Full text of Bank Holding Company Act Amendments of 1970

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1760
It frl^A* ^^°^"
u s e 1855.

PUBLIC LAW 91-607-DEC. 31, 1970

[84 STAT.

^^^^ carrying out the purposes of such Act of September 30,1950, or
^j^.g j ^ ^ ^
EFFECTIVE DATE

SEC. 304. This Act shall take effect immediately upon its enactment,
except that sections 226(b), 237, 241, 252(a), and 254 shall take effect
as of August 1,1969, and sections 231,232, and 233 shall take effect as
of April 1,1970.
Approved December 31, 1970.

Public Law 91-607
December 31, 1970
—[H. R. 6778]

c^"^n" Act"^
Amendments of

AN A C T
rj^Q amend the Bank Holding Company Act of 1956, and for other purposes.

Be it enacted hy the Senate and House of Representatives of the
r'n//^efi? States of America in Congress assembled^ That this Act may
be citcd as the "Bank Holding Company Act Amendments of 1970".

1970.

T I T L E I—BANK H O L D I N G C O M P A N I E S
o*r?an''."°^'^'"^
80 Stat'. 236.

SEC. 101. (R) Section 2(a) of the Bank Holding Company Act of
1956 (12 U.S.C. 1841(a)) is amended to read as follows:
"SEC. 2. (a) (1) Except as provided in paragraph (5) of this subsection, 'bank holding company' means any company which has control
over any bank or over any company that is or becomes a bank holding
company by virtue of this Act.
" (2) Any company has control over a bank or over any company if—
" ( A ) the company directly or indirectly or acting through one
or more other persons owns, controls, or has power to vote 25
per centum or more of any class of voting securities of the bank or
company;
" ( B ) the company controls in any manner the election of a
majority of the directors or trustees of the bank or company; or

84 STAT. ]

PUBLIC LAW 91-607-DEC. 31, 1970

" ( C ) the Board determines, after notice and opportunity for
hearing, that the company directly or indirectly exercises a controlling influence over the management or policies of the bank or
company.
"(3) For the purposes of any proceeding under paragraph (2) (C)
of this subsection, there is a presumption that any company which
directly or indirectly owns, controls, or has power to vote less than 5
per centum of any class of voting securities of a given bank or company
does not have control over that bank or company.
"(4) I n any administrative or judicial proceeding under this Act,
other than a proceeding under paragraph (2) (C) of this subsection, a
company may not be held to have had control over any given bank or
company at any given time unless that company, at the time in question, directly or indirectly owned, controlled, or had power to vote 5
per centum or more of any class of voting securities of the bank or
company, or had already been found to have control in a proceeding
imder paragraph (2) (C).
" (5) Notwithstanding any other provision of this subsection—
" ( A ) No bank and no company owning or controlling voting
shares of a bank is a bank holding company by virtue of its ownership or control of shares in a fiduciary capacity, except as provided
in paragraphs (2) and (3) of subsection (g) of this section. F o r
the purpose of the preceding sentence, bank shares shall not be
deemed to have been acquired in a fiduciary capacity if the
acquiring bank or company has sole discretionary authoritv to
exercise voting rights w^ith respect thereto; except that this limitation is applicable in the case of a bank or company acxiuiring
such shares prior to the date of enactment of the Bank Holding
Company Act Amendments of 1970 only if the bank or company
has the right consistent with its obligations under the instrument,
agreement, or other arrangement establishing the fiduciary
relationship to divest itself of such voting rights and fails to exercise that right to divest within a reasonable period not to exceed
one year after the date of enactment of the Bank Holding Company Act Amendments of 1970.

1761

1762

PUBLIC LAW 91-607-DEC. 31, 1970

[84 STAT.

