Page:United States Statutes at Large Volume 48 Part 1.djvu/996

 970 closes . mePayments if bank any mutual savings bank shall be closed on account of inability to meet its deposit liabilities the Corporation shall pay not more than PTe Be. $2,500 on account of the net approved claim of any owner of deposits Ele cti on to insure in such bank : Provided, however, That should any mutual savings deposits on same basis bank make manifest to the Corporation its election to be subject berother fund mem- to the provi sions of the preceding par agraph the Cor p Y~ oration may, , in the discretion of the board of directors, permit such bank to become so subject and the insurance of its deposits to continue on the same basis and to the same extent as that of fund members Fund for Mut,ia is " other than mutual savings banks . Establishment . The Corporation, in the discretion of the board of directors, may open on its books solely for the benefit of mutual savings banks an additional Temporary Federal Deposit Insurance Fund (hereinafter When to become referred to as the `Fund For Mutuals') which, if opened, shall ope rat ive . become operative rn or after July 1, 1934, but prior to August 1, 1934, and shall continue to July 1, 1935 . If the Fund For Mutuals is opened on the books of the Corporation, each mutual savings bank Fund member s ex- which is or becomes entitled to the benefits of insurance during the eluded . period of its operation shall be a . member thereof and shall not be Assessments, includ- ing payments . a Fu nd member . All assessments on each mutual savings bank, inclu ding p ayment s her etofor e made to th e Cor porati on les s an equitable deduction for liabilities and expenses of the Fund incurred prior to the opening of the Fund For Mutuals, if opened, shall be Provi sions app licab le transferred or paid, as t he case may b e, to the Fund For Mutuals. to. All provisions of this section applicable to the Fund and not incon- sistent with this paragraph shall be applicable to the Fund For Mutuals if opened, except that as to any period the two are in operation the Fund shall not be subject to the liabilities of the Fund For Mutuals and the Fund For Mutuals shall not be subject to the liabilities of the Fund. Each mutual savings bank admitted to the Fund shall bear its equitable share of the liabilities of the Fund for the period it is a member thereof, including expenses of operation and allowing for anticipated recoveries ." ; (7) By striking out the period at the end of the first sentence of the fifth paragraph of subsection (y) and inserting in lieu thereof a comma and the following : "if the member closed on or before June 30, 1934, and not more than $5,000 if closed on or after July 1, 1934 ." ; (8) By (a) striking out "July 1, 1936" in the first sentence of subsection (1) and insertin g in lieu the reof "July 1, 1937 ", (b) striking out the words " July 1, 1936 " in the seventh paragraph of subsection (y) and inserting in lieu thereof " July 1, 1937 ", and (c) adding after the seventh paragraph of subsection (y) the following new paragraph " Until July 1, 1937, any State bank may obtain the benefits of this section on and after the date the Fund is terminated upon the condi- tions with regard to examination, certification, and approval govern- ing the admission of State banks to the Fund and upon purchasing such class A stock or making such a deposit as is prescribed in the preced ing pa ragrap h for forme r fund membe rs. " ; (9) By adding at the end of the first paragraph of subsection (v) the following new paragraph " Every insured bank shall display at each place of business main- tained by it a sign or signs to the effect that its deposits are insured by the Federal Deposit Insurance Corporation. The Corporation shall prescribe by regulation the form of such sign and the manner of its display. Such regulation may impose a maximum penalty of $100 for each day an insured bank continues to violate any lawful provisions of said regulation ." ; and Membership. Liabilities of Fund to be eq ually sha red . Amount of deposits eligible for insurance increased, after June 30, 1934. .ante, p. 179. Insurance of deposits, n onme mber banks. Subscription for class A Stock, State bank member of Fund . Ante, pp. 172, 180 . Benefits to State banks after Fund ter- minated . Insurance of deposits, sign to be displayed . A nte, p. 178. Re gula tions . 73d C ONGRESS . SESS. II. CH. 546. JUNE 16, 1934.