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Tuesday, N ovem ber 24, 1959

FEDERAL REGISTER

9417

may the withdrawal of savings be made for such purposes unless the association a device by which members may at will itself made the deposit for which the draw personal checks against their ac certificate was issued.
counts. Section 563.27 of Subchapter D
Resolved further that since the afore of this chapter, does not permit such a said amendment contains only state representation and the powers of Federal ments of general policy or interpreta associations do not extend to such a tions of substantive rules adopted or practice.
formulated by the Board for the guid e Service charge on; prohibition of. ance of the public, the requirements of A Federal association may not arbitrarily notice and public procedures set out in 555.8 Savings accounts.
cancel out dormant savings accounts, 508.12 of the general regulations of the a Payments cm; receipt of, defined in no matter how small, and transfer Federal Home Loan Bank Board 12
relation to a fixed determination date. the amounts to income. This would CFR 508.12 and section 4 a of the In the case of a Federal association that be tantamount to a service charge in A d m in is tra tiv e Procedure Act do not has fixed a determination date as pro violation of 545.1 of this subchapter apply, and for the same reasons, de vided in the charter, payments on sav which prohibits the making of any serv ferment of the effective date is not re ings accounts must actually be received ice charge for either active or dormant quired under section 4c of the by the association by such date in order savings accounts.
Administrative Procedure Act.
f Solicitation of; sale of merchan to be considered as having been invested By the Federal Home Loan Bank dise in connection with. Section 563.24
on the first day of the month.
b Redemption of; must be nonof Subchapter D of this chapter, author Board.
discriminatory. Section 11 of Charter izes Federal associations as well as other seal H arry W . C a u ls e n , K, and section 7 of Charter N and Char insured institutions to give away mer Secretary.
chandise, within the limits expressly ter K rev. do not confer upon the asso F.R.
Doc.
59-9913;
Filed, Nov.
23, 1959;
ciation J;he power to discriminate against stated in the regulation, in connection 8:47 a.m.
an individual shareholder by arbitrarily with the opening or increasing of savings closing or redeeming his share account. accounts. However, the sale of mer To give meaning to the provision it is chandise is not reasonably incident to the necessary first to interpret the word accomplishment or perfprmance of any No. FSLIC-750I
otherwise as it is used in that section. of the express powers set out in the char The doctrine of ejusdem generis is gen ter for Federal associations; therefore, SUBCHAPTER D FEDERAL SAVINGS AND
erally applied in such situations. It such associations are without authority LOAN INSURANCE CORPORATION
to sell merchandise, coin banks and simi means that where terms evidently con lar coin-saving devices excepted.
PART 570 BOARD RULINGS
fined to a particular class of things are subjoined by a term of very extensive 555.9 Mem bers; borrow ing; loan par N o v e m b e r 18, 1950.
signification, the latter term, however ticipation, effect on.
Resolved that the Federal Home Loan general and comprehensive in its possi A mortgagor executing a note and Bank Board, upon the basis of con ble import, when thus used embraces only things ejusdem generis; that is of mortgage in the name of two or more sideration by it of the advisability of the same class of things comprehended Federal associations which join in mak publication of statements of general by the preceding limited and confined ing the loan would be deemed a borrow policy or interpretations relating to in terms. The doctrine of ejusdem generis ing member of each of such associations. sured institutions adopted or formulated is a mere specific application of the The mortgagor would, in the case of pur by the Board for the guidance of the broader maxim noscitur a sociis chase of a participation interest by an public, and the for the purpose of ef which means that general and specific other Federal association, likewise be fecting such publication, hereby amends words which are capable of an analagous deemed a member of such purchasing the rules and regulations for the In
meaning being associated together take association. An obligor on a mortgage surance of Accounts 12 CFR Ch. V, Subcolor from each other, so that the general note purchased by a Federal association chapter D by adding at the end of said words are restricted to a sense analagous becomes a member of the purchasing Subchapter D a new Part 570, effective to the less general. Applying the rule of Federal and the association would be November 24, 1959, to read as follows:
noscitur a sociis to the section, it does estopped from denying the obligor his Sec.
not make the word otherwise an un fig h ts of membership. This conclusion 570.1 Liquidity requirement; certificates of deposit; eligibility under bank sys limited choice. When the section directs is based on the premise that when a Fed tem regulations.
that redemption shall be by lot or other eral association purchases a mortgage wise as the board of directors may de loan from a third party, it is lending its 570.2 Pension, retirement and deferred compensation plans and contracts;
termine, otherwise is limited by the funds to a mortgagor, and consequently, principles governing.
words by lot so that the method chosen it is making a loan and, under the cir 570.3 Reserves.
must be one which will affect the share cumstances, its act constitutes an accept A u t h o r it y : 570.1 to 570.3 issued under holders or the shareholders of a certain ance of the mortgagor as a member of authority secs. 402, 403, 48 Stat. 1256, 1257, class in a nondiscriminating way. I f the association. Purchasing of a par as amended; 12 U.S.C. 1725, 1726; Reorg.
this were not true there would have been ticipating interest differs from purchas Plan No. 3 of 1947, 12 F.R. 4981, 3 CFR, 1947
no necessity whatsoever for the provision ing a whole loan only in a degree and not Supp; secs. 3, 12, 60 Stat. 238, 244, 5 U.S.C.
that redemption shall be by lot. Only in substance, insofar as the question of 1002, loir.
by such an interpretation can full mean membership in the participating insti 570.1 Liquidity requirement; certifi tution is concerned.
ing be given to the entire sentence.
cates o f deposit; eligibility under c Dividends on; distribution of, 555.10 Certificates o f deposit; invest bank system regulaton.
Prior to close of dividend period. The ment in ; power to m ake; liquidity Section 523.12 of Subchapter B of this Board does not object to the making of requirem ent;
eligibility under chapter Regulations for the Federal dividends available by cash or credit to 545.8-2.
Home Loan Bank System prohibits the a members account on the last day of A Federal savings and loan association the dividend period on which the asso may make deposits evidenced by cer making of any loan, other than a share ciation is open for business; nor does the tificates of deposit and may otherwise loan, by an association that is a member Board object to the payment of earnings acquire such certificates. For the pur of a Federal home loan bank at any time for the dividend period on savings with poses of compliance with the provisions when its holdings of cash and unpledged drawn on the last business day of the of 545.8-2 of this subchapter, cash on obligations of the United States are not at least equal to 6 percent of the associa Period.
hand, deposits made by an association tions withdrawable accounts. For the d Checking accounts; advertising in a Federal Home Loan Bank and in purposes of compliance with said 523.12
und use as. A Federal association may other banks shall be considered as cash;
of this chapter, cash on hand, deposits not advertise that its savings accounts but no deposit evidenced by a certificate made in a Federal Home Loan Bank by a n&y be used as checking accounts nor of deposit shall be considered aS cash thereasonable interpretation is that the collateral for the loan be in existence and preferred as security before the loan is granted. Section 545.7 of this subchap ter is, in effect, interpretative of that provision of the statute. By this regu lation it is required that loans be made only to the extent that the shares offered for collateral have been fully paid.