" ( B ) No company is a bank holding company by virtue of its
ownership or control of shares acquired by it in connection with
its underwriting of securities if such shares are held only for such
period of time as will permit the sale thereof on a reasonable
basis.
"(C) No company formed for the sole purpose of participating
in a proxy solicitation is a bank holding company by virtue of
its control of voting rights of shares acquired in the course of such
solicitation.
" ( D ) No company is a bank holding company by virtue of its
ownership or control of shares acquired in securing or collecting a
debt previously contracted in good faith, until two years after the
date of acquisition.
" ( E ) No company is a bank holding company by virtue of its
ownership or control of any State chartered bank or trust company w^hich is wholly owned by thrift institutions and which
restricts itself to the acceptance of deposits from thrift institutions, deposits arising out of the corporate business of its owners,
and deposits of public moneys.
" ( F ) No trust company or mutual savings bank which is an
12 use'fsu note
iusured bank under the Federal Deposit Insurance Act is a bank
holding company by virtue of its direct or indirect ownership or
control of one bank located in the same State, if (i) such ownership or control existed on the date of enactment of the Bank
Holding Company Act Amendments of 1970 and is specifically
authorized by applicable State law, and (ii) the trust company
or mutual savings bank does not after that date acquire an interest in any company that, together with any other interest it
holds in that company, will exceed 5 per centum of any class of
the voting shares of that company, except that this limitation
shall not be applicable to investments of the trust company or
mutual savings bank, direct and indirect, which are otherwise in
accordance with the limitations applicable to national banks
under section 5136 of the Revised Statutes (12 U.S.C. 24).
"(6) For the purposes of this Act, any successor to a bank holding
company shall be deemed to be a bank holding company from the date
on which the predecessor company became a bank holding company."
80 Stat. 236.
(b) Section 2(b) of such Act is amended—
12 u s e 1841.
(1) by inserting "partnership" after "corporation";
(2) by striking out " ( 1 ) " ;
(3) by striking out", or (2) any partnership"; and
(4) by adding after the period a new sentence as follows:
"Company cov« 'Compauy covcred in 1970' means a company which becomes a
bank holding company as a result of the enactment of the Bank
Holding Company Act Amendments of 1970 and which would
have been a bank holding company on June 30, 1968, if those
amendments had been enacted on that date."
(c) The first sentence of section 2 (c) of such Act is amended to read
"Bank."
f^g follows: " 'Bank' means any institution organized under the laws of
the LTnited States, any State of the United States, the District of
Columbia, any territory of the Ignited States, Puerto Rico, Guam,
American Samoa, or the Virgin Islands which (1) accepts deposits
that the depositor has a legal right to withdraw on demand, and (2)
engages in the business of making commercial loans. Such term does
not include any organization operating under section 25 or section
4i^stfu*378l^'
25(a) of the Federal Reserve Act, or any organization which does not
80 Stat. 241.'
do busiuess within the ITnited States except as an incident to its activ12 use 601-631. j^jeg outside the United States."

84 STAT. ]

PUBLIC LAW 91-607-DEC. 31, 1970

(d) Section 2(d) of such Act is amended—
(1) by striking out "or (2)'' and inserting in lieu thereof " ( 2 ) " :
and
(2) by striking out tlie period and inserting in lieu thereof the
following:"; or (3) any company with respect to the management
or policies of which such bank holding company has the power,
directly or indirectly, to exercise a controlling influence, as determined by the Board, after notice and opportunity for hearing."
(e) Section 2 of such Act is further amended by adding at the end
thereof a new subsection as follows:
" (i) The term 'thrift institution' means (1) a domestic building and
loan or savings and loan association, (2) a cooperative bank without
capital stock organized and operated for mutual purposes and without profit, or (3) a mutual savings bank not having capital stock represented by shares."
S E ( \ 102. Section 3 of the Bank Holding Company Act of 1956 (12
U.S.C. 1812) is amended—
(1) by adding at the end of subsection (a) a new sentence as
follows: "For the purpose of the preceding sentence, bank shares
acquired after the date of enactment of the Bank Holding Company Act Amendments of 1970 shall not be deemed to have been
acquired in good faith in a fiduciary capacity if tlie acquiring
bank or company has sole discretionary authority to exercise voting rights with respect thereto, but in such instances acquisitions
may be made without prior approval of the l^oard if the Board,
upon application filed within ninety days after the shares are
acquired, approves retention or, if retention is disapproved, the
acquiring bank disposes of the shares or its sole discretionary
voting rights within two years after issuance of the order of
disapproval.";
(2) by adding at the end of subsection (b) a new sentence as
follows: "In the event of the failure of the Board to act on any
application for approval under this section within the ninety-oneday period which begins on the date of submission to the Board of
the complete record on that application, the application shall be
deemed to have been granted."; and
(3) by adding at the end thereof the following new subsection:
"(e) Every bank that is a holding company and every bank that is a
su})sidiary of such a company shall become and remain an insured bank
as such term is defined in section 3(h) of the Federal Deposit Insurance Act.''
SKC. 103. Section -t of the Bank Holding Company Act of 1956 (12
U.S.C. 1843) is amended—
(1) by striking out paragraph (2) of subjection (a) and
inserting in lieu thereof the following:
" (2) after two years from the date as of which it becomes a bank
holding company, or in the case of a company which has been continuously affiliated since May 15,1955, with a company which was
registered under the Investment Company Act of 1940, prior to
May 15. 1955. in such a manner as to constitute an affiliated company within the meaning of that Act, after December 31,1978, or,
in the case of any company which becomes, as a result of the enactment of the Bank Holding Company Act Amendments of 1970, a
bank holding company on the date of such enactment, after December 31, 1980, retain direct or indirect ownership or control of any
voting shares of any company which is not a bank or bank holding
company or engage in any activities other than (A) those of banking or of managing or controlling banks and other subsidiaries
47-348 O - 72 - 28 (Pt. 2)

