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insurance premium, a sum equivalent to twice the last annual insurance premium payable by it. In the event of the termination of insurance of accounts as herein provided the institution which was the insured institution shall give prompt and reasonable notice to all of its insured members that it has ceased to be an insured institution and it may include in such notice the fact that insured accounts, to the extent not withdrawn, repurchased, or redeemed, remain insured for two years from the date of such termination, but it shall not further represent itself in any manner as an insured institution. In the event of failure to give the notice to insured members as herein provided the Corporation is authorized to give reasonable notice. "(e)

48 Stat. 1257. 12 USC 1726.

CEASE-AND-DESIST PROCEEDINGS.—(1)

If,

in

the

opinion

of

the Corporation, any insured institution or any institution any of the accounts of which are insured is engaging or has engaged, or the Corporation has reasonable cause to believe that the institution is about to engage, in an unsafe or unsound practice in conducting the business of such institution, or is violating or has violated, or the Corporation has reasonable cause to believe that the institution is about to violate, a law, rule, or regulation, or any condition imposed in writing by the Corporation in connection with the granting of any application or other request by the institution, or written agreement entered into with the Corporation, including any agreement entered into under section 403 of this title, the Corporation may issue and serve upon the institution a notice of charges in respect thereof. The notice shall contain a statement of the facts constituting the alleged violation or violations or the unsafe or unsound practice or practices, and shall fix a time and place at which a hearing will be held to determine whether an order to cease and desist therefrom should issue against the institution. Such hearing shall be fixed for a date not earlier than thirty days nor later than sixty days after service of such notice unless an earlier or a later date is set by the Corporation at the request of the institution. Unless the institution shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented to the issuance of the cease-and-desist order. In the event of such consent, or if upon the record made at any such hearing the Corporation shall find that any violation or unsafe or unsound practice specified in the notice of charges has been established, the Corporation may issue and serve upon the institution an order to cease and desist from any such violation or practice. Such order may, by provisions which may be mandatory or otherwise, require the institution and its directors, officers, employees, and agents to cease and desist from the same, and, further to take affirmative action to correct the conditions resulting from any such violation or practice. " (2) A cease-and-desist order shall become effective at the expiration of thirty days after service of such order upon the institution concerned (except in the case of a cease-and-desist order issued upon consent, which shall become effective at the time specified therein), and shall remain effective and enforceable except to such extent as it is stayed, modified, terminated, or set aside by action of the Corporation or a reviewing court. " (f) TEMPORARY CEASE-AND-DESIST ORDERS.— (1)Whenever the Corporation shall determine that the violation or threatened violation or the unsafe or unsound practice or practices, specified in the notice of charges served upon the institution pursuant to subsection (e)(1) of this section, or the continuation thereof, is likely to cause insolvency or substantial dissipation of assets or earnings of the institution, or is likely to otherwise seriously prejudice the interest of its insured members or of the Corporation, the Corporation may issue a temporary order requiring the institution to cease and desist from any such violation or practice. Such order shall become effective upon service upon

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the institution and, unless set aside, limited, or suspended by a court in proceedings authorized by paragraph (2) of this subsection, shall remain effective and enforceable pending the completion of the administrative proceedings pursuant to such notice and until such time as the Corporation shall dismiss the charges specified in such notice or. if a cease-and-desist order is issued against the institution, until the effective date of any such order. "(2) Within ten days after the institution concerned has been served with a temporary cease-and-desist order, the institution may apply to the United States district court for the judicial district in which the principal office of the institution is located, or the United States District Court for the District of Columbia, for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of such order pending the completion of the administrative proceedings pursuant to the notice of charges served upon the institution under subsection (e)(1) of this section, and such court shall have jurisdiction to issue such injunction. "(3) I n the case of violation or threatened violation of, or failure to obey, a temporary cease-and-desist order, the Corporation may apply to the United States district court, or the United States court of any territory, within the jurisdiction of which the principal office of the institution is located, for an injunction to enforce such order, and, if the court shall determine that there has been such violation or threatened violation or failure to obey, it shall be the duty of the court to issue such injunction. " (g) SUSPENSION OR REMOVAL OF DIRECTOR OR OFFICER.— (1) Whenever, in the opinion of the Corporation, any director or officer of an insured institution has committed any violation of law, rule, or regulation, or of a cease-and-desist order which has become final, or has engaged or participated in any unsafe or unsound practice in connection with the institution, or has committed or engaged in any act, omission, or practice which constitutes a breach of his fiduciary duty as such director or officer, and the Corporation determines that the institution has suffered or will probably suffer substantial financial loss or other damage or that the interests of its insured members could be seriously prejudiced by reason of such violation or practice or breach of fiduciary duty, and that such violation or practice or breach of fiduciary duty is one involving personal dishonesty on the part of such director or officer, the Corporation may serve upon such director or officer a written notice of its intention to remove him from office. "(2) Whenever, in the opinion of the Corporation, any director or officer of an insured institution, by conduct or practice with respect to another insured institution or other business institution which resulted in substantial financial loss or other damage, has evidenced his personal dishonesty and unfitness to continue as a director or officer, and, whenever, in the opinion of the Corporation, any other person participating in the conduct of the affairs of an insured institution, by conduct or practice with respect to such institution or other insured institution or other business institution which resulted in substantial financial loss or other damage, has evidenced his personal dishonesty and unfitness to participate in the conduct of the affairs of such insured institution, the Corporation may serve upon such director, officer, or other person a written notice of its intention to remove him from office and/or to prohibit his further participation in any manner in the conduct of the affairs of such institution. "(3) I n respect to any director or officer of an insured institution or any other person referred to in paragraph (1) or (2) of this subsection, the Corporation may, if it deems it necessary for the protection

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[80 STAT.

of the institution or the interests of its insured members or of the Corporation, by written notice to such effect served upon such director, officer, or other person, suspend him from office and/or prohibit him from further participation in any manner in the conduct of the affairs of the institution. Such suspension and/or prohibition shall becorne effective upon service of such notice and, unless stayed by a court in proceedings authorized by paragraph (5) of this subsection, shall remain in effect pending the completion of the administrative proceedings pursuant to the notice served under paragraph (1) or (2) of this subsection and until such time as the Corporation shall dismiss the charges specified in such notice, or, if an order of removal and/or prohibition is issued against the director or officer or other person, until the effective date of any such order. Copies of any such notice shall also be served upon the institution of which he is a director or officer or in the conduct of whose affairs he has participated. "(4) A notice of intention to remove a director, officer, or other person from office and/or to prohibit his participation in the conduct of the affairs of an insured institution, shall contain a statement of the facts constituting grounds therefor, and shall fix a time and place at which a hearing will be held thereon. Such hearing shall be fixed for a date not earlier than thirty days nor later than sixty days after the date of service of such notice, unless an earlier or a later date is set by the Corporation at the request of (A) such director, officer, or other person and for good cause shown, or (B) the Attorney General of the United States. Unless such director, officer, or other person shall appear at the hearing in person or by a duly authorized representative, he shall be deemed to have consented to the issuance of an order of such removal and/or prohibition. In the event of such consent, or if upon the record made at any such hearing the Corporation shall find that any of the grounds specified in such notice has been established, the Corporation may issue such orders of suspension or removal from office, and/or prohibition from participation in the conduct of the affairs of the institution, as it may deem appropriate. Any such order shall become effective at the expiration of thirty days after service upon such institution and the director, officer, or other person concerned (except in the case of an order issued upon consent, which shall become effective at the time specified therein). Such order shall remain effective and enforceable except to such extent as it is stayed, modified, terminated, or set aside by action of the Corporation or a reviewing court. "(5) Within ten days after any director, officer, or other person has been suspended from office and/or prohibited from participation in the conduct of the affairs of an insured institution under paragraph (3) of this subsection, such director, officer, or other person may apply to the United States district court for the judicial district in which the principal office of the institution is located, or the United States District Court for the District of Columbia, for a stay of such suspension and/or prohibition pending the completion of the administrative proceedings pursuant to the notice served upon such director, officer, or other person under paragraph (1) or (2) of this subsection, and such court shall have jurisdiction to stay such suspension and/or prohibition. "(h)

SUSPENSION OF DIRECTOR OR OFFICER CHARGED WITH FELONY.—

Whenever any director or officer of an insured institution, or other person participating in the conduct of the affairs of such institution, is charged in any information, indictment, or complaint authorized by a United States Attorney, with the commission of or participation in a felony involving dishonesty or breach of trust, the Corporation may, by written notice served upon such director, officer, or other person.

