Page:United States Statutes at Large Volume 73.djvu/731

 73 S T A T. ]

PUBLIC LAW 86-374-SEPT. 28, 1969

United States district courts shall have jurisdiction of all actions brought under this subsection and, in view of the fact that the questions involved are of general public importance, shall hear and determine such actions with all reasonable promptness. Any such action shall be brought by the Federal Home Tx>an Bank Board in its own name and may, in the discretion of the Board, be prosecuted through its own attorneys. All expenses of the Board under this subsection shall be considered as nonadministrative expenses. "(f) I t shall be unlawful, on or after the date of the enactment of this section, for any insured institution which is controlled by a company— "(1) to invest any of its funds in the stock, bonds, debentures, or other obligations of such company or of any other organization controlled by such company; "(2) to accept the stock, bonds, debentures, or other obligations of such company, or of any other organization controlled by such company, as collateral security for advances made to such company or organization or to any other person; except that such institution may accept, and hold for a period not exceeding two years, such stock, bonds, debentures, or other obligations as security for debts contracted prior to the acquisition of such control; " (3) to purchase securities or other assets or obligations under repurchase agreement from such company or from any other organization controlled by such company; and "(4) to make any loan, discount, or extension of credit to such company or to any other organization controlled by such company. Except as otherwise provided by regulation by the Federal Home Loan Bank Board, a non-interest-bearing deposit with a bank, to the credit of an insured institution, shall not be deemed to be a loan, discount, or extension of credit to such bank for purposes of this subsection. As used in this subsection, the term 'organization' means a corporation, business trust, association, partnership, or similar organization. " (g)(1) This section shall terminate May 31, 1961. "(2) The Federal Home Loan Bank Board shall make a full and complete survey of all aspects of savings and loan holding companies, and shall submit a report to the Committees on Banking and Currency of the Senate and the House of Representatives not later than May 31, 1960. This survey shall include studies of the nature, growth, effects and future prospects of savings and loan holding companies, including particularly the extent to which they may have become, or may in the future become, injurious or detrimental to free competition in the field of mortgage lending or in any related field. The report on this survey shall contain a full statement on these matters, together with recommendations for further legislation on this subject. I n particular, the report shall review and make recommendations on the legislative proposals submitted at the hearings of the Committees on Banking and Currency on H.R. 7244, Eighty-sixth Congress, including particularly the need for and feasibility of requiring divestment of part or all of the savings and loan associations already acquired or part or all of the other interests of such holding companies, the need for and feasibility of requiring such holding companies to limit their activities or their future acquisitions to a specified distance frcwn their principal offices, and the desirability and feasibility of regulating and controlling further acquisitions of such holding companies, as compared with prohibiting further acquisitions by such holding companies." Approved September 23, 1959.

Restrictions.

Termination.

Report to gress.

Con-

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