Public Law 362. to create the Inland Waterways Corporation for the purpose of carrying out the mandate and purpose of Congress as expressed in sections 201 and 500 of the Transportation Act, and for other purposes ”, approved969 June 3, 1924, as amended, is amended by striking out after the word[U

2,236 words·~10 min read·/statutes-at-large/vol-48/public-law-362·

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(/us/pl/73/361).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Inland Waterways Corporation Act amended.Common carrier service provisions extended.Vol. 45, p. 980. That subdivision

(e)of section 3 of the Act entitled “An Act to create the Inland Waterways Corporation for the purpose of carrying out the mandate and purpose of Congress as expressed in sections 201 and 500 of the Transportation Act, and for other purposes ”, approved969 June 3, 1924, as amended, is amended by striking out after the word[U.S.C., Supp. VII. p. 1019](/us/usc/1019). “Warrior” the words “River or the Mississippi River”, and inserting in lieu thereof a comma and the words “Mississippi, Columbia, or Snake Rivers,”. Approved, June 16, 1934. To amend section 12B of the Federal Reserve Act so as to extend for one year the temporary plan for deposit insurance, and for other purposes. 1934-06-16 546 Chapter 48 Stat. 969 73 2 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2024-12-11 public [CHAPTER 546.] AN ACT To amend section 12B of the Federal Reserve Act so as to extend for one year the temporary plan for deposit insurance, and for other purposes.June 16, 1934.[[S. 3025](/us/bill/73/s/3025).][[Public, No. 362](/us/pl/73/362).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That section 12BFederal Reserve Act, amendment. of the Federal Reserve Act is amended—

(1)By striking out “July 1, 1934” wherever it appears in subsectionsFederal deposit insurance; extensions.*Ante*, pp. 168, 172, 179.Subscriptions; insurance of deposits. (e), (l), and (y), and inserting in lieu thereof “July 1, 1935”;

(2)By striking out “June 15, 1934” where it appears in the lastCertified statements by Fund members.*Ante*, p. 179. sentence of the third paragraph of subsection

(y)and inserting in lieu thereof “October 1, 1934”;

(3)By striking out “June 30, 1934” where it appears in the firstLiabilities, if Fund member closes before June 30, 1935. sentence of the fifth paragraph of subsection (y), and inserting in lieu thereof “June 30, 1935”;

(4)By amending the second sentence of the fifth paragraph ofDeposit insurance.Provisions extended,*Ante*, p. 180. subsection

(y)to comprise two sentences reading as follows: “The provisions of such subsection

(1)relating to State member Banks shall be extended for the purposes of this subsection to members of the Fund which are not members of the Federal Reserve System,Appointment of Corporation as receiver; limitation. and the provisions of such subsection

(1)relating to the appointment of the Corporation as receiver shall be applicable to all members of the Fund. The provisions of this subsection shall apply only to deposits of members of the Fund which have been made available since March 10, 1933, for withdrawal in the usual course of the banking business.”; Regulating exercise of nonmember’s right to withdraw.*Ante*, p. 180.

(5)By adding to the sixth paragraph of subsection

(y)the following: “The Corporation shall prescribe by regulations the manner of exercise of the right of nonmember banks to withdraw from membership in the fund on July 1, 1934, except that no bank shall be permitted to withdraw unless ten days prior thereto it has given written notice to the Corporation of its election so to do.Refunds. Banks which withdraw from the Fund on July 1, 1934, shall be entitled to a refund of their proportionate share of any estimated balance in the Fund on the same basis as if the Fund had terminated on July 1, 1934.”;

