PUBLIC LAW 96-221—MAR. 31, 1980
94 STAT. 147
subject to such terms, rates, and conditions as may be established by the board of directors, within limitations prescribed by the Board.'. (c) Section 117 of the Federal Credit Union Act (12 U.S.C. 1763) is amended— (1) in the first sentence— (A) by striking out "and" the second place it appears therein and inserting in lieu thereof a comma; and (B) by inserting ", and at different rates on different types of share draft accounts" before the period at the end thereof; and (2) in the second sentence, by striking out "and share certificates" and inserting in lieu thereof ", share certificates, and sho-TG drsft d.ccoiiTit)s (d) Section 205 of the Federal Credit Union Act (12 U.S.C. 1785) is amended by adding at the end thereof the following new subsection: "(f)(1) Every insured credit union is authorized to maintain, and make loans with respect to, share draft accounts in accordance with rules and regulations prescribed by the Board. Except as provided in paragraph (2), an insured credit union may pay dividends on share draft accounts and may permit the owners of such share draft accounts to make withdrawals by negotiable or transferable instruments or other orders for the purpose of making transfers to third parties. "(2) Paragraph (1) shall apply only with respect to share draft accounts in which the entire beneficial interest is held by one or more individuals or members or by an organization which is operated primarily for religious, philanthropic, charitable, educational, or other similar purposes and which is not operated for profit.". EFFECTIVE DATES
SEC. 306. The amendments made by sections 302, 304, and 305 of this title shall take effect at the close of March 31, 1980, and the amendments made by section 303 of this title shall take effect on December 31, 1980.
12 USC 371a note.
REPEAL OF EXISTING LAW
SEC. 307. At the close of March 31, 1980, the amendments made by sections 101 through 103 of Public Law 96-161 are hereby repealed. DEPOSIT INSURANCE
SEC. 308. (a)(1) The following provisions of the Federal Deposit Insurance Act are amended by striking out "$40,000" each place it appears therein and inserting in lieu thereof "$100,000": (A) The first sentence of section 3(m) (12 U.S.C. 1813(m)). (B) The first sentence of section 7(i) (12 U.S.C. 1817(i)). (C) The last sentence of section 11(a)(1) (12 U.S.C. 1821(a)(1)). (D) The fifth sentence of section ll(i) (12 U.S.C. 1821(i)). (2) The amendments made by this subsection are not applicable to any claim arising out of the closing of a bank prior to the effective date of this section. (b)(1) The following provisions of title IV of the National Housing Act are amended by striking out "$40,000" each place it appears therein and inserting in lieu thereof "$100,000": (A) Section 401(b) (12 U.S.C. 1724(b)). (B) Section 405(a) (12 U.S.C. 1728(a)). (2) The amendments made by this subsection are not applicable to any claim arising out of a default, as defined in section 401(d) of the
12 USC 371a, 1464, 1752, 1757, 1828.
12 USC 1811 note.
Exemption. 12 USC 1813 note. 12 USC 1724.
Exemption. 12 USC 1724 note.
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