Page:United States Statutes at Large Volume 88 Part 2.djvu/185

 88 STAT. ]

PUBLIC LAW 93-495-OCT. 28, 1974

1501

his deposit shall be insured in an amount not to exceed $100,000 per account. "(b) The Corporation may limit the aggregate amount of funds that may be invested or deposited in time and savings deposits in any insured bank by any depositor referred to in subparagraph (A) of this paragraph on the basis of the size of any such bank in terms of its assets: Provided, however, such limitation may be exceeded by the pledging of acceptable securities to the depositor referred to in subparagraph (A) of this paragraph when and where required." (b) Title IV of the National Housing Act is amended— loarasloclf (1) in section 401(b) (12 U.S.C. 1724(b)), by striking out tio^ns?public' "Funds" in the third sentence and inserting in lieu thereof the ^""'^^ ^"' ''°^following: "Except in the case of an insured member referred to in the preceding sentence, funds"; (2) in section 405(a) (12 U.S.C. 1728(a)), by inserting after "except that no member or investor" the following: "(other than a member or investor referred to in subsection (d)) "; and (3) by adding at the end of section 405 (12 U.S.C. 1728) the following new subsection: " (d)(1) Notwithstanding any limitation in this subchapter or in any other provision of law relating to the amount of deposit insurance available for any one account, in the case of an insured member who is— "(i) an officer, employee, or agent of the United States having official custody of public funds and lawfully investing the same in an insured institution; "(ii) an officer, employee, or agent of any State of the United States, or of any county, municipality, or political subdivision thereof having official custody of public funds and lawfully investing the same in an insured institution in such State; " (iii) an officer, employee, or agent of the District of Columbia having official custody of public funds and lawfully investing the same in an insured institution in the District of Columbia; or "(iv) an officer, employee, or agent of the Commonwealth of Puerto Rico, or of the Virgin Islands, or of any county, municipality, or political subdivision thereof having official custody of public funds and lawfully investing the same in an insured institution in the Commonwealth of Puerto Rico or the Virgin Islands, respectively; the account of such insured member shall be insured in an amount not to exceed $100,000 per account. "(2) The Corporation may limit the aggregate amount of funds that may be invested in any insured institution by any insured member referred to in paragraph (1) of this subsection on the basis of the size of any such institution in terms of its assets." (c) Subsection (c) of section 207 of the Federal Credit Union Act Credit unions, public funds in, (12 U.S.C. 1787) is amended by— coverage. (1) inserting " (1) " after " (c) ", (2) striking out "For the purposes of this subsection," and inserting in lieu thereof the following: "Subject to the provisions of paragraph (2), for the purposes of this subsection,", and (3) adding at the end thereof the following: "(2)(A) Notwithstanding any limitation in this Act or in any other provision of law relating to the amount of insurance available for the account of any one depositor or member, in the case of a depositor or member who is— " (i) an officer, employee, or agent of the United States having official custody of public funds and lawfully investing the same in a credit union insured in accordance with this title; "(ii) an officer, employee, or agent of any State of the United

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