S:"NATIONAL RECOVERY ADMINISTRATION
I" CODE OF FAIR COMPETITION
SiUTUAL SAVINGS BANKS
AS APPROVED ON MAY 17, 1934
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Approved Code No. 52-Amendment No. 1
AMENDMENT TO CODE OF FAIR COMPETITION
MUTUAL SAVINGS BANKS
As Approved on May 17, 1934
AMENDMENTS TO CODE OF FAIR COMPETITION FOR MUTUAL SAVINGS BANKS
An application having been duly made pursuant to and in full
compliance with the provisions of Title I of the National Industrial
Recovery Act, approved June 16, 1933, for approval of Amendments
to a Code of Fair Competition for Mutual Savings Banks, and hear-
ings having been duly held thereon and the annexed report on said
Amendments, containing findings with respect thereto; having been
made and directed to the President:
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 Presi-
dent, 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 Amendments and the Code as constituted
after being amended comply in all respects with the pertinent provi-
sions and will promote the policy and purposes of said Title of said
Act; and do hereby order that said Amendments be and they are
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; this Order to become effective sixty (60) days after the
HUGH S. JOHNSON,
Administrator for Industrial Recovery.
H. O. KING,
May 17, 1934.
REPORT TO THE PRESIDENT
The White House.
Sm: I have the honor to transmit herewith Amendments to the
Code of Fair Competition for Mutual Savings Banks, which are
submitted in accordance with Article VII of the Code of Fair
Competition for Mutual Savings Banks.
These Amendments are designed to provide for the establishment
of uniform maximum hours of banking operations within cities,
trade areas or other groups. Provisions have also been included for
the setting up of subcommittees, through state associations or other-
wise, for the purpose of assisting the Administrator and the Code
Authority in the administration of the Code within local areas.
The Deputy Administrator in his final report to me on the said
Amendments 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 Amendments 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
obstructions to the free flow of interstate and foreign commerce 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
governmental sanction and supervision, by eliminating unfair com-
petitive practices, by promoting the fullest possible utilization of the
present productive capacity of industries, by avoiding undue restric-
tion of production (except as may be temporarily required), by
increasing the consumption of industrial and agricultural products
through increasing purchasing power, by reducing and relieving
unemployment, 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 7 and
Subsection (b) of Section 10 thereof.
(c) The Code empowers the Mutual Savings Banks Code Com-
mittee to present the aforesaid Amendments on behalf of the busi-
ness as a whole.
(d) The Andmdments and the Code as amended are not designed
to and will not permit monopolies or monopolistic practices.
(e) The Amendments and the Code as amended are not designed
to and will not eliminate or oppress small enterprises and will not
operate to discriminate against them.
(f) Those engaged in the other steps of the economic process have
not been deprived of the right to be heard prior to approval of said
For these reasons I have approved these Amendments.
HUGH S. JOHNsON,
MAY 17, 1934
AMENDMENT TO CODE OF FAIR COMPETITION FOR
MUTUAL SAVINGS BANKS
Article VII is hereby amended by the addition of the following
(5) The Mutual Savings Banks Code Committee shall, subject
to ratification by a majority of the banks affected and to the ap-
proval of the Administrator, appoint subcommittees, through state
associations or otherwise, for the purpose of assisting the Admin-
istrator and the Mutual Savings Banks Code Committee in the
administration of this Code within local areas.
(6) Such subcommittees shall, subject to the approval of the
Administrator and the Mutual Savings Banks Code Committee,
adopt local rules and regulations governing competitive practices
within local areas, which shall thereupon become part of this Code
within such local areas and shall be binding upon all mutual
savings banks in such local areas: provided that nothing herein
shall relieve the Mutual Savings Banks Code Committee of its
duties and responsibilities under this Code."
Article VIII is hereby amended by striking out paragraphs (1)
and (2) thereof and substituting therefore the following paragraph:
(1) Hours of Banking.-All mutual savings banks shall, sub-
ject to the approval of the Administrator, establish uniform maxi-
mum hours of banking operations to be observed within such cities,
trade areas, counties, or such other groups as may be determined by
the Code Authority with the approval of the Administrator. By
hours of banking operations is meant the time within which the
doors of the mutual savings banks are open for the purpose of
serving the public. No mutual savings banks shall operate in ex-
cess of the maximum hours so adopted, but any mutual savings
bank may observe shorter hours than the. maximum, provided that
no such mutual savings banks shall by reason thereof, reduce the
number of its employees below the number employed at the time
such reduction in hours is made, nor reduce the weekly compensa-
tion of any employee whose weekly hours may have been reduced."
Approved Code No. 52. Amendment No. 1.
Registry No. 1707-03.
UNIVERSITY OF FLORIDA :
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