Page:United States Statutes at Large Volume 75.djvu/523

 75

PUBLIC LAW 87-210-SEPT. 8, 1961

STAT.]

483

member to the bank. In either such event, stock equal in par value to the amount of the payment or credit, or both, as the case may be, shall be canceled. " (4) For the purposes of this subsection, the term 'aggregate unpaid p^i^^^o^^^^j^ciloan principal' means the aggregate unpaid principal of a subscriber's pai." or member's home mortgage loans, home-purchase contracts, and similar obligations. "(5) The Federal Home Loan Bank Board, by regulations or other- f„^*P.°^*„^ ^""^ '"" wise, may require each member to submit such reports and information as said Board, in its discretion, may determine to be nexiessary or appropriate for the purposes of this subsection." SEC. 2. Subsection (1) of section 6 of the Federal Home Loan Bank 64 Stat. 257. Act, as amended, is hereby repealed. Repeal. SEC. 3. Subsection (a) of section 404 of the National Housing Act, National Housing -I

T •

I

1 ^ '

T T,

1

I'll

Act,

amendment.

as amended, is hereby amended to read as lollows: 48 Stat. 12S9. " (a) The Corporation shall establish a Primary Reserve which shall ^^ use 1727. be the general reserve of the Corporation and a Secondary Reserve to which shall be credited the amounts of the prepayments made by insured institutions pursuant to subsection (d) and the credits made pursuant to the first sentence of subsection (e). " (b)(1) Each institution whose application for insurance is approved by the Corporation shall pay to the Corporation, in such manner as it shall prescribe, a premium for such insurance equal to one-twelfth of 1 per centum of the total amount of all accounts of the insured members of such institution plus any creditor obligations of such institution. Such premium shall be paid at the time the certificate'is issued by the Corporation under section 403, and thereafter 12 USC 1726. annually, except that under regulations prescribed by the Corporation such premium may be paid semiannually. "(2) If, at the close of any December 31, the Primary Reserve equals or exceeds 2 per centum of the total amount of all accounts of insured members and creditor obligations of all insured institutions as of such close, no premium under paragraph (1) of this subsection shall be payable by any insured institution with respect to its premium year beginning during the year commencing on May 1 next succeeding such December 31, except that the foregoing provisions of this sentence shall not be applicable to any insured institution with respect to any of the twenty premium years beginning with the premium year commencing with the date on which such certificate is issued. "(3) The Corporation is authorized to prescribe such rules and ^.R"i«s andregularegulations as it may determine to be necessary or appropriate to accomplish the purposes and provisions of this subsection." SEC. 4. Subsection (c) of section 404 of the National Housing Act, Repeal, with exas amended, is hereby repealed: Provided, That the repeal effected by '^^P*'""^this section shall not affect any right existing on the effective date of such repeal. SEC. 5. Subsection (b) of section 404 of the National Housing Act, as in effect prior to the amendments made by this Act, is hereby amended by striking " (b) " at the beginning thereof and inserting in lieu thereof " (c) ". SEC. 6. Section 404 of the National Housing Act, as amended, is hereby amended by adding thereto at the end thereof the following new subsections: " (d) Each insured institution, except as otherwise provided in this Additional presection, shall annually pay to the Corporation, at such time and in

