Page:United States Statutes at Large Volume 47 Part 1.djvu/764

 740 72d CONGRESS. SESS. I. CH. 522 . JULY 22,1932 . or similar laws of such State shall be eligible to become a member under this Act if- (1) it is organ ized sole ly for th e purpose of suppl ying cred it to its members (2) its membership (A) is confined exclusively to building and l oan assoc iations, savings a nd loan associati ons, coop erative banks, and homestead associations ; or (B) is confined exclusively to savings banks ; and (3) of the insti tution s to w hich i ts'memb ership is co nfined which are organized within the State, its membership includes a majority of such institutions. (b) In all respects, but subject to such additional rules and regu- lations as the board may provide, any such organization shall be a member for the purposes of this Act. SEC. 25 . Each Federal Home Loan Bank shall have succession until dissolved by the board under this Act or by further Act of i,ation, etc. SEC. 26. Whenever the board finds that the efficient and economi- cal accomplishment of the purposes of this Act will be aided by such action, and in accordance with such rules regulations, and orders as the board may prescribe, any Federal home Loan Bank may be liquidated or reorganized, and its stock paid off and retired in whole or in part in connection therewith after paying or making provision for the payment of its liabilities. In the case of any such liquidation or reorganization, any other Federal Home Loan Bank may, with the approval of the board, acquire assets of any such liquidated or reorganized bank and assume liabilities thereof, in whole or in part. ti ons g td sub ser ibeti of SEC. 2 7 . Any ins titution, except a national bank, tr ust compa ny, or stock. other banking organization organized under any law of the United Exceptions. States, including the laws relating to the District of Columbia, shall be aut horize d to s ubscri be for stock of a F ederal Home Loan Bank if otherwise eligible to make such subscription under the terms of this Act, any provision in any such law to the contrary In val id pmvI "" notwithstanding. not to affect remainder SEC. 28. If any provision, of this Act, or the application thereof of act. to any perso n or c ircums tances, is h eld inv alid, the re mainde r of the Act, and the application of such provision to other persons or United states bonds, circumstances, shall not be affected thereby. Outstanding, or to SEC. 29. That notwithstanding any provisions of law prohibiting be issued ensuing three bonds of the United States from bearing the circulation privilege, years, bearing 3 Per for a period of three years from the date of enactment of this Act all outstanding bonds of the United States heretofore issued or issued during such period, bearing interest at a rate not exceeding 33/8 per centum per annum, shall be receivable by the Treasurer of the United States as security for the issuance of circulating. notes to national banking associations, and upon the deposit with the Treasurer of the United States by a national banking association of any such bonds, such association shall be entitled to receive circu- lating notes in the same manner and t o the s ame ex tent a nd sub ject to the same conditions -and limitations now provided by law in the case of 2 per centum gold bonds of the United States bearing the circulation privilege ; except that the limitation contained in sec- tion 9 of the Act of July 12, 1882, as amended, with respect to the amount of lawful money which may be deposited with the Treasurer of the United States by national banking associations for the pur- pose of withdrawing bonds held as security for their circulating notes, shall not ap ply to the b onds o f the U nited States to wh ich the circulation privilege is extended by this section and which are To become member if qualifying. Succession. cent interest, or less, to bear circulation priv. liege. U. S. c., p. 1026, waived. Use by -national banks as security for is. suan ce of cir culat ing notes. To be delivered on deposit of bonds. Vol.31,p.49. U.S. C.,p. 267. Withdrawal limita- tions not applicable. Vol. 22, p. 164; Vol.35, p.551. Liquidation,reorgan- Con gress. U.S.C .,p. 27L