§ 3026. — Acceleration of the Final Government Equity Redemption Date.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3026]
TITLE 12--BANKS AND BANKING
CHAPTER 31--NATIONAL CONSUMER COOPERATIVE BANK
SUBCHAPTER I--ESTABLISHMENT AND OPERATION
Sec. 3026. Acceleration of the Final Government Equity
Redemption Date
(a)(1)(A) The Final Government Equity Redemption Date shall occur on
December 31, 1981, or not later than 10 days after the date of the
enactment of the first Act providing for appropriations for fiscal year
1982 (other than continuing appropriations) for the Department of
Housing and Urban Development and Independent Agencies, whichever occurs
later.
(B) Not later than 5 days after the Final Government Equity
Redemption Date, the Secretary of the Treasury shall publish a notice in
the Federal Register indicating the day on which the Final Government
Equity Redemption Date occurred.
(2)(A) Before the Final Government Equity Redemption Date, the
Secretary of the Treasury shall purchase all class A stock for which the
Congress has appropriated funds.
(B) After the Final Government Equity Redemption Date, the Secretary
of the Treasury shall not purchase any class A stock.
(3)(A) On the Final Government Equity Redemption Date, all class A
stock held by the Secretary of the Treasury on such date shall be
redeemed by the Bank in exchange for class A notes which are issued by
the Bank to the Secretary of the Treasury on behalf of the United States
and which have a total face value equal to the total par value of the
class A stock which is so redeemed, plus any unpaid dividends on such
stock.
(B) During the period beginning on the Final Government Equity
Redemption Date and ending on December 31, 1990, not less than 30
percent of the revenue derived from the sale of stock by the Bank, other
than the sale of class B stock or class C stock, shall be used, upon
receipt, to retire class A notes.
(C) After December 31, 1990, the Bank shall maintain a repayment
schedule for class A notes which will assure full repayment of all class
A notes not later than December 31, 2020. The requirement specified in
the previous sentence is in addition to the requirement regarding the
redemption of class A notes which is specified in section 3014(c) of
this title.
(b)(1) The United States shall not be responsible for any obligation
of the Bank which is incurred after the Final Government Equity
Redemption Date.
(2) As soon as practicable after August 13, 1981, the Board shall
adopt bylaws which will assist in expediting and coordinating the
activities which will occur with respect to the Final Government Equity
Redemption Date.
(Pub. L. 95-351, title I, Sec. 116, as added Pub. L. 97-35, title III,
Sec. 391(a)(1), Aug. 13, 1981, 95 Stat. 433.)
References in Text
The date of the enactment of the first Act providing for
appropriations for fiscal year 1982 (other than continuing
appropriations) for the Department of Housing and Urban Development and
Independent Agencies, referred to in subsec. (a)(1)(A), is Dec. 23,
1981, the date of enactment of Pub. L. 97-101, 95 Stat. 1417, known as
the Department of Housing and Urban Development--Independent Agencies
Appropriation Act, 1982.
Effective Date
Section 391(a)(2) of Pub. L. 97-35 provided that: ``The amendment
made by paragraph (1) [enacting this section] shall take effect on the
date of the enactment of this Act [Aug. 13, 1981].''
Final Government Equity Redemption Date Established
Pub. L. 97-101, title V, Sec. 501(36), Dec. 23, 1981, 95 Stat. 1440,
provided in part that: ``the final Government equity redemption date for
the National Consumer Cooperative Bank shall occur on December 31,
1981.''
