Page:United States Statutes at Large Volume 63 Part 1.djvu/928

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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.