12 U.S.C. § 371a — Repealed. Pub. L. 111–203, title VI,

Page 139 TITLE 12—BANKS AND BANKING § 371b Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1982 AMENDMENT Pub. L. 97–320, title IV, § 403(c), Oct. 15, 1982, 96 Stat. 1511, provided that: ‘‘This section [amending this sec- tion and section 92 of this title] shall take effect upon the expiration of one hundred and eighty days after the date of its enactment [Oct. 15, 1982].’’ REPEALS Repealing provisions of Consolidated Farmers Home Administration Act of 1961 as not having the effect of repealing the amendments to this section enacted by act July 22, 1937, § 15(a), as added Aug. 14, 1946, and Aug. 28, 1937, § 10(f), as added Aug. 17, 1954, see section 341(a) of Pub. L. 87–128, title III, Aug. 8, 1961, 75 Stat. 318, set out as a References in Other Laws note under section 1921 of Title 7, Agriculture. Executive Documents EXCEPTION AS TO TRANSFER OF FUNCTIONS Functions vested by any provision of law in Comp- troller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title. § 371a. Repealed. Pub. L. 111–203, title VI, § 627(a)(1), July 21, 2010, 124 Stat. 1640 Section, act Dec. 23, 1913, ch. 6, § 19(i), formerly § 19 par. (12), as added June 16, 1933, ch. 89, § 11(b), 48 Stat. 181; amended Aug. 23, 1935, ch. 614, title III, § 324(c), 49 Stat. 714; Proc. No. 2695, eff. July 4, 1946, 11 F.R. 7517, 60 Stat. 1352; renumbered § 19(i), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824; Pub. L. 96–161, title I, § 101(a), Dec. 28, 1979, 93 Stat. 1233; Pub. L. 96–221, title III, §§ 302(a), 307, Mar. 31, 1980, 94 Stat. 145, 147, prohibited member banks from paying interest on any deposit payable on demand but included savings provisions and exceptions. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Pub. L. 111–203, title VI, § 627(b), July 21, 2010, 124 Stat. 1640, provided that: ‘‘The amendments made by subsection (a) [amending sections 1464 and 1828 of this title and repealing this section] shall take effect 1 year after the date of the enactment of this Act [July 21, 2010].’’ § 371b. Rate of interest on time deposits; pay- ment of time deposits before maturity; waiv- er of notice requirements for withdrawal of savings deposits The Board may from time to time, after con- sulting with the Board of Directors of the Fed- eral Deposit Insurance Corporation and the Fed- eral Home Loan Bank Board, prescribe rules governing the advertisement of interest on de- posits by member banks on time and savings de- posits. The provisions of this section shall not apply to any deposit which is payable only at an office of a member bank located outside of the States of the United States and the District of Columbia. During the period commencing on Oc- tober 15, 1962, and ending on October 15, 1968, the provisions of this paragraph shall not apply to the rate of interest which may be paid by mem- ber banks on time deposits of foreign govern- ments, monetary and financial authorities of foreign governments when acting as such, or international financial institutions of which the United States is a member. (Dec. 23, 1913, ch. 6, § 19(j), formerly § 19 (par. 13), as added June 16, 1933, ch. 89, § 11(b), 48 Stat. 182; amended Aug. 23, 1935, ch. 614, title III, § 324(c), 49 Stat. 714; Pub. L. 87–827, § 1, Oct. 15, 1962, 76 Stat. 953; Pub. L. 89–79, § 1, July 21, 1965, 79 Stat. 244; renumbered § 19(j) and amended Pub. L. 89–597, § 2(b), (c), Sept. 21, 1966, 80 Stat. 824; Pub. L. 90–505, § 2(a), Sept. 21, 1968, 82 Stat. 856; Pub. L. 96–221, title II, § 207(b)(4)–(6), Mar. 31, 1980, 94 Stat. 144.) Editorial Notes AMENDMENTS 1980—Pub. L. 96–221 struck out provisions relating to payment of interest on deposits, prescribing of dif- ferent limitations by the Board for different classes of deposits, and payment of time deposits before matu- rity. 1968—Pub. L. 90–505 gave Board power to prescribe rules governing the payment and advertising of inter- est on deposits. 1966—Pub. L. 89–597, § 2(c), made authority of Board to prescribe maximum permissible rates of interest that may be paid by member banks on time and savings de- posits discretionary rather than mandatory, required prior consultations with the FDIC Board and the FHLB Board, authorized different rate limitations for dif- ferent classes of deposits, for deposits of different amounts, or according to such other reasonable bases as the Board may deem desirable in the public interest, and struck out provision for rate limitation according to the varying discount rates of member banks in the several Federal Reserve districts. 1965—Pub. L. 89–79 extended until Oct. 15, 1968, the pe- riod during which the provisions of this paragraph do not apply to the rate of interest payable by member banks on time deposits of foreign governments, mone- tary and financial authorities of foreign governments when acting as such, or international financial institu- tions of which the United States is a member. 1962—Pub. L. 87–827 inserted sentence making this paragraph inapplicable, during the period commencing on October 15, 1962, and ending upon the expiration of three years after such date, to the rate of interest which may be paid by member banks on time deposits of foreign governments, monetary and financial au- thorities of foreign governments when acting as such, or international financial institutions of which the United States is a member. 1935—Act Aug. 23, 1935, among other changes, inserted ‘‘except upon such conditions and in accordance with such rules and regulations as may be prescribed by the said Board’’ to second sentence and proviso. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1980 AMENDMENT Pub. L. 96–221, title II, § 207(b), Mar. 31, 1980, 94 Stat. 144, provided in part that the amendment made by that section is effective 6 years after Mar. 31, 1980. EFFECTIVE AND TERMINATION DATES OF 1966 AMENDMENT Pub. L. 89–597, § 7, Sept. 21, 1966, 80 Stat. 825, as amended, formerly set out as an Effective and Termi- nation Dates of 1966 Amendment note under section 461 of this title (which provided in part that amendment of this section by section 2(c) of Pub. L. 89–597 was effec- tive only to Dec. 15, 1980, and that on Dec. 15, 1980, this section was amended to read as it would without the amendment by section 2(c) of Pub. L. 89–597), was re- pealed by Pub. L. 96–221, title II, § 207(a), Mar. 31, 1980, 94 Stat. 144. TRANSFER OF FUNCTIONS Federal Home Loan Bank Board abolished and func- tions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of this title.