1763
Subsidiary.
80 Stat. 236.
12 u s e 1841.

"Thrift institution."

Bank s h a r e s ,
acquisition.
70 Stat. 134.

64 Stat. 873;
80 Stat. 2 3 8 .
12 u s e 1813.
I n t e r e s t s in nonbanking organizations.

54 Stat. 789.
15 u s e 8 0 a - 5 1 ,

1764

Post,

PUBLIC LAW 91-^07-DEC. 31, 1970

p . 1765.

80 Stat. 238.
12 use 1843.

Exemption.

68A Stat. 163;
*26*usc 5o'i. *

[84 STAT.

authorized under this Act or of furnishing services to or performing services for its subsidiaries, and (B) those permitted under
paragraph (8) of subsection (c) of this section subject to all the
conditions specified in such paragraph or in any order or regulation
issued by the Board under such paragraph: Provided, That a company covered in 1970 may also engage in those activities in which
directly or through a subsidiary (i) it was lawfully engaged on
June 30,1968 (or on a date subsequent to June 30,1968 in the case
of activities carried on as the result of the acc^uisition by such company or subsidiary, pursuant to a binding written contract entered
into on or before June 30, 1968, of another company engaged in
such activities at the time of the acquisition), and (ii) it has been
continuously engaged since June 30, 1968 (or such subsequent
date). The Board by order, after opportunity for hearing, may
terminate the authority conferred by the preceding proviso on any
company to engage directly or through a subsidiary in any activity
otherwise permitted by that proviso if it determines, having due
regard to the purposes of this Act, that such action is necessary
to prevent undue concentration of resources, decreased or unfair
competition, conflicts of interest, or unsound banking practices;
and in the case of any such company controlling a bank having
bank assets in excess of $60,000,000 on or after the date of enactment of the Bank Holding Company Act Amendments of 1970
the Board shall determine, wnthin two years after such date (or, if
later, within two years after the date on which the bank assets
first exceed $60,000,000), whether the authority conferred by the
preceding proviso with respect to such company should be terminated as provided in this sentence. Nothing in this paragraph shall
be construed to authorize any bank holding company referred to
in the preceding proviso, or any subsidiary thereof, to engage in
activities authorized by that proviso through the acquisition, pursuant to a contract entered into after June 30,1968, of any interest
in or the assets of a going concern engaged in such activities. Any
company which is authorized to engage in any activity pursuant
to the preceding proviso or subsection (d) of this section but, as a
result of action of the Board, is required to terminate such activity
may (notwithstanding any otherwise applicable time limit prescribed in this paragraph) retain the ownership or control of
shares in any company carrying on such activity for a period of
ten years from the date on which its authority was so terminated
by the Board.";
z^) hv strikinff out "period" in the last sentence of subsection (a)
\ •'

