Profiles of Existing Government Corporations - US Government ...

NANR: Rural Telsphone Sank (RTB)
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CORPORATION PROFILE
PURPOSB : To obtain an adaquata supply of supplemental funds to
tha extent feasibla from non-federal funds and to make loans to
corporations and public bodies for tha purpou of financing or
refinancing the construction, improvement, expansion,
acquisition, and operation of telephone line8, facilities, and
syst.ms.
LeGAL ADTNORITY: 7 U.S.C. 941-950b
DATB CREATED: May 7, 1971
LRGISUTED TERKINATION MTR: None spscified in enabling
legislation.
LEGAL STATUS: wholly owned government corporation.
AGRWCY STA’5JS : Agency within the Departmant of Agriculture in
the Rural Electrification Administration. When 51 percent of
tha Class A stock has been ratirad, the organization is to cease
being an agency and bacona a mixad-ownership corporation.
BOARDOF DIRDCTDRB: The botrd has 13 nub~rs; #won are
;Ey;;t;ed by the President. The makeup of the board is as
: three nembors ar8 amployeu of the Dapartment of
Agricultura but are not of the Rural Electrification
Administration, two arm members from the public but are not
employeon of the federal government, three are momborn from
eligible cooperative borrowers, three arm members from l liqible
commercial borrowers, the Administrator of the Rural
Electrification Administration (RRA), and the Governor of the
Farm Credit Administration. When 51 percent of the Class A stock
has been retired, the five presidential appointees are to resign
and the organization is to coaso bd.ng an agmcy and become a
mixed-ownership corporation.
ADVISORY DOARD lIElIB!IRS: Non8 spscifisd in enabling leqislation.
PARRNT AGmcY: Department of Agriculture
APPILIATRDAGRNCIES: RTB utilisos the facilitior and servi~u of
employeon of REA and Dopartmont of Agriculture without cost.
Treasury maintains accounts for RTB and may purchase dabt issued.
RTB is subject to the supervision and diraction of the Secretary
of Agriculture.
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