Page:United States Statutes at Large Volume 49 Part 1.djvu/730

 74TH CONGRESS. SESS. I. CH. 614 . AUGUST 23, 1935 . 685 rated under the laws of any State, Hawaii, Alaska, Puerto Rico, or the Virgin Islands, or which is operated under the Code of Law for the District of Columbia (except a national bank), and includes any uninco rporated bank t he deposits of which are insur ed on the effect ive date under the provisions of this section. "(2) The term ` State member bank' means any State bank which bank- S mem on is a member of the Federal Reserve System, and the te rm `State member bank ." nonmember bank' means any State bank which is not a member of the Federal Reserve System. "(3) The term `District bank' means any State bank operating "District bank." under the Code of Law for the District of Columbia . "(4) The term `national member bank' means any national bank b "National --bar located in any of the States of the United States, the District of Columbia, Hawaii, Alaska, Puerto Rico, or the Virgin Islands which is a member of the Federal Reserve System . "(5) Th e term `nation al nonme mber ba nk' mean s any n ational b erba nkn al nonm em- bank located in Hawaii, Alaska, Puerto Rico, or the Virgin Islands whic h is not a member of the Feder al Reserve System. "(6) The term `mutual savings bank' means a bank without capi- ba'n'kM utnal sav ings tal stock transacting a savings bank business, the net earnings of which inure wholly to the benefit of its depositors after payment of obligations for any advances by its organizers . " The term `savings bank' means a bank (other than a mutual "savi ngs (7) ban k." savings bank) which transacts its ordinary banking business strictly as a savings bank under State laws imposing special requirements on such banks governing the manner of investing their funds and of cond uctin thei r business : Prov ided , That the bank maintains, until maturity date or until withdrawn, all deposits made with it (other than funds held by it in a fiduciary capacity) as time savings deposits of the specific term type or of the type where the right is reserved to the bank to require written notice before permitting withdrawal Provided further, That such bank to be considered a savings bank must elect to become subject to regulations of the Corporation with respect to the redeposit of maturing deposits and prohibiting with- drawal of deposits by checking except in cases where such withdrawal is per mitted by law o n the effective date from spec ifically designa ted deposit accounts totaling not more than 15 per centum of the bank's total deposits. "(8) The term `insured bank' means any bank the deposits of "Insw'edbank. " which are insured in accordance with the provisions of this section ; and the term `noninsured bank' means any bank the deposits of which are not so insured . "(9) The term `new bank' means a new national banking associa- "New bank." tion organized by the Corporation to assume the insured deposits of an insured bank closed on account of inability to meet the demands of its depositors and otherwise to perform temporarily the functions prescribed in this section. " (10) The term `receiver' includes a receiver, liquidating agent, "Receiver. " conservator, commission, person, or other agency charged by law with the duty of winding up the affairs of a bank . " (11) The term `board of directors' means the board of directors "Boardordirectors." of the Corporation, " (12) The term `deposit' means the unpaid balance of money or "Depo sit ." its equivalent received by a bank in the usual course of business and for wh ich it has give n or is obligat ed to give cred it to a commerci al, checking, savings, time or thrift account, or which is evidenced by its cert ificate of deposit, and trust funds held by such b ank whethe r retained or deposited in any department of such bank or deposited in another bank, together with such other obligations of a bank as the