''^ ,•

•

1-

xi,^

£iu

•

JV

and inserting m lieu thereoi "two-year period ;
(3) by Striking out that part of the text of subsection (c) which
precedes the first numbered paragraph and inserting in lieu thereof
the following: "The prohibitions in this section shall not apply
to any bank holding company which is (i) a labor, agricultural, or
horticultural organization and which is exempt from taxation
uiider section 501 of the Internal Revenue Code of 1954, or (ii) a
company covered in 1970 more than 85 per centum of the voting
stock of which was collectively owned on June 30, 1968, and continuously thereafter, directly or indirectly, by or for members of
the same family, or their spouses, who are lineal descendants of
common ancestors; and such prohibitions shall not, with respect to
any other bank holding company, apply to—";
(4) by striking out paragraph (8) of subsection (c) and inserting in lieu thereof the following:

84 STAT. ]

1765

PUBLIC LAW 91-607-DEC. 31, 1970

*'(8) shares of any company the activities of which the Board
after due notice and opportunity for hearing has determined (by
order or regulation) to be so closely related to banking or managing or controlling banks as to be a proper incident thereto. I n
determining whether a particular activity is a proper incident to
banking or managing or controlling banks the Board shall consider whether its performance by an affiliate of a holding company
can reasonably be expected to produce benefits to the public, such
as greater convenience, increased competition, or gains in efficiency, that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts
of interests, or unsound banking practices. In orders and regulations under this subsection, the Board may differentiate between
activities commenced de novo and activities commenced by the
acquisition, in whole or in part, of a going concern;";
(5) by striking out paragraph (9) of subsection (c) and inserting in lieu thereof the following:
"(9) shares held or activities conducted by any company
organized under the laws of a foreign country the greater part of
whose business is conducted outside the United States, if the
Board by regulation or order determines that, under the circumstances and subject to the conditions set forth in the regulation or
order, the exemption would not be substantially at variance with
tlie purposes of this Act and would be in the public interest;";
(6) by striking out the period at the end of paragraph (10) and
inserting in lieu thereof a semicolon, and by addnig after paragraph (10) the following:
''(11) shares owned directly or indirectly by a company covered
in 1970 in a company which does not engage in any activities other
than those in which the bank holding company, or its subsidiaries,
may engage by virtue of this section, but nothing in this paragraph authorizes any bank holding company, or subsidiary thereof, to acquire any interest in or the assets of any going concern
(except pursuant to a binding written contract entered into before
June 80, 1968, or pursuant to another provision of this Act) other
than one which was a subsidiary on June 30,1968;
"'(12) shares retained or acquired, or activities engaged in, by
any company which becomes, as a result of the enactment of the
Bank Holding Company Act Amendments of 1970, a bank holding
company on the date of such enactment, or by any subsidiary
thereof, if such company—
" ( A ) within the applicable time limits prescribed in subsection (a) (2) of this section (i) ceases to be a bank holding
company, or (ii) ceases to retain direct or indirect ownership or control of those shares and to engage in those activities not authorized under this section; and
" ( B ) complies wath such other conditions as the Board
may by regulation or order prescribe; or
"(13) shares of, or activities conducted by, any company which
does no business in the United States except as an incident to its
international or foreign business, if the Board by regulation or
order determines that, under the circumstances and subject to the
conditions set forth in the regulation or order, the exemption
would not be substantially at variance with the purposes of this
Act and would be in the public interest.
In the event of the failure of the Board to act on any application for an
order under paragraph (8) of this subsection within the ninety-oneday period which begins on the date of submission to the Board of the
complete record on that af)plication, the application shall be deemed

Certain shares,
acquisition or re;tention.

Foreign corporations, exemption.
80 Stat. 239.
12 u s e 1843.

Exemptions.

Supra.

