Page:United States Statutes at Large Volume 49 Part 1.djvu/731

 686 74TH CONGRESS. SESS. I. CH. 614 . AUGUST 23, 1935. board of directors shall find and shall prescribe by its regulations to be deposit liabilities by general usage : Provided, That any obliga- tion of a bank which is payable only at an office of the bank located outside the States of the United States, the District of Columbia, Hawaii, Alaska, Puerto Rico, and the Virgin Islands, shall not be a deposit for any of the purposes of this section or be included as a part of total deposits or of an insured deposit : Provided further, That any insured bank having its principal place of business in any of the States of the United States or in the District of Columbia which maintains a branch in Hawaii, Alaska, Puerto Rico, or the Virgin Islands may elect to exclude from insurance under this sec- tion its deposit obligations which are payable only at such branch, and upon so electing th e insured bank with respect t o such branch shall comply with the provisions of this section applicable to the ter- mination of insurance by nonmember banks : Provided further, That the bank may elect to restore the insurance to such deposits at any time its capital stock is unimpaired. "Insured deposit." "(13) The term `insured deposit' means the net amount due to any deposit or deposits in an insured bank (after deducting offsets) less any part thereof which is in excess of $5,000 . Such net amount shall be dete rmin ed a ccor ding to such reg ulat ions as the boar d o f directors may prescribe, and in determining the amount due to any depositor there shall be added together all deposits in the bank main- tained in the same capacity and the same right for his benefit either in his own name or in the names of others, except trust funds which Post, p.690. shall be insured as provided in paragraph (9) of subsection (h) of this section . " Transferred depos- " ( 14) The term `transferred deposit' means a deposit m a new it. bank or other insured bank made available to a depositor by the Cor- poration as pay ment of the ins ured deposit of such deposito r in a closed bank, an d assumed by su ch new bank or other insured bank . "Br anch ." "(15) The term `branch' includes any branch bank, branch office, branch agency, additional office, or any branch place of business located in any State of the United States or in Hawaii, Alaska, Puerto Rico, or the Virgin Islands at which deposits are received or checks paid or money lent. "Eff ect ive da te ." "( 16) The term `effective date' means the date of enactment of the Ban king Act of 1935 . Capital stock of C or- "( d) There is hereby authorized to be appropriated, out of any poration; subscription by United States ; ap- money in the Treasury not otherwise appropriated, the sum of pro priati on au thoriz ed. $15 50,000,000, which shall be available for payment by the Secretary of the Treasury for capital stock of the Corporation in an equal amount, which shall be subscribed for by him on behalf of the United Payments. Sta tes. Payments upon such subscription shall be subject to call in whole or in part by the board of directors of the Corporation. Such stock shall be in addition to the amount of capital stock required to Receipts. be subscribed for by Federal Reserve banks. Receipts for payments by the United States for or on account of such stock shall be issued by the Corporation to the Secretary of the Treasury and shall be Capital stock ; sub- evidence of the stock o wnership of th e United States. Every Fed- scriptions by Federal Reserve banks ; oral Reserve bank shall subscribe to shares of stock in the Corpora- amount. tion to an amount equal to one-half o f the surplus o f such bank on Payment. January 1, 1933, and its subscriptions shall be accompanied by a certified check payable to the Corporation in an amount equal to one- half of such subscription. The remainder of such subscription shall be subject to call from time to time by the board of directors upon ninety days' notice. The capital stock of the Corporation shall con- Nomin al or par list of the shares subscribed for prior to the effective date. Such value. stock shall be without nominal or par value, and shares issued