{"identifier":"/us/usc/t7/s950","title_num":"7","num":"§ 950.","heading":"Conversion of ownership, control, and operation of telephone bank","status":null,"guid":"id2a0a3630-814b-11e4-9220-aa1cc1f141aa","source_credit":"(May 20, 1936, ch. 432, title IV, § 410, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 36; amended Pub. L. 94–273, § 2(2), Apr. 21, 1976, 90 Stat. 375; Pub. L. 101–624, title XXIII, § 2363(b)(2), Nov. 28, 1990, 104 Stat. 4043; Pub. L. 103–354, title II, § 235(a)(11), Oct. 13, 1994, 108 Stat. 3221.)","seq_in_title":687,"parent_identifier":"/us/usc/t7/ch31/schIV","ancestors":[{"identifier":"/us/usc/t7","level":"title","num":"Title 7—","heading":"AGRICULTURE","status":null,"is_section":false},{"identifier":"/us/usc/t7/ch31","level":"chapter","num":"CHAPTER 31—","heading":"RURAL ELECTRIFICATION AND TELEPHONE SERVICE","status":null,"is_section":false},{"identifier":"/us/usc/t7/ch31/schIV","level":"subchapter","num":"SUBCHAPTER IV—","heading":"RURAL TELEPHONE BANK","status":null,"is_section":false}],"xml":"<section xmlns=\"http://xml.house.gov/schemas/uslm/1.0\" xmlns:xsi=\"http://www.w3.org/2001/XMLSchema-instance\" xmlns:dc=\"http://purl.org/dc/elements/1.1/\" xmlns:dcterms=\"http://purl.org/dc/terms/\" style=\"-uslm-lc:I80\" id=\"idbcc91212-aaf5-11e3-a8cb-a7a72594c0f9\" identifier=\"/us/usc/t7/s950\"><num value=\"950\">§ 950.</num><heading> Conversion of ownership, control, and operation of telephone bank</heading><subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"idbcc91213-aaf5-11e3-a8cb-a7a72594c0f9\" identifier=\"/us/usc/t7/s950/a\"><num value=\"a\" class=\"bold\">(a)</num><heading class=\"bold\"> Transfer of powers and authority from Secretary of Agriculture to Telephone Bank Board; cessation of Presidential appointees as Board members and reduction in number of Board members; status of telephone bank</heading><chapeau>Whenever fifty-one per centum of the maximum amount of class A stock issued to the United States and outstanding at any time after <date date=\"1985-09-30\">September 30, 1985</date>, has been fully redeemed and retired pursuant to <ref href=\"/us/usc/t7/s946/c\">section 946(c) of this title</ref>—</chapeau><paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"idbcc91214-aaf5-11e3-a8cb-a7a72594c0f9\" identifier=\"/us/usc/t7/s950/a/1\"><num value=\"1\">(1)</num><content> the powers and authority of the Governor of the telephone bank granted to the Secretary by this subchapter shall vest in the Telephone Bank Board, and may be exercised and performed through the Governor of the telephone bank, to be selected by the Telephone Bank Board, and through such other employees as the Telephone Bank Board shall designate;</content>\n</paragraph>\n<paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"idbcc91215-aaf5-11e3-a8cb-a7a72594c0f9\" identifier=\"/us/usc/t7/s950/a/2\"><num value=\"2\">(2)</num><content> the five members of the Telephone Bank Board designated by the President pursuant to <ref href=\"/us/usc/t7/s945/b/1/A\">section 945(b)(1)(A) of this title</ref> shall cease to be members, and the number of Board members shall be accordingly reduced to eight unless other provision is thereafter made in the bylaws of the telephone bank;</content>\n</paragraph>\n<paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"idbcc91216-aaf5-11e3-a8cb-a7a72594c0f9\" identifier=\"/us/usc/t7/s950/a/3\"><num value=\"3\">(3)</num><content> the telephone bank shall cease to be an agency of the United States, but shall continue in existence in perpetuity as an instrumentality of the United States and as a banking corporation with all of the powers and limitations conferred or imposed by this subchapter except such as shall have lapsed pursuant to the provisions of this subchapter.</content>\n</paragraph>\n</subsection>\n<subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"idbcc91217-aaf5-11e3-a8cb-a7a72594c0f9\" identifier=\"/us/usc/t7/s950/b\"><num value=\"b\" class=\"bold\">(b)</num><heading class=\"bold\"> Restrictions of <ref href=\"/us/usc/t7/s948/a/2\">section 948(a)(2) of this title</ref> inapplicable to loans upon redemption and retirement of class A stock</heading><content><p style=\"-uslm-lc:I11\" class=\"indent0\">When all class A stock has been fully redeemed and retired, loans made by the telephone bank shall not continue to be subject to the restrictions prescribed in the provisos to <ref href=\"/us/usc/t7/s948/a/2\">section 948(a)(2) of this title</ref>.