Page:United States Statutes at Large Volume 95.djvu/465

 PUBLIC LAW 97-35—AUG. 13, 1981 (2) Section 104(a) of such Act (12 U.S.C. 3014(a)) is amended by striking out the second and third sentences thereof and inserting in lieu thereof the following: "There are authorized to be appropriated not to exceed $47,000,000 for fiscal year 1982 for purposes of purchasing class A stock.". (3) The amendments made by paragraphs (1) and (2) shall take effect on October 1, 1981.

95 STAT. 439 Appropriation authorization.

Effective date. 12 USC 3014 note.

CONFORMING AMENDMENTS; DEFINITIONS

SEC. 396. (a) For purposes of this subtitle, the term "Final Government Equity Redemption Date" shall have the same meaning given such term in section 101(5) of the National Consumer Cooperative Bank Act (12 U.S.C. 3011(5)). (b) The first sentence of section 101 of the National Consumer Cooperative Bank Act (12 U.S.C. 3011) is amended to read as follows: "The Congress of the United States hereby creates and charters a body corporate to be known as the National Consumer Cooperative Bank (hereinafter in this Act referred to as the 'Bank').". (c)(1) Section 104(b) of such Act (12 U.S.C. 3014(b)) is amended— (A) in the first sentence, by striking out "class A, class B," and inserting in lieu thereof "class B"; and (B) by amending the second and third sentences to read as follows: "Class A notes which are held by the United States shall have first preference with respect to assets and interest payments over all classes of stock issued by the Bank. So long as any class A notes are outstanding, the Bank shall not pay any dividend on any class of stock at a rate greater than the statutory interest rate payable on class A notes.". (2) Section 104(c) of such Act (12 U.S.C. 3014(c)) is amended— (A) by striking out the first sentence thereof; (B) in the second sentence— (i) by striking out "class A stock" and inserting in lieu thereof "class A notes"; (ii) by striking out "dividends" each place it appears therein and inserting in lieu thereof "interest payments"; and (iii) by striking out": Provided, That" and inserting in lieu thereof ", except that"; (C) in the third sentence, by striking out "dividends" and inserting in lieu thereof "interest payments"; (D) by amending the fourth sentence to read as follows: "Any such interest payment may be deferred by the Board of Directors with the approval of the Secretary of the Treasury, except that any interest payment so deferred shall bear interest at a rate equal to the rate determined pursuant to the first sentence of this subsection."; (E) in the fifth sentence, by striking out "any other class of stock" and all that follows through the end thereof and inserting in lieu thereof "any class of stock at any time when the deferred interest payments on class A notes shall not have been paid in full, together with any unpaid interest on such notes."; (F) in the sixth sentence— (i) by striking out "class A stock" each place it appears therein and inserting in lieu thereof "class A notes"; (ii) by striking out "other"; (iii) by striking out "dividends" and inserting in lieu thereof "interest payments"; and

89-194 0—82

30:QL3

12 USC 3012 note.

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