Page:United States Statutes at Large Volume 68 Part 1.djvu/666

 634

PUBLIC LAW 560-AUG. 2, 1954

[68 S T A T,

institution, or has knowingly or negligently permitted any of its 7 officers or agents to violate any provi^on of any law or regulation to which the insured institution is subject, said Board shall first give to the authority having supervision of the institution, if any, a statement with respect to such practices or violations for the purpose of securing the correction thereof and shall give a copy thereof to the institution. In the case of an institution of a State where there is no supervisory authority the statement shall be sent directly to the institution. Unless such correction shall be made within one hundred and twenty days or such shorter period of time as the supervisory authority, if any, shall require, the Home Loan Bank Board, if it shall determine to proceed further, shall give to the institution not less than thirty days' " " ,;\ written notice of intention to terminate the status of the institution as an insured institution, and shall fix a time and place for a hearing before the Home Loan Bank Board, a member thereof, or a person designated by the Board. The Home Loan Bank Board Hearing. shall make written findings. Unless the institution shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented to the termination of.its status as an insured institution. If the Home Loan Bank Board shall find that any unsafe or unsound practice or violation specified in such I notice has been established and has not been corrected within the time above prescribed in which to make such correction, the Home Loan Bank Board may issue its order terminating the insured status of the institution effective on a date subsequent to such finding and to the expiration of the time specified in such notice of intention. The hearing hereinabove provided for shall be held in accordance with the provisions of the Administrative 5°Tjsc*i001 note Proccdure Act and shall be subject to review as therein provided and the review by the court shall be upon the weight of the evidence. In the event of the termination of such status, insurance of its accounts to the extent that they were insured on the date of such notice by the institution to the Corporation or such order .; of termination, less any amounts thereafter withdrawn, repurchased, or redeemed which reduce the insured accounts of an insured member below the amount insured on the date of such notice or order, shall continue for a period of two years, but no investments or deposits made after the date of such notice or order of termination shall be insured. The Corporation shall have the right to examine such institution from time to time dur^. r.; ing the two-year period aforesaid. Such insured institution shall ,. ' be obligated to pay, within thirty days after any such notice or order of termination, as a final insurance premium, a sum equivalent to twice the last annual insurance premium paid by it." SEC. 502. The Federal Home Loan Bank Act, as amended, is hereby 12 USC 1430. ^ amended by striking "$20,000" in section 10(b)(2) and inserting as 8e?v^ity.° '^ ^* "$35,000".

SEC. 503. The Home Owners' Loan Act of 1933, as amended, is hereby amended— (1) by striking "$20,000" wherever it appears in the first para12 USC 1464. graph of subsection (c) of section 5 and inserting "$35,000"; (2) by amending subsection (d) of section 5 to read as follows: R^urs'^ISd^e u" (d)(1) The Board shall have power to enforce this section lations. and rules and regulations made hereunder. I n the enforcement of any provision of this section or rules and regulations made hereunder, or any other law or regulation, and in the administraj tion of conservatorships and receiverships as provided in subsection (d)(2) hereof, the Board is authorized to act in its own

