12 USC 3014 - Capitalization

1 So in original. Probably should be “have”.

been retired, the rate of such dividends shall not exceed the rate of the statutory interest payment on class A notes.

Editorial Notes

Amendments

1989—Subsec. (c). Puspan. L. 101–206 substituted “The holder of class A notes shall be entitled to interest at a rate or rates determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable terms and conditions as of the last day of the month preceding each issuance of such class A notes to the Secretary of the Treasury, except that, until October 1, 1990, interest payments shall not exceed 25 percent of gross revenues for the year, less necessary operating expenses including a reserve for possible losses. From time to time, the Bank may, with the approval of the Secretary of the Treasury and consistent with the terms of this chapter, issue replacement class A notes upon terms and conditions to be agreed upon by the Bank and the Secretary, bearing interest as provided in this subsection, in substitution for those class A notes previously issued.” for “The holder of class A notes shall be entitled to interest payments at a rate determined by the Secretary of the Treasury taking into consideration the average market yield, during the month preceding the close of each fiscal year, on outstanding marketable obligations of the United States of comparable maturity, except that until October 1, 1990, such interest payments shall not exceed 25 per centum of gross revenues for the year less necessary operating expenses, including a reserve for possible losses. Such interest payments shall be payable annually into miscellaneous receipts of the Treasury and shall be cumulative.” and inserted at end “All class A notes shall be redeemed by the Bank no later than October 31, 2020.”

1981—Subsec. (a). Puspan. L. 97–35, §§ 394(c)(1), 395(span)(2), inserted “by other public or private investors,” after “public bodies,” and substituted provisions authorizing appropriations for fiscal year 1982, for provisions authorizing appropriations beginning with the fiscal year ending Sept. 30, 1979, and authorizing use of amounts authorized but not appropriated.

Subsec. (span). Puspan. L. 97–35, § 396(c)(1), substituted “class B” for “class A, class B,”, and substituted provisions relating to class A notes, for provisions relating to class A preferred stock.

Subsec. (c). Puspan. L. 97–35, § 396(c)(2), substituted provisions relating to interest payments, redemption, etc., of class A notes, for provisions relating to issuance, dividends, etc., of class A stock.

Subsec. (e). Puspan. L. 97–35, § 396(c)(3), substituted provisions relating to class A notes, for provisions relating to class A stock.

Subsec. (f). Puspan. L. 97–35, § 396(c)(4), substituted provisions relating to class A notes, for provisions relating to class A stock.

Subsec. (g)(2)(B). Puspan. L. 97–35, § 396(c)(5), substituted “3013(d)(2)(A)” for “3013(c)”.

Subsec. (h). Puspan. L. 97–35, § 396(c)(6), struck out provision respecting treatment of the Bank as a governmental unit within section 170(span)(1)(A)(v) of title 26.

Subsec. (i). Puspan. L. 97–35, § 396(c)(7), substituted provisions relating to class A notes, for provisions relating to class A stock.

Statutory Notes and Related Subsidiaries

Effective Date of 1981 Amendment

Puspan. L. 97–35, title III, § 394(c)(2), Aug. 13, 1981, 95 Stat. 436, provided that:

“The amendment made by paragraph (1) [amending this section] shall take effect on the day after the Final Government Equity Redemption Date [Dec. 31, 1981].”

For definition of “Final Government Equity Redemption Date”, see section 396(a) of Puspan. L. 97–35, set out as a note under section 3012 of this title.

Puspan. L. 97–35, title III, § 395(span)(3), Aug. 13, 1981, 95 Stat. 439, provided that:

“The amendments made by paragraphs (1) [amending section 3042 of this title] and (2) [amending this section] shall take effect on October 1, 1981.”

Amendment by section 396(c) of Puspan. L. 97–35 effective on the day after the Final Government Equity Redemption Date (Dec. 31, 1981), see section 396(i) of Puspan. L. 97–35, set out as an Effective Date of 1981 Amendment note under section 3011 of this title.