(6)By adding to the end of the fourth paragraph of subsection

(y)the following new paragraphs: Amount of deposit eligible for insurance increased.*Ante*, p. 179. " “On and after July 1, 1934, the amount eligible for insurance under this subsection for the purposes of the October 1, 1934 certified statement, any entrance assessment, and, if levied, the additional assessment, shall be the amounts not in excess of $5,000 of the deposits of each depositor. “Each mutual savings bank, unless it becomes subject to theMutual savings banks. provisions of the preceding paragraph in the manner hereinafter provided, shall be excepted from the operation of the preceding paragraph and for each such bank which is so excepted the amount eligible for insurance under this subsection for the purposes of the October 1, 1934 certified statement, any entrance assessment, and, if levied, the additional assessment, shall be the amounts not inDeposits insured not exceeding $2,500. excess of $2,500 for the deposits of each depositor. In the event970Payments if bank closes. any mutual savings bank shall be closed on account of inability to meet its deposit liabilities the Corporation shall pay not more than $2,500 on account of the net approved claim of any owner of deposits*Proviso*.Election to insure deposits on same basis as other fund members. in such bank: *Provided, however,* That should any mutual savings bank make manifest to the Corporation its election to be subject to the provisions of the preceding paragraph the Corporation may, in the discretion of the board of directors, permit such bank to become so subject and the insurance of its deposits to continue on the same basis and to the same extent as that of fund members other than mutual savings banks. “Fund for Mutuals,” Establishment.“The Corporation, in the discretion of the board of directors, may open on its books solely for the benefit of mutual savings banks an additional Temporary Federal Deposit Insurance Fund (hereinafterWhen to become operative. referred to as the ‘ Fund For Mutuals ’) which, if opened, shall become operative on or after July 1, 1934, but prior to August 1, 1934, and shall continue to July 1, 1935. If the Fund For MutualsMembership. is opened on the books of the Corporation, each mutual savings bank which is or becomes entitled to the benefits of insurance during theFund members excluded.Assessments, including payments. period of its operation shall be a member thereof and shall not be a Fund member. All assessments on each mutual savings bank, including payments heretofore made to the Corporation less an equitable deduction for liabilities and expenses of the Fund incurred prior to the opening of the Fund For Mutuals, if opened, shall be transferred or paid, as the case may be, to the Fund For Mutuals.Provisions applicable to. All provisions of this section applicable to the Fund and not inconsistent with this paragraph shall be applicable to the Fund For Mutuals if opened, except that as to any period the two are in operation the Fund shall not be subject to the liabilities of the Fund For Mutuals and the Fund For Mutuals shall not be subject to the liabilities of the Fund. Each mutual savings bank admitted to theLiabilities of Fund to be equally shared. Fund shall bear its equitable share of the liabilities of the Fund for the period it is a member thereof, including expenses of operation and allowing for anticipated recoveries.”; "

(7)Amount of deposits eligible for insurance increased, after June 30, 1934.*Ante*, p. 179. By striking out the period at the end of the first sentence of the fifth paragraph of subsection

(y)and inserting in lieu thereof a comma and the following: “if the member closed on or before June 30, 1934, and not. more than $5,000 if closed on or after July 1, 1934.”;

(8)Insurance of deposits, nonmember banks.Subscription for class A stock, State bank member of Fund.*Ante*, pp. 172, 180. By

(a)striking out “July 1, 1936” in the first sentence of subsection

(1)and inserting in lien thereof “July 1, 1937”,

(b)striking out the words “July 1, 1936” in the seventh paragraph of subsection

(y)and inserting in lieu thereof “July 1, 1937”, and

(c)adding after the seventh paragraph of subsection

(y)the following new paragraph: " Benefits to State banks after Fund terminated.“Until July 1, 1937. any State bank may obtain the benefits of this section on and after the date the Fund is terminated upon the conditions with regard to examination, certification, and approval governing the admission of State banks to the Fund and upon purchasing such class A stock or making such a deposit as is prescribed in the preceding paragraph for former fund members.”; "

(9)By adding at the end of the first paragraph of subsection (v)Insurance of deposits, sign to be displayed.*Ante*, p. 178. the following new paragraph: " “Every insured bank shall display at each place of business maintained by it a sign or signs to the effect that its deposits are insured by the Federal Deposit Insurance Corporation. The CorporationRegulations. shall prescribe by regulation the form of such sign and the manner of its display. Such regulation may impose a maximum penalty of $100 for each day an insured bank continues to violate any lawful provisions of said regulation.”; and " 971

(10)By amending the first sentence of the second paragraph ofMembership of Fund extended to Territories, etc.*Ante*, p. 179. subsection

(y)by inserting within the parentheses and immediately after the words “District of Columbia” the words “and the Territories of Hawaii and Alaska”. Sec. 2. The first paragraph of section 9 of the Federal Reserve*Ante*, p. 164.[U.S.C., Supp. VII, p. 169](/us/usc/169).Membership of State banks.“Capital” and “capital stock” construed. Act, as amended (U.S.C., title 12, sec. 321), is amended by adding after the second sentence thereof a new sentence to read as follows: “For the purposes of membership of any such bank the terms ‘capital’ and ‘capital stock’ shall include the amount of outstanding capital notes and debentures legally issued by the applying bank and purchased by the Reconstruction Finance Corporation.” Sec. 3.

