§3011 — Title 12 Banks and Banking | U.S. Code

Summary

Congress creates a corporation called the National Consumer Cooperative Bank (the Bank). The Bank will exist until Congress changes or ends its charter, and only Congress can do that. Its main office is in Washington, D.C., and for legal purposes it is treated as living there. The Bank must make loans and offer services across the United States, its territories and possessions, and Puerto Rico. The Bank must help eligible cooperatives with special credit and technical aid; keep broad control with its voting stockholders; promote wide ownership and member participation in cooperatives; improve consumer goods and services; and encourage ownership of its equity so the United States’ class A stock is redeemed as soon as practicable (the “Final Government Equity Redemption Date”); rules on ownership are in section 3014.

Title 12, §3011

Banks and Banking — Source: USLM XML via OLRC

The Congress of the United States hereby creates 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 existence 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 specifically and exclusively reserved to the Congress. The principal office of the Bank shall be in Washington, District of Columbia, and, for the purpose of venue, shall be considered a resident thereof. It shall make loans and offer its services throughout the United States, its territories and possessions, and in the Commonwealth 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, control, and active participation by members in eligible cooperatives;

(4)assist in improving the quality and availability of goods and services to consumers; and

(5)encourage ownership of its equity securities 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.

Notes & Related Subsidiaries

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 Employees, and section 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 Cooperative 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 subsections (b) through (h) [amending this section, section 3014, 3017, 3018, 3024, and 3043 of this title, section 5315 of Title 5, Government Organization and Employees, and section 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 EstablishedFor establishment of Final Government Equity Redemption Date as Dec. 31, 1981, see section 3026 of this title and notes set out under that section.

§3011 Creation and Charter; Principal Office; Venue; Purposes

Summary

Title 12, §3011

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Amendments

Citations & Metadata