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)
section 3014 of this title encourage ownership of its equity securities by cooperatives and others as provided in , 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. 95–35192 Stat. 499 section 5315 of Title 5section 3001 of this titlesection 3001 of this titleThis chapter, referred to in text, was in the original “this Act”, meaning , , , known as the National Consumer Cooperative Bank Act, which enacted this chapter, amended , 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 . For complete classification of this Act to the Code, see Short Title note set out under and Tables.
Amendments
Pub. L. 97–351981— 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.
section 5315 of Title 5“The amendments made by subsections (b) through (h) [amending this section, sections 3014, 3017, 3018, 3024, and 3043 of this title, , 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 [].”