</p>\n</content>\n</subsection>\n<subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"idbcc91218-aaf5-11e3-a8cb-a7a72594c0f9\" identifier=\"/us/usc/t7/s950/c\"><num value=\"c\" class=\"bold\">(c)</num><heading class=\"bold\"> Congressional review</heading><content><p style=\"-uslm-lc:I11\" class=\"indent0\">Congress reserves the right to review the continued operations of the telephone bank after all class A stock has been fully redeemed and retired.</p>\n</content>\n</subsection>\n<sourceCredit id=\"idbcc91219-aaf5-11e3-a8cb-a7a72594c0f9\">(<ref href=\"/us/act/1936-05-20/ch432\">May 20, 1936, ch. 432</ref>, title IV, § 410, as added <ref href=\"/us/pl/92/12/s2\">Pub. L. 92–12, § 2</ref>, <date date=\"1971-05-07\">May 7, 1971</date>, <ref href=\"/us/stat/85/36\">85 Stat. 36</ref>; amended <ref href=\"/us/pl/94/273/s2/2\">Pub. L. 94–273, § 2(2)</ref>, <date date=\"1976-04-21\">Apr. 21, 1976</date>, <ref href=\"/us/stat/90/375\">90 Stat. 375</ref>; <ref href=\"/us/pl/101/624/s2363/b/2\">Pub. L. 101–624, title XXIII, § 2363(b)(2)</ref>, <date date=\"1990-11-28\">Nov. 28, 1990</date>, <ref href=\"/us/stat/104/4043\">104 Stat. 4043</ref>; <ref href=\"/us/pl/103/354/s235/a/11\">Pub. L. 103–354, title II, § 235(a)(11)</ref>, <date date=\"1994-10-13\">Oct. 13, 1994</date>, <ref href=\"/us/stat/108/3221\">108 Stat. 3221</ref>.)</sourceCredit>\n<notes type=\"uscNote\" id=\"idbcc9121a-aaf5-11e3-a8cb-a7a72594c0f9\">\n<note style=\"-uslm-lc:I74\" topic=\"amendments\" id=\"idbcc9121b-aaf5-11e3-a8cb-a7a72594c0f9\"><heading class=\"centered smallCaps\">Amendments</heading><p style=\"-uslm-lc:I21\" class=\"indent0\">1994—Subsec. (a)(1). <ref href=\"/us/pl/103/354\">Pub. L. 103–354</ref> substituted “Secretary” for “Administrator of the Rural Electrification Administration”.</p>\n<p style=\"-uslm-lc:I21\" class=\"indent0\">1990—Subsec. (a)(2). <ref href=\"/us/pl/101/624\">Pub. L. 101–624</ref> substituted “<ref href=\"/us/usc/t7/s945/b/1/A\">section 945(b)(1)(A) of this title</ref>” for “<ref href=\"/us/usc/t7/s945/b\">section 945(b) of this title</ref>”.</p>\n<p style=\"-uslm-lc:I21\" class=\"indent0\">1976—Subsec. (a). <ref href=\"/us/pl/94/273\">Pub. L. 94–273</ref> substituted “September” for “June”.</p>\n</note>\n<note style=\"-uslm-lc:I74\" topic=\"effectiveDate\" id=\"idbcc9121c-aaf5-11e3-a8cb-a7a72594c0f9\"><heading class=\"centered smallCaps\">Effective Date</heading><p style=\"-uslm-lc:I21\" class=\"indent0\">Section effective <date date=\"1971-05-07\">May 7, 1971</date>, see <ref href=\"/us/pl/92/12/s7\">section 7 of Pub. L. 92–12</ref>, set out as a note under <ref href=\"/us/usc/t7/s921a\">section 921a of this title</ref>.</p>\n</note>\n</notes>\n</section>","provision":null,"duplicates":[],"release":{"label":"113-201","currency_date":"2014-12-04","congress":113,"law_num":201,"excluded_laws":[],"update_num":null,"seq":33,"is_partial":false,"caveat":null,"titles_affected":["02","06","07","10","12","14","15","16","17","19","20","21","22","26","31","33","36","38","42","44","47","49","52"],"ingested_titles":[]},"served_from":{"label":"113-201","currency_date":"2014-12-04","congress":113,"law_num":201,"excluded_laws":[],"update_num":null,"seq":33,"is_partial":false,"caveat":null,"titles_affected":["02","06","07","10","12","14","15","16","17","19","20","21","22","26","31","33","36","38","42","44","47","49","52"],"ingested_titles":[]},"content_first_seen":{"label":"113-86not79","currency_date":"2014-03-06","congress":113,"law_num":86,"excluded_laws":[79],"update_num":null,"seq":13,"is_partial":true,"caveat":"Current through Public Law 113-86 (03/06/2014), except 113-79.","titles_affected":["01","02","05","05a","06","07","08","10","12","14","15","16","19","20","21","22","23","25","26","28","30","31","33","40","41","42","43","44","46","48","49","50","51"],"ingested_titles":[]},"is_exact":true,"note":null}