Page:United States Statutes at Large Volume 49 Part 1.djvu/729

 684 74TH CONGRESS. SESS. I. CH. 614. AUGUST 23, 1935. [CHAPTER 614 .1 Augu st 23, 1935 . (13.R.7617.] To provide for the sound, effective, and uninterrupted operation of the banking [Public, No . 305 .1 system, and for other purposes . Be it enacted by the Senate and House o f Representatives o f the Bankin g Act of 1935 . United States of America in Congress assembled, That this Act may be cited as the " Banking Act of 1935 ". Tit le I-Fede ral De- TITLE I-FEDERAL DEPOSIT INSURANCE posit Insura nce, Federal Re se rve Act, SECT ION 101 . Section 12B of the Federal Reserve Act, as amended a Vol. 48, p. 168 u. S. (U. S. C., Supp. VII, title 12, sec. 264), is amended to read as C, ,p . 3 8 1, fol lo ws Federal De posit In- " SEC . 12B . (a) There is he reby c reated a Fed eral D eposit Insur - surance Corporation . Creation ; duties. ance Corporation (hereinafter referred to as the `Corporation') which shall insure, as hereinafter provided, the deposits of all banks which are entitled to the benefits of insurance under this section, and which shall have the powers hereinafter granted. p Manangement of Cor- "( b) The management of the Corpor ation shall be vested in a Dir ectors, a ppoint- board of directors consisting of three members one of whom shall ment ; Qualifications. be the Compt roller of th e Curr ency, and tw o of whom shall be citi- zens of the United States to be appointed by the President, by and Chairman, with the advice and consent of the Senate . One of the appointive members shall be the chairman of the board of directors of the Corporation and not more than two of the members of such board of directors shall be members of the same political party . Each Terms of office . such appointive member shall hold office for a term of six years and Compensation . shall receiv e comp ensati on at the ra te of $10,00 0 per annum, pay- able monthly out of the funds of the Corporation, but the Comp- troller of the Currency shall not receive additional compensation for vacancies ° his services as such member. In the event of a vacancy in the office of the Comptroller of the Currency, and pending the appointment of his successor, or during the absence of the Comptroller from Wash- ington, the Acting Comptroller of the Currency shall be a member of the board of directors in the place and stead of the Comptroller. In the event of a vacancy in the office of the chairman of the board of directors, and pending the appointment of his successor, the Comptroller of the Currency shall act as chairman. The Comptroller of the Currency shall be ineligible during the time he is in office and for two years thereafter to hold any off ice , position, or employ- ineligi bility of mom- ment in any insured bank. The appointive members of the board of bars to hold position in insured bank, directors shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any insured bank, except that this restriction shall not apply to any appointive member who has served the full term for which he was appointed. No member of the board of directors shall be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank or hold stock in any bank, banking institu- tion, or trust company ; and before entering upon his duties as a member of the board of directors he shall certify under oath that he has complied with this requirement and such certification shall be filed with the secretary of the board of directors. No member of the board of directors serving on the board of directors on the effec- tive date shall be subject to any of the provisions of the three preceding sentences until the expiration of his present term of office. Definitions. " c) As used in this section- "Stat e ban k." " (1) Th e term `Stat e bank ' mean s any bank, bankin g asso ciatio n, trust company, savings bank, or other banking institution which is engaged in the business of receiving deposits and which is incorpo- AN ACT