§ 941. — Telephone Bank.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 7USC941]
TITLE 7--AGRICULTURE
CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE SERVICE
SUBCHAPTER IV--RURAL TELEPHONE BANK
Sec. 941. Telephone Bank
(a) Establishment
There is hereby established a body corporate to be known as the
Rural Telephone Bank (hereinafter called the telephone bank).
(b) General purposes
The general purposes of the telephone bank shall be to obtain an
adequate supply of supplemental funds to the extent feasible from non-
Federal sources, to utilize said funds in the making of loans under
section 948 of this title, and to conduct its operations to the extent
practicable on a self-sustaining basis.
(c) Status; payments in lieu of property taxes
The telephone bank shall be deemed to be an instrumentality of the
United States, and shall, for the purposes of jurisdiction and venue, be
deemed a citizen and resident of the District of Columbia. The telephone
bank is authorized to make payments to State, territorial, and local
governments in lieu of property taxes upon real property and tangible
personal property which was subject to State, territorial, and local
taxation before acquisition by the telephone bank. Such payment may be
in the amounts, at the times, and upon such terms as the telephone bank
deems appropriate but the telephone bank shall be guided by the policy
of making payments not in excess of the taxes which would have been
payable upon such property in the condition in which it was acquired.
(May 20, 1936, ch. 432, title IV, Sec. 401, as added Pub. L. 92-12,
Sec. 2, May 7, 1971, 85 Stat. 30.)
Effective Date
Section effective May 7, 1971, see section 7 of Pub. L. 92-12, set
out as a note under section 921a of this title.
