Page:United States Statutes at Large Volume 92 Part 1.djvu/307

 PUBLIC LAW 95-283—MAY 21, 1978

92 STAT. 2 5 3

a rule change during the period i t was in effect and shall not be reviewable under section 25 of the 1934 Act or deemed 15 USC 78y. to be final agency action for purposes of section 704 of title 5, United States Code. " (3) ACTION REQUIRED BY COMMISSION.—The Commission may,

by such rules as it determines to be necessary or appropriate i n the public interest or to carry out the purposes of this Act, require S I P C to adopt, amend, or repeal any S I P C bylaw or rule, whenever adopted.". SIPC F U N D

SEC. 6. (a) Section 4(a) such Act (15 U.S.C. 7 8 d d d (a)) is amended— (1) in paragraph (2), by striking out " The " and inserting in lieu thereof "Except as otherwise provided in this section, the"; (2) by amending paragraph (2)(C) to read as follows: " (C) Such confirmed lines of credit as S I P C may from time to time maintain, other than those maintained pursuant to paragraph (4). "; and (3) by a d d i n g a t the end thereof the following new paragraph: " (4) OTHER L I N E S. — S I P C may maintain such other confirmed lines of credit as it considers necessary or appropriate, and such other confirmed lines of credit shall not be included in the balance of the fund, but amounts received from such lines of credit may be disbursed by S I P C under this Act as though such amounts were part of the fund.". (b) Section 4(c) of such Act (15 U.S.C. 7 8 d d d (c)) is amended— (1) by striking out " o r rule" each place it a p p e a r s; and (2) in paragraph (3), by striking out " ( other than section 3(f))". (c) Section 4(d)(1) of such Act (15 U.S.C. 7 8 d d d (d)(l)) is amended by adding at the end thereof the following new subparagraph: "(C)

MINIMUM ASSESSMENT.—The minimum

assessment

imposed upon each member of S I P C shall be $25 p e r annum through the year ending December 31, 1979, and thereafter shall be the amount from time to time set by S I P C bylaw, but in no event shall the minimum assessment be greater than $150 per annum.", (d) Section 4(e) of such Act (15 U.S.C. 7 8 d d d (e)) is amended— (1) by amending paragraph (2) to read as follows: " (2) OVERPAYMENTS.—To the extent that any payment by a member exceeds the maximum rate permitted by subsection (c) of this section, the excess shall be recoverable only against future payments by such member, except as otherwise provided by S I P C bylaw."; and (2) by amending paragraph (3) to read as follows: " (3) UNDERPAYMENTS.—If a member fails to p a y when due Penalty charge, all o r any part of a n assessment made upon such member, the unpaid portion thereof shall bear interest a t such rate as may be determined by S I P C bylaw and, in addition to such interest, S I P C may impose such penalty charge as may be determined by S I P C bylaw. Any such penalty charge imposed upon a S I P C member shall not exceed 25 per centum of any unpaid portion of

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