Page:United States Statutes at Large Volume 74.djvu/589

From Wikisource
Jump to: navigation, search
This page needs to be proofread.
[74 Stat. 549]
[74 Stat. 549]
PUBLIC LAW 86-000—MMMM. DD, 1960

74 S T A T. ]

PUBLIC LAW 86-671-JULY 14, 1960

"(2) For the purposes of this section the term 'semiannual period' means a period beginning on January 1 of any calendar year and ending on June 30 of the same year, or a period beginning on July 1 of any calendar year and ending on December 31 of the same year. "(3) A bank's average assessment base for any semiannual period shall be the average of such bank's assessment bases for the two dates, falling within such semiannual period, for which the bank is required to submit reports of condition pursuant to paragraph (3) of subsection (a) of this section (referred to hereafter in this section as 'reports of condition'). (4) A bank's assessment base for any date shall be equal to the bank's liability for deposits (including the deposits of any other bank for which it has assumed liability) as reported in its report of condition for such date, plus the assessment base additions set forth in paragraph (5), and less the assessment base deductions set forth in paragraph (6). "(5) The assessment base additions shall be the amounts of— "(A) uninvested trust funds required to be separately stated in the bank's report of condition; and "(B) any deposits received in any office of the bank for deposit in any other office of the bank located in the United States, the District of Columbia, Puerto Rico, Guam, or the Virgin Islands, except those which have^ been included in deposits in the report of condition or which have been offset in the report of condition by an equal amount of cash items in its possession drawn on itself (on the same type of deposit as those offset) and not charged against deposit liabilities at the close of business on the date as of which the report of condition is made, either in their actual amount as shown on the books of the bank, or, if not so shown, in an amount determined by means of an experience factor pursuant to regulations prescribed by the Board of Directors. "(6) The assessment base deductions shall be the amounts of— "(A) cash items in the bank's possession, drawn on itself, which have not been charged against deposit liabilities at the close of business on the date as of which the report of condition is made, either in their actual amount as shown on the books of the bank, or, if not so shown, in an amount determined by means of an experience factor pursuant to regulations prescribed by the Board of Directors; "(B) deposits included in reported deposit liabilities which are accumulated for the payment of personal loans and are assigned or pledged to assure repayment of the loans at maturity; "(C) 1 per centum of the bank's adjusted time and savings deposits (as defined in paragraph (7)); and "(D) 16% per centum of the bank's adjusted demand deposits (as defined in paragraph (8)). Each insured bank, as a condition to the right to make any such deduction in determining its assessment base, shall maintain such records as will readily permit verification of the correctness of its assessment base. No insured bank shall be required to retain such records for such purpose for a period in excess of five years from the date of the filing of any certified statement, except that when there is a dispute between the insured bank and the Corporation over the amount of any assessment the bank shall retain such records until final determination of the issue. "(7) The term 'the bank's adjusted time and savings deposits' means the amount of the bank's time and savings deposits as reported in its report of condition, as adjusted—

549