§ 3011. Creation and charter; principal office; venue; purposes

526 words·~2 min read·/usc/title-12/section-3011

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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)encourage ownership of its equity securities by cooperatives and others as provided in section 3014 of this title, 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. 95–351, title I, § 101, Aug. 20, 1978, 92 Stat. 499; Pub. L. 97–35, title III, § 396(b), Aug. 13, 1981, 95 Stat. 439.)

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U.S. Code