Federal Home Loan Bank Act Amendments: Hearing Before Subcommittee No. 1 of ... , 87-1 on H.R.7108 and H.R. 7109 ... , July 13, 1961

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Page 4 - VIII of the National Housing Act, as amended, is hereby amended by adding the following new section at the end thereof: "SEC.
Page 5 - Corporation, in accordance with such regulations as it may prescribe, shall credit to the Secondary Reserve, as of the close of each calendar year a return on the outstanding balances of the Secondary Reserve during such calendar year, as determined by the Corporation...
Page 11 - ... 2 per centum of the net increase in all accounts of its insured members during the next preceding calendar year, less an amount equal to any requirement, as of the end of such calendar year, for the purchase of stock of the Federal Home Loan Bank of which such institution is a member, calculated in accordance with the provisions of subsection (c) of section 6 of the Federal Home...
Page 5 - May 1 next succeeding such close, and each insured institution's pro rata share of the Secondary Reserve shall be used, to the extent available, to discharge such institution's obligation for its premium under subsection (b) for the premium year beginning in such year; and the suspension of obligation to make such prepayments and the use of such pro rata shares as provided in this sentence shall continue unless and until the next sentence or the last sentence of this subsection shall become operative....
Page 4 - Act, as amended, no premium under paragraph (1) of said subsection (b) shall be payable by any insured institution with respect to its premium year beginning during the year commencing on May 1 next succeeding...
Page 6 - ... the use of any insured institution's pro rata share of the Secondary Reserve under the first sentence of this subsection shall terminate with respect to its premium under subsection (b) of this section for the premium year beginning during the calendar year commencing on May 1 next succeeding such December 31, and such termination shall continue unless and until the first sentence of this subsection shall become operative.
Page 5 - Corporation which are available therefor are insufficient for such losses. No right, title, or interest of any institution in or with respect to its pro rata share of the Secondary Reserve shall be assignable or transferable, whether by operation of law or otherwise, except to such extent as the Corporation may by regulation or otherwise provide for transfer of such pro rata share in cases of merger or consolidation, transfer of bulk assets as defined by the Corporation by regulation or otherwise...
Page 4 - Corporation, in such manner as it shall prescribe, a premium for such insurance equal to one-twelfth of 1 per centum of the total amount of all accounts of the insured members of such institution plus any creditor obligations of such institution. Such premium shall be paid at the time the certificate is issued by the Corporation under section 403, and thereafter annually, except that under regulations prescribed by the Corporation such premium may be paid semiannually.
Page 33 - ... vacated office or the term of such office expires, whichever shall first occur. (e) No person who has been elected to each of three consecutive full terms as an elective director of a Bank and has served all or part of each of said terms shall be eligible for election to an elective directorship in such Bank for a term which begins earlier than two years after the expiration of the last expiring of said three terms.
Page 7 - If at any time when nominations are required, members shall hold less than $1,000,000 of the capital stock of the Federal Home Loan Bank, the board shall appoint a director or directors to fill the place or places for which such nominations are required.

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