12 U.S.C. § 3011 — Creation and charter; principal office; venue; purposes

Congress creates and charters a corporation called the National Consumer Cooperative Bank, referred to here as the “Bank.” The Bank continues forever unless Congress revokes or changes its charter. Only Congress may revise, amend, or change the charter. The Bank’s main office is in Washington, District of Columbia, and for venue purposes it is treated as a resident there. It makes loans and provides services throughout the United States, its territories and possessions, and Puerto Rico. The Bank shall— (1) help new and existing eligible cooperatives develop by providing specialized credit and technical help; (2) keep broad control of the Bank in the hands of its voting stockholders; (3) encourage broad ownership, control, and active participation by members of eligible cooperatives; (4) help improve the quality and availability of goods and services for consumers; and (5) encourage cooperatives and others to own its equity securities as section 3014 provides, so that the United States can redeem all of its class A stock as soon as practicable. The statute calls that date the “Final Government Equity Redemption Date.”