Page 26

PUBLIC LAW 103-66—AUG. 10, 1993 107 STAT. 337 (C) by striking subparagraph (B); and (D) by redesignating subparagraph (C) as subpara- graph (B). (2) Section ll(gX4) of the Federal Deposit Insurance Act (12 U.S.C. 1921(gX4)) is amended by striking "If the Corpora- 12 use I82i. tion" and inserting "Subject to subsection (dXll), if the Corpora- tion". (c) EFFECTIVE DATE.—The amendments made by this section 12 use 1821 shall apply with respect to insured depository institutions for which "°^® a receiver is appointed after the date of the enactment of this Act. SEC. 3002. TRANSFER OF FEDERAL RESERVE SURPLUSES. (a) IN GENERAL.—^The 1st undesignated paragraph of section 7 of the Federal Reserve Act (12 U.S.C. 289) is amended to read as follows: "(a) DIVIDENDS AND SURPLUS FIWDS OF RESERVE BANKS.— "(1) STOCKHOLDER DIVIDENDS.— "(A) IN GENERAL.—^After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders of the bank shall be entitled to receive an annual dividend of 6 percent on paid-in capital stock. "(B) DIVIDEND CUMULATIVE.—The entitlement to divi- dends under subparagraph shall be cumulative. "(2) DEPOSIT OF NET EARNINGS IN SURPLUS FUND.—That portion of net earnings of each Federal reserve bank which remains after dividend claims under subparagraph (A) have been fully met shall be deposited in the surplus fund of the bank. "(3) PAYMENT TO TREASURY.—During fiscal years 1997 and 1998, any amount in the surplus fund of any Federal reserve bank in excess of the amoiuit equal to 3 percent of the total paid-in capitcd and surplus of the member banks of such bank shall be transferred to the Board for transfer to the Secretarv of the Treasury for deposit in the general fund of the Treasury. . (b) ADDITIONAL TRANSFERS FOR FISCAL YEARS 1997 AND 1998.— 12 use 289 note. (1) IN GENERAL.—In addition to the amounts required to be transferred from the surplus funds of the Federal reserve banks pursuant to section 7(aX3) of the Federal Reserve Act, the Federal reserve banks shall transfer from such surplus funds to the Board of Governors of the Federal Reserve System for transfer to the Secretary of the Treasury for deposit in the general fund of the Treasury, a total amount of $106,000,000 in fiscal year 1997 and a total amount of $107,000,000 in fiscal year 1998. (2) ALLOCATION BY FED.—Of the total amount required to be paid by the Federal reserve banks under paragraph (1) for fiscal year 1997 or 1998, the Board of Governors of the Federal Reserve System shall determine the amount each such bank shall pay in such fiscal year. (3) REPLENISHMENT OF SURPLUS FUND PROHIBITED.—NO Federal reserve bank may replenish such bank's surplus fund by the amount of any transfer by such bank under paragraph (1) during fiscal years 1997 and 1998. (c) TECHNICAL AND CONFORMING AMENDMENTS.— (1) The penultimate undesignated paragraph of section 7 of the Federal Reserve Act (12 U.S.C. 290) is amended by