698
74TH CO NGRESS . SESS. I. CH. 614. AUGUST 23, 1935 . withholding amount " (4) The Corporation may withhold payment of such portion of to satisfy stockholder's liability. the insured deposit of any depositor in a closed bank as may be required to provide for the payment of any liability of such deposi- tor as a stockholder of the closed bank, or of any liability of such depositor to the closed bank or its receiver, which is not offset against a claim due from such bank, pending the determination and payment of such liab ility by s uch deposi tor or any other per son liable therefor . D eposi tors ' claims
"(5) If, after the Corporation shall have given at least three not made timely .
p. months' notice to the depositor by mailing a copy thereof to his last known address appearing on the records of the closed bank, any depositor in the closed bank shall fail to claim his insured deposit from the Corporation within eighteen months after the appoint- ment of the receiver for the closed bank, or shall fai l within such period to claim or arrange to continue the transferred deposit with the new bank or with the other insured bank which assu mes liability there for, all r ights of t he de posit or ag ainst the Corpo ratio n wit h respect to the insured deposit, and against the new bank and such other insured bank with respect to the transferred deposit, shall be barred, and all rights of the depositor against the closed bank and its shareholders, or the receivership estate to which the Corporation may have become subrogated, shall thereupon revert to the depositor . The amount of any transferred deposits not claimed within such eighteen months' period, shall be refunded to the Corporation . "(n) (1) Money of the Corporation not otherwise employed shall be invested in obligations of the United States or in obligations guaranteed as to principal and interest by the United States, except that for temporary periods, in the discretion of the board of direc- tors, funds of the Corporation may be deposited in any Federal Reserve bank or with the Treasurer of the United States . When designated for that purpose by the Secretary of the Treasury, the Corporation shall be a depositary of public moneys, ex cept receipts from customs, under such regulations as may be prescribed by the said Secretary, and may also be employed as a financial agent of the Government. It shall perform all such reasonable duties as depositary of public moneys and financial agent of the Government as may be required of it . "(2) Nothing contained in this section shall be construed to pre- vent the Corporation from making loans to national banks closed by action of the Comptroller of the Currency, or by vote of their direc- tors, or t o Sta te me mber banks clos ed by acti on of the appro priat e State authorities, or by vote of their directors, or from entering into negotiations to secure the reopening of such banks . "(3) Receivers or liquidators of insured banks closed on account of inability to meet the demands of their depositors shal l be entitled to offer the assets of such banks for sale to the Corp oration or as security for loans from the Corporation ? up on re cei vi ng per mi ssi on from the appropriate State authority in accordance with express provisions of State law in the case of insured State b anks, or from the Comptroller of the Currency in the case of national banks or District banks . The proceeds of every such sale or loan shall be utilized for the same purposes and in the same manner as other funds realized from the liquidation of the assets of such banks . The Comp- troller of the Currency may, in his discretion, pay dividends on proved claims at any time after the expiration of the period of adver- tisement made pursuant to section 5235 of the Revised Statutes (U . S . C ., title 12, sec . 193), and no liability shall attach to the Comptroller of the Currency or to the rec eiver of any national bank by reason of any such payment for failure to pay dividends to a claimant whose claim is not proved at the time of any such payment . Rights against Cor- poration, etc., barred. Unclaimed trans- ferred deposits. Mone y of Cor pora - tion ; investment or de- posit . Design ation of C or- poration as depositary of public moneys . Employment as Gov- ernment f inanc ial agent . Duties . Loans to closed na- tional and State mem- ber banks . Sale of assets of closed insured banks to Cor- poration . Permission required. Proc eeds of sa le or lo an
- use
. Divi den d pa ymen ts on proved claims. Period of advertise- ment . R. S ., sec. 5235, p. 1012 ; U.S.C.,p. 372.
