§ 3017. — Bonds, debentures, notes and other evidences of indebtedness.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3017]
TITLE 12--BANKS AND BANKING
CHAPTER 31--NATIONAL CONSUMER COOPERATIVE BANK
SUBCHAPTER I--ESTABLISHMENT AND OPERATION
Sec. 3017. Bonds, debentures, notes and other evidences of
indebtedness
(a) Authorization for public or private sale; time of issuance, interest
rates, and terms and conditions; outstanding amount
The Bank is authorized to obtain funds through the public or private
sale of its bonds, debentures, notes, and other evidences of
indebtedness. Such obligations shall be issued at such times, bear
interest at such rates, and contain such terms and conditions as the
Board shall determine: Provided, however, That the amount of such
obligations which may be outstanding at any one time pursuant to this
section shall not exceed ten times the paid-in capital and surplus of
the Bank.
(b) Purchase and sale by Bank; methods of sale and delivery
The Bank may purchase its own obligations, and may provide for the
sale of any such obligations through a fiscal agent or agents, by
negotiation, offer, bid, syndicate sale, or otherwise, and may deliver
such obligations by book entry, wire transfer, or such other means as
may be appropriate.
(c) Obligations as not guaranteed by United States and not to constitute
a debt or obligation of United States
Obligations issued under this section shall not be guaranteed by the
United States and shall not constitute a debt or obligation of the
United States or any agency or instrumentality thereof other than the
Bank.
(Pub. L. 95-351, title I, Sec. 107, Aug. 20, 1978, 92 Stat. 507; Pub. L.
97-35, title III, Secs. 394(g)(1), 396(d), Aug. 13, 1981, 95 Stat. 437,
440.)
Amendments
1981--Subsec. (a). Pub. L. 97-35, Sec. 394(g)(1), struck out
requirement respecting consultation with the Secretary of the Treasury.
Subsecs. (b) to (d). Pub. L. 97-35, Sec. 396(d), redesignated
subsecs. (c) and (d) as (b) and (c), respectively, and struck out former
subsec. (b) relating to discretionary authority for issuance to and
purchase by Secretary of Treasury.
Effective Date of 1981 Amendment
Section 394(g)(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].''
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.
Amendment by section 396(d) of Pub. L. 97-35 effective on the day
after the Final Government Equity Redemption Date (Dec. 31, 1981), see
section 396(i) of Pub. L. 97-35, set out as a note under section 3011 of
this title.
Section Referred to in Other Sections
This section is referred to in sections 3012, 3017a, 3022 of this
title.