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1041

suspend him from office and/or prohibit him from further participation in any manner in the conduct of the affairs of the institution. A copy of such notice shall also be served upon the institution. Such suspension and/or prohibition shall remain in effect until such information, indictment, or complaint is finally disposed of or until terminated by the Corporation. I n the event that a judgment of conviction with respect to such offense is entered against such director, officer, or other person, and at such time as such judgment is not subject to further appellate review, the Corporation may issue and serve upon such director, officer, or other person an order removing him from office and/or prohibiting him from further participation in any manner in the conduct of the affairs of the institution except with the consent of the Corporation. A copy of such order shall also be served upon such institution, whereupon such director or officer shall cease to be a director or officer of such institution. A finding of not guilty or other disposition of the charge shall not preclude the Corporation from thereafter instituting proceedings to remove such director, officer, or other person from office and/or to prohibit further participation in institution affairs, pursuant to paragraph (1) or (2) of subsection (g) of this section. " (i) TERMINATION or

FEDERAL HOME LOAN BANK MEMBERSHIP.—

Termination under this section or otherwise of the status of an institution as an insured institution shall automatically constitute a removal 729; under subsection (i) of section 6 of the Federal Home Loan Bank Act 6947 Stat, ^^ _ ^ 640. Stat. of the institution from Federal home loan bank membership, if at the 12 USC 14*26. time of such termination such institution is a member of a Federal home loan bank; and removal of an institution from Federal home loan bank membership under subsection (i) of section 6 of the Federal Home Loan Bank Act or otherwise shall automatically constitute an order of termination under this section of the status of such institution as an insured institution, if such institution is at the time of such removal an insured institution. "(j) HEARINGS AND JUDICIAL REVIEW.—(1) Any hearing provided for in this section shall be held in the Federal judicial district or in the territory in which the principal office of the institution is located unless the party afforded the hearing consents to another place, and shall be conducted in accordance with the provisions of chapter 5 of title 5 of the United States Code. Such hearing shall be private, unless the Cor- ^"^^' P- -'SO. poration, in its discretion, after fully considering the views of the party afforded the hearing, determines that a public hearing is necessary to protect the public interest. After such hearing, and within ninety days after the Corporation has notified the parties that the case has been submitted to it for final decision, the Corporation shall render its decision (which shall include findings of fact upon which its decision is predicated) and shall issue and cause to be served upon each party to the proceeding an order or orders consistent with the provisions of this section. Judicial review of any such order shall be exclusively as provided in this subsection. Unless a petition for review is timely filed in a court of appeals of the United States, as hereinafter provided in paragraph (2) of this subsection, and thereafter until the record in the proceeding has been filed as so provided, the Corporation may at any time, upon such notice and in such manner as it shall deem proper, modify, terminate, or set aside any such order. Upon such filing of the record, the Corporation may modify, terminate, or set aside any such order with permission of the court. "(2) Any party to the proceeding, or any person required by an order issued under this section to cease and desist from any of the violations or practices stated therein, may obtain a review of any order served pursuant to paragraph (1) of this subsection (other

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 1042

72 Stat. 941.

Ante, p. 392. 62 Stat. 928.

PUBLIC LAW 89-695-OCT. 16, 1966

than an order issued with the consent of the institution or the director or officer or other person concerned, or an order issued under subsection (h) of this section), by filing in the court of appeals of the United States for the circuit in which the principal office of the institution is located, or in the United States Court of Appeals for the District of Columbia Circuit, within thirty days after the date of service of such order, a written petition praying that the order of the Corporation be modified, terminated, or set aside. A copy of such petition shall be forthwith transmitted by the clerk of the court to the Corporation, and thereupon the Corporation shall file in the court the record in the proceeding, as provided in section 2112 of title 28 of the United States Code. Upon the filing of such petition, such court shall have jurisdiction, which upon the filing of the record shall, except as provided in the last sentence of said paragraph (1), be exclusive, to affirm, modify, terminate, or set aside, in whole or in part, the order of the Corporation. Review of such proceedings shall be had as provided in chapter 7 of title 5 of the XJuited States Code. The judgment and decree of the court shall be final, except that the same shall be subject to review by the Supreme Court upon certiorari as provided in section 1254 of title 28 of the United States Code. "(3) The commencement of proceedings for judicial review under paragraph (2) of this subsection shall not, unless specifically ordered by the court, operate as a stay of any order issued by the Corporation. "(k)

62 Stat. 907.

[80 STAT.

JURISDICTION AND ENFORCEMENT.—(1)

Notwithstanding any

other provision of law, (A) the Corporation shall be deemed to be an agency of the United States within the meaning of section 451 of title 28 of the United States Code; (B) any civil action, suit, or proceeding to which the Corporation shall be a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction therof, without regard to the amount in controversy; and (C) the Corporation may, without bond or security, remove any such action, suit, or proceeding from a State court to the United States district court for the district and division embracing the place where the same is pending by following any procedure for removal now or hereafter in effect: Provided, That any action, suit, or proceeding to which the Corporation is a party in its capacity as conservator, receiver, or other legal custodian of an insured State-chartered institution and which involves only the rights or obligations of investors, creditors, stockholders, and such institution under State law shall not be deemed to arise under the laws of the United States. No attachment or execution shall be issued against the Corporation or its property before final judgment in any action, suit, or proceeding in any court of any State or of the United States or any territory, or any other court. "(2) The Corporation may, in its discretion, apply to the United States district court, or the United States court of any territory, within the jurisdiction of which the principal office of the institution is located, for the enforcement of any effective and outstanding notice or order issued by the Corporation under this section, and such courts shall have jurisdiction and power to order and require compliance therewith; but except as otherwise provided in this section no court shall have jurisdiction to affect by injunction or otherwise the issuance or enforcement of any notice or order under this section, or to review, modify, suspend, terminate, or set aside any such notice or order. "(1) REPORTING REQUIREMENTS.—(1) Whenever a change occurs in the outstanding voting stock of any insured institution which will result in control or a change in the control of such institution, the

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PUBLIC LAW 89-695-OCT. 16, 1966

president or other chief executive officer of such institution shall promptly report such facts to the Corporation upon obtaining knowledge of such change. As used in this subsection, the term 'control' "control.»» means the power to directly or indirectly direct or cause the direction of the management or policies of the insured institution. If there is any doubt as to whether a change in ownership or other change in the outstanding voting stock of any insured institution is sufficient to result in control or a change in the control thereof, such doubt shall be resolved in favor of reporting the facts to the Corporation. "(2) Whenever an insured institution or an insured bank of the Federal Deposit Insurance Corporation makes a loan or loans secured (or to be secured) by 25 per centum or more of the voting stock of an insured institution, the president or other chief executive officer of the lending insured institution or insured bank shall promptly report such fact to the Corporation upon obtaining knowledge of such loan or loans, except that no report need be made in those cases where the borrower has been the owner of record of the stock for a period of one year or more, or the stock is of a newly organized insured institution prior to its opening. "(3) The reports required by paragraphs (1) and (2) of this subsection shall contain the following information to the extent that it is known by the person making the report: (A) the number of shares involved, (B) the names of the sellers (or transferors), (C) the names of the purchasers (or transferees), (D) the names of the beneficial owners if the shares are of record in another name or other names, (E) the purchase price, (F) the total number of shares owned by the sellers (or transferors), the purchasers (or transferees) and the beneficial owners both immediately before and after the transaction, and in the case of a loan, (G) the name of the borrower, (H) the amount of the loan, and (I) the name of the institution issuing the stock securing the loan and the number of shares securing the loan. In addition to the foregoing, such reports shall contain such other information as may be available to inform the Corporation of the effect of the transaction upon control of the institution whose stock is involved. The reports required by this subsection shall be in addition to any report.s that may be required pursuant to other provisions of law. "(4) Whenever such a change as is described in paragraph (1) of this subsection occurs, the insured institution involved shall report promptly to the Corporation any change or changes, or replacement or replacements, of its chief executive officer or of any director occurring in the next twelve-month period, including in its report a statement of the past and current business and professional affiliations of the new chief executive officer or director. "(5) Without limitation by or on the foregoing provisions of this subsection, the Corporation may require insured institutions and individuals or other persons who have or have had any connection with the management of any insured institution, as defined by the Corporation, to provide, in such manner and under such civil penalties (which shall be cumulative to any other remedies) as the Corporation may prescribe, such periodic or other reports and disclosures as the Corporation may determine to be necessary or appropriate for the protection of investors or the Corporation. "(6) As used in this subsection, the term 'stock' means such stock "stock." or other equity securities or equity interests in an insured institution, or rights, interests, or powers with respect thereto, regardless of whether such institution is a stock company, a mutual institution, or otherwise, as the Corporation may by regulation define for the purposes of this subsection.

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[80 STAT.

" (m) ANCILLARY PROvisioisrs.— (1) I n making examinations of insured institutions, examiners appointed by the Federal Home Loan Bank Board shall have power, on behalf of the Corporation, to make such examinations of the affairs of all affiliates of such institutions as shall be necessary to disclose fully the relations between such institutions and their affiliates and the effect of such relations upon such institutions. The cost of examinations of such affiliates shall be as"Affihate." sessed against and paid by the institution. For purposes of this subsection, the term 'affiliate' shall have the same meaning as where used AnLfT.'242!'' in section 2(b) of the Banking Act of 1933 (12 U.S.C. 221a(b)), "Member bank." except that the term 'member bank' in said section 2(b) shall be deemed to refer to an insured institution. subpena power, u^2) I n conncction with examinations of insured institutions and etc affiliates thereof, the Corporation, or its designated representatives, shall have power to administer oaths and affirmations and to examine and to take and preserve testimony under oath as to any matter in respect of the affairs or ownership of any such institution or affiliate thereof, and to issue subpenas and subpenas duces tecum, and, for the enforcement thereof, to apply to the United States district court for the judicial district or the United States court in any territory in which the principal office of the institution or affiliate thereof is located, or in which the witness resides or carries on business. Such courts shall have jurisdiction and power to order and require compliance with any such subpena. "(3) I n the course of or in connection with any proceeding under this section, the Corporation or its designated representatives, including any person designated to conduct any hearing under this section, shall have power to administer oaths and affirmations, to take or cause to be taken depositions, and to issue, revoke, quash, or modify subpenas and subpenas duces tecum; and the Corporation is empowered to make rules and regulations with respect to any such proceedings. The attendance of witnesses and the production of documents provided for in this subsection may be required from any place in any State or in any territory at any designated place where such proceeding is being conducted. Any party to proceedings under this section may apply to the United States District Court for the District of Columbia, or the United States district court for the judicial district or the United States court in any territory in which such proceeding is being conducted, or where the witness resides or carries on business, for enforcement of any subpena o r subpena duces tecum issued pursuant to this subsection, and such courts shall have jurisdiction and power to order and require compliance therewith. Witnesses subpenaed under this section shall be paid the same fees and mileage that are paid witnesses in the district courts of the United States. All expenses of the Board or of the Federal Savings and Loan Insurance Corporation in connection with this section shall be considered as nonadministrative expenses. Any court having jurisdiction of any proceeding instituted under this section by an insured institution, or a director or officer thereof, may allow to any such party such reasonable expenses and attorneys' fees as it deems just and proper; and such expenses and fees shall be paid by the institution or from its assets. " (n) SERVICE.—Any service required or authorized to be made by the Corporation under this section may be made by registered mail, or in such other manner reasonably calculated to give actual notice as the Corporation may by regulation or otherwise provide. Copies of any notice or order served by the Corporation upon any Statechartered institution or any director or officer thereof or other person participating in the conduct of its affairs, pursuant to the provisions of this section, shall also be sent to the appropriate State supervisory authority.

