Page:United States Statutes at Large Volume 95.djvu/462

 95 STAT. 436

Effective date. 12 USC 3013 note.

PUBLIC LAW 97-35—AUG. 13, 1981 low-income cooperatives, and (iii) consumer goods and services cooperatives. "(B) Each nominee for a shareholder directorship of a particular class shall have at least three years experience as a director or senior officer in the class of cooperatives to be represented. "(C) No one class of cooperatives specified in paragraph (1) shall be represented on the Board by more than three directors.. (b) Section 103(h) of such Act (12 U.S.C. 3013(h)) is amended— (1) in the second sentence thereof, by striking out ", until the Final Government Equity Redemption Date" and all that follows through "class B and class C stock" and inserting in lieu thereof "the member of the Board appointed pursuant to subsection (b)(1)(C)"; and (2) by adding at the end thereof the following: "The members of the Board who are elected by the holders of class B stock and class C stock shall be compensated in accordance with the bylaws of the Bank. All compensation and expenses paid to the members of the Board of Directors shall be paid by the Bank.". (c) The amendments made by subsections (a) and (b) shall take effect on the day after the Final Government Equity Redemption Date. EXAMINATIONS AND AUDITS; CONFORMING AMENDMENTS

SEC. 394. (a)(1) Section 115 of the National Consumer Cooperative Bank Act (12 U.S.C. 3025) is amended to read as follows: EXAMINATION AND AUDIT

Reports to Congress.

Effective date. 12 USC 3025 note.

12 USC 3014 note.

12 USC 3012 note.

"SEC. 115. The Farm Credit Administration and the General Accounting Office are hereby authorized and directed to examine and audit the Bank. Reports regarding such examinations and audits shall be promptly forwarded to both Houses of the Congress. The Bank shall reimburse the Farm Credit Administration for the costs of any examination or audit conducted by the Farm Credit Administration.". (2) The amendment made by paragraph (1) shall take effect on the day after the Final Government Equity Redemption Date. (b) The second sentence of section 108(a) of such Act (12 U.S.C. 3018(a)) is amended by striking out "October 1, 1983" and inserting in lieu thereof "October 1, 1985". (c)(1) The first sentence of section 104(a) of such Act (12 U.S.C. 3014(a)) is amended by inserting "by other public or private investors," after "by public bodies,". (2) The amendment made by paragraph (1) shall take effect on the day after the Final Government Equity Redemption Date. (d)(1) The last sentence of section 102 of such Act (12 U.S.C. 3012) is amended to read as follows: "In determining whether a public offering is taking place for the purpose of the Securities Act of 1933, there shall be excluded from consideration all class B and class C stock purchases which took place prior to the date of the enactment of the National Consumer Cooperative Bank Act Amendments of 1981.". (2) The amendment made by paragraph (1) shall take effect on the day after the Final Government Equity Redemption Date. (e)(1) The first sentence of section 105(a) of such Act (12 U.S.C. 3015(a)) is amended by striking out "entirely owned" and inserting in lieu thereof "primarily owned.

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