Convening the Initial Meeting of Board of Directors of the NationalConsumer Cooperative Bank Before the President Has Appointed All Members

July 31, 1979 79-56 MEMORANDUM OPINION FOR THE COUNSEL TO THE PRESIDENT (1) Federally Chartered Corporations—National Consumer Cooperative Bank—Board of Directors (2) Recess Appointments This responds to your memorandum concerning the National Consumer Cooperative Bank (the Bank). The Bank has been “ created and chartered [as] a body corporate * * * as an instrumentality o f the United States, and until otherwise provided, shall be a mixed ownership Government cor­ poration.” Act o f August 20, 1978. § 101, 92 Stat. 499. I have been ad­ vised that it is important for budgetary reasons that…