Page:United States Statutes at Large Volume 88 Part 2.djvu/189

 88 STAT. ]

PUBLIC LAW 93-495-OCT. 28, 1974

1505

which provisions shall apply in all respects as if such final action were an order the review of which is therein provided for, except that such F^de^i'i'^R^egrs-" time limit shall commence upon publication of notice of such final ter. action in the Federal Register or upon the giving of such general notice of such final action as is required by or approved under regulations of the Corporation, whichever is later. "(5) The Corporation shall, at least annually and more often as ^^9°'-^^ t° circumstances require, render reports to the Congress on the exercise of its authority under this subsection. "(6) I n implementing the provisions of this subsection the Corporation shall regulate the approvals granted so as to achieve (A) as much geographical dispersion as practicable; (B) an equitable distribution with respect to the size of converting institutions; (C) an appropriate distribution between State chartered and Federally chartered institutions; (D) timeliness of filing; (E) flexibility to the extent possible in plans of conversion taking into account the characteristics of particular converting institutions; (F) the meeting of capital needs; and (G) such other reasonable results as it may consider necessary or appropriate in the public interest." MORATORIUM ON CONVERSION OF FEDERAL DEPOSIT INSURANCE CORPORATION I N S U R E D INSTITUTIONS

SEC. 106, Section 18(c) of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)) is amended by adding at the end thereof the following new subsection: "(10) Until June 30, 1976, the responsible agency shall not grant any approval required by law which has the practical eifect of permitting a conversion from the mutual to the stock form of organization, including approval of any application pending on the date of enactment of this subsection, except that this sentence shall not be deemed to limit now or hereafter the authority of the responsible agency to grant approvals in cases where the responsible agency finds that it must act in order to maintain the safety, soundness, and stability of an insured bank. The responsible agency may by rule, regulation, or otherwise and under such civil penalties (which shall be cumulative to any other remedies) as it may prescribe take whatever action it deems necessary or appropriate to implement or enforce this subsection." E X T E N S I O N OF F L E X I B L E REGULATION OF I N T E R E S T RATES AUTHORITY

S E C 107. Section 7 of the Act of September 21, 1966 (Public Law 89-597), is amended by striking out "December 31, 1974" and inserting _if use 46i note. in lieu thereof "December 31, 1975". I N C R E A S E DOLLARS L I M I T A T I O N ON THE COST FOR CONSTRUCTION FEDERAL RESERVE B A N K B R A N C H B U I L D I N G S

OF

SEC. 108. The ninth paragraph of section 10 of the Federal Reserve Act, as amended (12 U.S.C. 522), is amended by striking out "$60,000,000" and inserting in lieu thereof "$140,000,000". P U R C H A S E OF UNITED STATES OBLIGATIONS BY FEDERAL RESERVE

BANKS

SEC. 109. (a) Section 14(b) of the Federal Reserve Act, as amended (12 U.S.C. 355), is amended by striking out "November 1, 1973" and inserting in lieu thereof "November 1, 1975" and by striking out "October 31, 1973" and inserting in lieu thereof "October 31, 1976".

