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73 STAT. 688.

consolidated under a single contract with one or more low-rent projects being assisted under the United States Housing Act of

1937, and all income from any such project conveyed under this 50 Stat. 888. section may be commingled with funds of the project or projects 42 USC 1430. with which it is consolidated and applied in accordance with the requirements of the consolidated contract and the provisions of section 10 (c) of the said Act".

DISPOSAL OF PROJECT

42 USC 1410.

SEC. 808. Notwithstanding any other provision of law, the Housing and Home Finance Administrator may, whenever he deems it desirable, in the public interest, and in the fulfillment of the purposes of title VÍ of the Act of October 14, 1940, as amended (42 U.S.C. 1587), with 64 Stat. 70. respect to a housing project known as the Southmore Mutual Housing Corporation Project of South Bend, Indiana, consent to the modification, with respect to purchase price, repayment period, rate of interest, time of payment of any installment on principal or interest, security, or any other term, of any contract, sale, mortgage, or other agreement with respect to such project or any part thereof.

REAL ESTATE LOANS BY NATIONAL BANKS

SEC. 809. Section 208 of the National Housing Act is amended by 48 Stat. 1248. adding at the end thereof the following new subsection:

66

"(j) Loans secured by mortgages insured under this section shall not be taken into account in determining the amount of real estate loans which a national bank may make in relation to its capital and surplus or its time and savings deposits."

Approved September 23, 1959.

12 USC 1709.

86th Congress, H. R. 7244
September 23, 1959

AN ACT

To promote and preserve local management of savings and loan associations by protecting them against encroachment by holding companies.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That title IV of the National Housing Act, as amended (12 U.S.C., sec. 1724 et seq.), is amended by adding at the end thereof the following new section:

"REGULATION OF HOLDING COMPANIES

Savings and loan hold

ing companies.

Regulation.

48 Stat. 1255.

"SEC. 408. (a) (1) As used in this section, the term 'company' means Definitions. any corporation, business trust, association, or similar organization, but does not include the Federal Savings and Loan Insurance Corporation, any partnership, or any company the majority of the shares of which is owned by the United States or by any State.

"(2) As used in this section (except when used in subsection (f)), the term 'stock' means non withdrawable stock, underlying ownership stock other than mutual shares in a mutual institution, permanent stock, guaranty stock, or stock of a similar nature (as defined by the Federal Home Loan Bank Board by regulation) by whatever name called.

"(3) For the purposes of this section, a company shall be considered as having control of an institution or other organization if

such company owns, controls, or holds with power to vote more than 73 STAT. 691.

10 per centum of the stock of such institution or other organization, 73 STAT. 692. or if the Federal Home Loan Bank Board determines, after reason

able notice and opportunity for hearing, that such company directly

or indirectly exercises a controlling influence over the management and

policies of such institution or other organization.

"(b) (1) The Corporation shall reject any application made for Insurance insurance under this title on or after the date of the enactment of this applications. section if it finds that the applicant is controlled by any company which also controls any insured institution or any other applicant for

insurance.

"(2) If an application of any institution for insurance under this title is approved on or after the date of the enactment of this section, and the Federal Home Loan Bank Board subsequently determines, after reasonable notice and opportunity for hearing, that at the time of such approval such institution was controlled by a company which also controlled another insured institution (or another applicant for insurance if the application of such other applicant was approved), the Board shall either

"(A) terminate the insured status of such institution; or "(B) require such company, in the manner provided in subsection (e) of this section, to dispose of so much of the stock of such institution, or take such other action, or both, as may be necessary to divest itself of its control of such institution. If the insured status of an institution is terminated under subparagraph (A), the provisions of section 407 relating to continuation of 12 USC 1730. insurance of accounts, examination by the Corporation during the period of such continuation, final insurance premium, and notice to

insured members shall be applicable as though the termination had been ordered under such section 407.

"(c) It shall be unlawful for any company on or after the date Restrictions. of the enactment of this section

Acquisition

of stook.

Violations, legal action.

73 STAT. 692. 73 STAT. 693.

Restrictions.

"(1) to acquire the control of more than one insured institu tion; or

"(2) to acquire the control of an insured institution when it holds the control of any other insured institution.

"(d) Any company may, without regard to subsection (c), acquire stock pursuant to a pledge or hypothecation to secure a loan or in connection with the liquidation of a loan, but it shall be unlawful for any such company to retain for more than one year any control the acquisition of which by such company would, except for this subsection, have been unlawful under subsection (c).

