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3788

FEDERAL REGISTER, Friday, September 1, 1939

over $5,000,000 in assets plus the unpaid balance of mortgages which the insti tution has contracted to service for others, 1% of such assets plus the unpaid balance of such mortgages; 4 for in stitutions that have over $5,000,000 and not over $10,000,000 in assets plus the unpaid balance of mortgages which the institution has contracted to service for others, $50,000; 5 for institutions that have over $10,000,000 and not over $20,000,000 in assets plus the unpaid balance of mortgages which the institution has contracted to service for others, V2 of 1% of such assets plus the unpaid bal ance of such mortgages; 6 for insti tutions that have $20,000,000 or more in assets plus the unpaid balance of mort gages which the institution has con tracted to service for others, $100,000.
Such bond shall be approved by the JF. R. Doc. 39-3197; Filed, August 31, 1939;
board of directors of the insured insti 10:13 a. m.
tution and the premium thereon shall be paid by it. A true copy of such bond A m endm ent to the R u l e s and R egula
shall be filed with the Federal home loan t io n s for th e F ederal S avings and F. R. Doc. 39 3200; Filed, August 31, 1939; bank of which such insured institution L oan S y stem is a member or, if such insured institu . 10:15 a. m.
tion is not a member, then with the Fed PERMITTING FEDERAL ASSOCIATIONS TO PUR
eral home loan bank of the district in CHASE MORTGAGES FROM INSTITUTIONS IN
A m endm ent to the R ules and R egula which such insured institution is located, LIQUIDATION WITHOUT BOARD APPROVAL
as agent for the Corporation, and either t io n s for I nsurance of A ccounts Be it resolved, That no hearing having the original of such bond or a true copy been requested in accordance with the PROVIDING FOR THE MAINTENANCE OF FIDEL thereof shall be kept in the principal ITY BONDS BY INSURED INSTITUTIONS
provisions of paragraph d of Section office of such institution. If such in 201.2 of the Rules and Regulations for Be it resolved, That no hearing having sured institution is subject to inspection the Federal Savings,and Loan System been requested in accordance with the and supervision of some governmental after opportunity therefor had been al provisions of paragraph d of Section agency having legal power and authority lowed in accordance with paragraph b 301.22 of the Rules and Regulations for to inspect and supervise, such bonds of said section, paragraph b of Section Insurance of Accounts after opportunity shall contain a clause, in form approved 203.13 of the Rules and Regulations for therefor had been allowed in accordance by the Corporation, requiring the surety the Federal Savings and Loan System is paragraph b of said section, Sec to notify such Federal home loan bank hereby amended, effective September 1, with tion 301.16 of the Rules and Regulations before cancellation or termination of the 1939, to read as follows:
for Insurance of Accounts is hereby bond. For all other insured institutions b Purchase of loans. Federal asso amended, effective September 1, 1939, to such bonds shall contain clauses in form approved by the Corporation, empower ciations shall primarily engage in lending read as follows:
ing such Federal home loan bank, in the their funds, but may incidentally pur 301.16
Bonds for directors, officers, case of any loss covered by such bond, chase loans of a type which they are per mitted to make; provided that no Federal employees and agentsa Persons cov to give notice thereof to the surety association may purchase any mortgage ered by, form of, and amount of bonds. within the periods limited therefor in from an affiliated institution, or of a type Each insured institution shall provide such bond and requiring the surety to th at it is not authorized to make origi and maintain a fidelity bond in form ac notify such Federal home loan bank be nally, without the prior approval of the ceptable to the Corporation covering fore cancellation or termination of the Board. Sec. 5 a of H.OL.A. of 1933. each director, officer, or employee who bond. The use by an insured institu has control over or access to cash or tion of a fidelity bond which covers in 48 Stat. 132; 12 U.S.C. 1464 a securities of the institution. Such bond addition to the directors, officers and Adopted by the Federal Home Loan may be in the form of individual bonds, employees of such insured institution Bank Board on August 28, 1939.
a schedule fidelity bond, or a blanket the directors, officers or employees of any bond covering all such persons. Each other institution, agency or business is seal
R. L. N agle, such bond shall be executed by a re prohibited.
Secretary.
F. R. Doc. 39-3198; Filed, August 31, 1939; sponsible surety company or other surety b Special types of bond coverage acceptable to the Corporation in mini 10:13 a. m..
mum amounts as follows: 1 for insti with Corporation approval; bonds for tutions that have up to $1,250,000 in agents. Upon application by any in FEDERAL SAVINGS AND LOAN
assets plus the unpaid balance-bf mort sured institution to the Corporation, to INSURANCE CORPORATION
gages which the institution has con gether with a statement of the duties and tracted to service for others, $2,500 or responsibilities of its directors, officers, A m endm ent to R u l es and R egulations 2 % of such assets plus the unpaid bal or employees, the Corporation may ap F or I nsurance o f A ccounts ance of such mortgages, whichever is prove a bond on a different basis. In AUTHORIZING INSURED INSTITUTIONS TO greater; 2 for institutions that have lieu of the bond provided in paragraph MAKE 90% LOANS ON MORTGAGES IN from $1,250,000 to $2,500,000 in assets a of this section, in the case of agents SURED BY THE FEDERAL HOUSING AD plus the unpaid balance of mortgages appointed by an insured institution, the MINISTRATION
which the institution has contracted to bond may be provided in an amount at least twice the average monthly collec Be it resolved, That the words in service for others, $25,000; 3 for insti tions of such agents, provided such tutions that have over $2,500,000
and not cluded within the parentheses in the
202.12 Bonds for directors, officers, employees and agents. Each Federal as sociation shall provide and m aintain a fidelity bond covering its directors, of ficers, employees or agents in the form and amount required by the Federal Savings and Loan Insurance Corpora tion. Sec. 5 a of H.O.L.A. of 1933, 48 Stat. 132, 12 U.S.C. 1464 a
Be it further r e s o l v e d , That this amendment is deemed to be of a minor and procedural character within the pro visions of subsection c of Section 201.2
of the Rules and Regulations for the Federal Savings and Loan System.
Adopted by the Federal Home Loan Bank Board on August 28, 1939.
seal
R. L. N agle, Secretary.

second sentence of paragraph 4 of subsection d of Section 301.11 of the Rules and Regulations for Insurance of Accounts are hereby amended to read as follows:
In no event greater than the percentum of appraised value permitted to be insured by the Federal Housing Ad ministrator under the National Hous ing Act, as amended Sec. 403b of N.H.A., 48 Stat. 1257, Sec. 23, 49 Stat.
298; 12 U.S.C. and Sup. 1726b Be it further resolved, That this amendment is deemed to be of a minor character within the provisions of sub section c of Section 301.22 of the Rules and Regulations for Insurance of Accounts.
Adopted by the Board of Trustees of the Federal Savings and Loan Insurance Corporation on August 30, 1939.
seal
R. L. N agle, Secretary.