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"(o) NOTICE TO STATE AUTHORITIES.—In connection with any proceeding under subsection (e), (f)(1), or (g) of this section involving an insured State-chartered institution or any director or officer or other person participating in the conduct of its affairs, the Corporation shall provide the appropriate State supervisory authority with notice of the Corporation's intent to institute such a proceeding and the grounds therefor. Unless within such time as the Corporation deems appropriate in the light of the circumstances of the case (which time must be specified in the notice prescribed in the preceding sentence) satisfactory corrective action is effectuated by action of the State supervisory authority, the Corporation may proceed as provided in this section. No institution or other party who is the subject of any notice or order issued by the Corporation under this section shall have standing to raise the requirements of this subsection as ground for attacking the validity of any such notice or order. " (p) PENALTIES.—(1) Any director or officer, or former director or officer, of an insured institution or an institution any of the accounts of which are insured, or any other person, against whom there is outstanding and effective any notice or order (which is an order which has become final) served upon such director, officer, or other person under subsection (g)(3), (g)(4), or (h) of this section, and who (A) participates in any manner in the conduct of the affairs of such institution, or directly or indirectly solicits or procures, or transfers or attempts to transfer, or votes or attempts to vote any proxies, consents, or authorizations in respect to any voting rights in such institution, or (B) without the prior written approval of the Corporation, votes for a director or serves or acts as a director, officer, or employee of any insured institution, shall upon conviction be fined not more than $5,000 or imprisoned for not more than one year, or both. "(2) Except with the prior written consent of the Corporation, no person shall serve as a director, officer, or employee of an insured institution who has been convicted, or who is hereafter convicted, of a criminal offense involving dishonesty or a breach of trust. For each willful violation of this prohibition, the institution involved shall be subject to a penalty of not more than $100 for each day this prohibition is violated, which the Corporation may recover by suit or otherwise for its own use. " (q) DEFINITIONS.—(1) As used in this section— " (A) The terms 'cease-and-desist order which has become final' and 'order which has become final' mean a cease-and-desist order, or an order, issued by the Corporation with the consent of the institution or the director or officer or other person concerned, or with respect to which no petition for review of the action of the Corporation has been filed and perfected in a court of appeals as specified in subsection (j) (2) of this section, or with respect to which the action of the court in which said petition is so filed is not subject to further review by the Supreme Court of the United States in proceedings provided for in said subsection, or an order issued under subsection (h) of this section. " (B) The term 'State' includes the Commonwealth of Puerto Eico. " (C) The term 'territory' includes any possession of the United States and any place subject to the jurisdiction of the United States. " (D) The terms 'district', 'district court', 'district court of the United States', and 'judicial district' shall have the meanings defined in section 451 of title 28 of the United States Code. 62 Stat. 907. "(2) As used in subsection (f) of this section, the term 'insolvency' means that the assets of an institution are less than its obligations to its creditors and others, including its members. "(3) As used in subsection (g) of this section, the term 'violation' includes without limitation any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation."

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12 USC 1730.

73 Stat. 691.

PUBLIC LAW 89-695-OCT. 16, 1966

[80 STAT.

(b) The amendment made by subsection (a) of this section shall be effective only with respect to proceedings commenced on or after the date of enactment of this Act. Section 407 of the National Housing Act as in effect inunediately prior to the date of enactment of this Act shall continue in effect with respect to any proceedings commenced prior to such date. SEC. 103. Subsection (c) of section 408 of the National Housing Act (12 U.S.C. 1730a (c)) is amended to read: "(c) I t shall be unlawful for any company on or after September 23, 1959— " (1) to acquire the control of more than one insured institution, or "(2) to acquire the control of an insured institution when it holds the control of any other insured institution, except in a transaction which has been approved by the Federal Home Loan Bank Board upon a determination by it that such transaction is advisable to assist in preventing the commencement or continuance of involuntary liquidation of the insured institution whose control, whether by acquisition of stock or assets or otherwise, as being acquired by such company or an insured institution which it controls." TITLE II—PROVISION RELATING TO THE FEDERAL D E P O S I T INSURANCE CORPORATION, THE BOARD OF G O V E R N O R S O F THE FEDERAL R E S E R V E SYSTEM, AND THE COMPTROLLER OF THE CURRENCY

SEC. 201. Paragraph (6) of subsection (j) of section 7 of the Fed78 Stat. 9 4 1. eral Deposit Insurance Act (12 U.S.C. 18l7(j)(6)) is repealed and 64 Stat. 873. section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813) is amended by adding the following new subsection (q): Fedtrai^b^'iiking " (^) The term 'appropriate Federal banking agency' shall mean agency." (1) the Comptroller of the Currency in the case of a national banking association or a District bank, (2) the Board of Governors of the Federal Reserve System in the case of a State member insured bank (except a District bank), and (3) the Federal Deposit Insurance Corporation in the case of a State nonmember insured bank (except a District bank)." SEC. 202. Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818), is amended by redesignating subsections (b), (c), and (d) thereof as (o), (p), and (q) and by adding after subsection (a) thereof the following new subsections (b) through (n), inclusive: sist^proceedings. " (b)(1) If, iH the opiuiou of the appropriate Federal banking agency, any insured bank or bank which has insured deposits is engaging or has engaged, or the agency has reasonable cause to believe that the bank is about to engage, in an unsafe or unsound practice in conducting the business of such bank, or is violating or has violated, or the agency has reasonable cause to believe that the bank is about to violate, a law, rule, or regulation, or any condition imposed in writing by the agency in connection with the granting of any application or other request by the bank, or any written agreement entered into with the agency, the agency may issue and serve upon the bank a notice of charges in respect thereof. The notice shall contain a statement of the facts constituting the alleged violation or violations or the unsafe or unsound practice or practices, and shall fix a time and place at which a hearing will be held to determine whether an order to cease and desist therefrom should issue against the bank. Such hearing shall be fixed for a date not earlier than thirty days nor later than sixty days after service of svich notice unless an earlier or a later date is set by the agency at the request of the bank. Unless the bank shall appear

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at the hearing by a duly authorized representative, it shall be deemed to have consented to the issuance of the cease-and-desist order. I n the event of such consent, or if upon the record made at any such hearing, the agency shall find that any violation or unsafe or unsound practice specified in the notice of charges has been established, the agency may issue and serve upon the bank an order to cease and desist from any such violation or practice. Such order may, by provisions which may be mandatory or otherwise, require the bank and its directors, officers, employees, and agents to cease and desist from the same, and, further, to take affirmative action to correct the conditions resulting from any such violation or practice. "(2) A cease-and-desist order shall become effective at the expiration of thirty days after the service of such order upon the bank concerned (except in the case of a cease-and-desist order issued upon consent, which shall become effective at the time specified therein), and shall remain effective and enforceable as provided therein, except to such extent as it is stayed, modified, terminated, or set aside by action of the agency or a reviewing court. " (c)(1) Whenever the appropriate Federal banking agency shall ^'^f?^°•^^l^^^^^^ determine that the violation or threatened violation or the unsafe or ders. ^^^^ unsound practice or practices, specified in the notice of charges served upon the bank pursuant to paragraph (1) of subsection (b) of this section, or the continuation thereof, is likely to cause insolvency or substantial dissipation of assets or earnings of the bank, or is likely to otherwise seriously prejudice the interests of its depositors, the agency may issue a temporary order requiring the bank to cease and desist from any such violation or practice. Such order shall become effective upon service upon the bank and, unless set aside, limited, or suspended by a court in proceedings authorized by paragraph (2) of this subsection, shall remain effective and enforceable pending the completion of the administrative proceedings pursuant to such notice and until such time as the agency shall dismiss the charges specified in such notice, or if a cease-and-desist order is issued against the bank, until the effective date of any such order. " (2) Within ten days after the bank concerned has been served with a temporary cease-and-desist order, the bank may apply to the United States district court for the judicial district in which the home office of the bank is located, or the United States District Court for the District of Columbia, for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of such order pending the completion of the administrative proceedings pursuant to the notice of charges served upon the bank under paragraph (1) of subsection (b) of this section, and such court shall have jurisdiction to issue such injunction. " (d) I n the case of violation or threatened violation of, or failure to obey, a temporary cease-and-desist order issued pursuant to paragraph (1) of subsection (c) of this section, the appropriate Federal banking agency may apply to the United States district court, or the United States court of any territory, within the jurisdiction of which the home office of the bank is located, for an injunction to enforce such order, and, if the court shall determine that there has been such violation or threatened violation or failure to obey, it shall be the duty of the court to issue such injunction. "(e)(1) Whenever, in the opinion of the appropriate Federal bank- ,„^,^„™°^^if°^^fi' ing agency, any director or officer of an insured State bank (other rector or officer. than a District bank) has committed any violation of law, rule, or regulation, or of a cease-and-desist order which has become final, or has engaged or participated in any unsafe or unsound practice in connection with the bank, or has committed or engaged in any act, omis-

