Pub. L. 93-501, tit. I, sec. 103

Sec. 103. Section 5B of the Federal Home Loan Bank Act (12 U.S.C. 1425b) is amended as follows: (1) by adding at the end of subsection (a) thereof the following new sentences: “The provisions of this subsection shall apply, in the discretion of the Board, to an obligation issued by an affiliate of an institution which is an insured institution as defined in section 401(a) of the National Housing Act (12 U.S.C. 1724(a)). The Board is authorized to define by regulation the terms used in this section, except that the Board may not, under the additional authority conferred by this sentence and the preceding sentence, define as a deposit any debt obligation which is an exempted security under section 3(a) (3) of the Securities Act of 1933.”; (2) by striking out “institution subject to this section” in subsection (b) thereof and inserting in lieu thereof “person or organization”; and (3) by striking out “nonmember institution” and “institution” in subsection (c) thereof and inserting in lieu thereof “person or organization” in both places.