Page:United States Statutes at Large Volume 48 Part 1.djvu/205

 i 3d CONGRESS. SESS. I. CH. 89. JUNE 16. 1933. 179 "(y) The Corporation shall open on its books a Temporary Federal Dep Temporar o sit Ins rance Deposit Insurance Fund (hereinafter referred to as the `Fund'), Fund. which shall become operative on January 1, 1934, unless the Presi- book s To of oCCoorporrpora on ation, dent shall by proclamation fix an earlier date, and it shall be the i 3e4rative Jan uary 1. duty of the Corporation to insure deposits as hereinafter provided Past, p. 969. until July 1, 1934 . " Each member bank licensed before January 1, 1934, by the Secre- tary of the Treasury pursuant to the authority vested in him by the Executive order of the President issued March 10, 1933, shall, on or before January 1, 1934, bec ome a member of the Fund ; eac h m emb er bank so licensed after such date, and each State bank trust company or mutual savings bank (referred to in this subsection as `State bank', which term shall also include all banking institutions located in the District of Columbia) which becomes a member of the Federal Reserve System on or after such date, shall, upon being so licensed or so admitted to membership, become a member of the Fund ; and any State bank which is not a member of the Federal Reserve System, with the approval of the authority having supervision of such State bank and certification to the Corporation by such author- ity that such State bank is in solvent condition, shall, after exam- ination by, and with the approval of, the Corporation, be entitled to become a member of the Fund and to the privileges of this sub- section upon agreeing to comply with the requirements thereof and upon paying to the Corporation an amount equal to the amount that would be required of it under this subsection if it were a member ba n k. The Corporation is authorized to prescribe rules and reg u- lations for the further examination of such State bank, and to fix the compensation of examiners employed to make examinations of State banks. " Each member of the Fund sha ll file with the Corporatio n on or before the date of its admission a certified statement under oath showing, as of the fifteenth day of the month preceding the month in which it was so admitted, the number of its depositors and the total amount of its deposits which are eligible for insurance under this subsection, and shall pay to the Corporation an amount equal to one-half of 1 per centum of the total amount of the deposits so certified . One-half of such payment shall be paid in full at the time of the admission of such member to the Fund, and the remainder of such payment shall be subject to call from time to time by the board of direc tors of the C orporation . Within a reasonable time fixed by the Corporation each such member shall file a similar statement showing, as of June 15, 1934, the number of its depositors and the total amount of its deposits whi ch are eligibl e for such insurance and shall pay to the Corporati on in the same manner an amount equal to one-half of 1 per centum of the increase, if any, in the total amount of such deposits since the date covered by the statement filed upon its admission to membership in the fund. " I° at any time prior to July 1, 1934, the Corporation requires additional funds with which to meet its obligations under this subsection, each member of the Fund shall be subject to one addi- tional assessment only in an amount not exceeding the total amount theretofore pa id to the Cor poration by s uch member . " If any member of the Fund shall be closed on or before June 30, 1934, on account of inability to meet its deposit liabilities, the Corpo- ration shall proceed in accordance with the provisions of subsection (1) of this s ection to pay the in sured deposit liabil ities of such mem- ber ; except that the Corporation shall pay not more than $2,500 on account of the net appro ved claim of the owner of a ny deposit. Membership of Fund. Executive Ord er number 6078 . Post, p. 97L State banks not members of r ese rve system. Ex amination ru les, etc , to be prescribed . Certified statement by Fu nd members. Contents . Payments to Corno- ration. Manner of making . Similar statement, as of June 15, 1934, re- qui red. Post.P 969. A dditi onal assess, m ents auth orize d. Post, p. 969. Amount. Payment of ins ured d eposi t li abili ties, if Fund member closes before June 30, 1934 Ante, p. 1r- Post, p. 959. Amount to any de positor.