§ 3017. Bonds, debentures, notes and other evidences of indebtedness

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1978

   National Consumer Cooperative Bank Act

   Pub. L. 95–351 title I § 107 · 92 Stat. 499

   Enacted · 12 U.S.C. § 3017

   Pub. L. 95–351, title I, § 107, Aug. 20, 1978, 92 Stat. 507

   Source evidence

   Code source credit
   Pub. L. 95–351, title I, § 107, Aug. 20, 1978, 92 Stat. 507

   Enacted provision · exact public law section
   Sec. 107. borrowing authority (a) The Bank is authorized to obtain funds through the 12 USC 3017. 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 after consultation with the Secretary of the Treasury: 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) The Bank is also authorized, but not required, and only so long as any of its class A stock is held by the Secretary of the Treasury, to issue its obligations to the Secretary of the Treasury, in amounts not to exceed in the aggregate such amounts as are provided in appropriations Acts and the Secretary of the Treasury may in his discretion purchase any such obligations. Each purchase of obligations of the Bank under this subsection shall be upon such terms and conditions as to yield a rate of return not less than a rate determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturity. The Secretary of the Treasury may sell, upon such terms and conditions and at such price or prices as he shall determine any of the obligations of the Bank acquired by him under this subsection. (c) 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. (d) 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.

2. 1981

   Pub. L. 97–35 § 394(g)(1) · 95 Stat. 357

   Struck · 12 U.S.C. § 3017(a)

   Pub. L. 97–35, § 394(g)(1), struck out requirement respecting consultation with the Secretary of the Treasury

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 97–35, § 394(g)(1), struck out requirement respecting consultation with the Secretary of the Treasury.

   Enacted provision · exact public law section
   (1) The second sentence of section 107(a) of such Act (12 U.S.C. 3017(a)) is amended by striking out “after consultation with the Secretary of the Treasury”.

   Effective date note
   Pub. L. 97–35, title III, § 394(g)(2), Aug. 13, 1981, 95 Stat. 437, 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.

3. 1981

   Pub. L. 97–35 § 396(d) · 95 Stat. 357

   1. Redesignated · 12 U.S.C. § 3017(b)(d)

      Pub. L. 97–35, § 396(d), redesignated subsecs. (c) and (d) as (b) and (c), respectively

   2. Struck · 12 U.S.C. § 3017(b)(d)

      Pub. L. 97–35, § 396(d), struck out former subsec. (b) relating to discretionary authority for issuance to and purchase by Secretary of Treasury

   Source evidence

   Code amendment note
   Subsecs. (b) to (d). Pub. L. 97–35, § 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.

   Enacted provision · exact public law section
   (d) Section 107 of such Act (12 U.S.C. 3017) is amended— (1) by striking out subsection (b); and (2) by redesignating subsections (c) and (d) as subsections (b) and (c), respectively.

   Effective date note
   Pub. L. 97–35, title III, § 394(g)(2), Aug. 13, 1981, 95 Stat. 437, 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.

4 of 4 references resolved to an enrolled provision