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[80 STAT.

sion, or practice which constitutes a breach of his fiduciary duty as such director or officer, and the agency determines that the bank has suffered or will probably suffer substantial financial loss or other damage or that the interests of its depositors could be seriously prejudiced by reason of such violation or practice or breach of fiduciary duty, and that such violation or practice or breach of fiduciary duty is one involving personal dishonesty on the part of such director or officer, the agency may serve upon such director or officer a written notice of its intention to remove him from office. "(2) Whenever, in the opinion of the Comptroller of the Currency, any director or officer of a national banking association or a District bank has committed any violation of law, rule, or regulation, or of a cease-and-desist order which has become final, or has engaged or participated in any unsafe or unsound practice in connection with the bank, or has committed or engaged in any act, omission, or practice which constitutes a breach of his fiduciary duty as such director or officer, and the Comptroller determines that the bank has suffered or will probably suffer substantial financial loss or other damage or that the interests of its depositors could be seriously prejudiced by reason of such violation or practice or breach of fiduciary duty, and that such violation or practice or breach of fiduciary duty is one involving personal dishonesty on the part of such director or officer, the Comptroller of the Currency may certify the facts to the Board of Governors of the Federal Reserve System. "(3) Whenever, in the opinion of the appropriate Federal banking agency, any director or officer of an insured State bank (other than a District bank), by conduct or practice with respect to another insured bank or other business institution which resulted in substantial financial loss or other damage, has evidenced his personal dishonesty and unfitness to continue as a director or officer and, whenever, in the opinion of the appropriate Federal banking agency, any other person participating in the conduct of the affairs of an insured State bank (other than a District bank), by conduct or practice with respect to such bank or other insured bank or other business institution which resulted in substantial financial loss or other damage, has evidenced his personal dishonesty and unfitness to participate in the conduct of the affairs of such insured bank, the agency may serve upon such director, officer, or other person a written notice of its intention to remove him from office and/or to prohibit his further participation in any manner in the conduct of the affairs of the bank. "(4) Whenever, in the opinion of the Comptroller of the Currency, any director or officer of a national banking association or a District bank, by conduct or practice with respect to another insured bank or other business institution which resulted in substantial financial loss or other damage, has evidenced his personal dishonesty and unfitness to continue as a director or officer and, whenever, in the opinion of the Comptroller, any other person participating in the conduct of the affairs of a national banking association or a District bank, by conduct or practice with respect to such bank or other insured bank or other business institution which resulted in substantial financial loss or other damage, has evidenced his personal dishonesty and unfitness to participate in the conduct of the affairs of such bank, the Comptroller of the Currency may certify the facts to the Board of Governors of the Federal Reserve System. "(5) In respect to any director or officer of an insured State bank (other than a District bank) or any other person referred to in paragraph (1) or (3) of this subsection, the appropriate Federal banking agency may, if it deems it necessary for the protection of the bank or the interests of its depositors, by written notice to such effect served

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PUBLIC LAW 89-695-OCT. 16, 1966

upon such director, officer, or other person, suspend him from office and/or prohibit him from further participation in any manner in the conduct of the affairs of the bank. Such suspension and/or prohibition shall become effective upon service of such notice and, unless stayed by a court in proceedings authorized by subsection (f) of this section, shall remain in effect pending the completion of the administrative proceedings pursuant to the notice served under paragraph (1) or (3) of this subsection and until such time as the agency shall dismiss the charges specified in such notice, or, if an order of removal and/or prohibition is issued against the director or officer or other person, until the effective date of any such order. Copies of any such notice shall also be served upon the bank of which he is a director or officer or in the conduct of whose affairs he has participated. "(6) I n respect to any director or officer of a national banking association or a District bank, or any other person referred to in paragraph (2) or (4) of this subsection, the Comptroller of the Currency may, if he deems it necessary for the protection of the bank or the interests of its depositors that such director or officer be suspended from office or prohibited from further participation in any manner in the conduct of the affairs of the bank, certify the facts to the Board of Governors of the Federal Reserve System. "(7) In the case of a certification to the Board of Governors of the Federal Reserve System under paragraph (2) or (4) of this subsection, the Board may serve upon the director, officer, or other person involved, a written notice of its intention to remove him from office and/or to prohibit him from further participation in any manner in the conduct of the affairs of the bank. In the case of a certification to the Board of Governors of the Federal Reserve System under paragraph (6) of this subsection, the Board may by written notice to such effect served upon such director, officer, or other person, suspend him from office and/or prohibit him from further participation in any manner in the conduct of the affairs of the bank. Such suspension and/or prohibition shall become effective upon service of such notice and, unless stayed by a court in proceedings authorized by subsection (f) of this section, shall remain in effect pending the completion of the administrative proceedings pursuant to the notice served under the first sentence of this paragraph and until such time as the Board shall dismiss the charges specified in such notice, or, if an order of removal and/or prohibition is issued against the director or officer or other person, until the effective date of any such order. Copies of any such notice shall also be served upon the bank of which he is a director or officer or in the conduct of whose affairs he has participated. For the purposes of this paragraph and paragraph (8) of this subsection, the Comptroller of the Currency shall be entitled in any case involving a national bank or a District bank to sit as a member of the Board of Governors of the Federal Reserve System and to participate in its deliberations on any such case and to vote thereon in all respects as a member of such Board. "(8) A notice of intention to remove a director, officer, or other person from office and/or to prohibit his participation in the conduct of the affairs of an insured bank, shall contain a statement of the facts constituting grounds therefor, and shall fix a time and place at which a hearing will be held thereon. Such hearing shall be fixed for a date not earlier than thirty days nor later than sixty days after the date of service of such notice, unless an earlier or a later date is set by the agency at the request of (A) such director or officer or other person, and for good cause shown, or (B) the Attorney General of the tjnited States. Unless such director, officer, or other person shall appear

1049

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causiTor re^^^' movai.

PUBLIC LAW 89-695-OCT. 16, 1966

[80 STAT.

at the hearing in person or by a duly authorized representative, he shall be deemed to have consented to the issuance of an order of such removal and/or prohibition. In the event of such consent, or if upon the record made at any such hearing the agency shall find that any of the grounds specified in such notice has been established, the agency may issue such orders of suspension or removal from office, and/or prohibition from participation in the conduct of the affairs of the bank, as it may deem appropriate. Any such order shall become effective at the expiration of thirty days after service upon such bank and the director, officer, or other person concerned (except in the case of an order issued upon consent, which shall become effective at the time specified therein). Such order shall remain effective and enforceable except to such extent as it is stayed, modified, terminated, or set aside by action of the agency or a reviewing court. " (f) Within ten days after any director, officer, or other person has been suspended from office and/or prohibited from participation in the conduct of the affairs of an insured bank under subsection (e)(5) or (e)(7) of this section, such director, officer, or other person may apply to the United States district court for the judicial district in which the home office of the bank is located, or the United States District Court for the District of Columbia, for a stay of such suspension and/or prohibition pending the completion of the administrative proceedings pursuant to the notice served upon such director, officer, or other person under subsection (e)(1), (e)(3), or (e)(7) of this section, and such court shall have jurisdiction to stay such suspension and/or prohibition. " (g)(1) Whcuevcr any director or officer of an insured bank, or other person participating in the conduct of the affairs of such bank, is charged in any information, indictment, or complaint authorized by a United States attorney, with the commission of or participation in a felony involving dishonesty or breach of trust, the appropriate Federal banking agency may, by written notice served upon such director, officer, or other person suspend him from office and/or prohibit him from further participation in any manner in the conduct of the affairs of the bank. A copy of such notice shall also be served upon the bank. Such suspension and/or prohibition shall remain in effect until such information, indictment, or complaint is finally disposed of or until terminated by the agency. In the event that a judgment of conviction with respect to such offense is entered against such director, officer, or other person, and at such time as such judgment is not subject to further appellate review, the agency may issue and serve upon such director, officer, or other person an order removing him from office and/or prohibiting him from further participation in any manner in the conduct of the affairs of the bank except with the consent of the appropriate agency. A copy of such order shall also be served upon such bank, whereupon such director or officer shall cease to be a director or officer of such bank. A finding of not guilty or other disposition of the charge shall not preclude the agency from thereafter instituting proceedings to remove such director, officer, or other person from office and/or to prohibit further participation in bank affairs, pursuant to paragraph (1), (2), (3), (4), or (7) of subsection (e) of this section. "(2) If at any time, because of the suspension of one or more directors pursuant to this section, there shall be on the board of directors of a national bank less than a quorum of directors not so suspended, all powers and functions vested in or exercisable by such board shall vest in and be exercisable by the director or directors on the board not so suspended, until such time as there shall be a quorum of the board of directors. I n the event all of the directors of a national bank are

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PUBLIC LAW 89-695-OCT. 16, 1966

