Page:United States Statutes at Large Volume 49 Part 1.djvu/739

 694 Reports of examina- ti ons and c onditions ; access to. Permanent Insur- ance Fund ; created. Provisos. Obligations to re- main unimpaired. I nsura nce of d epos its of insured banks. Deposits applicable to. When deposits not insured. Maxi mum amount of insured depos its. M utu a1sa ving s banks ; sep arate Fund for mutuals may be opened for benefit of. Pa yment s int o Fund. Proviso. Liability for insur- ance losses- expenses of operation. When ins ured ban k deemed closed. Appoin tment of C or- poration as re ceiver. Duties of Corpora- tion. Right to retain por- tion of amounts real. ized. 74 TH CONG RESS. SESS. I. CII. 614. AUGUST 23, 1935. such time, not less than five days, as the board of directors may require, shall be subject to a penalty of not more than $100 for each day of such failure recoverable by the Corporation for its use. "(4) The Corporation shall have access to reports of examinations made by, and reports of condition made to, the Comptroller of the Currency or any Federal Reserve bank, may accept any report made by or to any commission, board, or authority having supervision of a State nonmember bank (except a District bank), and may furnish to the Comptroller of the Currency, to any Federal Reserve bank, and to any such commission, board, or authority, reports of examina- tions made on behalf of, and reports of condition made to, the Corporation . "(1) (1) The Temporary Federal Deposit Insurance Fund and the Fund For Mutuals heretofore created pursuant to the provisions of this section are hereby consolidated into a Permanent Insurance Fund for insuring deposits, and the assets therein shall be held by the Corporation for the uses and purposes of the Corporation : Provided, That the obligations to and rights of the Corporation, depositors, banks, and other persons arising out of any event or transaction prior to the effecti ve date shall remain unimpaired. O n a nd af t er the effective date, the Corporation shall insure the deposits of all insured banks as provided in this section : Provided, That the insur- ance shall apply only to deposits of insured banks which have been made available since March 10, 1933, for withdrawal in the usual course of the banking business : Provided further, That if any insured bank shall, without the consent of the Corporation, release or modify restrictions on or deferments of deposits which had not been made available for withdrawal in the usual course of the banking business on or before the effective date, such deposits shall not be insured. The maximum amount of the insured deposit of any depositor shall be $5,000. The Corporation, in the discretion of the board of direc- tors, may open on its books solely for the benefit of mutual savings banks and depositors therein a separate Fund For Mutuals. If such Fund is opened, all assessments upon mutual savings banks shall be paid into such Fund and the Permanent Insurance Fund of the Cor- poratio n shall cease to be liable for insurance losses sustained in mutual savings banks : Provided, That the capital assets of the Cor- poration shall be so liable and all expenses of operation of the Cor- poration shall be allocated between such Funds on an equitable basis. "(2) For the purposes of this section, an insured bank shall be deemed to have been closed on account of inability to meet the demands of its depositors in any case in which it has been closed for the purpose of liquidation without adequate provision being made for payment of its depositors. "(3) Notwithstanding any other provision of law, whenever any insured national bank or insured District bank shall have been closed by action of its board of directors, or by the Comptroller of the Currency, as the case may be, on account of inability to meet the demands of its depositors, the Comptroller of the Currency shall appoint the Corporation receiver for such closed bank, and no other person shall be appointed as receiver of such closed bank. "(4) It shall be the duty of the Corporation a s such receiver to realize upon the assets of such closed bank, having due regard to the condition of credit in the locality ; to enforce the individual liability of the stockholders and directors thereof ; and to wind up the affairs of such closed bank in conformity with the provisions of law relating to the liquidation of closed national banks, except as herein other- wise provided . The Corporation shall retain for its own account such portion of the amounts realized from such liquidation as it shall be entitled to receive on account of its subrogation to the claims of