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PUBLIC LAW 5 3 1 - J U L Y 14, 1952

STAT.]

"SEC. 5. As used in this Act the term— "(1) 'State bank' means any bank, banking association, trust company, savings bank (other than a mutual savings bank), or other banking institution which is engaged in the business of receiving deposits and which is incorporated under the laws of any State, or which is operating under the Code of Law for the District of Columbia (except a national banking association located in the District of Columbia); "(2) 'State' means the several States, the several Territories, Puerto Rico, the Virgin Islands, and the District of Columbia; "(3) 'Comptroller' means the Comptroller of the Currency; and "(4) 'Receiving association' means the national banking association into which one or more national banking associations or one or more State banks, located within the same State, merge." SEC. 2. Section 3 of the Act of November 7, 1918, as amended (U. S. C., title 12, sec. 34a), is amended by deleting the second paragraph thereof, which reads as follows: "The words 'State bank', 'State banks', 'bank', or 'banks', as used in this section, shall be held to include trust cdmpanies, savings banks, or other such corporations or institutions carrying on the banking business under the authority of State laws." Approved July 14, 1952.

Public Law531

Definitions.

CHAPTER723

AN ACT To amend defense housing laws, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of Afherica in Congress assembled, That this Act be cited as the "Housing Act of 1952". SEC. 2. Section 217 of the National Housing Act, as amended, is hereby amended to read as follows: "SEC. 217. Notwithstanding limitations contained in any other section of this Act on the aggregate amount of principal obligations of mortgages or loans which may be insured (or insured and outstanding at any one time) and on the aggregate amount of contingent liabilities which may be outstanding at any one time under insurance contracts, or commitments to insure, pursuant to any section or title of this Act, any such aggregate amount shall, with respect to any section or title of this Act (except section 2), be prescribed by the President from time to time taking into consideration the needs of national defense and the eifect of additional insurance authorizations upon conditions in the building industry and upon the national economy: Provided, That the dollar amount of the insurance authorization prescribed by the President at any time with respect to any provision of title VI shall not be greater than authorized by provisions of that title: And provided further, That, at any time, the aggregate dollar amount of the mortgage insurance authorization prescribed by the President with respect to title IX of this Act, plus the aggregate dollar amount of all increases in insurance authorizations under other titles of this Act prescribed by the President pursuant to authority contained in this section, less the aggregate dollar amount of all decreases in insurance authorizations under this Act prescribed by the President pursuant to authority contained in this section shall not exceed $1,900,000,000: And provided further. That $400,000,000 of said sum shall be available only for the insurance of mortgages for which no

July 14. 1952 [S. 3066]

Housing Act of 1952. 65 Stat. 315. 12 USC 1715h. G e n e r a l mortgage insurance authorization.

48 Stat. 1246. 12 USC 1703.

55 Stat. 55. 12 USC 1736 et seq.

65 Stat. 295. 12 USC 1750a1750g.

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