1051

suspended pursuant to this section, the Comptroller of the Currency shall appoint persons to serve temporarily as directors in their place and stead pending the termination of such suspensions, or until such time as those who have been suspended, cease to be directors of the bank and their respective successors take office. " (h)(1) Any hearing provided for in this section shall be held in ju"cla\"fevre'lv. the Federal judicial district or in the territory in which the home office of the bank is located unless the party afforded the hearing consents to another place, and shall be conducted in accordance with the provisions of chapter 5 of title 5 of the United States Code. Such hearing ^"'^' P- ^^°shall be private, unless the appropriate Federal banking agency, in its discretion, after fully considering the views of the party afforded the hearing, determines that a public hearing is necessary to protect the public interest. After such hearing, and within ninety days after the appropriate Federal banking agency or Board of Governors of the Federal Reserve System has notified the parties that the case has been submitted to it for final decision, it shall render its decision (which shall include findings of fact upon which its decision is predicated) and shall issue and serve upon each party to the proceeding an order or orders consistent with the provisions of this section. Judicial review of any such order shall be exclusively as provided in this subseotion (li). Unless a petition for review is timely filed in a court of appeals of the United States, as hereinafter provided in paragraph (2) of this subsection, and thereafter until the record in the proceeding has been filed as so provided, the issuing agency may at any time, upon such notice and in such manner as it shall deem proper, modify, terminate, or set aside any such order. Upon such filing of the record, the agency may modify, terminate, or set aside any such order w4th permission of the court. "(2) Any party to the proceeding, or any person required by an order issued under this section to cease and desist from any of the violations or practices stated therein, may obtain a review of any order served pursuant to paragraph (1) of this subsection (other than an order issued with the consent of the bank or the director or officer or other person concerned, or an order issued under paragraph (1) of subsection (g) of this section) by the filing in the court of appeals of the United States for the circuit in which the home office of the bank is located, or in the United States Court of Appeals for the District of Columbia Circuit, within thirty days after the date of service of such order, a written petition praying that the order of the agency be modified, terminated, or set aside. A copy of such petition shall be forthwith transmitted by the clerk of the court to the agency, and thereupon the agency shall file in the court the record in the proceeding, as provided in section 2112 of title 28 of the United States Code. ''^ ^'^*- ^'*Upon the filing of such petition, such court shall have jurisdiction, which upon the filing of the record shall except as provided in the last sentence of said paragraph (1) be exclusive, to affirm, modify, terminate, or set aside, in whole or in part, the order of the agency, Review of such proceedings shall be had as provided in chapter 7 of title 5 of the United States Code. The judgment and decree of the court shall ^"'^' P- ^92. be final, except that the same shall be subject to review by the Supreme Court upon certiorari, as provided in section 1254 of title 28 of the United States Code. ... " ^'"'' ^^^' "(3) The commencement of proceedings for judicial review under paragraph (2) of this subsection shall not, unless specifically ordered by the court, operate as a stay of any order issued by the agency. " (i) The appropriate Federal banking agency may in its discretion ord^"^"'^'^^"^"' °^ apply to the United States district court, or the United States court of any territory, within the jurisdiction of which the home office of the

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Page:United States Statutes at Large Volume 80 Part 1.djvu/1088

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Penalties.

Definitions.

Notice of

Notice to State authorities.

Subpena power, etc.

PUBLIC LAW 89-695-OCT. 16, 1966

[80

STAT.

bank is located, for the enforcement of any effective and outstanding notice or order issued under this section, and such courts shall have iurisdiction and power to order and require compliance herewith; but except as otherwise provided in this section no court shall have jurisdiction to affect by injunction or otherwise the issuance or enforcement of any notice or order under this section, or to review, modify, suspend, terminate, or set aside any such notice or order. "(j) Any director or officer, or former director or officer of an insured bank, or any other person, against whom there is outstanding and effective any notice or order (which is an order which has become final) served upon such director, officer, or other person under subsections (e)(5), (e)(7), (e)(8), or (g) of this section, and who (i) participates in any manner in the conduct of the affairs of the bank involved, or directly or indirectly solicits or procures, or transfers or attempts to transfer, or votes or attempts to vote, any proxies, consents, or authorizations in respect of any voting rights in such bank, or (ii) without the prior written approval of the appropriate Federal banking agency, votes for a director, serves or acts as a director, officer, or employee of any bank, shall upon conviction be fined not more than $5,000 or imprisoned for not more than one year, or both. " (k) As used in this section (1) the terms 'cease-and-desist order which has become final' and 'order which has become final' mean a cease-and-desist order, or an order, issued by the appropriate Federal banking agency with the consent of the bank or the director or officer or other person concerned, or with respect to which no petition for review of the action of the agency has been filed and perfected in a court of appeals as specified m paragraph (2) of subsection (h), or with respect to which the action of the court in which said petition is so filed is not subject to further review by the Supreme Court of the United States in proceedings provided for in said paragraph, or an order issued under paragraph (1) of subsection (^) of this section, and (2) the term 'violation' includes without limitation any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation. "(1) Any service required or authorized to be made by the appropriate Federal banking agency under this section may be made by registered mail, or in such other manner reasonably calculated to give actual notice as the agency may by regulation or otherwise provide. Copies of any notice or order served by the agency upon any State bank or any director or officer thereof or other person participating in the conduct of its affairs, pursuant to the provisions of this section, shall also be sent to the appropriate State supervisory authority. " (m) I n connection with any proceeding under subsection (b), (c)(1), or (e) of this section involving an insured State bank or any director or officer or other person participating in the conduct of its affairs, the appropriate Federal banking agency shall provide the appropriate State supervisory authority with notice of the agency's intent to institute such a proceeding and the grounds therefor. Unless within such time as the Federal banking agency deems appropriate in the light of the circumstances of the case (which time must be specified in the notice prescribed in the preceding sentence) satisfactory corrective action is effectuated by action of the State supervisory authority, the agency may proceed as provided in this section. No bank or other party who is the subject of any notice or order issued by the agency under this section shall have standing to raise the requirements of this subsection as ground for attacking the validity of any such notice or order. " (n) I n the course of or in connection with any proceeding under this section, the agency conducting the proceeding, or any member or

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PUBLIC LAW 89-695-OCT. 16, 1966

1053

designated representative thereof, including any person designated to conduct any hearing under this section, shall have the power to administer oaths and affirmations, to take or cause to be taken depositions, and to issue, revoke, quash, or modify subpenas and subpenas duces tecum; and such agency is empowered to make rules and regulations with respect to any such proceedings. The attendance of witnesses and the production of documents provided for in this subsection may be required from any place in any State or in any territory or other place subject to the jurisdiction of the United States at any designated place where such proceeding is being conducted. Any party to proceedings under this section may apply to the United States District Court for the District of Columbia, or the United States district court for the judicial district or the United States court in any territory in which such proceeding is being conducted, or where the witness resides or carries on business, for enforcement of any subpena or subpena duces tecum issued pursuant to this subsection, and such courts shall have jurisdiction and power to order and require compliance therewith. Witnesses subpenaed under this section shall be paid the same fees and mileage that are paid witnesses in the district courts of the United States. Any court having jurisdiction of any proceeding instituted under this section by an insured bank or a director or officer thereof, may allow to any such party such reasonable expenses and attorneys' fees as it deems just and proper; and such expenses and fees shall be paid by the bank or from its assets." SEC. 203. Subsections (b) and (c) of section 10 of the Federal ^^^t^^^'^tl'^T' Deposit Insurance Act (12 U.S.C. 1820 (b), (c)) are amended to read duties. as follows:

" (b) The Board of Directors shall appoint examiners who shall have power, on behalf of the Corporation, to examine any insured State nonmember bank (except a District bank), any State nonmember bank making application to become an insured bank, and any closed insured bank, whenever in the judgment of the Board of Directors an examination of the bank is necessary. I n addition to the examinations provided for in the preceding sentence, such examiners shall have like power to make a special examination of any State member bank and any national bank or District bank, whenever in the judgment of the Board of Directors such special examination is necessary to determine the condition of any such bank for insurance purposes. I n making examinations of insured banks, examiners appointed by the Corporation shall have power on behalf of the Corporation to make such examinations of the affairs of all affiliates of such banks as shall be necessary to disclose fully the relations between such banks and their affiliates and the effect of such relations upon such banks. Each examiner shall have power to make a thorough examination of all of the affairs of the bank and its affiliates, and shall make a full and detailed report of the condition of the bank to the Corporation. The Board of Directors in like manner shall appoint claim agents who shall have power to investigate and examine all claims for insured deposits. Each claim agent shall have power to administer oaths and affirmations and to examine and to take and preserve testimony under oath as to any matter in respect to claims for insured deposits, and to issue subpenas and subpenas duces tecum, and, for the enforcement thereof, to apply to the United States district court for the judicial district or the United States court in any territory in which the main office of the bank or affiliate thereof is located, or in which the witness resides or carries on business. Such courts shall have jurisdiction and power to order and require compliance with any such subpena. "(c) In connection with examinations of insured banks, and affiliates thereof, the appropriate Federal banking agency, or its designated 65-300 0-67—69

64 Stat. 882.

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'Affiliate." 48 Stat. 162; Ante, p. 242. "Member bank. Insured bank, termination of status. 64 Stat. 879.

