Citation
Code of fair competition for mutual savings banks as approved on October 9, 1933 by President Roosevelt

Material Information

Title:
Code of fair competition for mutual savings banks as approved on October 9, 1933 by President Roosevelt
Portion of title:
Mutual savings banks
Creator:
United States -- National Recovery Administration
Place of Publication:
Washington, D.C
Publisher:
United States Government Printing Office
Publication Date:
Language:
English
Physical Description:
iv, 4 p. : ; 24 cm.

Subjects

Subjects / Keywords:
Savings banks -- United States ( lcsh )
Banks and banking -- United States ( lcsh )
Genre:
federal government publication ( marcgt )
non-fiction ( marcgt )

Notes

General Note:
Cover title.
General Note:
At head of title: National Recovery Administration.
General Note:
"Registry No. 1707-03."

Record Information

Source Institution:
University of Florida
Rights Management:
This item is a work of the U.S. federal government and not subject to copyright pursuant to 17 U.S.C. §105.
Resource Identifier:
004930884 ( ALEPH )
645137186 ( OCLC )

Full Text






ID)ALRECOVERY ADMINISTRA'fON



COE OF FAIR COMPETITION
POR


UALSAVING~MS BANKS

ABAPPROVED ON OCTOBER 9, 1983






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This publication is for sale by the Baperintendent of Doenments, Govrnen
Printing Office, Washington, D.O., and by district oflices of the Bureau of
Foreign and Domestic Commerce.

DISTRICT OFFICES OF THE DEPARTMENT OF COMMER~CH

Atlanta, Ga.: 504 Post Office Building.
Birmingham, Ala.: 257 Federal Building.
Boston, Mass.: 1801 Customhouse.
Buiralo, N.Y.: Chamber of Commerce Building.
Charleston, S.C.: Chamber of Commerce Building.
Chicago, Ill.: Suite 17i06, 201 North Wells Street.
Cleveland, Ohio: Chamber of Commerce.
Dallas, Tex.: Chamber of Commerce Building.
Detroit, M~ich.: 2213 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 Baltimore ABvenue.
Los A~ngeles. Calif.: 1163 South Broadwvay.
Louisville, Ky.: Room 405, 421 West Market Street.
Memphis, Tenn.: 266 South Water Street.
Minneapolis, Minn.: 2~13 Federal Building.
New Orleans, La.: Room 225-A, Customhouse.
New York, N.Y.: 734 Custombouse.
Norfolk, Va.: 406 East Plume Street.
Philadelphia, Pa.: Room 812, 20 South Fifteenth Street.
Pittsburgh, Pa.: Chamber of Commerce Building.
Portland, Or'eg.: 215 New Post Ofice Building.
St. Louis, Mo.: 506 Olive Street.
Ban Francisco, Calif.: 310 Custombouse.
Battle, Wash.: 1406 Vance Building.
(II)


















EXECUTIVE ORDER

CODE OF FAIR COM~PETITION
FOR
]MurrvaL SavIwas BANKSE

Ailappictio hain ben dlymade, pursuant to and in full
bbmpliance with the provisions of tteIo h ainlIdsra
aeovery Act, approved June 16, 1933, for my approval of a Mutual
Savings Banks Code of Fair Competition, and hearings having
:~;biesn held thereon and the Administrator having rendered his re-
;fort containing an analysis of the said code of fair competition
together with his recommendations and findings with respect thereto,
and the Administrator having found that the said code of fair com-
pe~tition complies in all respects with the pertinent provisions of:
.title.I of said act and that the requirements of clauses (1) and (2)
ofsubsection (a) of section 8 of said act have been met:I
NOWTHEEFORE, I, Firanklin D. Roosevelt, President of the
UniitedStates, pursuant to the authority vested in me by title I of
the' National Industrial Recovery Act, approved June 16, 1933, and
otherwises, do adopt and approve the report, recommendations, and
findings of the Administrator and do order that the said code of
fair competition be and is hereby approved.
F~RANKLIN D. ROOSEVELT.
THE WHITE HOUSE,
October 9, 1933.
Approval recommended :
Huoan 8. JoHNSON,
Adminfistrator.
15092 '--133--208---83 Irrr

















