Public Law 545.

1,085 words·~5 min read·/statutes-at-large/vol-52/public-law-545·

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(/us/pl/75/544)] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Federal Reserve Act, amendments.[49 Stat. 695](/us/stat/49/695).[12 U. S. C., Supp. III, § 264

(l)(7)](/us/usc/t12/s264/1/7). That paragraph

(7)of subsection

(1)of section 12B of the Federal Reserve Act, as amended (U. S. C., 1934 edition, Supp. II, title 12, sec. 264), be amended to read as follows: " Federal Deposit Insurance Corporation, subrogation to rights of paid depositors against closed national or District bank.Other dosed insured banks.“In the case of a closed national bank or District bank, the Corporation, upon the payment of any depositor as provided in paragraph

(6)of this subsection, shall be subrogated to all rights of the depositor against the closed bank to the extent of such payment. In the case of any other closed insured bank, the Corporation shall not make any payment to any depositor until the right of the Corporation to be subrogated to the rights of such depositor on the same basis as provided in the case of a closed national bank under this section shall have been recognized either by express provision of State law, by allowance of claims by the authority having supervision of such bank, by assignment of claims by depositors, or by any other effective Right of Corporation to receive dividends.method. In the case of any closed insured bank, such subrogation shall include the right on the part of the Corporation to receive the same dividends from the proceeds of the assets of such closed bank and recoveries on account of stockholders’ liability as would have been payable to the depositor on a claim for the insured deposit, but such depositor shall retain his claim for any uninsured portion of his *Provisos*.Waiver of stockholders’ liability in excess of amount unpaid on stock.deposit: *Provided*, That, with respect to any bank which closes after the date this paragraph as amended takes effect, the Corporation shall waive, in favor only of any person against whom stockholders’ individual liability may be asserted, any claim on account of such liability in excess of the liability, if any, to the bank or its creditors, for the amount unpaid upon his stock in such bank; but any such waiver shall be effected in such manner and on such terms and conditions as will not increase recoveries or dividends on account of claims to which State banks, application of State law.the Corporation is not subrogated: *Provided further*, That the rights of depositors and other creditors of any State bank shall be determined in accordance with the applicable provisions of State law.”" Approved, May 25, 1938. Authorizing the temporary detail of United States employees, possessing special qualifications, to governments of American Republics and the Philippines, and for other purposes. 1938-05-25 277 Chapter 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 2024-11-15 52 Stat. 442 75 3 public [CHAPTER 277] AN ACT Authorizing the temporary detail of United States employees, possessing special qualifications, to governments of American Republics and the Philippines, and for other purposes. May 25, 1938[[H. R. 10193](/us/bill/75/hr/10193)][[Public, No. 545](/us/pl/75/545)] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, American Republics, Philippine Islands, and Liberia.Temporary detail of United States employees to, authorized. That the President of the United States be, and hereby is, authorized, whenever he finds that the public interest renders such a course advisable, upon agreement with the government of any other American Republic or the government of the Commonwealth of the Philippine Islands, or the 52 Stat. 443Government of Liberia, if such government is desirous of obtaining the services of a person having special scientific or other technical or professional qualifications, other than those persons covered by the Act of May 19, 1926 (44 Stat. 565), as amended by the Act of May[44 Stat, 565](/us/stat/44/565); [49 Stat. 218](/us/stat/49/218).[34 U. S. C. § 441a; Supp. III, § 441a](/us/usc/t34/s441a).Maximum period. 14, 1935 (49 Stat. 218), to detail for temporary service of not exceeding one year, under such government any such person in the employ of the Government of the United States whose services can be spared: *Provided*, That the President may, in extraordinary circumstances,*Provisos*.Extensions. extend the period of such detail for one or more additional periods of not to exceed six months each: *And provided further*, That whileStatus, compensation, allowances. so detailed, such person shall be considered for the purpose of preserving his rights and privileges as such, an officer or employee of the Government of the United States and of the department or agency from which detailed and shall continue to receive therefrom compensation, and he shall receive additional compensation from the department or agency from which detailed not to exceed 50 per centum of the compensation he was receiving as an officer or employee of the United States at the time of detail, and shall receive from the United States reimbursement for travel expenses to and from the place of detail and monthly allowances determined by the President to be adequate for quarters and subsistence during the period of such detail. The additional compensation, travel expenses, and otherFunds available for payment of additional compensation, etc. allowances authorized by this Act to be paid to any such officer or employee shall be paid from any appropriations available for the payment of compensation and travel expenses of the officers and employees of the department or agency from which he is detailed: *Provided, however*, That if any of the governments to which detailsAcceptance of reimbursement for expenses. are authorized by this Act shall express the desire to reimburse this Government in whole or in part for the expenses of such details, the President is authorized, when he deems it in the public interest, to accept such reimbursement. Approved, May 25, 1938. For the inclusion of certain lands in the Kaniksu National Forest in the State of Washington, and for other purposes. 1938-05-26 279 Chapter 52 Stat. 443 75 3 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 2024-11-15 public [CHAPTER 279] AN ACT For the inclusion of certain lands in the Kaniksu National Forest in the State of Washington, and for other purposes. May 26, 1938[[H. R. 8203](/us/bill/75/hr/8203)][

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