PUBLIC LAW 89-695-OCT. 16, 1966

[80

STAT.

representatives, shall have the power to administer oaths and affirmations and to examine and to take and preserve testimony under oath as to any matter in respect of the affairs or ownership of any such bank or affiliate thereof, and to issue subpenas and subpenas duces tecum, and, for the enforcement thereof, to apply to the United States district court for the judicial district or the United States court in any territory in which the main office of the bank or affiliate thereof is located, or in which the witness resides or carries on business. Such courts shall have jurisdiction and power to order and require compliance with any such subpena. For purposes of this section, the term 'affiliate' shall have the same meaning as where used in section 2(b) of the Banking Act of 1933 (12 U.S.C. 221a(b)) except that the term 'member bank' in said section 2(b) shall be deemed to refer to an insured bank." SEC. 204. The first five sentences of section 8(a) of the Federal Deposit Insurance Act (12 U.S.C. 1818(a)) are amended to read as follows: "SEC. 8. (a) Any insured bank (except a national member bank or State member bank) may, upon not less than ninety days' written notice to the Corporation, terminate its status as an insured bank. Whenever the Board of Directors shall find that an insured bank or its directors or trustees have engaged or are engaging in unsafe or unsound practices in conducting the business of such bank, or is in an unsafe or unsound condition to continue operations as an insured bank, or violated an applicable law, rule, r e f l a t i o n or order, or any condition imposed in writing by the Corporation in connection with the granting of any application or other request by the bank, or any written agreement entered into with the Corporation, the Board of Directors shall first give to the Comptroller of the Currency in the case of a national bank or a district bank, to the authority having supervision of the bank in the case of a State bank, and to the Board of Governors of the Federal Reserve System in the case of a State member bank, a statement with respect to such practices or violations for the purpose of securing the correction thereof and shall give a copy thereof to the bank. Unless such correction shall be made within one hundred and twenty days, or such shorter period not less than twenty days fixed by the Corporation in any case where the Board of Directors in its discretion has determined that the insurance risk of the Corporation is unduly jeopardized, or fixed by the Comptroller of the Currency in the case of a national bank, or the State authority in the case of a State bank, or Board of Governors of the Federal Reserve System in the case of a State member bank as the case may be, the Board of Directors, if it shall determine to proceed further, shall give to the bank not less than thirty days' written notice of intention to terminate the status of the bank as an insured bank, and shall fix a time and place for a hearing before the Board of Directors or before a person designated by it to conduct such hearing, at which evidence may be produced, and upon such evidence the Board of Directors shall make written findings which shall be conclusive. If the Board of Directors shall find that any unsafe or unsound practice or condition or violation specified in such statement has been established and has not been corrected within the time above prescribed in which to make such corrections, the Board of Directors may order that the insured status of the bank be terminated on a date subsequent to such finding and to the expiration of the time specified in such notice of intention. Unless the bank shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented to the termination of its status as an insured bank and termination of such status thereupon may be ordered. Any insured bank whose insured status has been terminated by order of the Board of Directors under this subsection shall have the right of judi-

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PUBLIC LAW 89-695-OCT. 16, 1966

cial review of such order only to the same extent as provided for the review of orders under subsection (h) of this section." SEC. 205. Subsection "Fourth" of section 9 of the Federal Deposit Insurance Act (12 U.S.C. 1819 "Fourth") is amended to read as follows: "Fourth. To sue and be sued, complain and defend, in any court of law or equity, State or Federal. All suits of a civil nature at common law or in equity to which the Corporation shall be a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction thereof, without regard to the amount in controversy; and the Corporation may, without bond or security, remove any such action, suit, or proceeding from a State court to the United States district court for the district or division embracing the place where the same is pending by following any procedure for removal now or hereafter in effect, except that any such suit to which the Corporation is a party in its capacity as receiver of a State bank and which involves only the rights or obligations of depositors, creditors, stockholders, and such State bank under State law shall not be deemed to arise under the laws of the United States. No attachment or execution shall be issued against the Corporation or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or United States court. The Board of Directors shall designate an agent upon whom service of process may be made in any State, Territory, or jurisdiction in which any insured bank is located." SEC. 206. Nothing contained in this title shall be construed to repeal, modify, or affect the provisions of section 19 of the Federal Deposit Insurance Act (12 U.S.C. 1829). SEC. 207. Section 30 of the Banking Act of 1933 (12 U.S.C. 77) is hereby repealed.

1055

^4 Stat. ssi.

f^P^^J; ^^3

TITLE III—INCREASE IN INSURANCE LIMIT FEDERAL DEPOSIT INSURANCE CORPORATION

SEC. 301. (a) The first sentence of section 3(m) of the Federal Deposit Insurance Act (12 U.S.C. 1813 (m)) is amended by changing "$10,000" to read "$15,000". (b) The first sentence of section 7(i) of the Federal Deposit Insurance Act (12 U.S.C. 1817(i)) is amended by changing '^$10,000" to read "$15,000". (c) The last sentence of section 11(a) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)) is amended to read: "The maximum amount of the insured deposit of any depositor shall be $15,000." (d) The fifth sentence of section 11(i) of the Federal Deposit Insurance Act (12 U.S.C. 1821 (i)) is amended by changing "$10,000" to read "$15,000". (e) The amendments made by this section shall not be applicable to any claim arising out of the closing of a bank where such closing is prior to the date of enactment of this Act.

64 Stat. 875.

FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION

SEC. 302. (a) Section 401(b) of title IV of the National Housing Act (12 U.S.C. 1724(b)) is amended by changing "$10,000" to read 73^^t!t^26?^' "$15,000" each place it appears therein. (b) Section 405(a) of title IV of the National Housing Act (12 U.S.C. 1728(a)) is amended by changing "$10,000" to read "$15,000". e/stf^^'ssg^^^' (c) The amendments made by this section shall not be applicable to any claim arising out of a default, as defined in section 401(d) of the

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PUBLIC LAW 89-696-OCT. 19, 1966

[80 STAT.

National Housing Act, where the appointment of a conservator, receiver, or other legal custodian as set forth in that section becomes effective prior to the date of enactment of this Act. ADMINISTRATIVE AUTHORITY

SEC, 303. (a) Section 3(m) of the Federal Deposit Insurance Act Ante, p. 1055. ^j^g U.S.C. 1813 (m)) is amended by adding the following new sentence at the end: "For the purpose of clarifying and defining the insurance 12 USC 1817. coverage under this subsection and subsection (i) of section 7, the Corporation is authorized to define, with such classifications and exceptions as it may prescribe, terms used in those subsections, in subsection 12 USC 1821. (p) of section 3, and in subsections (a) and (i) of section 11 and the extent of the insurance coverage resulting therefrom." (b) Section 405(a) of title IV of the National Housing Act (12 Ante, p. 1055. U.S.C. 1728(a)) is amended by adding the following new sentence at the end: " For the purpose of clarifying and defining the insurance coverage under this subsection and subsection (b) of section 401, the Corporation is authorized to define, with such classifications and exceptions as it may prescribe, terms used in those subsections and in sub48 Stat. 1255 section (c) of section 401 and the extent of the insurance coverage 12 USC 1724. resulting therefrom." TITLE IV—EXPIRATION SEC. 401. The provisions of titles I and II of this Act and any provisions of law enacted by said titles shall be effective only during the period ending at the close of June 30, 1972. Effective upon the expiration of such period, each provision of law amended by either of such titles is further amended to read as it did immediately prior to the enactment of this Act and each provision of law repealed by either of such titles is reenacted. Approved October 16, 1966.

Public Law 89-696 October 19, 1966

[s. 3834]

^^

ACT

rj^Q amend chapter 141 of title 10, United States Code, to provide for price adjustments in contracts for the procurement of milk by the Department of Defense.

Be it enacted by the Senate and Hoitse of Representatives of the mim^conrra^lsr'^*" '^^^^^^^ States of America in Congress assembled, That chapter 141 Milk procureof title 10, United States Code, is amended— "ToA Stat 135 (1) by inserting at the end thereof the following new section: 10 USC 2381 2388. "Under regulations prescribed by the Secretary of Defense, any contract for the procurement of fluid milk for beverage purposes which was bein^ performed on or after March 1, 1966, may be amended to provide a price adjustment for losses incurred by a contractor because of increased prices paid to the producers for such milk as a result of action by the Secretary of Agriculture on or after March 1, 1966, increasing the price of milk. A price adjustment shall not be made unless it has been determined by the Department that— " (1) such amount is not included in the contract price; "(2) the contract does not otherwise contain a provision providing for an adjustment in price; and "(3) the contractor will suffer a loss, not merely a diminution of anticipated profit, under the contract because oi such increases
 * § 2389. Contracts far the procurement of milk; price adjustment

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1057

in producer prices."; and (2) by inserting the following new item in the analysis thereof: "2389. Contracts for the procurement of milk; price adjustment." Approved October 19, 1966, 12:55 p.m., en route New Zealand from Samoa. Public Law 89-697 AN ACT October 27, 1966 Making supplemental appropriations for the fiscal year ending.June 30, 1967, [H. R. 1838i] and for other purposes.

