Page:United States Statutes at Large Volume 88 Part 2.djvu/187

 88 STAT. ]

PUBLIC LAW 93-495-OCT. 28, 1974

1503

INCREASED C E I L I N G ON DEPOSIT INSURANCE: FEDERAL SAVINGS A N D LOAN INSURANCE CORPORATION

SEC. 103. (a) The following provisions of title IV of the National Housing Act are amended by striking out "$20,000" each place it ^^ use 1724. appears therein and inserting in lieu thereof "$40,000": (1) Section 401(b) (12 U.S.C. 1724(b)). (2) Section 405(a) (12 U.S.C. 1728(a)). (b) The amendments made by this section are not applicable to 12 USC 1724 any claim arising out of a default, as defined in section 401(d) of the National Housing Act, where the appointment of a conservator, receiver, or other legal custodian as set forth in that section becomes effective prior to the effective date of this section. (c) The amendments made by this section shall take effect on the f2^u'sc'^ 17^24*^' thirtieth day beginning after the date of enactment of this Act. note. INCREASED C E I L I N G ON DEPOSIT INSURANCE: I N S U R E D CREDIT U N I O N S

SEC. 104. (a) The first sentence of section 207(c) of title II of the Federal Credit Union Act (12 U.S.C. 1787 (c)) is amended by striking out "$20,000" and inserting in lieu thereof "$40,000". (b) The amendment made by this section is not applicable to any 12 USC 1737 claim arising out of the closing of a credit union for liquidation on note. account of bankruptcy or insolvency pursuant to section 207 of title II of the Federal Credit Union Act (12 U.S.C. 1787) prior to the effective date of this section. da (c) The amendment made by this section shall take effect on the Effective1787t e. 12 USC thirtieth day beginning after the date of enactment of this Act. note. CONVERSION OF SAVINGS AND LOAN ASSOCIATIONS

SEC. 105. (a) Section 403(b) of the National Housing Act, as amended (12 U.S.C. 1726(b)), is amended by adding at the end thereof the following new sentence: "As used in this subsection the term "Reserves." 'reserves' shall, to such extent as the Corporation may provide, include capital stock and other items, as defined by the Corporation.". (b) Section 12(i) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 781 (i)), is amended to read as follows: " (i) I n respect of any securities issued by banks the deposits of which are insured in accordance with the Federal Deposit Insurance Act or institutions the accounts of which are insured by the Federal 12 USC is 11 Savings and Loan Insurance Corporation, the powers, functions, and "°*^" duties vested in the Commission to administer and enforce sections 12, 13, 14(a), 14(c), 14(d), 14(f), and 16, (1) with respect to national ^^^^ use 78^ banks and banks operating under the Code of Law for the District 78m, 78n, 78p. of Columbia are vested in the Comptroller of the Currency, (2) with respect to all other member banks of the Federal Eeser\ie System are vested in the Board of Governors of the Federal Reserve System, (3) with respect to all other insured banks are vested in the Federal Deposit Insurance Corporation, and (4) with respect to institutions the accounts of which are insured by the Federal Savings and Loan Insurance Corporation are vested in the Federal Home Loan Bank Board. The Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in them as provided in this subsection. I n carrying out their responsibilities under this subsection, the agencies named in the first sentence of this subsection shall issue substantially similar regulations to regulations and rules issued by the

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