Page:United States Statutes at Large Volume 88 Part 2.djvu/191

 88 STAT. ]

PUBLIC LAW 93-495-OCT. 28, 1974

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from any financial institution the deposits or accounts of which are insured under the laws of any State if the total amount of time and savings deposits held in all such institutions in that State is more than 20 per centum of the total amount of such deposits in all banks, building and loan, savings and loan, and homestead associations (including cooperative banks) in that State" immediately after "agency of the United States". TECHNICAL

AMENDMENT

SEC. 114. (a) Section 7(d)(2) of the Act of August 16, 1973 (Public Law 93-100), is amended by striking out "the Commonwealth of Puerto Rico,". (b) The amendment made by subsection (a) applies with respect to any taxable year or other taxable period beginning on or after August 16, 1973. FEDERAL

SAVINGS

AND

LOAN INSURANCE CORPORATION RESERVE ADJUSTMENT

SECONDARY

SEC. 115. Paragraph (1) of subsection (d) of section 404 of the National Housing Act, as amended (12 U.S.C. 1727), is amended by inserting " (A) " immediately after " (d)(1) " and by adding at the end thereof the following: " (B)(i) As used in this subparagraph (B), 'minimum net reduction year' means a year in which, at the close of December 31, the aggregate of the primary reserve and secondary reserve equals or exceeds 1 ^ per centum of the total amount of all accounts of insured members of all insured institutions, and 'beginning balance' means, with respect to each insured institution, the amount of such institution's pro rata share, if any, of the secondary reserve as of the close of December 31, 1973, plus any amount or amounts which, after such close, shall have been transferred to such institution under the last sentence of subsection (e) of this section. " (ii) I n May of each year succeeding each of the first ten minimum net reduction years occurring after December 31, 1973, the Corporation shall reduce the amount of each insured institution's pro rata share, if any, of the secondary reserve as of the preceding December 31 by making to the extent available, a cash refund to each such institution of the difference, if any, between such pro rata share and the applicable percentage of its beginning balance prescribed in the following table: Percent of begln-

"Minimum net reduction year: 1 2 3 4 5 6 7 8 9 10

12 USC 548 note.

ning balance 98.1818182 94. 5454546 89. 0909091 81. 8181818 72. 7272727 61. 8181818 49. 0909091 34. 5454546 18.1818182 0. 0000000".

CREDIT U N I O N M A N A G E M E N T: REASONABLE H E A L T H A N D ACCIDENT INSURANCE N O T CONSIDERED C O M P E N S A T I O N

SEC. 116. Section H I, of the Federal Credit Union Act (12 U.S.C. 1761) is amended by striking the period at the end thereof and adding ": Provided, however, That reasonable health, accident, and similar insurance protection shall not be considered compensation under regulations promulgated by the Administrator.".

"Minimum i reduction yet

"Beginning balance."

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