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NATIONAL RECOVERY ADMINISTRATION
CODE OF FAIR COMPETITION
SAVINGS, BUILDING AND
AS APPROVED ON AUGUST 24, 1934
GOVERNMENT PRINTING OFFICE
Fr sale by the Superintendent of Documents, Washington, D.C. Price 5 cents
Approved Code No. 169--Amendment No. 1
Registry No. 1712-02
This publication is for salebty the.Superintendent of Dec~aeaits, Obvernment
Printing .Ofiee, Washiington, D.C.., and by -district offices of the Bureau of
Foreign and Domestic Commerce.
DISTRICT -OFFICES OF THE IFEP.ARTMENT OF .COMEtECE
Atlanta, Ga.: 504 Post Office Building.
Birmingham, Ala.: 257 Federal Building.
Boston, Mass.: 1801 Customhouse.
Buffalo, N.Y.: Chamber of Commerce Building.
Charleston, S.C.: Chamber of Commerce Building.
Chicago, Ill.: Suite 1706, 201 North Wells Street.
Cleveland, Ohio: Chamber of Commerce.
Dallas, Tex.: Chamber of Commerce Building.
Detroit, Mich.: 801 First National Bank Building.
Houston, Tex.: Chamber of Commerce Building.
Indianapolis, Ind.: Chamber of Commerce Building.
Jacksonville, Fla.: Chamber of Commerce Building.
Kansas City, Mo.: 1028 Baltimoie Avenue.
Los Angeles, Calif.: le6s3 south Broadway.
Louisville, Ky.: 408 Federal Building.
Memphis, Tenn.: 229 Federal Building.
Minneapolis, Minn.: 213 -Pederal Building.
New Orleans, La.: Room 1225-A, Customhouse.
New York, N.Y.: 734 Oustomhouse.
Norfolk, Va.: 406 East Plume Street.
Philadelphia. Pa.: 422 Commercial Trust Building.
Pittsburgh, Pa.: Chamber of Commerce Building.
Portland, Oreg.: 215 New Post Office Building.
St. Louis, Mo.: 506 Olive Street.
San Francisco, Calif.: 310 Customhouse.
Seattle, Wash.: 809 Federal Office Building.
Approved Code No. 169-Amendment No. 1
AMENDMENT TO CODE OF FAIR COMPETITION
SAVINGS, BUILDING AND LOAN ASSOCIATIONS
As Approved on August 24, 1934
APPROVING AMENDMENT TO CODE OF FAIR COMPETITION FOR SAVINGS,
BUILDING AND LOAN ASSOCIATIONS
An application having been duly made pursuant to and in full
compliance with the provisions of Title I of the National Recovery
Act, approved June 16, 1933, for approval of an amendment to the
Code of Fair Competition for the Savings, Building and Loan
Associations, and ample opportunity to file criticisms of, objections
to, or suggestions concerning said amendment having been given,
and the annexed report on the said amendment, containing findings
with respect thereto having been made and directed to the
NOW, THEREFORE, on behalf of the President of the United
States, I, Hugh S. Johnson, Administrator for Industrial Recovery,
pursuant to authority vested in me by Executive Orders of the
President, including Executive Order No. 6543-A, dated December
30, 1933, and otherwise, do hereby incorporate, by reference, said
annexed report and do find that said amendment and the Code as
constituted after being amended comply in all respects with the
pertinent provisions and will promote the policy and purposes of
said Title of said Act, and do hereby order that said amendment be
and it is hereby approved and that the previous approval of said
Code is hereby modified to include an approval of said Code in its
entirety as amended, such approval and such amendment to take
effect fifteen days from the date hereof, unless good cause to the
contrary is shown to the Administrator before that date and the
Administrator issues a subsequent order to that effect.
HUGH S. JOHNSON,
Administrator for Industrial Recovery.
C. E. ADAMS,
August 24, 1934.
REPORT TO THE PRESIDENT
The White House.
SIR: An application has been duly made pursuant to and in full
compliance with the provisions of the National Industrial Recovery
Act for an amendment to the Code of Fair Competibionw Ir the
Savings, Building and Loan Associations, submitted by the Code
Authority for said Code.