1766
Annual report to
Congress.

PUBLIC LAW 91-607-DEC. 31, 1970

[84 STAT.

to have been granted. The Board shall include in its annual report to
the (>)ngress a description and a statement of the reasons for approval
of each activity approved by it by order or regulation under such
paragraph during the period covered by the report."; and
80 Stat. 240.
(7) by redesignating subsection (d) as subsection (e), and by
12 u s e 1843.
adding after subsection (c) a new subsection as follows:
" ( d ) To the extent that such action would not be substantially at
variance witli the purposes of this Act and subject to such conditions
as it considers necessary to protect the public interest, the Board by
order, after opportunity for hearing, may grant exemptions from the
provisions of this section to any bank liolding company which controlled one bank prior to July 1. 1968, and has not thereafter acquired
the control of any other bank in order (1) to avoid disrupting business
relationships that have existed over a long period of years without
adversely affecting the banks or communities involved, or (2) to avoid
forced sales of small locall}' owned banks to purchasers not similarly
representative of community interests, or (3) to allow retention of
banks that are so small in relation to the holding company's total interests and so small in relation to the banking market to be served as
to minimize the likelihood that the bank's powers to grant or deny
credit may be influenced by a desire to further the holding company's
other interests."
SEC. 104. (a) Section 11(b) of the Bank Holding Company Act of
1956 (12 U.S.C. 1849(b)) is amended—
(1) by striking out ''this Act" the first two times it appears
and inserting in lieu thereof ''section 3 " ;
(2) by inserting "approved under section 3'" in the second sentence immediately before "shall be commenced"; and
(3) by inserting "approved under section 3" in the last sentence
immediately before "in compliance with this Act".
(b) Section 11(c) of such Act (12 U.S.C. 1849(c)) is amended by
striking out "pursuant to" and inserting in lieu thereof "under section
3 of".
Judicial review.
SEC. 105. With resi)ect to any proceeding before the Federal Reserve
Board wherein an applicant seeks authority to acqviire a subsidiary
which is a bank under section 3 of the Bank Holding Company Act
Ante, p. 1763.
of 1956, to engage directly or indirectly in a nonbanking activity pursuant to section 4 of such Act, or to engage in an activity otherwise prohibited under section 106 of this Act, a party who would become a
competitor of the applicant or subsidiary thereof by virtue of the
applicant's or its subsidiary's acquisition, entry into the business
involved, or activity, shall have the right to be a party in interest in
tlie proceeding and, in the event of an adverse order of the Board,
shall have the right as an aggrieved party to obtain judicial review
70 Stat. 138;
thereof as provided in section 9 of such Act of 1956 or as otherwise
80 Stat. 240.
provided by law.
12 u s e 1848.
Definitions.
SEC. 106. (a) As used in this section, the terms "bank", "bank holding company", "subsidiary'', and "Board" have the meaning ascribed
Ante, p. 1760.
to such terms in section 2 of the Bank Holding Company Act of 1956.
F o r purposes of this section only, the term "company", as used in
section 2 of the Bank Holding Compan}- Act of 1956, means any person, estate, trust, partnership, corporation, association, or similar
organization, but does not include any corporation the majority of
the shares of which are owned by the United States or by any State.
The term "trust service" means any service customarily performed
by a bank trust department.
Certain arrange(b) A bank shall not in any manner extend credit, lease or sell
ments, prohibition.
property of any kind, or furnish any service, or fix or vary the consideration for any of the foregoing, on the condition or requirement—

84

STAT.]

