Page:United States Statutes at Large Volume 49 Part 1.djvu/752

 74 TH CONGRESS. SESS. I. CH. 614 . AUGUST 23, 1935 . 707 to amortize 40 per centum or more of the principal of the loan within a perio d of not more tha n ten years, and (2) the foregoing limita- tions and restrictions shall not prevent the renewal or extension of loans heretofore made and shall not apply to real-estate loans which are insured under the provisions of Title II of the National Housing Act. No such association shall make such loans in an aggregate sum in excess of the amount of the capital stock of such association paid in and unimpaired plus the amount of its unimpaired surplus fund, or in excess of 60 per centum of the amount of its time and savings deposits, whichever is the greater. Any such association may con- tin ue he reaft er as heret ofore to r eceive time and saving s dep osits and to pay interest on the same, but the rate of interest which such associ- ation may pay upon such time deposits or upon savings or other deposit s shall not excee d the maximum rat e authorized by l aw to be paid upon such deposits by State banks or trust companies organized unde r the laws of th e Sta te in which such asso ciatio n is locat ed ." SEC . 209. Section 325 of the Revised Statutes is amended to read as follows " SEC. 325 . The Comptroller of the Currency shall be appointed by the President, by and with the advice and consent of the Senate, and shall hold his office for a term of five years unless sooner removed by the President, upon reasons to be communicated by him to the Sen- ate ; and he shall receive aa salary at the rate of $15,000 a year ." TITLE III-TECHNICAL AMENDMENTS TO THE BAN KI NG LAW S Vol.48,p.1247. Aggregate amount of loa ns. Time and savings deposits; interest rate. R.S.,sec.325,p.54; U.S.C.,p.349. Comptroller of the Currency; appointment and term of office . Removal. Salar y . Post, p. 1125 . Title III-Technical Am endmen ts to the Banking Laws. Banking Act of 1933. Vol . 48, p. 162; U. S. C.,p.376. "Holding company affiliate", construed. Vol.48,p.183;U.S. C.,p.397 . Vol.48,p.188;U.S. C., P. 399 . Member bank at$lia- tion with securities or- ganization; organization in liquidation . SECTION 301 . Subsection (c) of section 2 of the Banking Act of 1933, as amended, is amended by adding at the end thereof the following paragraph "Notwithstanding the foregoing, the term `holding company affiliate' shall not include (except for the purposes of section 23A of the Federal Reserve Act, as amended) any corporation all of the stock of which is owned by the United States, or any organization wh ich is dete rmi ned by the Board of Governors of the Fed era l Reserve System not to be eng aged, directly or indirectly, as a business in holding the stock of, or managing or controlling, banks, banking associations, savings banks, or trust companies ." SEC. 302 . The first paragraph of section 20 of the Banking Act of 1933, a s amended, is ame nded by inserting before the perio d at the end thereof a colon and the following : "Provided, That nothing in this paragraph shall apply to any such organization which shall have been placed in formal liquidation and which shall transact no busi- ness except such as may be incidental to the liquidation of its affairs ". SeC . 303 . (a) Paragraph (1) of subsection (a) of section 21 of the Vol. 4s, p. 189; U. S. C P. 399 . Banking Act of 1933, as amended, is amended by inserting before Securities dealers en- the semicolon at the end thereof a co lon and the u followin g : "Pro- ness banking busi vided, That the provisions of this paragraph shall not prohibit hiEii Exceptions from pr o- national banks or State banks or trust companies (whether or not mem bers of the Feder al Reserve System ) or other financ ial institu- tions or private bankers from dealing in, underwriting, purchasing, and selling investment securities to the extent permitted to national banking associations by the provisions of section 5136 of the Revised a l's sstse s 352 ,p .993 ; Statutes, as amended (U . S . C ., title 12, sec . 24 ; Supp . VII, title 12, sec . 24) : P rovi ded furt her, That nothing in this paragraph shall be construed as affecting in any way such right as any bank, banking association, savings bank, trust company, or other banking institu- tion, may otherwise possess to sell, without recourse or agreement to r epurch ase, oblig ations evid encin g loa ns on real estat e " . Sale s of mortg ages.