§ 3012. — General corporate powers.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3012]
TITLE 12--BANKS AND BANKING
CHAPTER 31--NATIONAL CONSUMER COOPERATIVE BANK
SUBCHAPTER I--ESTABLISHMENT AND OPERATION
Sec. 3012. General corporate powers
The Bank shall have the power to make and service loans, commitments
for credit, guarantees, furnish financially related services, technical
assistance and the results of research, issue its obligations within the
limitations imposed 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 chapter, 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 president, one or more
vice presidents, a secretary, a treasurer, and provide for such
other officers, employees, and agents as may be necessary, 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 bylaws not
inconsistent with law, which shall establish 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 financial 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
provisions 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 competent 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 necessary 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 jurisdiction in and over such property or
impair the civil rights of the inhabitants of such property under
Federal, State, or local laws;
(8) obtain insurance against loss in connection with property
and other assets;
(9) modify or consent to the modification with respect to the
rate of interest, time of payment of any installment of principal or
interest, security, or any other term of any contract or agreement
to which it is a party or has an interest pursuant to this chapter;
(10) utilize and act through any Federal, State, or local public
agency or instrumentality, or private agency or organization, with
the consent of the agency or organization concerned, and contract
with such agency, instrumentality, or organization for furnishing or
receiving technical services and benefits of research, services,
funds or facilities; and make advance, progress, or other payments
with respect to such contracts without regard to section 3324(a) and
(b) of title 31;
(11) within the limitations of section 3017 of this title,
borrow money and issue notes, bonds and debentures or other
obligations individually or in concert with other financial
institutions, agencies or instrumentalities, of such character and
such terms and conditions and at rates of interest as may be
determined;
(12) issue certificates of indebtedness to its stockholders or
members and pay interest on funds left with the Bank, and accept
grants or interest free temporary use of funds made available to it;
(13) participate with one or more other financial institutions,
agencies, instrumentalities, or foundations in loans or guarantees
under this chapter on terms as may be agreed upon;
(14) accept guarantees from other agencies for which loans made
by the Bank may be eligible;
(15) establish one or more branch offices and one or more
advisory councils in connection with any such branch offices, as may
from time to time be authorized by the Board of Directors;
(16) buy and sell obligations of, or insured by, the United
States or any agency or instrumentalities thereof, or securities
backed by the full faith and credit of any such agency or
instrumentality and, after the final Government Equity Redemption
Date, make such other investments as may be authorized by the Board
of Directors;
(17) approve the salary scale of officers and employees of the
Bank, in accordance with regulations and standards adopted by the
Board of Directors, without regard to the provisions of chapter 51
and subchapter III of chapter 53 of title 5 relating to
classification and General Schedule pay rates, but, except as
otherwise provided in this chapter, the General Schedule pay rates
shall be applicable until all class A stock held by the Secretary of
the Treasury has been retired; and
(18) have such other incidental powers as may be necessary or
expedient to carry out its duties under this chapter.
In determining whether a public offering is taking place for the purpose
of the Securities Act of 1933 [15 U.S.C. 77a et seq.], there shall be
excluded from consideration all class B and class C stock purchases
which took place prior to August 13, 1981.
(Pub. L. 95-351, title I, Sec. 102, Aug. 20, 1978, 92 Stat. 500; Pub. L.
97-35, title III, Sec. 394(d)(1), Aug. 13, 1981, 95 Stat. 436.)
References in Text
The Securities Act of 1933, referred to in text, is act May 27,
1933, ch. 38, title I, 48 Stat. 74, as amended, which is classified
generally to subchapter I (Sec. 77a et seq.) of chapter 2A of Title 15,
Commerce and Trade. For complete classification of this Act to the Code,
see section 77a of Title 15 and Tables.
Codification
In pars. (5) and (10), ``section 3324(a) and (b) of title 31''
substituted for ``section 3648 of the Revised Statutes [31 U.S.C. 529]''
on authority of Pub. L. 97-258, Sec. 4(b), Sept. 13, 1982, 96 Stat.
1067, the first section of which enacted Title 31, Money and Finance.
Amendments
1981--Pub. L. 97-35 substituted provisions relating to a public
offering for purposes of the Securities Act of 1933, for provisions
setting forth criteria for the term ``exempt securities''.
Effective Date of 1981 Amendment
Section 394(d)(2) of Pub. L. 97-35 provided that: ``The amendment
made by paragraph (1) [amending this section] shall take effect on the
day after the Final Government Equity Redemption Date [Dec. 31, 1981].''
See section 396(a) of Pub. L. 97-35 set out below.
``Final Government Equity Redemption Date'' Defined
Section 396(a) of subtitle C of title III of Pub. L. 97-35 provided
that: ``For purposes of this subtitle [see Short Title of 1981 Amendment
note set out under section 3001 of this title], the term `Final
Government Equity Redemption Date' shall have the same meaning given
such term in section 101(5) of the National Consumer Cooperative Bank
Act (12 U.S.C. 3011(5)).''
Section Referred to in Other Sections
This section is referred to in section 3018 of this title.
