§ 3043. Advances

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 II § 203 · 92 Stat. 499

   Enacted · 12 U.S.C. § 3043

   Pub. L. 95–351, title II, § 203, Aug. 20, 1978, 92 Stat. 512

   Source evidence

   Code source credit
   Pub. L. 95–351, title II, § 203, Aug. 20, 1978, 92 Stat. 512

   Enacted provision · exact public law section
   Sec. 203. capital investments and interest supplements (a) The Office may make a capital investment advance out 12 USC 3043. of the Account to any eligible cooperative, either in conjunction with or without a loan if the Office determines that— (1) (A) the applicant’s initial or supplemental capital requirements exceeds its ability to obtain such capital through a loan under section 108 or from other sources; or (B) the membership of the applicant is, or will consist, substantially of low-income persons, as defined by the Board of Directors, or the applicant proposes to undertake to provide specialized goods, services, or facilities to serve their needs; and (2) the applicant cannot obtain sufficient funds through a loan under section 108 or otherwise, and the applicant presents a plan which the Office determines will permit the replacement of a capital investment advance out of member equities within a period not to exceed thirty years. (b) The Office may make advances out of the Account to pay all or part of the interest payable to the Bank or any other lender by an eligible cooperative applicant which the Office determines cannot pay a market rate of interest because it sells goods or services to, or provides facilities for the use of, persons of low income: Provided, That such advances will not exceed an amount equal to 4 per centum of the principal amount of the indebtedness of such applicant to the Bank or such other lender for any year in which the net income of the cooperative is insufficient to meet scheduled interest payments. (c) Capital investment advances made by the Office pursuant to subsection (a) and interest supplement advances made by the Office pursuant to subsection (b) shall bear interest at a rate determined by the Board of Directors of the Bank, and the Board of Directors may authorize an interest rate applicable to such advances lower than the rate applicable to loans by the Bank pursuant to section 108.

2. 1981

   Pub. L. 97–35 title III § 396(g) · 95 Stat. 357

   Struck · 12 U.S.C. § 3043(a); 12 U.S.C. § 3043(b)

   Pub. L. 97–35 struck out references to the Account wherever appearing

   Source evidence

   Code amendment note
   Subsecs. (a), (b). Pub. L. 97–35 struck out references to the Account wherever appearing.

   Enacted provision · exact public law section
   (g) Section 203 of such Act (12 U.S.C. 3043) is amended by striking out “out of the Account” each place it appears therein.

   Effective date note
   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.

2 of 2 references resolved to an enrolled provision