Page:United States Statutes at Large Volume 49 Part 1.djvu/339

 294 74T H CONG RESS. SESS. I. CH. 150. MAY 28, 1935 . SEC. 3. (a) Subsections (a), (b), and (c) of section 7 of the Federal Ho me Loa n Bank Act, as ame nded, are am ended, effec tive J anuary 1, 19 36, to c omprise four sub sections to read as foll ows "(a) The management of each Federal Home Loan Bank shall be vested in a board of twelve directors, all of whom shall be citizens of the United States and bona fide residents of the district in which such bank is located . " (b) Four of such directors shall be appointed by the Board and shall hold office for terms of four years ; except that the terms of office of the two such directors heretofore appointed shall expire at the end of the calendar years 1936 and 1937, respectively, and the terms of office of the first two such directors hereafter appointed shall expire at the end of the calendar years 1938 and 1939, respectively. " (c) Six of such directors, two of whom shall be known as class A directors, two of whom shall be known as class B directors, and two of whom shall be known as class C directors, shall be elected as pro- vided in subsection (e), and shall hold office for terms of two years ; except that the terms of office of the directors heretofore elected or appointed shall expire at the end of the terms for which they were elected or appointed . "(d) Two of such directors shall be elected by the members of the Federal Home Loan Bank without regard to classes under rules and regulations to be prescribed by the Board, and shall hold office for terms of two years ; except that the term of office of one of the direc- tors first elected under this subsection shall expire at the end of the calendar year 1936 ." tionssrelettteed,snbsec- (b) Section 7 of the Federal Home Loan Bank Act, as amended, is Vol. 47, p. 730; U. fu rther am ended, e ffective January 1, 1936, by rel etterin g subsec tions S.C.,P.486. Federal Rome Loan Bank, management . Vol. 47, p. 730; U. S.C.,p.465. Di recto rs ; number, qualifications . Appointments; terms of office . Classification . Elected members . Vol.47,p.730. (d ), ( e), (f) , (g ), (h), and (i) as (e), (f), (g), (h), (i), and (j), re spective ly. SEC. 4. The Fed er al Ho me Lo an Ba nk A ct, as ame nd ed, is amended by adding after section 8 a new section to read as follows " FEDERAL SAVINGS AND LOAN ADVISORY COUNCIL " SEC. 8a . There is hereby created a Federal Savings and Loan Adviso ry Cou ncil, which shall consis t of o ne mem ber fo r each Fed- eral Home Loan Bank district to be elected annually by the board of directors of the Federal Home Loan Bank in such district and six members to be appointed annually by the Board . Each such elected member shall be a resident of the district for which he is elected . All members of the Council shall serve without compensation, but shall be entitled to reimbursement from the Board for traveling expens es inc urred in att endanc e at m eeting s of s uch Co uncil . The Council shall meet at Washington, District of Columbia, at least twice a year and oftener if requested by the Board. The Council may select its chairman, vice chairman, and secretary, and adopt rowers . methods of procedure and shall have power- "(1) To confer with the Board and board of trustees of the Fed- eral Savings and Loan Insurance Corporation on general business conditions, and on special conditions affecting the Federal Home Loan Banks and their members and such Corporation. "(2) To request information, and to make recommendations, with respect to matters within the jurisdiction of the Board and the board of trustees of such Corporation ." SEC. 5. Subsection (a) of section 10 of the Federal Home Loan Bank Act, as amended, is amended to read as follows "(a) Eac h Fed er al Ho me Lo an B ank is authorized to make advances to its members upon the security of home mortgages, or obligations of the United States, or obligations fully guaranteed by Vol.47,p.731. Federal Savings and Loan Advisory Coun- cil . Creation ; mem - bership . Resi dence . Compensation ; allowances . Meet ings, office rs, etc . Federal Home Loan BankAct,amendment. Vol. 47, p. 731; Vol. 48,p.1261; U.S. C., p.467. Advances to me m- bers ; security; regula- tions.