§ 3011. — Creation and charter; principal office; venue; purposes.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3011]
TITLE 12--BANKS AND BANKING
CHAPTER 31--NATIONAL CONSUMER COOPERATIVE BANK
SUBCHAPTER I--ESTABLISHMENT AND OPERATION
Sec. 3011. Creation and charter; principal office; venue;
purposes
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.
(Pub. L. 95-351, title I, Sec. 101, Aug. 20, 1978, 92 Stat. 499; Pub. L.
97-35, title III, Sec. 396(b), Aug. 13, 1981, 95 Stat. 439.)
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 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
Cooperative Bank.
Effective Date of 1981 Amendment
Section 396(i) of Pub. L. 97-35 provided that: ``The amendments made
by subsections (b) through (h) [amending this section, sections 3014,
3017, 3018, 3024, and 3043 of this title, section 5315 of Title 5,
Government Organization and Employees, 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 Redemption Date as Dec.
31, 1981, see section 3026 of this title and notes set out under that
section.
