Page:United States Statutes at Large Volume 95.djvu/464

 95 STAT. 438

26 USC 501.

Contributions.

26 USC 170.

26 USC 2055, ^^2^-

12 USC 3024.

12 USC 3043.

PUBLIC LAW 97-35—AUG. 13, 1981 "(4) Notwithstanding any other provision of law— "(A) the Bank may provide administrative or staff support to such nonprofit corporation; and "(B) any member of the Board of Directors of the Bank may serve as a member of the Board of Directors of such nonprofit corporation. "(c)(1) Notwithstanding any other provision of law, such nonprofit corporation shall be deemed to be, and treated as, qualified as an organization described in section 501(c)(3) of the Internal Revenue Code of 1954 from the date on which such nonprofit corporation is established under the laws of the District of Columbia until the date on which the Internal Revenue Service makes a final determination on the application which such nonprofit corporation will submit to the Internal Revenue Service seeking status as an organization qualifying under such section. "(2) When performed by such nonprofit corporation, the functions described in subsection (b)(3)(A) shall be deemed to be performed for 'charitable purposes' within the meaning of section 501(c)(3) of the Internal Revenue Code of 1954. "(d)(1) The Board of Directors of the Bank may make contributions to the nonprofit corporation in such amounts as the Board of Directors of the Bank deems appropriate, except that— "(A) such contributions may be made only out of the Bank's earnings, determined in accordance with generally accepted accounting principles; and "(B) the Bank shall set aside amounts sufficient to satisfy its obligations to the Secretary of the Treasury for payments of principal and interest on class A notes and other debt before making any contributions to such nonprofit corporation. "(2) During any period in which the nonprofit corporation described in subsection (b) is qualified as an organization described in section 501(c)(3) of the Internal Revenue Code of 1954, contributions made by the Bank pursuant to paragraph (1) shall be treated as charitable contributions within the meaning of section 170(c)(2) of the Internal Revenue Code of 1954, and may be deducted notwithstanding the provisions of section 170(b)(2) of such Code. (3) During any period in which the nonprofit corporation described in subsection (b) is qualified as an organization described in section 501(c)(3) of the Internal Revenue Code of 1954, contributions to such nonprofit corporation by any person shall qualify as charitable contributions, as defined in section 170(c) of such Code, for purposes of the charitable contribution deduction provided for in section 170(a) of such Code, and shall also qualify for the deductions for estate and gift tax purposes provided for in sections 2055 and 2522 of the Internal Revenue Code of 1954. "(e) Notwithstanding the laws of the District of Columbia, the Board of Directors of such nonprofit corporation shall adopt and publish its own conflict of interest rules which shall be no less stringent in effect than the conflict of interest provisions adopted by the Board of Directors of the Bank pursuant to section 114.'\ (b)(1) The first sentence of section 202 of the National Consumer Cooperative Bank Act (12 U.S.C. 3042) is amended by striking out "$10,000,000 for the fiscal year ending September 30, 1979, and for the next two succeeding fiscal years an aggregate amount not to exceed $65,000,000, for the purpose of making advances under section 203 of this Act" and by inserting in lieu thereof "for the purpose of making advances under section 203 of this Act an amount not to exceed $14,000,000 for fiscal year 1982".

