Page:United States Statutes at Large Volume 49 Part 1.djvu/767

 722 74T H CONGRESS. SESS. I. CH. 614. AUGUST 23, 1935. interest there on shall be allowed and entered to the credit of the depositor once for each quarter beginning with the first day of the month followin g the date of such deposit, but no interest shall be allowed to any such depositor with respect to the whole or any part of the funds to his or her credit for any period of less than three months ; (2) no interest shall be paid on any such deposit at a rate in excess of that which may lawfully be paid on savings deposits un der r egula tions pres cribe d by the B oard of Go verno rs of the Fed- eral Reserve System pursuant to the Federal Reserve Act, as amended, for member banks of the Federal Reserve System located in or nearest to the place where such depository office is situated ; Dep osit of savin gs in and (3) postal savings depositories may deposit funds on time in Federal Reserve banks. member banks of the Federal Reserve System subject to the pro- visions of the Federal Reserve Act, as amended, and the regulations of the Boar d of Gove rnors of the Fede ral Rese rve Syste m, with respect to the payment of time deposits and interest thereon ." SEC . 3 42 . The l ast sentence of the third paragraph of subsection (k) of section 11 of the Fe deral Reserve Act, as amended (U . S . C ., title 12, sec . 248 (k)), is amended to read as follows : "The State ba nking aut horities may have access t o report s of exam ination made by the Comptroller of the Currency insofar as such reports relate to the trust department -of such bank, but nothing in this Act shall be construed as authorizing the State banking autho rities to examine the books, records, and assets of such bank ." SEC. 343 . The first sentence after the third proviso of section 5240 of the Revised Statutes, as amended (U . S . C ., Supp . VII, title 12, sets . 481 and 482), is amended by striking out the word "is" after the words " whose compensation " and inserting in lieu thereof a comma and the following : "including retirement annuities to be fixed by the Comptroller of the Currency, is and shall be" ; and such section 5240 is further amended by striking out " The Federal Reserve Board, upon the recommendation of the Comptroller of the Currency," and inserting in lieu thereof " T he Comp tro lle r of the Currency " . SEC. 344. (a) Section 1 of the National Housing Act is amended by adding at the end thereof the following new sentence : " The Administrator shall, in carrying out the provisions of this title and titles II and III, be authorized, in his official capacity, to sue and be sued in any court of competent jurisdiction, State or Federal ." (b) The first sentence of section 2 of th e National Housing Act, as amended, is further amended by striking out the words " includ- ing the installation of equipment and machinery " and inserting in lieu thereof the words " and the purchase and installation of equip- ment and machinery on real property " . (c) Subsection (a) of section 203 of the National Housing Act is amended by inserting the words " property and " before the word " projects " in clause (1) of such subsection . (d) The last sentence of section 207 of t he National Housing Act is amended by inserting the words " property or " before the word " project " . SEC . 345 . If any part of the capital of a national bank, State member bank, or bank applying for membership in the Federal Reserve System consists of preferred stock, the determination of whether or not the capital of such bank is impaired and the amount of such impairment shall be based upon the par value of its stock even though the amount which the holders of such preferred stock shall be entitled to receive in the event of retirement or liquidation shall be in excess of the par value of such preferred stock . If any such bank or trust company shall ha ve outst anding an y capital Interest. Vol . 38, p. 262; Vol. 40, p . 969; U.S. C., p.379. N ation al ba nks a ct- ing as trustees. Access to reports of examinations. R. S ., sec. 5240, p. 1013 ; Vol. 48, p. 192 ; U.S.C.,p.403. Ba nk exa mine rs. Retirement annui- ties. Salaries. Vol.38,p.272. National Housing Act. Vol. 48, p. 1246. Suits by and against Administrator. Ante, p. 299. Insurance of financial institutions. P ost, pp. 1187, 1234 . Vol. 48, p. 1248. Limit on aggregate principal obligations. Vol. 48, p. 1252. Low-cost housing in- surance ; aggregate amoun t. Preferred stock, notes or debentures of mem- ber banks. Consideration to be gi ven in determining whether capital stock is impaired.