PUBLIC LAWS-CHS. 713, 714-OCT. 25, 1949
[CHAPTER 713]
October 25, 1949
[H. R. 6185]
[Public Law 376]
AN ACT
To amend the Federal Credit Union Act.
Be it enacted by the Senate and House of Representatives of the
Federal Credit United States of America in Congress assembled, That paragraph (5)
ments.
of section 7 of the Federal Credit Union Act (12 U. S . C ., sees. 1751-
1248
U.
s0.c1757(5); 1772) is hereby amended by striking out in the first sentence thereof
upp. II, § 1757 note.
"two years" and inserting in lieu thereof "three years".
48 Stat. 1220 .
12U S. C §1761(d);
SEC. 2 . The fourth sentence of subsection (d) of section 11 of the
Supp. II, § i761 note.
Federal Credit Union Act is amended by striking out "$300" wherever
it appears in such sentence and inserting in lieu thereof "$400".
4s Stat. 121.
12SU. tC § 762;
SEC. 3 . Section 12 of the Federal Credit Union Act is hereby
Supp. II, § 1762 note.
amended to read as follows:
"SEC. 12 RESERVES.- A ll entrance fees and fines provided by the
bylaws and 20 per centum of the net earnings of each year, before the
declaration of any dividend, shall be set aside as a regular reserve
against losses on bad loans and such other losses as may be specified
in the bylaws in accordance with regulations prescribed under this
Exception.
Act: Provided, however, That when the regular reserve thus estab-
lished shall equal 10 per centum of the total amount of members'
shareholdings, no further transfer of net earnings to such regular
reserve shall be required except that such amounts not in excess of
20 per centum of the net earnings as may be needed to maintain this
peci reserves.
10 per centum ratio shall be transferred. In addition to such regular
reserve, special reserves to protect the interests of members shall be
established when required (a) by regulation, or (b) in any special
case, when found by the director to be necessary for that purpose."
Approved October 25, 1949.
[CHAPTER 714]
JOINT RESOLUTION
Authorizing the Commission on Renovation of the Executive Mansion to preserve
or dispose of material removed from the Executive Mansion during the period
of renovation.
Whereas, under the provisions of section 4 (b) of Public Law 40,
Eighty-first Congress, first session, the Commission on Renovation
of the Executive Mansion is required to recommend to the Congress
and to the President, at the earliest possible date, a plan for (1) the
preservation of any material removed from the Executive Mansion
which is of permanent historical importance, and (2) the sale,
donation, destruction, or other disposition of the remainder of such
material in the manner most consistent with its symbolical value
and without commercial exploitation; and
Whereas it is necessary to commence work on the renovation of the
Executive Mansion without delay; and
Whereas renovation work cannot be commenced until the disposition
of the various categories of the materials to be removed from the
building has been determined and specified; and
Whereas time before the adjournment of the present Congress will
not permit the development of a complete and detailed plan for
the disposal of all of the categories of the material in the manner
most consistent with its symbolical value and without commercial
exploitation; and
Whereas there is no suitable storage space of adequate capacity avail-
able for the storage of this material pending the reconvening of the
present Congress for its second session: Now, therefore, be it
October 25, 1949
[H. J. Res. 353]
[Public Law 377]
Ante, p. 47.
890
[63 STAT.
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