(a)The Reconstruction Finance Corporation Act, asReconstruction Finance Corporation Act.Vol. 47, p. 8; [U.S.C., Supp. VII, p. 153](/us/usc/153). amended, is amended by adding before section 6 thereof the following new section: " “Sec. 5e.

(a)The Corporation is authorized and empowered toBanks closed during 1930–33.Loans to, or purchase of assets of, authorized. make loans upon or purchase the assets of any bank, savings bank, or trust company, which has been closed on or after December 31, 1929, and prior to January 1, 1934, and the affairs of which have not been fully liquidated or wound up, upon such terms and conditions as the Corporation may by regulations prescribe. If in connectionLoans on assets held for benefit of depositors. with the reorganization, stabilization, or liquidation of any such bank, assets have been trusteed or are otherwise held for the benefit of depositors or depositors and others, the authority, subject to regulations, as provided in the preceding sentence shall be extended for the purpose of authorizing the Corporation to purchase or make loans on such assets held for the benefit of such depositors or depositors and others. This authority shall also extend to any such institutionBank reopened, without paying deposits in full. that has reopened without payment of deposits in full. In making any purchase of or loan on the assets of any closed bank,Appraisal of assets. the Corporation shall appraise such assets in anticipation of an orderly liquidation over a period of years, rather than on the basis of forced selling values in a period of business depression. This authority shall also extend to assets of the character made eligibleAuthority extended to other eligible assets. by this section as security for loans without regard to whether the Corporation has heretofore made loans thereon. “(b) The Corporation shall purchase at par value such debentures or other obligationsObligations of Federal Deposit Insurance Corporation.Purchase of, when additional funds required. of the Federal Deposit Insurance Corporation as are authorized to be issued under subsection

(o)of section 12B of the Federal Reserve Act, as amended, upon request of the board of directors of the Federal Deposit Insurance Corporation, whenever in the judgment of said board additional funds are required for insurance purposes: *Provided,* That the Corporation shall not purchaseProvisos.Limitation. or hold at any time said debentures or other obligations in excess of $250,000,000 par value: *Provided further,* That the proceeds derivedProceeds from such purchases for insurance purposes solely. from the purchase by the Corporation of any such debentures or other such obligations shall be used by the Federal Deposit Insurance Corporation solely in carrying out its functions with respect to such insurance. “(c) The amount of notes, bonds, debentures, and other such obligationsMaximum outstanding obligations permitted. which the Corporation is authorized and empowered to issue and to have outstanding at any one time under existing law is hereby increased by $250,000,000.” " Sec. 4. So much of section 31 of the Banking Act of 1933 as relatesProvisions concerning stock ownership by directors, etc., repealed.*Ante*, p. 194 to stock ownership by directors, trustees or members of similar governing bodies of member banks of the Federal Reserve System, is hereby repealed. Approved, June 16, 1934. To exempt from taxation certain property of the National Society of the Sons of the American Revolution. 1934-06-16 547 Chapter 48 Stat. 972 73 2 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2024-12-11 public 972 [CHAPTER 547.] AN ACT To exempt from taxation certain property of the National Society of the Sons of the American Revolution.June 16, 1934.[[H.R. 6037](/us/bill/73/hr/6037).][

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Public Law 362

to create the Inland Waterways Corporation for the purpose of carrying out the mandate and purpose of Congress as expressed in sections 201 and 500 of the Transportation Act, and for other purposes ”, approved969 June 3, 1924, as amended, is amended by striking out after the word[U

Stat.×4

Stat.Public Law 362

Stat.Public Law 365

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