Page:United States Statutes at Large Volume 48 Part 1.djvu/199

 73d CO NGRESS. SESS. I. CH. 89. JUNE 16, 1933 . 173 tions provided for it in this paragraph. For the purposes of this "Insured deposit I!- subse ction, the ter m 'in sured dep osit liabi lity' sha ll me an wi th abihty' . construed. respect to the owner of any claim arising out of a deposit liability of such closed bank the following percentages of the net amount due to such owner by such closed bank on account of deposit lia- Percentages . bilities : 100 per centum of such net amount not exceeding $10,000 ; and 75 per centum of the amount, if any, by which such net amount exceeds $10,000 but does not exceed $50,000 ; and 50 per centum of the amount, if any, by which such net amount exceeds $50,000 : Provi ded, That, in determining the amount due to such owner for n oviso . nation of the purpose of fixing such percentage, there shall be added together amounts for fixing per- all net amounts due to such owner in the same capacity or the same right, on account of deposits, regardless of whether such deposits be maintained in his name or in the names of others for his benefit. "Insured deposit li- For th e purp oses o f this subse ction, the te rm `in sured deposi t lia- abilities," construed. bilities' shall mean the aggregate amount of all such insured deposit liabiliti es of suc h closed bank. The Corp amount oration shall determine as n• sets d due de po f o- expeditiously as possible the net amounts due to depositors of the tors. closed hank and shall make available to the new bank an amount Amounts made avail- equal to the insured deposit liabilities of such closed bank, where- able' upon such new bank shall assume the insured deposit liability of such C orpor atio n su bro- closed bank to each of its depositors, and the Corporation shall be gated to rig hts against subrogated to all rights against the closed bank of the owners of closed db amen t to di vi- such deposits and shall be entitled to receive the same dividends from dends. the proceeds of the assets of such closed bank as would have been payable to each such depositor until such dividends shall equal the insured depos it lia bility to su ch dep ositor assume d by t he new bank, whereupon all further dividends shall be payable to such depositor. i n 1,:yrents to be made Of the amount thus made available by the Corporation to the new bank, such portion shall be paid to it in cash as may be necessary to enable it to meet immediate cash demands and the remainder shall be credited to it on the books of the Corporation subject to with- Cre dits. drawal on dem and an d shal l bear inter est at the ra te of 3 per centum Interest rate. Acce per annum until withdrawn. The new bank may, with the d pos iitp ptanc e of new approval of the Corporation, accept new deposits, which, together with all amounts made available to the new bank by the Corporation, Investments author- shall be kept on hand in cash, invested in direct obligations of the zed . United States, or deposited with the Corporation or with a Federal Maint enan ce o f re- res er ve b an k. Such new bank shall maintain on deposit with the serve with reserve Federal reser ve ban k of i ts dis trict the res erves requir ed by law of bank. member banks but sh all no t be r equire d to su bscrib e for stock of the subscriptio n for Federal reserve bank until its own capital stock has been subscribed stock not required. and paid for in the manner hereinafter provided. The articles of Articles of associa- association and organization certificate of such new bank may be tion and organization. executed by such representatives of the Corporation as it may desig- Management of new nate ; the new bank shall not be required to have any directors at bank. the time of its organization, but shall be managed by an executive officer to be designated by the Corporation ; and no capital stock need meappsby corporation. o be paid in by the Corporation ; but in other respects such bank shall be organized in accordance with the existing provisions of law relat- ing to the organization of national banks ; and, until the requisite n ~r ansa ction of busi- amount of capital stock for such bank has been subscribed and paid for in the manner hereinafter provided, such bank shall transact no business except that authorized by this subsection and such busi- ness as may be incidental to its organization. When in the ]udg- of new bank. ierstock anent of the Corporation it is desirable to do so, the Corporation shall offer capital stock of the new bank for sale on such terms and condi- tions as the Corporation shall deem advisable, in an amount suf6- Amount. cient in the opinion of the Corporation to make possible the conduct