7 U.S.C. § 950 : US Code - Section 950: Conversion of ownership, control, and operation of telephone bank

Search 7 U.S.C. § 950 : US Code - Section 950: Conversion of ownership, control, and operation of telephone bank

(a) 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
Whenever fifty-one per centum of the maximum amount of class A
stock issued to the United States and outstanding at any time after
September 30, 1985, has been fully redeemed and retired pursuant to
section 946(c) of this title - 
(1) 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;
(2) the five members of the Telephone Bank Board designated by
the President pursuant to section 945(b)(1)(A) of this title
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;
(3) 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.
(b) Restrictions of section 948(a)(2) of this title inapplicable to
loans upon redemption and retirement of class A stock
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 section 948(a)(2) of
this title.
(c) Congressional review
Congress reserves the right to review the continued operations of
the telephone bank after all class A stock has been fully redeemed
and retired.