§ 3024. — Conflict of interest rules; adoption and publication; requirements.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3024]
TITLE 12--BANKS AND BANKING
CHAPTER 31--NATIONAL CONSUMER COOPERATIVE BANK
SUBCHAPTER I--ESTABLISHMENT AND OPERATION
Sec. 3024. Conflict of interest rules; adoption and publication;
requirements
The Board of Directors shall adopt and publish its own conflict of
interest rules which shall be no less stringent in effect than the
Federal Executive conflict of interest rules contained in Executive
Order Numbered 11222 in prohibiting participation or action or the use
of inside information for personal advantage on any matter involving a
corporation, trust, partnership, or cooperative organization in which a
board member, officer, or employee holds a substantial financial
interest or holds a position as board member or senior officer, the
activities of which organization might be relevant to, be competitive
with, or be inconsistent with the objectives of any bank created under
this chapter. These rules shall require--
(1) each nominee for elected membership on the Board established
under this chapter to make public and file with the election
official before the date of election a statement of his financial
interest and position, if any, in such organizations; and
(2) each senior executive officer and appointed member of the
Board to file with the appointing officer, before entering that
office a statement of his financial interest and position, if any,
in such organizations, which shall be available for inspection upon
request.
(Pub. L. 95-351, title I, Sec. 114, Aug. 20, 1978, 92 Stat. 510; Pub. L.
97-35, title III, Sec. 396(f), Aug. 13, 1981, 95 Stat. 440.)
References in Text
Executive Order Numbered 11222, referred to in text, which was
formerly set out as a note under section 201 of Title 18, Crimes and
Criminal Procedure, was revoked by Ex. Ord. No. 12674, Sec. 501(a), Apr.
12, 1989, 54 F.R. 15161.
Amendments
1981--Pub. L. 97-35 struck out provisions authorizing section to
remain in effect until the Final Government Equity Redemption Date.
Effective Date of 1981 Amendment
Amendment by 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 section 3051 of this title.
