Page:United States Statutes at Large Volume 68 Part 1.djvu/1267

 68

STAT.]

PUBLIC LAW 779-SEPT. 3, 1954

1285

1. (a) As used in sections 1-4 and 8 of this Act (12 U.S.C. secs. 214-214c, 321) the term '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, any Territory of the United States, Puerto Kico, or the Virgin Islands, or which is operating under the Code of Law for the District of Columbia (except a national banking association). "National "(b) For purposes of merger or consolidation under sections 1-4 ing a s s o c i a t ibankon." and 8 of this Act (12 U.S.C. secs. 214-214c, 321) the term 'national banking association' means one or more national banking associations, and the term 'State bank* means one or more State banks.". SEC. 25. Section 4 of the Act approved August 17, 1950 (ch. 729, G4 Stat. 456, 457; 12 U.S.C. sec. 214c), as amended by Act July 12, 1952, ch. 696, 66 Stat. 590, is amended by striking out, in the two places where they appear in such section, the words "this Act", and in lieu thereof inserting "sections 1-4 and 8 of this Act (12 U.S.C. secs. 214r-214c, 321)", so that such section will read as follows: "SEC. 4. No conversion of a national banking association into a c o notnr v e r s ion;ln ^ C ^^^ a vention of State bank or its merger or consolidation with a State bank shall take stVtV irw." place under sections 1-4 and 8 of this Act (12 U.S.C. see. 214-214e, 321) in contravention of the law of the State in which the national banking association is located: and no such conversion, merger, or consolidation shall take place under sections 1-4 and 8 of this Act unless under the law of the State in which such national banking association is located State banks maj' without approval by any State <, • *authority convert into and merge or consolidate with national bank*' r jng associations under limitations or conditions no more restrictive than those contained in section 2 hereof with respect to the conversion of a national bank into, or merger or consolidation of a national bank with, a State bank under State charter.". SEC. 26. Section 10 of the Act approved June 11, 1942 (ch. 404, 56 Stat. 356; 12 U.S.C. sec. 265) is amended by striking out, at the end thereof, the reference "the Act of August 23, 1935 (49 Stat. 684), as amended (U.S.C. sec. 264)", and in lieu thereof inserting "section 3 of the Federal Deposit Insurance Act, as amended (12 U.S.C. sec. 1813)", so that such section will read as follows: "SEC. 10. All insured banks designated for that purpose by the as^'dlpo'sltlri'^of Secretary of the Treasury shall be depositaries of public money of puwic money, the United States (including, without being limited to, revenues and funds of the United States, and any funds the deposit of which is subject to the control or regulation of the United States or any of its officers, agents, or employees, and Postal Savings funds), and the Secretary is hereby authorized to deposit public money in such depositaries, under such regulations as may be prescribed by the Secretary; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the Government as may be required of them. The Secretary of the Treasury shall require of the insured banks thus designated satisfactory security by the deposit of United States bonds or otherwise, for the safekeeping and prompt payment of public money deposited with them and for the faithful performance of their duties as financial agents of the GoA'ernment: Provided, That no such security shall be required for the safekeeping and prompt payment of such parts of the deposits of the public money in such banks as are insured deposits and each officer, employee, or agent of the United States having official custody ^ of public funds and lawfully depositing the same in an insured bank shall, for the purpose of determining the amount of the insured "SECTION

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