exception from CRA examinations in con- nection with applications for deposit facili- ties A regulated financial institution described in subsection (a) shall remain subject to examina- tion under this chapter in connection with an application for a deposit facility. (c) Discretion A regulated financial institution described in subsection (a) may be subject to more frequent or less frequent examinations for reasonable cause under such circumstances as may be de- termined by the appropriate Federal financial supervisory agency. (Pub. L. 95–128, title VIII, § 809, as added Pub. L. 106–102, title VII, § 712, Nov. 12, 1999, 113 Stat. 1469.) CHAPTER 31—NATIONAL CONSUMER COOPERATIVE BANK Sec. 3001. Congressional statement of findings and pur- pose. SUBCHAPTER I—ESTABLISHMENT AND OPERATION 3011. Creation and charter; principal office; venue; purposes. 3012. General corporate powers. 3013. Board of Directors. 3014. Capitalization. 3015. Eligibility of cooperatives. 3016. Annual meetings; notice, agenda, etc. 3017. Bonds, debentures, notes and other evidences of indebtedness. 3017a. Class A notes as paid-in capital of the Bank. 3018. Loans. 3019. Taxation by State, county, etc., taxing au- thority; Federal tax status. 3020. Quarters and space for principal and other of- fices. 3021. Annual report to Congress; contents. 3022. Authorization of additional appropriations; restrictions on use. 3023. Appeal procedures applicable upon denial or restriction of application for assistance. 3024. Conflict of interest rules; adoption and publi- cation; requirements. 3025. Examination and audit. 3026. Acceleration of the Final Government Equity Redemption Date. SUBCHAPTER II—OFFICE OF SELF-HELP DEVELOPMENT AND TECHNICAL ASSISTANCE 3041. Establishment; appointment, etc., of Direc- tor. 3042. Authorization of appropriations for advances; deposits into separate Account in Bank; availability of amounts. 3043. Advances. 3044. Services and information for organization, fi- nancing, and management of cooperatives; availability; agreements for development and dissemination; funding. 3045. Investigations and surveys respecting new services, etc., by cooperative not-for-profit organizations. Sec. 3046. Financial analysis and market surveys at re- quest of eligible cooperative. 3047. Programs for training directors and staff of eligible cooperatives, and public education; development and availability; scope and im- plementation. 3048. Cooperation with Federal agencies offering programs for consumer cooperatives in dis- seminating information. 3049. Authorization of appropriations for adminis- tration; availability of amounts. 3050. Fees for providing technical assistance serv- ices; waiver; accounting and availability. 3051. Nonprofit corporation. § 3001. Congressional statement of findings and purpose The economic and financial structure of this country in combination with the Nation’s nat- ural resources and the productivity of the Amer- ican people has produced one of the highest av- erage standards of living in the world. However, the Nation has been experiencing inflation and unemployment together with an increasing gap between producers’ prices and consumers’ pur- chasing power. This has resulted in a growing number of our citizens, especially the elderly, the poor, and the inner city resident, being un- able to share in the fruits of our Nation’s highly efficient economic system. The Congress finds that user-owned cooperatives are a proven meth- od for broadening ownership and control of the economic organizations, increasing the number of market participants, narrowing price spreads, raising the quality of goods and services avail- able to their membership, and building bridges between producers and consumers, and their members and patrons. The Congress also finds that consumer and other types of self-help co- operatives have been hampered in their forma- tion and growth by lack of access to adequate cooperative credit facilities and lack of tech- nical assistance. Therefore, the Congress finds a need for the establishment of a National Con- sumer Cooperative Bank which will make avail- able necessary financial and technical assist- ance to cooperative self-help endeavors as a means of strengthening the Nation’s economy. (Pub. L. 95–351, § 2, Aug. 20, 1978, 92 Stat. 499.) Statutory Notes and Related Subsidiaries SHORT TITLE OF 1989 AMENDMENT Pub. L. 101–206, § 1, Dec. 7, 1989, 103 Stat. 1832, provided that: ‘‘This Act [amending section 3014 of this title] may be cited as the ‘National Consumer Cooperative Bank Amendments of 1989’.’’ SHORT TITLE OF 1981 AMENDMENT Pub. L. 97–35, title III, § 390, Aug. 13, 1981, 95 Stat. 433, provided that: ‘‘This subtitle [subtitle C (§§ 390–396) of title III of Pub. L. 97–35, enacting sections 3017a, 3026, and 3051 of this title; amending sections 3011 to 3015, 3017, 3018, 3019, 3024, 3025, 3042, and 3043 of this title, sec- tion 5315 of Title 5, Government Organization and Em- ployees, and sections 856, 867, and 868 of former Title 31, Money and Finance; and enacting provisions set out as notes under sections 3011 to 3015, 3017, 3017a, 3019, 3025, and 3026 of this title] may be cited as the ‘National Consumer Cooperative Bank Act Amendments of 1981’.’’ SHORT TITLE Pub. L. 95–351, § 1, Aug. 20, 1978, 92 Stat. 499, provided: ‘‘That this Act [enacting this chapter and amending Page 1479 TITLE 12—BANKS AND BANKING § 3012 section 5315 of Title 5, Government Organization and Employees, and sections 856, 867, and 868 of former Title 31, Money and Finance] may be cited as the ‘National Consumer Cooperative Bank Act’.’’ SUBCHAPTER I—ESTABLISHMENT AND OPERATION § 3011. Creation and charter; principal office; venue; purposes The Congress of the United States hereby cre- ates and charters a body corporate to be known as the National Consumer Cooperative Bank (hereinafter in this chapter referred to as the ‘‘Bank’’). The Bank shall have perpetual exist- ence unless and until its charter is revoked or modified by Act of Congress. The right to revise, amend, or modify the charter of the Bank is spe- cifically and exclusively reserved to the Con- gress. The principal office of the Bank shall be in Washington, District of Columbia, and, for the purpose of venue, shall be considered a resi- dent thereof. It shall make loans and offer its services throughout the United States, its terri- tories and possessions, and in the Common- wealth of Puerto Rico. The Bank shall— (1) encourage the development of new and existing cooperatives eligible for its assistance by providing specialized credit and technical assistance; (2) maintain broad-based control of the Bank by its voting stockholders; (3) encourage broad-based ownership, con- trol, and active participation by members in eligible cooperatives; (4) assist in improving the quality and avail- ability of goods and services to consumers; and (5) encourage ownership of its equity securi- ties by cooperatives and others as provided in section 3014 of this title, so that the date when all of the Bank’s class A stock owned by the United States has been fully redeemed (the ‘‘Final Government Equity Redemption Date’’) occurs as early as practicable. (Pub. L. 95–351, title I, § 101, Aug. 20, 1978, 92 Stat. 499; Pub. L. 97–35, title III, § 396(b), Aug. 13, 1981, 95 Stat. 439.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning Pub. L. 95–351, Aug. 20, 1978, 92 Stat. 499, known as the National Consumer Cooperative Bank Act, which enacted this chapter, amended section 5315 of Title 5, Government Organization and Employ- ees, and sections 856, 867, and 868 of former Title 31, Money and Finance, and enacted provisions set out as a note under section 3001 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 3001 of this title and Tables. AMENDMENTS 1981—Pub. L. 97–35 substituted provisions respecting creation, and denomination of the National Consumer Cooperative Bank, for provisions respecting creation, denomination, and status of the National Consumer Co- operative Bank. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1981 AMENDMENT Pub. L. 97–35, title III, § 396(i), Aug. 13, 1981, 95 Stat. 441, provided that: ‘‘The amendments made by sub- sections (b) through (h) [amending this section, sec- tions 3014, 3017, 3018, 3024, and 3043 of this title, section 5315 of Title 5, Government Organization and Employ- ees, and sections 856, 867, and 868 of former Title 31, Money and Finance] shall take effect on the day after the Final Government Equity Redemption Date [Dec. 31, 1981].’’ For definition of ‘‘Final Government Equity Redemption Date’’, see section 396(a) of Pub. L. 97–35, set out as a note under section 3012 of this title. FINAL GOVERNMENT EQUITY REDEMPTION DATE ESTABLISHED For establishment of Final Government Equity Re- demption Date as Dec. 31, 1981, see section 3026 of this title and notes set out under that section. § 3012. General corporate powers The Bank shall have the power to make and service loans, commitments for credit, guaran- tees, furnish financially related services, tech- nical assistance and the results of research, issue its obligations within the limitations im- posed by section 3017 of this title in such amounts, at such times, and on such terms as the Bank may determine, and to exercise the other powers and duties prescribed in this chap- ter, and shall have the power to— (1) operate under the direction of its Board of Directors; (2) adopt, alter, and use a corporate seal, which shall be judicially noted; (3) elect by its Board of Directors a presi- dent, one or more vice presidents, a secretary, a treasurer, and provide for such other offi- cers, employees, and agents as may be nec- essary, and define their duties in accordance with regulations and standards adopted by the Board, and require surety bonds or make other provisions against losses occasioned by acts of employees; (4) prescribe by its Board of Directors its by- laws not inconsistent with law, which shall es- tablish the terms of office and the procedure for election of elective members; provide in a manner not inconsistent with this chapter for the classes of its stock and the manner in which its stock shall be issued, transferred, and retired; and prescribe the manner in which its officers, employees, and agents are elected or selected, its property acquired, held and transferred, its loans, commitments, other fi- nancial assistance, guarantees and appraisals may be made, its general business conducted, and the privilege granted it by law exercised and enjoyed; (5) enter into contracts and make advance, progress, or other payments with respect to such contracts, without regard to the provi- sions of section 3324(a) and (b) of title 31; (6) sue and be sued in its corporate name and complain and defend, in any court of com- petent jurisdiction, State or Federal; (7) acquire, hold, lease, mortgage, or dispose of, at public or private sale, real and personal property and sell or exchange any securities or obligations, and otherwise exercise all the usual incidents of ownership of property nec- essary or convenient to its business: Provided, That any such acquisition or ownership of real property shall not deprive a State or political subdivision thereof of its civil or criminal ju- risdiction in and over such property or impair