The. purpose. and effect of the amendment, are to authorize the
Code Authority to submit a budget and method of' assessment upon
which funds shall be contributed by Associations subject to the Code.
The Deputy Administrator in his final report, to me on said amend-
ment to said Code having found as herein set forth and on the basis
of all the proceedings in this matter:
I find that:
(a) The amendment to said Code and the Code as amended are
well designed to promote the policies and purposes of Title I of the
National Industrial Recovery Act including the removal of obstruc-
tions to the free flow of interstate and foreign conunerce which tend
to diminish the amount thereof, and will provide for the general
welfare by promoting the organization of industry for the purpose
of cooperative action among trade groups, by inducing, and main-
taining united action of labor and management under adequate gov-
ernmental sanction and supervision, by eliminating unfair competi-
tive practices, by promoting the fullest possible utilization of tte
present productive capacity of the industries, by avoiding uIdble
restrictions of production (except as may be temporarily required)
by increasing the consumption of industrial and agricultural prod-
ucts through increasing purchasing power, by reducing and. relieving
employment, by improving standards of labor, and by otherwise
(b) The Code as amended complies in all respects with the perti-
nent provisions of said Title of said Act, including without limita-
tion Subsection (a) of Section 3, Subsection (a) of Section. T-and
Subsection (b) of Section 10 thereof.
(c) The Code empowers the Code Authority to present the. afore-
said amendment on behalf of the Savings, Building and. Loan
Associations subject to the Code.
(d) The Amendment and the Code as amended are not designed
to and will not permit monopolies or monopolistic practices.
(e) The Amendment and the Code as amended are not designed
to and will not eliminate or oppress small enterprises and. wilt ot
operate to discriminate against them.
(f) Those engaged in other steps of the economic process have
not been deprived of the right to be heard prior to approval of said
For these reasons, therefore, I have approved this Amendment.
HuuI S. JOHNS,
AUGUST 24, 1934.
AMENDMENT TO CODE OF FAIR COMPETITION FOR
SAVINGS, BUILDING AND LOAN ASSOCIATIONS
Section 4 of Article VI shall be deleted and the following shall
be added to Article VI:
(4) It being found necessary in order to support the Administra-
tion of this Code and to maintain the standards of fair competition
established hereunder and to effectuate the policy of the Act, the
Code Authority is authorized:
(a) To incur such reasonable obligations as are necessary and
proper for the foregoing purposes, and to meet such obligations out
of funds which may be raised as hereinafter provided and which
shall be held in trust for the purposes of the code;
(b) To submit to the Administrator for his approval subject to
such notice and opportunity to be heard as he may deem necessary
(1) an itemized budget of its estimated expenses for the foregoing
purposes, and (2) an equitable basis upon which the funds necessary
to support such budget shall be contributed by the associations;
(c) After such budget and basis of contribution have been ap-
proved by the Administrator, to determine and obtain equitable con-
tribution as above set forth by all such associations, and to that end,
if necessary to institute legal proceedings therefore in its own name.
(5) Each association shall pay its equitable contribution to the
expenses of the maintenance of the Code Authority, determined as
hereinabove provided and subject to rules and regulations pertain-
ing thereto issued by the Administrator. Only associations com-
plying with the Code and contributing to the expenses of its admin-
istration as hereinabove provided (unless duly exempted from mak-
ing such contributions), shall be entitled to participate in the selec-
tion of members of the Code Authority or to receive the benefits of
any of its voluntary activities, or to make use of any emblem or
insignia of the National Recovery Administration.
(6) The Code Authority shall neither incur nor pay any obliga-
tion substantially in excess of the amount thereof as estimated in its
approved budget, and shall in no event exceed the total amount con-
tained in the approved budget except upon approval of the Ad-
ministrator; and no subsequent budget shall contain any deficiency
item for expenditures in excess of prior budget estimates except those
which the Administrator shall have so approved.
Approved Code No. 169-Amendment No. 1.
Registry No. 1712-02.
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