A bill to permit Federal savings and loan associations to raise additional capital through the issuance of mutual capital certificates, and for other purposes.
Savings and Loan Associations Mutual Capital Certificate Act - Amends the Homeowners' Loan Act of 1933 to allow Federal savings and loan associations to issue mutual capital certificates, in accordance with regulations issued by the Federal Home Loan Bank Board. Specifies conditions which shall be provided for in the Board's regulations, including that mutual capital certificates shall be subordinate to all savings accounts, savings certificates, and debt obligations.
Amends the National Housing Act to provide that mutual capital certificates and debentures shall be deemed to be reserves for purposes of such Act.
Referred to House Committee on Banking, Finance and Urban Affairs.
Introduced in Senate
Referred to Senate Committee on Banking, Housing and Urban Affairs.
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