Page:United States Statutes at Large Volume 82.djvu/900

 858

PUBLIC LAW 90-505-SEPT. 21, 1968

80 Stat. 1044. 12 USC 1730.

48 Stat. 132; 79 Stat. 507. 12 USC 1464.

Ante,

p. 856.

Additional preliums. 75 Stat. 4 8 3.

" N e t account increase."

75 Stat. 4 8 2. 12 USC 1426.

[82 STAT.

Board, shall be paid by the institution. I n connection with any such examination or investigation the Board has the same functions and authority that the Federal Savings and Loan Insurance Corporation has under subsection (m) of section 407 of the National Housing Act, and for purposes of this subsection the provisions of said subsection (m), including the next to last sentence but not including the last sentence, and the provisions of the first sentence of subsection (n) of that section are applicable in the same manner and to the same extent that they would be applicable if all references therein to the Corporation were also references to the Board and all references therein to that section or any part thereof were also references to this section." SEC. 5. Section 5(c) of the Home Owners' Loan Act of 1933 is amended by inserting immediately before the last paragraph thereof the following new paragraph: "Any such association may invest in any investment which, at the time of the making of the investment, is an asset eligible for inclusion toward the satisfaction of any liquidity requirement imposed on the association pursuant to section 5A of the Federal Home Loan Bank Act, but only to the extent that the investment is permitted to be so included under regulations issued by the Board pursuant to that section, or is otherwise authorized." ^SEC. 6. (a) Section 404(d) of the National Housing Act (12 U.S.C. 1727 (d)) is amended to read as follows: " (d)(1) Except as otherwise provided in this section, each insured institution shall pay to the Corporation, with respect to any calendar year in which it has a net account increase (as defined in paragraph (2) of this subsection), at such time and in such manner as the Corporation shall by regulations or otherwise prescribe, an additional premium (referred to in this subsection as the 'additional premium') in the nature of a prepayment with respect to future premiums of the institution under subsection (b) of this section. Any additional premium, when paid, shall be credited to the secondary reserve. "(2) The 'net account increase', if any, for any insured institution with respect to any calendar year is equal to the amount, if any, by which the total of all accounts of its insured members at the end of that year exceeds the largest of the following: " (A) the total of all accounts of its insured members at the close of the most recent day, if any, after 1965 on which it became an insured institution. " (B) the total of all accounts of its insured members at the close of the year in which it most recently became an insured institution, or at the close of 1966, whichever is later. " (C) the largest total of all accounts of its insured members at the close of any year after the most recent year referred to in subparagraph (B). "(3) The additional premium, if any, for any institution with respect to any calendar year shall be equal to 2 per centum of its net account increase, computed in accordance with paragraph (2) of this subsection, less an amount equal to any requirement, as of the end of that year, for the purchase of Federal Home Loan Bank stock in accordance with section 6(c) of the Federal Home Loan Bank Act and without regard to any net increase during that year in its holdings of such stock, except that the additional premium for any institution for the first calendar year following the calendar year in which it becomes an insured institution shall not be less than 1 per centum of its net account increase for the year in which it becomes an insured institution. The Federal Home Loan Bank Board shall by regulations or otherwise provide for the furnishing to the Corporation of all necessary information with respect to Federal Home Loan Bank stock.

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