"(e) If, in the opinion of the Federal Home Loan Bank Board, any company holds control of an institution and such control was acquired in violation of subsection (c) or retained in violation of subsection (d), it shall give such company notice that if it does not divest itself of such control within thirty days an action will be brought to force the divestiture thereof. Notice given to such institution shall constitute notice to such company for purposes of the preceding sentence. If such company does not dispose of so much of the stock of such institution, or take such other action, or both, as may be necessary to divest itself of such control within thirty days after the receipt of such notice, the Board shall, without regard to any statute of limitation, institute in the United States district court for the district in which the principal office of such institution is located, and prosecute to final satisfaction, an action to require divestiture of such control. Process in any such action may be served in any district in which such company transacts business or wherever it may be found. The United States district courts shall have jurisdiction of all actions brought under this subsection and, in view of the fact that the questions involved are of general public importance, shall hear and determine such actions with all reasonable promptness. Any such action shall be brought by the Federal Home Loan Bank Board in its own name and may, in the discretion of the Board, be prosecuted through its own attorneys. All expenses of the Board under this subsection shall be considered as nonadministrative expenses.

"(f) It shall be unlawful, on or after the date of the enactment of this section, for any insured institution which is controlled by a company

"(1) to invest any of its funds in the stock, bonds, debentures, or other obligations of such company or of any other organization controlled by such company;

"(2) to accept the stock, bonds, debentures, or other obligations of such company, or of any other organization controlled by such company, as collateral security for advances made to such company or organization or to any other person; except that such institution may accept, and hold for a period not exceeding two years, such stock, bonds, debentures, or other obligations as security for debts contracted prior to the acquisition of such control;

(3) to purchase securities or other assets or obligations under repurchase agreement from such company or from any other organization controlled by such company; and

(4) to make any loan, discount, or extension of credit to such company or to any other organization controlled by such company. Except as otherwise provided by regulation by the Federal Home Loan Bank Board, a non-interest-bearing deposit with a bank, to the credit of an insured institution, shall not be deemed to be a loan, discount, or extension of credit to such bank for purposes of this subsection. As used in this subsection, the term 'organization' means a corporation, business trust, association, partnership, or similar organization.

(g) (1) This section shall terminate May 31, 1961.

73 STAT, 693

Termination.

"(2) The Federal Home Loan Bank Board shall make a full and complete survey of all aspects of savings and loan holding companies, and shall submit a report to the Committees on Banking and Cur- Report to rency of the Senate and the House of Representatives not later than Congress. May 31, 1960. This survey shall include studies of the nature, growth, effects and future prospects of savings and loan holding companies, including particularly the extent to which they may have become, or may in the future become, injurious or detrimental to free competition in the field of mortgage lending or in any related field. The report on this survey shall contain a full statement on these matters, together with recommendations for further legislation on this subject. In particular, the report shall review and make recommendations on the legislative proposals submitted at the hearings of the Committees on Banking and Currency on H.R. 7244, Eighty-sixth Congress, including particularly the need for and feasibility of requiring divestment of part or all of the savings and loan associations already acquired or part or all of the other interests of such holding companies, the need for and feasibility of requiring such holding companies to limit their activities or their future acquisitions to a specified distance from their principal offices, and the desirability and feasibility of regulating and controlling further acquisitions of such holding companies, as compared with prohibiting further acquisitions by such holding companies."

Approved September 23, 1959.

86th Congress, H. R. 10777
June 8, 1960

AN ACT

To authorize certain construction at military installations, and for other

purposes.

Be it enacted by the Senute and House of Representatives of the United States of America in Congress assembled,

TITLE I

74 STAT. 166.

Military Construction Aot of 1960.

SEC. 101. The Secretary of the Army may establish or develop Army. military installations and facilities by acquiring, constructing, converting, rehabilitating, or installing permanent or temporary public works, including site preparation, appurtenances, utilities, and equipment, for the following projects:

INSIDE THE UNITED STATES

TECHNICAL SERVICES FACILITIES

(Ordnance Corps)

Aberdeen Proving Ground, Maryland: Training facilities, medical facilities, and utilities, $6,221,000.

Benicia Arsenal, California: Utilities, $337,000.

Blue Grass Ordnance Depot, Kentucky: Utilities and ground improvements, $353,000.

Picatinny Arsenal, New Jersey: Research, development, and test facilities, $850,000.

Pueblo Ordnance Depot, Colorado: Operational facilities, $369,000. Redstone Arsenal, Alabama: Community facilities and utilities, $1,000,000.

Umatilla Ordnance Depot, Oregon: Utilities and ground improvements, $319,000.

Watertown Arsenal, Massachusetts: Research, development, and test facilities, $1,849,000.

White Sands Missile Range, New Mexico: Operational facilities and utilities, $1,233,000.

(Quartermaster Corps)

Fort Lee, Virginia: Administrative facilities and utilities, $577,000. Atlanta General Depot, Georgia: Maintenance facilities, $365,000. New Cumberland General Depot, Pennsylvania: Operational facilities, $89,000.

Richmond Quartermaster Depot, Virginia: Administrative facilities, $478,000.

Sharpe General Depot, California: Maintenance facilities, $218,000.

(Chemical Corps)

Army Chemical Center, Maryland: Operational facilities and community facilities, $843,000.

Fort Detrick, Maryland: Research, development, and test facilities, $334,000.

Dugway Proving Ground, Utah: Community facilities, $87,000.

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