Be it enacted by the Semite and House of Representatives of the Vnited States of America in Congress assembled, That the following App"roprl^t1on^^ sums are> appropriated out of any money in the Treasury not otherwise Act, 1967. appropriated, to supply supplemental appropriations (this Act may 1)6 cited as the "Supplemental Appropriation Act, 1967") for the fiscal year ending June 80, 1967, and for other purposes, namely:

CHAPTER I I)EPARTMP:NT OF AGRICULTURE AciRICLLTURAL RESEARCH SERVICE SALARIES AND EXPENSES

Plant and Animal Disease and Pest Control For an additional amount for "Salaries and Expenses", for Plant and Animal Disease and Pest Control, $300,000. (^ONSUMER AND MARKETING SERVICE SCHOOL LUNCH PROGRAM

For an additional amount for "School Lunch Program", including $2,000,000 for the pilot school breakfast program, and $750,000 for the nonfood assistance program, $2,750,000. RELATED AGENCIES FARM CREDIT ADMINISTRATION REVOLVING FUND

Limitation on Administrative Expenses Xot to exceed an additional amount of $39,000 (from assessments collected from F a r m Credit agencies) shall be available during the current fiscal year for administrative expenses, CHAPTER II FOREIGN OPERATIONS EXPORT-IMPORT B A N K OF WASHINGTON LIMITATION ON OPERATING EXPENSES

In addition to the amount hei"etofore made available for operating expenses, not to exceed $600,000,000 shall be available for such expenses from funds available to the Export-Import Bank, and an additional junount of $945,000,000 shall be available from amounts herein and heretofore provided for equipment and services loans.

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PUBLIC LAW 89-697-OCT. 27, 1966

[80 STAT.

L I M I T A T I O N ON A D M l N l S l T t A l IV E EXPP^NSES

III addition to the amount heretofore made available for administrative expenses, not to exceed $128,000 shall be available for such expenses from funds available to the Export-Import Bank. C H A P T E R 111 INDEPENDENT OFFICES GENERAL SERVICES ADMINISTRATION CONSTRUCTION, PUBLIC BUILDINGS PROJECTS

For an additional amount for "Construction, Public Buildings Projects", for construction of substructure of Federal Bureau of Investigation building in the District of Columbia, $11,320,000, to remain available until expended. VETERANS ADMINISTRATION GENERAL OPERATING EXPENSES

For an additional amount for "General operating expenses", $19,320,000. READJUSTMENT

BENEFITS

For an additional amount for "Readjustment benefits", $327,000,000, to remain available until expended. COMMISSION ON POLITICAL ACTIVITY or GOVERNMENT PERSONNEL SALARIES AND E X P E N S E S

Ante, p. 868.

For expenses necessary to carry out the Act of October 3, 1966 (Puby^^ Law 89-617), including hire of passenger motor vehicles, $75,000, to remain available until June 30, 1968. SELECT COMMISSION ON WESTERN HEMISPHERE IMMIGRATION SALARIES AND EXPENSES

For expenses necessary to carry out the provisions of section 21 of Tusc usfnote. ^^^^ ^^^t of October 3, 1965 (Public Law 89-236), including services as 60 Stat. 810. * authorized by section 15 of the Act of August 2, 1946 (5 U.S.C. 55a), but at rates for individuals not to exceed $100 per diem, $800,000, to remain available until expended. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT URBAN

63 Stat. 414. jsltlT'igi^'

RENEWAL

PROGRAMS

For grants for urban renewal, fiscal year 1968, as an additional amount for urban renewal programs, as authorized by title I of the Housing Act of 1949, as amended (42 U.S.C. 1450 et seq.), and section '^^^ ^* ^^^^ Housing Act of 1954, as amended (42 U.S.C. 1452a), i!^750,000,000, to remain available until expended: Provided, That no commitments shall be entered into during the fiscal year 1968 for grants aggregating more than the total amounts available in that year from the amounts authorized for making such commitments through June 30, 1967, plus the additional amount appropriated herein.

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PUBLIC LAW 89-697-OCT. 27, 1966 URBAN

MASS TRANSPORTATION

1059

GRANTS

For an additional amount for "Urban Mass Transportation Grants", for the fiscal year 1968, $70,000,000, to remain available mitil expended. ADMINISTRATIVE

E X P E N S E S, U R B A N TRANSPORTATION

ACTIVITIES

For an additional amount for "Administrative expenses, urban transportation activities", $80,000. Comprehensive City Demonstration Programs For financial assistance including not to exceed $750,000 for administrative expenses in connection with planning and developing comprehensive city demonstration programs, as authorized by the Demonstration Cities and Metropolitan Development Act of 1966, $11,000,000, to remain available until June 30, 1968: Provided, That this paragraph shall be effective only upon enactment into law of S. 3708, 89th Congress, or similar legislation.

Post,

p. 1255.

Ante,

p. 684.

FEDERAL NATIONAL MORTGAGE ASSOCIATION LIMITATION ON ADMINISTRATIVE EXPENSES, FEDERAL NATIONAL MORTGAGE ASSOCIATION

I n addition to the amount otherwise available for administrative expenses of the Federal National Mortgage Association for the current fiscal year, not to exceed $850,000 shall be available for such expenses. GENERAL PROVISION

The limitations imposed on travel expenses of employees by section 102 of the Independent Offices Appropriation Act, 1967, are hereby increased to the extent necessary to provide for such increases in those expenses as may result from the Act of July 21, 1966 (Public Law 89-516). CHAPTER IV DEPARTMENT OF THE INTERIOR BUREAU OF LAND MANAGEMENT MANAGEMENT OF LANDS AND RESOURCES

For an additional amount for "Management of lands and resources", $800,000. BUREAU OF INDIAN AFFAIRS EDUCATION AND WELFARE SERVICES

For an additional amount for "Education and welfare services", $2,150,000.

Ante, p. 3 2 3.

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PUBLIC LAW 89-697-OCT. 27, 1966

[80 STAT.

BUREAU OF M I N E S HEALTH AND SAFETY

For an additional amount for "Health and safety", $200,000. F I S H AND WILDLIFE SERVICE BUREAU OF SPORT FISHERIES AND WILDLIFE CONSTRUCTION

For an additional amount for "Construction", $1,500,000 to remain available until expended. BELATED AGENCIES DEPARTMENT OF AGRICULTURE FOREST SERVICE FOREST PROTECTION AND UTILIZATION

For additional amounts for "Forest protection and utilization", as follows: "Forest land management", $2,300,000; and "State and private forestry cooperation", $200,000. FEDERAL COAL M I N E SAFETY BOARD OF REVIEW SALARIES AND EXPENSES

For an additional amount for "Salaries and expenses", $117,000. DEPARTMENT OF H E A L T H, EDUCATION, AND W E L F A R E PUBLIC HEALTH SERVICE C O N S T R U C T I O N O F INDIAN HEALTH FACILITIES

For an additional amount for "Construction of Indian health facilities", $1,025,000, to remain available until expended. EXECUTIVE OFFICE OF THE

PRESIDENT

NATIONAL COUNCIL ON MARINE RESOURCES AND ENGINEERING DEVELOPMENT, AND COMMISSION ON MARINE SCIENCE, ENGINEERING, AND RESOURCES SALARIES A N D EXPENSES

io'^L^sio'

For expenses necessary in carrying out the provisions of the Marine Resources and Engineering Development Act of 1966 (Public Law '^9-454, approved June 17, 1966), including services as authorized by the Act of August 2, 1946 (5 U.S.C. 55a), but at rates not to exceed $100 per diem for individuals, and hire of passenger motor vehicles, $1,100,000.

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1061

CHAPTER V DP:PARTMENT OF HEALTH, EDUCATION, AND WELFARE OFFICE OF E D U C A T I O N ELEMEXTARY AND SECONDARY EDUCATIONAL ACTIVITIES

For grants and payments under title II of the Act of September 30, 1950, as amended by title I of the Elementary and Secondary Education Act of 1965, and under titles II, III, and V of said 1965 Act, ll f*^'-Y; $1,312,410,000, of which $1,070,410,000 shall be for meeting the special 24i/,, 82i-87o!" educational needs of educationally deprived children under title II of the Act of September 30, 1950, as amended: Provided, That $15,000,000 shall be available for State programs for neglected and delinquent and uiigratory children on a i^ro rata basis and the aggregate amounts otherwise available for grants within States shall not be less than the amounts expended from the fiscal year 1966 appropriation by local educational agencies in such States for grants, $105,000,000 shall be for school library resources, textbooks, and other instructional materials under title II of said Elementary and Secondary Education Act of 1965, $145,000,000 shall be for supplementary educational centers and services under title III of said Act, and $22,000,000 shall be for strengthening State departments of education under title V of said Act: Provided. That not more than $30,000,000 of the sums contained herein shall be available for carrying out the Adult Education Act of 1966 including obligations incurred for this purpose under the pro- ^°s''P- n^ivisions of Public Law 89-481, as amended: Provided further. That this ^"'®' P- 233. paragraph shall be effective only upon enactment into hnv of H.R. J 3161, Eighty-ninth Congress, or similar legislation. H I G H E R EDUCATIONAL ACTIVITIES

For an additional amount for "Higher educational activities", $30,000,000, which shall be for the purposes of title III of the Higher 79 Stat. 1229. Education Act of 1965, as amended: Provided, That this paragraph 20 USC 1051shall be effective only upon enactment into law of H.R. 14644, Eighty- 1055 ninth Congress, or similar legislation. ^°^'' P- ^^'*°' H I G H E R EDUCATION F A C I L I T I E S CONSTRUCTION

For grants, loans, and payments under the Higher Education Facilities Act of 1963, as amended, $722,744,000, of which not to exceed $453,000,000 to remain available through June 30, 1968, shall be for grants for construction of academic facilities under title I; $60,000,000 to remain available until expended shall be for grants for construction of graduate academic facilities under title II; and $200,000,000 to be transferred to the revolving fund established by section 305 of said Act of 1963 and to remain available without fiscal year limitation, shall be for loans for construction of academic facilities under title III and for operation expenses of said fund: Provided, That the total amount of loans made from said fund in the fiscal year endingJune 30, 1967, shall not exceed $300,000,000: Provided further. That this paragraph shall be effective only upon enactment into law of H.R. 14644, Eighty-ninth Congress, or similar legislation.

