PUBLIC LAWS-CHS. 825 , 826 -JULY 3, 1948 48 Stat. 1257. 12t. S.C. J1726. Termination of in- surance of accounts. 47 Stat. 737; 48 Stat. 1256. 12U.S.C.§§1439, 1725 (c). Nonadministrative expenses. July 3, 1948 [H. R. 40441 [Public Law 896] Manager of the Federal Savings and Loan Insurance Corporation, Washington, District of Columbia; (4) that, upon the effective date of the conversion, the association has repurchased the total amount invested in its shares by the Secretary of the Treasury; and (5) that if, upon the effective date of conversion, the Home Owners' Loan Corporation will hold of record shares of the association, its approval of the conversion has been obtained; (6) that, in the event of dissolu- tion after conversion, the members or shareholders of the association will share on a mutual basis in the assets of the association in exact proportion to their relative share or account credits; (7) that such conversion shall be effective upon the date that all the provisions of this Act shall have been fully complied with and upon the issuance of a new charter by the State wherein the association is located; it being provided that its act of converting into a State-chartered institution shall constitute an agreement to be bound by all the requirements that the Federal Savings and Loan Insurance Corporation may legally impose under section 403 of title IV of the National Housing Act, as now or hereafter amended, and the association shall upon conversion and thereafter be authorized to issue securities in any form currently approved at the time of issue by the Federal Savings and Loan Insur- ance Corporation for issuance by similar insured institutions in such State, District, or Territory. "In addition to the foregoing provision for conversion upon a vote of the members only any association chartered as a Federal savings and loan association, including any having outstanding shares held by the Secretary of the Treasury or Home Owners' Loan Corpo- ration, may convert itself into a State institution upon an equitable basis, subject to approval, by regulations or otherwise, by the Home Loan Bank Board and by the Federal Savings and Loan Insurance Corporation: Provided, That if the insurance of accounts is termi- nated in connection with such conversion, the notice and other action shall be taken as provided by law and regulations for the termination of insurance of accounts." SFz. 2 . Section 19 of the Federal Home Loan Bank Act, as amended, and subsection (c) of section 402 of the National Housing Act, as amended, are hereby each amended by adding at the end thereof the following new sentence: "All necessary expenses in connection with the making of supervisory or other examinations (except examinations of Federalhome loan banks), including the provision of services and facilities therefor, shall be considered as nonadministrative expenses." Approved July 3, 1948. [CHAPTER 826] AN ACT To amend the Trading with the Enemy Act, as amended; to create a commission to make an inquiry and report with respect to war claims; and to provide for relief for internees in certain cases. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SHORT TITLE 1.War Claims Act of SECTION 1. This Act may be cited as the "War Claims Act of 1948". WAR CLAIMS COMMISSION SBc. 2 . (a) There is hereby established a commission to be known as the War Claims Commission (hereinafter referred to as the "Com- mission") and to be composed of three persons to be appointed by the 1240 [62 STAT.
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