Page:United States Statutes at Large Volume 103 Part 2.djvu/822

 103 STAT. 1832 PUBLIC LAW 101-206—DEC. 7, 1989 Public Law 101-206 101st Congress An Act n 7 1qSQ ^° amend provisions of the National Consumer Cooperative Bank Act relating to the '-—'- payment of interest on and the redemption of class A notes issued by the National [H.R. 3720] Consumer Cooperative Bank. Be it enacted by the Senate and House of Representatives of the National United States of America in Congress assembled, Consumer Cooperative SECTION 1. SHORT TITLE. Bank Amendments of This Act may be cited as the "National Consumer Cooperative 1989. Bank Amendments of 1989". 12 USC 3001 note. SEC. 2. AMENDMENTS RELATING TO CLASS A NOTES. Section 104(c) of the National Consumer Cooperative Bank Act (12 U.S.C. 3014(c)) is amended— (1) by striking out the first 2 sentences and inserting the following: "The holder of class A notes shall be entitled to interest at a rate or rates determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable terms and conditions as of the last day of the month preceding each issuance of such class A notes to the Secretary of the Treasury, except that, until October 1, 1990, interest pay- ments shall not exceed 25 percent of gross revenues for the year, less necessary operating expenses including a reserve for pos- sible losses. From time to time, the Bank may, with the ap- proval of the Secretary of the Treasury and consistent with the terms of this Act, issue replacement class A notes upon terms and conditions to be agreed upon by the Bank and the Sec- retary, bearing interest as provided in this subsection (c), in substitution for those class A notes previously issued."; and (2) by adding at the end the following: "All class A notes shall be redeemed by the Bank no later than October 31, 2020.". Approved December 7, 1989. LEGISLATIVE HISTORY—H.R. 3720: CONGRESSIONAL RECORD, Vol. 135 (1989): Nov. 20, considered and passed House. Nov. 21, considered and passed Senate.

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