7 U.S.C. § 941 — Untitled legal text

Page 552 TITLE 7—AGRICULTURE §§ 941 to 950b SUBCHAPTER IV—RURAL TELEPHONE BANK §§ 941 to 950b. Repealed. Pub. L. 115–334, title VI, § 6602(a), (b)(15), Dec. 20, 2018, 132 Stat. 4776, 4777 Section 941, act May 20, 1936, ch. 432, title IV, § 401, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 30, estab- lished the Rural Telephone Bank and set out its status and purpose. Section 942, act May 20, 1936, ch. 432, title IV, § 402, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 30, set out the general powers of the telephone bank. Section 943, act May 20, 1936, ch. 432, title IV, § 403, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 31; amended Pub. L. 103–354, title II, § 235(a)(9), Oct. 13, 1994, 108 Stat. 3221, related to special provisions governing telephone bank as a Federal agency until conversion of owner- ship, control, and operation. Section 944, act May 20, 1936, ch. 432, title IV, § 404, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 31; amended Pub. L. 103–354, title II, § 235(a)(10), Oct. 13, 1994, 108 Stat. 3221, required the the Secretary to designate an official of the Department of Agriculture to serve as the chief executive officer or governor of the telephone bank, who would perform all functions, powers, and du- ties of the telephone bank, except as otherwise pro- vided. Section 944a, Pub. L. 100–203, title I, § 1414, Dec. 22, 1987, 101 Stat. 1330–27, provided for publication of rural telephone bank policies and regulations. Section 945, act May 20, 1936, ch. 432, title IV, § 405, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 32; amended Pub. L. 93–32, § 4, May 11, 1973, 87 Stat. 70; Pub. L. 101–624, title XXIII, § 2363(a), (b)(1), (c), Nov. 28, 1990, 104 Stat. 4042–4044; Pub. L. 103–354, title II, § 235(a)(7), Oct. 13, 1994, 108 Stat. 3221, created a board of directors for the telephone bank and set out its membership require- ments. Section 946, act May 20, 1936, ch. 432, title IV, § 406, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 33; amended Pub. L. 93–32, § 5, May 11, 1973, 87 Stat. 70; Pub. L. 94–273, § 2(2), Apr. 21, 1976, 90 Stat. 375; Pub. L. 97–98, title XVI, § 1607, Dec. 22, 1981, 95 Stat. 1347; Pub. L. 100–203, title I, § 1413(a), (c), Dec. 22, 1987, 101 Stat. 1330–26; Pub. L. 101–624, title XXIII, §§ 2364, 2367(a), Nov. 28, 1990, 104 Stat. 4044; Pub. L. 103–129, § 2(c)(9), Nov. 1, 1993, 107 Stat. 1365; Pub. L. 103–354, title II, § 235(a)(11), (13), Oct. 13, 1994, 108 Stat. 3221; Pub. L. 104–127, title VII, § 772(b)(3), Apr. 4, 1996, 110 Stat. 1149, related to capitalization of the telephone bank. Section 947, act May 20, 1936, ch. 432, title IV, § 407, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 34; amended Pub. L. 92–324, § 2, June 30, 1972, 86 Stat. 390; Pub. L. 93–32, §§ 6, 7, May 11, 1973, 87 Stat. 70, authorized the telephone bank to obtain funds through the public or private sale of its bonds, debentures, notes, and other evidences of indebtedness. Section 948, act May 20, 1936, ch. 432, title IV, § 408, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 35; amended Pub. L. 93–32, §§ 8, 9, May 11, 1973, 87 Stat. 70, 71; Pub. L. 100–203, title I, §§ 1411(b)(1), (c), 1412, Dec. 22, 1987, 101 Stat. 1330–22, 1330–23, 1330–26; Pub. L. 101–624, title XXIII, §§ 2365, 2366, 2367(b), Nov. 28, 1990, 104 Stat. 4044; Pub. L. 103–129, § 2(a)(2), Nov. 1, 1993, 107 Stat. 1361; Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221; Pub. L. 104–66, title I, § 1011(y), Dec. 21, 1995, 109 Stat. 711, granted the telephone bank lending power subject to certain terms and conditions. Section 949, act May 20, 1936, ch. 432, title IV, § 409, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 36, provided that receipts from telephone bank activities would be available for all obligations and expenditures of the telephone bank. Section 950, act 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, related to the transfer of ownership, control and power from the Secretary of Agriculture to the Telephone Bank Board. Section 950a, act May 20, 1936, ch. 432, title IV, § 411, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 37, re- lated to the liquidation or dissolution of the telephone bank. Section 950b, act May 20, 1936, ch. 432, title IV, § 412, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 37; amended Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221, limited loans under section 922 of this title for any borrower with a net worth in excess of 20 percent of its assets. Statutory Notes and Related Subsidiaries CONGRESSIONAL FINDINGS COVERING INTEREST RATES AND LOAN PREPAYMENTS Pub. L. 100–203, title I, § 1411(a), Dec. 22, 1987, 101 Stat. 1330–22, which set out congressional findings related to interest rates and loan prepayments and was formerly set out as a note under section 948 of this title, was re- pealed by Pub. L. 115–334, title VI, § 6602(b)(16), Dec. 20, 2018, 132 Stat. 4777. PREPAYMENT REGULATIONS Pub. L. 100–203, title I, § 1411(b)(2), Dec. 22, 1987, 101 Stat. 1330–23, which directed the Governor of the Rural Telephone Bank to issue regulations to carry out the amendment to this section by section 1411(b)(1) of Pub. L. 100–203 and was formerly set out as a note under sec- tion 948 of this title, was repealed by Pub. L. 115–334, title VI, § 6602(b)(16), Dec. 20, 2018, 132 Stat. 4777. SUBCHAPTER V—RURAL ECONOMIC DEVELOPMENT § 950aa. Additional powers and duties The Secretary shall— (1) provide advice and guidance to electric borrowers under this chapter concerning the effective and prudent use by such borrowers of the investment authority under section 940b of this title to promote rural development; (2) provide technical advice, trouble- shooting, and guidance concerning the oper- ation of programs or systems that receive as- sistance under this chapter; (3) establish and administer various pilot projects through electric and telephone bor- rowers that the Secretary determines are use- ful or necessary, and recommend specific rural development projects for rural areas; (4) act as an information clearinghouse and conduit to provide information to electric and telephone borrowers under this chapter con- cerning useful and effective rural development efforts that such borrowers may wish to apply in their areas of operation and concerning State, regional, or local plans for long-term rural economic development; (5) provide information to electric and tele- phone borrowers under this chapter con- cerning the eligibility of such borrowers to apply for financial assistance, loans, or grants from other Federal agencies and non-Federal sources to enable such borrowers to expand their rural development efforts; and (6) promote local partnerships and other co- ordination between borrowers under this chap- ter and community organizations, States, counties, or other entities, to improve rural development. (May 20, 1936, ch. 432, title V, § 501, as added Pub. L. 101–624, title XXIII, § 2345, Nov. 28, 1990, 104