Page:United States Statutes at Large Volume 49 Part 1.djvu/766

 74TH CONGRESS. SESS. I. CH. 614. AUGUST 23, 1935 . 721 1937, with respect to such savings banks, savings companies, banking institutions, and trust companies which shall be transacting business on such date : Provided, That not less thatn six months prior to such Notice 'or temina date, the savings bank, savings company, banking institution, or tion ; publication. trust company, desiring to take advantage hereof, shall have caused notice of such prospective termination of liability to be published in a newspaper published in the District of Columbia and having gen- eral circulation therein. In the event of failure to give such notice as When notice not and when above provided, a termination of such additional liability published . may thereafter be accomplished as of the date six months subsequent to publication in the manner above provided. Eac h such savings Dividends and su r- bank, savings company, banking institution, and trust company shall, plus fund. before the declaration of a dividend on its shares of common stock, carry not less than one-tenth part of its net profits of the preceding half year to its surplus fund until the same shall equal the amount of its common stock : Provided That for the of this section Amounts paid in for purp oses I ret irement of pr eferred any amounts paid into a fund for the retirement of any preferred st ock or debentures. stock or debentures of any such savings bank, savings company, bank- ing institution, or trust company, out of its net earnings for such half-year period shall be deemed to be an addition to its surplus if, upon the retirement of such preferred stock or debentures, the amount so paid into such retirement fund for such period may then properly be carried to surplus. In any such case the savings bank, savings su To be transfe rred t o company, banking institution, or trust company shall be obligated to transfer to surplus the amount so paid into such retirement fund for such period on accou nt of th e prefer red stoc k or deb entures as such stock or debentures are retired. SEC. 338 . The second paragraph of section 9 of the Federal Reserve amendm Federae Reserve Ac t, nt. Act, as amended, is amended by striking out the period at the end Vol. 38, p. 259; Vol. thereof and adding thereto the following : " except that the approval p. 389122s;L° S. C., of the Board of Governors of the Federal Reserve System, instead st ate s• member bank; of the Comptroller of the Currency, shall be obtained before any approval r equi red to State member bank may hereafter establish any branch and before any State bank hereafter admitted to membership may retain any branch established after February 25, 1927, beyond the limits of the city, town, or village in which the parent bank is situated ." SEC. 339 . Section 5234 of the Revised Statutes, as amended (U. S .to R. u.,s e. 5 p1,3p. C ., title 12, sec . 192), is amended by striking out the period after Default in payment the words " money so depo site d " at the end of the next to the last of circulating otes . y 122. sentence of such section and inserting in lieu of such period a colon and the following : "Provided, That n o sec urity in the form of security for insured deposi t of Uni ted Stat es bonds, or oth erwise, shall be require d in dep osits n ot req uired . the case of such parts of the deposits as are insured under section. 12B of the Federal Reserve Act, as amended ." SEC. 340 . Section 61 of the Act entitled "An Act to establish a a Bankrup tcyAct, uniform system of bankruptcy throughout the United States ", Vol. 30, p. 562; Vol. approved July 1, 1898, as amended, is amended by inserting before p'. '3 p. 1482; U. S. C., the period at the end thereof a colon and the following : " Provided, moo Depositories for That no security in form of a bond or otherwise shall be required in security for insured the case of such part of the deposits as are insured under section 12B dep osits n ot req uired . of the Federal Reserve Act, as amended ". SeC. 341. Section 8 of the Act entitled "An Act to establish postal "Vol. 136, l'° s6; Vol. p V. savings d epositories fo r depositing savings at in terest with th e secur- 1;60. Postat savings de- ity of the Government for repayment thereof, and for other pur- positories. poses ", approved June 25, 1910, as amended (U. S. C., title 39, sec. 758 ; Supp . VII . title 39, sec. 758), is amended by striking out the first sentence thereof and inserting in lieu thereof the following : " Notwithstanding any other provision of law, (1) each deposit Deposits ; nature of. in a postal savings depository office shall be a savings deposit, and 104019'-36-46