Page:United States Statutes at Large Volume 95.djvu/463

 PUBLIC LAW 97-35—AUG. 13, 1981 (2) The amendment made by paragraph (1) shall take effect on the day after the Final Government Equity Redemption Date. (f) Section 105(a)(5) of such Act (12 U.S.C. 3015(a)(5)) is amended by inserting "(except that this requirement shall not apply to any housing cooperative in existence on March 21, 1980, which did not meet such requirement on such date)" after "one vote per person basis". (g)(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". (2) The amendment made by paragraph (1) shall take effect on the day after the Final Government Equity Redemption Date.

95 STAT. 437 Effective date. 12 USC 3015 note.

Effective date. 12 USC 3017 note.

NONPROFIT CORPORATION

SEC. 395. (a) The National Consumer Cooperative Bank Act (12 U.S.C. 3001 et seq.) is amended by inserting after section 210 the following: " ESTABLISHMENT O F NONPROFIT CORPORATION

"SEC. 211. (a)(1) Upon the incorporation of the nonprofit corpora- 12 USC 3051. tion described in subsection (b), the Office of Self-Help Development and Technical Assistance is hereby abolished. "(2)(A) If the nonprofit corporation described in subsection (b) agrees to accept the liabilities of the Office, the Bank, notwithstanding any other provision of law, shall transfer all assets, liabilities, and property of the Office to such nonprofit corporation on the day on which such nonprofit corporation is incorporated. "(B) Such assets shall include all sums which are appropriated to the Office by the Congress and all sums which are contained in the Account established pursuant to section 202. If any such sums are 12 USC 3042. appropriated after the date on which the transfer described in subparagraph (A) occurs, the Bank shall promptly transfer such sums to such nonprofit corporation. "(b)(1) As soon as possible after the date of the enactment of this section, the Board shall establish a nonprofit corporation under the laws of the District of Columbia and, notwithstanding the laws of the District of Columbia, name the directors of such nonprofit corporation. "(2) Notwithstanding the laws of the District of Columbia, the Board of Directors of such nonprofit corporation shall— "(A) select an executive director who shall be responsible for the administration of such nonprofit corporation; "(B) set the compensation of such executive director and the other employees of such nonprofit corporation; "(C) promulgate and publish the policies of such nonprofit corporation and make such policies available at all times to eligible cooperatives; and "(D) perform the functions specified in subparagraphs (A) and (C) of paragraph (3). Functions. "(3) Such nonprofit corporation shall only perform— "(A) the functions which are authorized to be performed 12 USC pursuant to sections 203 through 208 and section 210; "(B) such functions as are necessary to comply with the laws 3043-3048, 3050. under which it was incorporated in the District of Columbia; and "(C) such functions as are necessary to remain qualified as an organization described in section 501(c)(3) of the Internal Reve26 USC 501. nue Code of 1954.

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