73d CONGR ESS . SESS. II. CHIS . 545, 546 . JUNE 15 .16, 1934.
969 June 3, 1924, as amended, is amended by striking out after the word " Warrior " the words " River or the Mississippi River ", and insert- ing in lieu thereof a comma and the words " Miss issi ppi, Col umbi a, or Snake Riv ers," . App roved, June 1 6, 1934 . U.S.C., Supp. VII, p. 1019 . [CHAPTER 546 .1
AN ACT June 16, 1934 . To amend section 12B of the Federal Reserve Act so as to extend for one year [s .3025.] the temporary plan for deposit insurance, and for other purposes . Be it enacted by the Senate and House of Representatives of the United States o f America in Congress assembled, That section 12B of the Federal Reserve Act is amended- (1) By striking out " July 1, 1934 " wherever it appears in sub- sections (e), (1 ), and (y ), and inserting in lieu thereof "July 1, 1935"; (2) By striking out "June 15, 1934" where it appears in the last sentence of the third paragraph of subsection (y) and i nserting in lieu thereof " October 1, 1934 " ; (3) By striking out " June 30, 1934 " where it appears in the first sentence of th e fifth parag raph of subse ction (y), and inserting in lieu thereof " June 30, 1935 " ; (4) By amending the second sentence of the fifth paragraph of subsection (y) to comprise two sentences reading as follows : "The provisions o f such subsec tion (1) rela ting to State member banks shall be extended for the purposes of this subsection to members of the Fund which are not members of the Federal Reserve System, and the provisions of such subsection (1) relating to the appointment of the Corporation as receiver shall be applicable to all members of the Fund . The pro visions of th is subsection shall apply o nly to deposits of members of the Fund which have been made available since March 10, 1933, for withdrawal in the usual course of the banking business ." ; (5) By adding to the sixth paragraph of subsection (y) the following : "The Corporation shall prescribe by regulations the manner of exercise of the right of nonmember banks to withdraw from membership in the fund on July 1, 1934, except that no bank shall be permitted to withdraw unless ten clays prior thereto it has given written notice to the Corporation of its election so to do. Banks which withdraw from the Fund on July 1, 1934, shall be entitled to a refund of their proportionate share of any estimated balance in the Fund on the same basis as if the Fund had terminated on July 1, 1934." ; (6) By adding to the end of the fourth p aragraph of su bsection (y) the following new paragraphs :
Am ount of dep osit eligible for insurance "On and after July 1, 1934, the amount eligible for insurance increased . under t his sub section for t he purp oses of the O ctober 1, 1934 certi fied Ante, p . 170 statement, any entrance assessment, and, if levied, the additional assessment, shall be the amounts not in excess of $5,000 of the deposits of each depositor . " Each mutual savings bank, unless it becomes subject to the provisions of the preceding paragraph in the manner hereinafter provided, shall be excepted from the operation of the preceding paragraph and for each such bank which is so excepted the amount eligible for insurance under this subsection for the purposes of the October 1, 1934 certified statement, any entrance assessment, and, if levied, the additional assessment, shall be the amounts not in excess of $2,500 for the deposits of each depositor . In the event [Public, No. 362.] Federal Reserve Act, amendment . Federal deposit in- surance; extensions . Ante, pp . 168,172, 179. Subscriptions ; insur- ance of deposits . Certified statements by Fund members . Ante, p. 179. Liabilities, if Fund me mber closes before June 30, 1935 . Deposit insurance . Pro visions exte nded . Ante, p . 180. Appointment of Cor- poration as receiver ; lim itation . Regulating exercise of no nmember's ri ght to withdraw . Ante, p. 180. Refunds . Mutual savings ba nks . Deposits insured not exceeding $2,500.
