Pub. L. 93-501, tit. I, sec. 101

Sec. 101. Section 19(a) of the Federal Reserve Act (12 U.S.C. 461) is amended by inserting “and, regardless of the use of the proceeds,” immediately before “shall be deemed a deposit”. (b) The amendment made by subsection (a) shall not apply to any bank holding company which has filed prior to the date of enactment of this Act an irrevocable declaration with the Board of Governors of the Federal Reserve System to divest itself of all of its banks under section 4 of the Bank Holding Company Act, or to any debt obligation which is an exempted security under section 3(a)(3) of the Securities Act of 1933.