Page:United States Statutes at Large Volume 93.djvu/1121

 PUBLIC LAW 96-149—DEC. 16, 1979

Public Law 96-149 96th Congress

93 STAT. 1089

An Act To amend the National Consumer Cooperative Bank Act to provide for a small business representative on the Bank's Board.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 103(a) of the National Consumer Cooperative Bank Act is amended— (1) by striking out "thirteen" in the first sentence and inserting in lieu thereof "fifteen"; (2) by striking out "seven" in the third sentence and inserting in lieu thereof "eight"; (3) by inserting after the third sentence the following: "The President shall appoint one member of the Board from among proprietors of small business concerns, as defined under section 3 of the Small Business Act, which are manufacturers or retailers. The member of the Board appointed in accordance with the preceding sentence shall not be subject to the resignation and termination provisions of subsection (b)."; and (4) by striking out "104" in the last sentence. (Jo) Section 103(b) is amended— (1) by striking out the third sentence thereof and inserting in lieu thereof the following: "Two additional members of the Board designated by the President (who shall be members who had been appointed by the President) shall resign at the annual meeting occurring after the time when the amount of paid-in capital attributable to the class B and class C stock equals or exceeds eight-fifteenths of the total amount of paid-in capital of the Bank. An additional member of the Board designated by the President (who shall be a member who had been appointed by the President) shall resign at the annual meeting occurring after the time when the amount of paid-in capital attributable to the class B and class C stock equals or exceeds three-fifths of the total amount of paid-in capital of the Bank."; (2) by inserting after "Five" in the next to the last sentence "of the".

59-194 O — 81

71: QU

Dec. 16, 1979 [S. 1788] National Consumer Cooperative Bank Act, amendment. 92 Stat. 502. 12 USC 3013.

15 USC 632.

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