H I'^c'-lVn t

^"'^' P- ^^^•

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PUBLIC LAW 89-697-OCT. 27, 1966

[80 STAT.

(JKANTS FOR LIBRARIES

78^stlt^u^"' Ante'.p. 313.

For grants to the States, pursuant to the Act of June 19, 1956, as amended (20 r. S. ( \, ch. 16, Public Laws 88-269 and 89-511), $76,000,000, of which $35,000,000 shall be for grants for public library services under title I of such Act, $40,000,000, to remain available through June 80, 1968, shall be for grants for public library construction under title II of such Act, and $1,000,000 shall be used for grants to the States for developing State plans for purposes of titles III and TV of such Act, of which $375,000 shall be for developing State plans for purposes of title III, $375,000 shall be for developing State plans for purposes of part A of title IV, and $250,000 shall be for developing State plans for purposes of part B of title IV. PUBLIC HEALTH SERVICE (\)MMUNiTY H E A L T H

Post, p. 1222.

PRACTICE AND RESEARCH

For an additional amount for "(Community Health Practice and Research", $4,000,000: Provided, That this appropriation shall be effective only upon enactment of H.R. 13196, 89th Congress, or similar legislation, FREEDMEN'S HOSPITAL SALARIES A N D EXPENSES

For an additional amount for "Salaries and expenses, Freedmen's Hospital", $1,000,000. EXECUTIVE OFFICE OF THE PRESIDENT OFFICE OF ECONOMIC OPPORTUNITY ECONOMIC OPPORTUNITY PROGRAM

J8 sta^ 50^8. note.

For expenses necessary to carry out the provisions of the Economic Opportunity Act of 1964 (Public Law 88-452, approved August 20, 1964) ^ as amended, $1,612,500,000, plus reimbursements, of which not more than $500,000 shall be available to carry out the purposes of part T) of title III: Provided, That this appropriation shall be available for transfers to the economic opportunity loan fund for loans under title III, and amounts so transferred shall remain available for twentyfour months: Provided further, That this appropriation shall be availaple for the purchase and hire of passenger motor vehicles, and for construction, alteration, and repair of buildings and other facilities, as authorized by section 602 of the Economic Opportunity Act of 1964, and for purchase of real property for training centers: Provided furiher. That this appropriation shall not be available for contracts under titles I, II, V, and VI extending for more than twenty-four months: Provided further, That none of the funds contained in this Act shall be used to make indemnity payments, authorized by part D of title III, to any farmer whose milk was removed from commercial markets as a result of his failure to follow the procedures prescribed by the Federal Government for the use of the offending chemical: Provided further, That no part of the funds appropriated in this paragraph shall be available for any grant until the Director has determined that the grantee is qualified to administer the funds and programs involved in the proposed grant: Provided further, That all grant agreements shall provide that the General Accounting Office shall have access to the records of the grantee which bear exclusively upon the Federal grant: Frorlded further, That of the amount available under this paragraph

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PUBLIC LAW 89-697-OCT. 27, 1966

for Health Centers and Narcotics Rehabilitation, $800,000 shall be transferred to the Department of Health, Education, and Welfare to c;i rry out the provisions of the Act authorizing the Secretary of Health, Education, and Welfare to make certain grants to the Menominee Indian people of Menominee County, Wisconsin, and for other purposes: Provided further, That this paragraph shall be effective only ujion enactment into law of H.R. 15111, Eighty-ninth Congress, or similar legislation, except that the immediately preceding proviso shall be effective only upon the enactment into law, also, of H.R. 80.34, PJighty-ninth Congress, or similar legislation. CHAPTER VI LEGISLATIVE BRANCH SENATE SALARIES, OFFICERS AND EMPLOYEES OFFICE OF THE SECRETARY

For an additional amount for the Office of the Secretary, $10,790: Provided, That effective January 1, 1967, the basic allowance for clerical assistance and readjustment of salaries in the Disbursing Office is increased by $7,680. Administrative and Clerical Assistants to Senators For an additional amount for administrative and clerical assistants to Senators, $13,860: Provided, That the clerk hire allowance of each Senator from the State of North Carolina shall be increased to that allowed Senators from States having a population of five million, the population of said State having exceeded five million inhabitants. CONTINGENT EXPENSES OF THE SENATE INQUIRIES AND INVESTIGATIONS

For an additional amount for "Inquiries and Investigations", fiscal year 1966, $25,000. HOUSE OF REPRESENTAITVES SALARIES, OFFICERS, AND EMPLOYEES

Office of the Sergeant at Arms For an additional amount for "Office of the Sergeant at Arms", $318,000, of which not to exceed $23,000 may be transferred to the current appropriation for "General expenses, Capitol Police: Provided, That the provisions of House Resolution 796, Eighty-ninth Congress, relating to the Capitol Police, shall be the permanent law with respect thereto. Committee Employees For an additional amount for "Committee employees" $100,000.

1063

^°®'' ^' ^^^^' ^"^^' P- ^°^-

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[80 STAT.

Administrative Provision The provisions of subsection (b) of House Resolution 901, relating to certain official allowances, and House Resolution 909, relating to the compensation of the Doorkeeper, both of the Eighty-ninth Congress, shall be the permanent law with respect thereto. JOINT ITEMS

Joint Committee on Internal Revenue Taxation For an additional amount for "Joint Committee on Internal Revenue Taxation", $23,000, ARCHITECT OF THE CAPITOL CAPITOL BUILDINGS AND GROUNDS

Capitol Buildings For an additional amount for "Capitol buildings", $18,000. LIBRARY OP CONGRESS BOOKS FOR THE BLIND SALARIES AND EXPENSES

Ante, p. 330.

For an additional amount for "Salaries and expenses", including expenses of carrying out the Act of July 30, 1966 (Public Law 89-522), $1,497,000. CHAPTER VII DEPARTMENT OF STATE INTERNATIONAL ORGANIZATIONS AND CONFERENCES

International Conference on Water for Peace

Post, p. 1507.

For necessary expenses incident to organizing and holding the International Conference on Water for Peace in the United States, including not to exceed $10,000 for official functions and courtesies, $500,000, to remain available until December 31, 1967: Provided, That this appropriation shall be available only upon enactment into law Qf g J jjgg jg^^ gg^j^ Congress, or similar legislation. DEPARTMENT OF JUSTICE LAW

Post, p. 1506.

ENFORCEMENT ASSISTANCE

For grants and contracts to provide assistance in training State and local law enforcement officers and other personnel, and in improving capabilities, techniques, and practices in State and local law enforcement and prevention and control of crime, for technical assistance and departmental salaries and other expenses in connection therewith, $7,250,000: Provided, That this appropriation shall be available only jjpojj tj^e enactment into law of H.R. 13551 or S. 3063 or similar legislation.

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PUBLIC LAW 8 9 - 6 9 7 - O C T. 27, 1966

1065

DEPARTMENT OF COMMERCE

HemisFair 1968 Exposition For necessary expenses to carry out the provisions of the Act of October 22, 1965 (Public Law 89-284), as amended, $6,750,000, to remain available until expended.

79 Stat. 1026, Ante, p. 9 7 1.

Inter-American Cultural and Trade Center For expenses necessary to carry out the provisions of the Act of February 19, 1966 (Public Law 89-355), without regard to the provisions of law set forth in 41 U.S.C. 13, $5,870,000, to remain available until expended: Provided, That appropriations heretofore made to the Department of Commerce to carry out the provisions of the Act of February 19, 1966 (Public Law 89-355), shall be merged with this appropriation. CHAPTER VIII

Ante, p. 5.

CLAIMS A N D J U D G M E N T S For payment of claims settled and determined by departments and agencies in accord with law and judgments rendered against the United States by the United States Court of Claims and United States district courts, as set forth in House Document numbered 522, Eighty-ninth Congress, $12,197,929, together with such amounts as may be necessary to pay interest (as and when specified in said judgments or provided by law) and such additional sums due to increases in rates of exchange as may be necessary to pay claims in foreign currency: Provided, That no judgment herein appropriated for shall be paid until it shall become final and conclusive against the United States by failure of the parties to appeal or otherwise: Provided further, That unless otherwise specifically required by law or by the judgment, payment of interest wherever appropriated for herein shall not continue for more than thirty days after the date of approval of this Act. CHAPTER IX GENERAL PROVISIONS SEC. 901. No part of any appropriation contained in this Act shall remain available for obligation beyond the current fiscal year unless expr^sly so provided herein. SEC. 902. The appropriations, authorizations, and authority with respect thereto in this Act, the District of Columbia Appropriation Act, 1967; the Military Construction Appropriation Act, 1967; the De- j j^°^'' PP- ^ i^^' partments of Labor, and Health, Education, and Welfare Appropriation Actj 1967; and the Departments of Stat^, Justice, and Commerce, Post, p. 1378. the Judiciary and Related Agencies Appropriation Act, 1967, shall Post, p. 1479. be available from October 22, 1966, for the purposes provided in such appropriations, authorizations, and authority. All obligations incurred during the period between October 22, 1966, and the dates of enactment of such Acts in anticipation of such appropriations, authorizations, and authority are hereby ratified and confirmed if in accordance with the terms of such Acts or the terms of Public Law 89-481, Eighty-ninth Congress, as amended. 859"'^' ^^' " ^ ' ^^^'

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