Page:United States Statutes at Large Volume 96 Part 2.djvu/149

 PUBLIC LAW 97-320—OCT. 15, 1982

96 STAT. 1511

and limitations as may be prescribed by the Comptroller of the Currency by order, rule, or regulation. "(b) Notes representing loans made under this section to finance the construction of residential or farm buildings and having maturities not to exceed nine months shall be eligible for discount as commercial paper within the terms of the second paragraph of section 13 of the Federal Reserve Act if accompanied by a valid and 12 USC 82, binding agreement to advance the full amount of the loan upon the o4Y~^oIk completion of the building entered into by an individual, partner^' ship, association, or corporation acceptable to the discounting bank.". (b) The Act of September 7, 1916 (12 U.S.C. 92; 39 Stat. 753) is amended— (1) by striking out "; and may also act as the broker or agent for others in making or procuring loans on real estate located within one hundred miles of the place in which said bank may be located, receiving for such services a reasonable fee or commission"; and (2) by striking out "guarantee either the principal or interest of any such loans or". (c) This section shall take effect upon the expiration of one 12 USC 371 hundred and eighty days after the date of its enactment. "^^^• BANKERS' BANKS

SEC. 404. (a) Section 5169 of the Revised Statutes (12 U.S.C. 27) is amended— (1) by inserting "(a)" before "If,"; and (2) by adding at the end thereof the following: "(b)(1) The Comptroller of the Currency may also issue a certificate of authority to commence the business of banking pursuant to this section to a national banking association which is owned exclusively (except to the extent directors' qualifying shares are required by law) by other depository institutions and is organized to engage exclusively in providing services for other depository institutions and their officers, directors, and employees. "(2) Any national banking association chartered pursuant to paragraph (1) shall be subject to such rules, regulations, and orders as the Comptroller deems appropriate, and, except as otherwise specifically provided in such rules, regulations, or orders, shall be vested with or subject to the same rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations that would apply under the national banking laws to a national bank.". (b) The paragraph numbered "Seventh" of section 5136 of the Revised Statutes (12 U.S.C. 24) is amended by striking out ''Provided further. That," and all that follows through the end thereof and by inserting in lieu thereof the following: "Provided further, That notwithstanding any other provision of this paragraph, the association may purchase for its own account shares of stock of a bank insured by the Federal Deposit Insurance Corporation or a holding company which owns or controls such an insured bank if the stock of such bank or company is owned exclusively (except to the extent directors' qualifying shares are required by law) by depository institutions and such bank or company and all subsidiaries thereof are engaged exclusively in providing services for other depository institutions and their officers, directors, and employees, but in no event shall the total amount of such stock held by the association in any

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