PUBLIC LAW 91-607-DEC. 31, 1970

(1) that the customer shall obtain some additional credit, property, or service from such bank other than a loan, discount,
deposit, or trust service;
(2) that the customer shall obtain some additional credit, property, or service from a bank holding company of such bank, or
from any other subsidiary of sucli bank holding company;
(3) that the customer provide some additional credit, property,
or service to such bank, other than those related to and usually
provided in connection Avith a loan, discount, deposit, or trust
service;
(4) that the customer provide s(mie additional credit, property,
or service to a bank holding company of such bank, or to any
other subsidiary of such bank liolding company; or
(5) that the customer shall not obtain some other credit, property, or service from a competitor of such bank, a bank holding
company of such bank, or any subsidiary of such bank holding
company, other than a condition or requirement that such bank
shall reasonably impose in a credit transaction to assure the
soundness of the credit.
The Board may by regulation or order permit such exceptions to the
foregoing prohibition as it considei's will not be contrary to the
purposes of this section.
(c) The district courts of the United States have jurisdiction to
])revent and restrain violations of subsection (b) of this section and
it is the duty of the United States attorneys, under the direction of the
Attorney General, to institute proceedings in equity to prevent and
restrain such violations. The proceedings may be by way of a petition
setting forth the case and praying that the violation be enjoined or
otherwise prohibited. When the parties complained of have been duly
notified of the petition, the court shall proceed, as soon as possible, to
the hearing and determination of the case. While the petition is pending, and before final decree, the court may at any time make such temporary restraining order or prohibition as it deems just. Whenever it
appears to the court that the ends of justice require that other parties be
brought before it, the court may cause them to be summoned whether
or not they reside in the district in which the court is held, and subpenas to that end may be served in any district by the marshal thereof.
(d) In any action brought by or on behalf of the United States
under subsection (b), subpenas for witnesses may run into any district, but no writ of subpena may issue for witnesses living out of the
district in which the court is held at a greater distance than one hundred miles from the place of liolding the same without the prior permission of the trial court upon proper application and cause shown.
(e) Any person who is injured in his business or property by reason
of anything forbidden in subsection (b) may sue therefor in any district court of the L'nited States in which the defendant resides or is
found or has an agent, without regard to the amount in controversy,
and shall be entitled to recover three times the amount of the damages
sustained by him, and the cost of suit, including a reasonable attorney's
fee.
(f) Any person may sue for and have injunctive relief, in any court
of the United States having jurisdiction over the parties, against
threatened loss or damage by reason of a violation of subsection (b),
under the same conditions and principles as injunctive relief against
threatened conduct that will cause loss or damage is granted by courts
of equity and under the rules governing such proceedings. Upon the
exscution of proper bond against damages for an injunction improvidently granted and a showing that the danger of irreparable loss
or damage is immediate, a preliminary injunction may issue.

1767

Exceptions.

U.S. d i s t r i c t
courts, jurisdiction.

Subpena power.

Territorial limits.

Treble damage
suits.

Injunctive relief.

1768
statute of limitations.

PUBLIC LAW 91-607-DEC. 31, 1970

[84 STAT.

(g) (1) Subject to paragraph (2), any action to enforce any cause
of action under this section shall be forever barred unless commenced
within four years after the cause of action accrued.
(2) Whenever any enforcement action is instituted by or on behalf
of the United States with respect to any matter which is or could be
the subject of a private right of action under this section, the running
of the statute of limitations in respect of every private right of action
arising under this section and based in whole or m part on such matter
shall be suspended during the pendency of the enforcement action
so instituted and for one year thereafter: Provided^ That whenever
the running of the statute of limitations in respect of a cause of action
arising under this section is suspended under this paragraph, any
action to enforce such cause of action shall be forever barred unless
commenced either within the period of suspension or within the
four-year period referred to in paragraph (1).
(h) Nothing contained in this section shall be construed as affecting
in any manner the right of the United States or any other party to
bring an action under any other law of the United States or of any
State, including any right which may exist in addition to specific
statutory authority, challenging the legality of any act or practice
which may be proscribed by this section. No regulation or order issued
by the Board under this siection shall in any manner constitute a
defense to such action.
T I T L E II—PROVISIONS RELATING TO COINAGE

?rstai! 2M?^'

/-rrealuT"^^^'^

60 Stat. 596.

SEC. 201. Section 101 of the Coinage Act of 1965 (31 U.S.C. 391) is
amended to read as follows:
"SEC. 101. (a) The Secretary may mint and issue coins of the denominations set forth in subsection (c) in such quantities as he determines to be necessary to meet national needs.
"(b) Any coin minted under authority of subsection (a) shall be a
clad coin. The cladding shall be an alloy of 75 per centum copper and
25 per centum nickel, and shall weigh not less than 30 per centum of
the weight of the whole coin. The core shall be copper.
"(c) (1) The dollar shall be 1.500 inches in diameter and weigh 22.68
grams.
"(2) The half dollar shall be 1.205 inches in diameter and weigh
11.34 grams.
"(3) The quarter dollar shall be 0.955 inch in diameter and weigh
5.67 grams.
" (4) The dime shall be 0.705 inch in diameter and weigh 2.268 grams.
" ( d ) Notwithstanding the foregoing, the Secretary is authorized to
mint and issue not more than one hundred and fifty million one-dollar
pieces which shall have—
"(1) a diameter of 1.500 inches;
" (2) a cladding of an alloy of eight hundred parts of silver and
two hundred parts of copper; and
"(3) a core of an alloy of silver and copper such that the whole
coin weighs 24.592 grams and contains 9.837 grams of silver and
14.755 grams of copper."
^^'^- ^^^- ^^^ ^^^ purposes of this title, the Administrator of General
Services shall transfer to the Secretary of the Treasury twenty-five
million five hundred thousand fine troy ounces of silver now held in
the national stockpile established pursuant to the Strategic and Critical
Materials Stock Piling Act (50 U.S.C. 98-98h) which is excess to
strategic needs. Such transfer shall be made at the value of $1.292929292
for each fine troy ounce of silver so transferred. Such silver shall be

