Page:United States Statutes at Large Volume 95.djvu/459

 PUBLIC LAW 97-35—AUG. 13, 1981

95 STAT. 433

RESERVE REQUIREMENTS

SEC. 385. (a) Section 19(b)(8)(E) of the Federal Reserve Act (12 U.S.C. 461(b)(8)(E)) is amended by striking out the first two sentences thereof and inserting in lieu thereof the following: "This subparagraph applies to any depository institution that, on August 1, 1978, (i) was engaged in business as a depository institution in a State outside the continental limits of the United States, and (ii) was not a member of the Federal Reserve System at any time on or after such date. Such a depository institution shall not be required to maintain reserves against its deposits held or maintained at its offices located in a State outside the continental limits of the United States until the first day of the sixth calendar year which begins after the effective date of the Monetary Control Act of 1980.". (b) The third sentence of section 19(b)(8)(E) of such Act (12 U.S.C. 461(b)(8)(E)) is amended by striking out "its deposits" and inserting in lieu thereof "such deposits".

Subtitle C—National Consumer Cooperative Bank Act Amendments

94 Stat. 133.

SHORT TITLE

National Consumer Cooperative Bank Act Amendments of 1981.

SEC. 390. This subtitle may be cited as the "National Consumer Cooperative Bank Act Amendments of 1981".

12 USC 3001 note.

ACCELERATION OF FINAL GOVERNMENT EQUITY REDEMPTION DATE

SEC. 391. (a)(1) The National Consumer Cooperative Bank Act (12 U.S.C. 3001 et seq.) is amended by inserting after section 115 the Post, p. 436. following: ACCELERATION OF FINAL GOVERNMENT EQUITY REDEMPTION DATE

"SEC. 116. (a)(1)(A) The Final Government Equity Redemption Date 12 USC 3026 shall occur on December 31, 1981, or not later than 10 days after the date of the enactment of the first Act providing for appropriations for fiscal year 1982 (other than continuing appropriations) for the Department of Housing and Urban Development and Independent Agencies, whichever occurs later. "(B) Not later than 5 days after the Final Government Equity Publication in Redemption Date, the Secretary of the Treasury shall publish a Federal notice in the Federal Register indicating the day on which the Final Register. Government Equity Redemption Date occurred. "(2)(A) Before the Final Government Equity Redemption Date, the Secretary of the Treasury shall purchase all class A stock for which the Congress has appropriated funds. "(B) After the Final Government Equity Redemption Date, the Secretary of the Treasury shall not purchase any class A stock. "(3)(A) On the Final Government Equity Redemption Date, all class A stock held by the Secretary of the Treasury on such date shall be redeemed by the Bank in exchange for class A notes which are issued by the Bank to the Secretary of the Treasury on behalf of the United States and which have a total face value equal to the total par value of the class A stock which is so redeemed, plus any unpaid dividends on such stock. "(B) During the period beginning on the Final Government Equity Redemption Date and ending on December 31, 1990, not less than 30

