Page:United States Statutes at Large Volume 82.djvu/650

 608

PUBLIC LAW 90-448-AUG. 1, 1968

[82 STAT.

SAVINGS A N D LOAN ASSOCIATIONS

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^^^- -^'^^^- (^) Section 5(b) of the Home Owners' Loan Act of 1933 is amended to read as follows: " (b)(1) An association may raise capital in the form of such savings deposits, shares, or other accounts, for fixed, minimum, or indefinite periods of time (all of which are referred to in this section as savings accounts and all of which shall have the same priority upon liquidation) as are authorized by its charter or by regulations of the Board, and may issue such passoooks, time certificates of deposit, or other evidence of savings accounts as are so authorized. Holders of savings accounts and obligors of an association shall, to such extent as may be provided by its charter or by regulations of the Board, be members of the association, and shall have such voting rights and such other rights as are thereby provided. Except as may be otherwise authorized by the association's charter or regulation of the Board in the case of savings accounts for fixed or minimum terms of not less than thirty days, the payment of any savings account shall be subject to the right of the association to require such advance notice, not less than rhirty days, as shall be provided for by the charter of the association or the regulations of the Board. The payment of withdrawals from savings accounts in the event an association does not pay all withdrawals in full (subject to the right of the association to require notice) shall be subject to such rules and procedures as may be prescribed by the association's charter or by regulation of the Board, but any association which, except as authorized in writing by the Board, fails to make full payment of any withdrawal when due shall be deemed to be in an unsafe or unsound condition to transact business within the meaning of subsection (d) of this section. Savings accounts shall not be subject to check or to withdrawal or transfer on negotiable or transferable order or authorization to the association, but the Board may by regulation provide for withdrawal or transfer of savings accounts upon nontransferable order or authorization. "(2) To such extent as the Board may authorize by regulation or advice in writing, an association may borrow, may g'ive security, and may issue such notes, bonds, debentures, or other obligations, or other securities (except capital stock) as the Board may so authorize." (b) Section 5(c) of the Home Owners' Loan Act of 1933 is amended— (1) by striking out "shares" in the first sentence and inserting in lieu thereof "savings accounts"; and (2) by inserting after the first.semicolon in the second proviso the following words: "or in time deposits, certificates, or accounts of any bank the deposits of which are insured by the Federal Deposit Insurance Corporation;". (c) Section 5(c) of such Act is amended by inserting in the.second paragraph after "property alteration, repair, or improvement" the following: ", including the construction of new structures related to residential use of the property". (d) Section 5(c) of such Act is amended by adding immediately after the second paragraph thereof the following new" paragraph: "Without regard to any other provision of this subsection, but.subject to such prohibitions, limitations, and conditions as the Board may by regulation prescribe, any such association may make and invest in— " (A) any loan not exceeding $5,000 made for the repair, equipping, alteration, or improvement of any real property, or " (B) any loan made for the purpose of mobile home financing." (e) The first sentence of the paragraph which, prior to the amendments made by this Act, was the next to the last paragraph of section 5(c) of such Act is amended—

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