84 STAT. ]

PUBLIC LAW 91-^08-DEC. 31, 1970

used exclusively to coin one-dollar pieces authorized in section 101(d)
of the Coinage Act of 1965, as amended by this Act.
SEC. 203. The dollars initially minted under authority of section 101
of the Coinage Act of 1965 shall bear the likeness of the late President
of the Ignited States, Dwight David Eisenhower, and on the other side
thereof a design which is emblematic of the symbolic eagle of Apollo
11 landing on the moon.
SEC. 204. Half dollars, as authorized under section 101(a) (1) of the
Coinage Act of 1965, as in effect prior to the enactment of this Act may,
in tlie discretion of the Secretary of the Treasury, continue to be minted
until January 1, 1971.
SEC. 205. (a) The Secretary of the Treasury is authorized to transfer, as an accountable advance and at their face value, the approximately three million silver dollars now held in the Treasury to the
Administrator of General Services. The Administrator is authorized
to offer these coins to the public in the manner recommended by the
Joint Commission on the Coinage at its meeting on May 12,1969. The
Administrator shall repay the accountable advance in the amount of
that face value out of the proceeds of and at the time of the public
sale of the silver dollars. Any proceeds received as a result of the
public sale in excess of the face value of these coins shall be covered
into the Treasury as miscellaneous receipts.
(b) There are authorized to be appropriated, to remain available
until expended, such amounts as may be necessary to carry out the
purposes of this section.
SEC. 206. The last sentence of section 3517 of the Revised Statutes,
as amended (31 U.S.C. 324), is amended by striking the following:
'', except that coins produced under authority of sections 101(a) (1),
101 (a) (2), and 101(a) (3) of the Coinage Act of 1965 shall not be
dated earlier than 1965".
SEC. 207. Section 4 of the Act of June 24, 1967 (Public Law 90-29;
31 L'i.S.C. 405a-l note), is amended by adding at the end thereof the
following new sentence: "Out of the proceeds of and at the time of
any sale of silver transferred pursuant to this Act, the Treasury
Department shall he paid $1.292929292 for each fine troy ounce."'
SEC. 208. Section 3513 of the Revised Statutes (31 U.S.C. 316) and
the first section of the Act of February 28,1878 (20 Stat. 25; 31 U.S.C.
316,458) are repealed.
SEC. 209. Coins produced under the authority of section 101(d) of
the Coinage Act of 1965, as amended by this Act, shall bear such
date as the Secretary of tlie Treasury determines.
Approved December 3 1 , 1970.

1769
Ante, p . 1768,,
Eisenhower
silver d o l l a r s .

Silver halfd o l l a r s , time limitation.

Silver d o l l a r s ,
transfer to GSA..

Appropriation.

81 Stat. 77.

Repeals.

Ei s enho wer
silver d o l l a r s , d a t e
determination.

Public Law 91-608
AN ACT
To rename a lock of the Cross-Florida Barge Canal the "Henry Holland
Buckman lock."
Be it enacted hy the Senate and House of Representatives of tlie
United States of America in Congress asserribled^ That the Saint
Johns lock of the Cross-Florida Barge Canal is hereby renamed the
"Henry Holland Buckman Lock." Any law, regulation, map, document, record, or other paper of the United States in which such lock
is referred to shall be held to refer to such lock as the Henry Holland
Buckman Lock.
Approved December 3 1 , 1970.

D e c e m b e r S l , 1970
[H. R . 9 5 6 ]

Henry Holland
Buckman Lock.
Re d e s i g n a t i o n .