Page:United States Statutes at Large Volume 48 Part 1.djvu/1283

 73d C ONGRESS. SESS. II. CH. 847. JUNE 27, 1934 . other such obligations upon such terms and conditions as the board of trustees may determine. Moneys of the Corporation not required for current op erations shal l be deposite d in the Treas ury of the United States, or upon the approval of the Secretary of the Treas- ury, in any Federal Reserve bank, or shall be invested in obligations of, or guaranteed as to principal and interest by, the United States. Whe n designated for that purp ose by the Sec retary of the Treas- ury, the Corporation shall be a depositary of public money under such regulations as may be prescribed by the Secretary of the Treasury, and may also be employed as fiscal agent of the United States, and it shall perform all such reasonable duties as depositary of public money and fiscal agent as may be required of it. (e) All notes, bonds, debentures, or other such obligations issued by the Corporation shall be exempt, both as to principal and inter- est, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Ter- ritory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. The Corporation, includ- ing its franchise, capital, reserves, surplus, and income, shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority ; except that any real property of the Corporation shall be subject to State, territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed. (f) The Corporation shall make an annual report of its opera- tions to the Congress as soon as practicable after the lst day of January in each year. (g) No i ndiv idua l, a ssoc iati on, part ners hip, or corp orat ion shal l use the words " Federal Savings and Loan Insurance Corporation ", or any combination of any of these words which would have the effect of leading the public in general to believe there was any connection, actually not existing, between such individual, association, partner- ship, or corporation and the Federal Savings and Loan Insurance Corporation, a s the name un der which he or it shall he reafter do bu s in e ss. No individ ual, associat ion, partners hip, or corpor ation shall advertise or otherwise represent falsely by any device whatso- ever that his or its accounts are insured or in anywise guaranteed by the Federal Savings and Loan Insuranc e Corporation, or by the Government of the United States, or by any instrumentality thereof ; and no insured member shall advertise or otherwise represent falsely by any devic e what soeve r the extent to wh ich o r the manner in which its accounts are insured by the Federal Savings and Loan Insurance Corporation. Every individual, partnership, association, or corporation violating this subsection shall be punished by a fine of not exceeding $1,000, or by imprisonment not exceeding one year, or both. INSURANCE OF ACCOUNTS AND ELI GIB IL ITY PR OVI SIO NS SEC. 403. (a) It shall be the duty of the Corporation to insure the accounts of all Federal savings and loan associations, and it may insure the accounts of building and loan, savings and loan, and home- stead associations and cooperative banks organized and operated according to the laws of the State, District, or Territory in which they are chartered or organized. (b) Application for such insurance shall be made immediately by each Federal savings and loan association, and may be made at any time by other eligible institutions. Such applications shall be in 1257 Deposit of surplus moneys. Investments. Corpo ratio n as fisca l agent. Tax exemptions ; cor- porate bonds, deben- tures,etc. Franchise, capital, re- serves,etc. Real property taxes. Annual report. Exclusive use of torm, "Federal Savings and Loan Insurance Cor- poration." Prohihited acts. M isrep resen tatio n re- specting insuranee of accounts. Respecting extent to wbich accounts are in- sured. Penalty provisions. In sur ance of ac- counts, eligibility pro- visions. Organizations eligible for insurance. Applications. Form.