OCTOBER 4, i1988.
The PRESEDENTI
Th~e W~hite Houlse.
MrY DEAR 1\IR. PRESIDENT: I have the honor to submit and recom-
mlennd for your approval the Mutual Savings Banks Code of F~air
Competition. Within sixty days after your approval, a supleD1-
mentary code of fair practices provisions shall be filed with the
Administrator for his approval.
The Code was proposed by, and has been accepted by, th :Na-.
tional Association of Mutual Savings Banks, representing 92%.o~of
the 565 mutual savings banks in the country, 96%J of their total
assets of $10,938,000,000, and 96%0 of their total number of depositors
of 13,300,000.
The Code has been approved by the several Advisory Boards of
the National Recovery Administration.
A complete report is being transmitted herewith to you. Signifi-
cant features are: there have been only a few minor failures. of
mutual savings banks and not one in the State of New York they
have more employees now than in 1929; a small number o~f em-
ployees fall within the minimum wage level of the Code; and the
statement by Labor Advisors that banking employees receive higher
comparative wages than those paid by industry generally.
I find that the Code complies with the pertinent provisions of
clauses (1) and (2), subsection (a) of Section 3 of the National
Industrial Recovery Act.
Respectfully submitted.
Hroon S. JoHNsoTP, Admin~lGistrator.
(17)












CODE OF FAIR COMPETITION FOR MUTUAL SAVINGS
-BANK~S

ii:.:- .PREAMBLE

To e?~ fec~cutue the policy of Title I of the National Industrial Re-(
aswer : i Act;:4uring the period of emergency, the following provisions ;
rire' established as a Code of Fair Compe~tition for Mutual Savings
-k~lor
ARrICE 1-- EFINFIIONS

; thb.e b.term ~mutual savings bank as used herein means at savings
ban:` ~tik operating under a state law, without- capital stock or stock-
:_o~lders, and solely in the interests of its depositors.
The provisions of this Code shall apply to and affect only the
eglr.bankingr operations of Mutual Savings Banks.
The term employer as used herein means any mutual savings
banik.
The~ terms employee or banking employee as used herein
sallaU mean any person employed by a mutual savings bankr in any
capacity in connection with its banking functions and operations.
T 13he term "L United States proper as used herein shall mean the
(brty-eight (48) states of the United States and the District of
C~olumbia.
::,The term "Administrator as used herein shall mean the National
R' Recovery Administrator.
Population for the purposes of this Code shall be determined by
rforence to the 1930 Federal Census.

ArrIOJLE IL---EFFECTIVE DATE

The effective date of this Code, except as specifically provided for
hereisfrter, shaHl be the second Monday after its approval by the
President of the United States.

Arrrora: III--GENERAL LABOR PROVrIIONB

SE~mployers shall comply with the following provisions of Section
Z (a) of Title I of the National ~Industrial Recovery Act:
(1) Employees shall have the right to organize and bargain col-
lectively through representatives of their own choosing and shall be
free from the interference, restraint or coercion of employers of
labor, or their agents, in the designation of such representatives or
int self-organization or in other concerted activities for the purpose
E collective bargaining or other mutual aid or protection.
S*(2)S N~o employee and no one seeking employment shall bje required
asc a condition of employment to join any company union or to refrain
(1)






2 i

from joining, organizing, or assisting a labor organization of hisl:
own choosing.
(3) Employers shall comply with the maximum hours of. labar,;
minimum rates of pay, and other conditions of employment, ap-
proved or prescribed by the President.
ARTICLE 1---CHILD Lason

On and after the effective date of this Code no person under six-
teen (16) years of age shall be employed by any bank; provided,
however, that where a state law prescribes a higher mmnmmum'age, no
person below the age specified by such state law shall be emploed~
within such state.
ArrcLE V-IIOURs Or EMPLOYMENT

(1) On and after the effective date of this Code no banking em-
ployee shall work or be permitted to work more than forty (0
hours per week averaged over a period of thirteen (13) consecutive
weeks.
(2) The maximum hours of employment prescribed in the fore-
going paragraph shall be subject to the following exceptions:
(a) Where cases of seasonal or peak requirements imoseupo
banking facilities an unusual demand, employees ofbnksbec
to such peaki demand may work forty-eight (48) hours per week for
a period not to exceed twelve (12) consecutive weeks in any calendar
year. Any such increase in hours of employment shaUl be reported
monthly to the Bankiing Code Committee provided for in Article
VII hereinafter.
(b) All banking employees required to perform extra workg or
observe later hours in connection with examinations as required by
law?, over which the bank has no control, shall be exempt during
such periods from the limitations upon hours of employment pre-
scribed in the foregoing paragraphs.
(c)1 Employees in banking institutions employing not more than
two (2) persons in addition to executive officers, in towns of less than
2,500 population, not part of a larger trade area, and employees ih a
managerial or executive capacity or in any other capacity of disrtine-
tion or sole responsibility(regiardless of the location olf the bank)
who receive more than thirty-five (35) dollars per week, shall be
exempt from the limitations upon hours of employment prescribed
in the foregomng paragraphs.
(d) These provisions for working hours shall not apply to night
watchmen employed to safeguard the assets of the bank, who cannot
with safety be shifted or changed during the night period.
~AnTCLE VI TWAGES

(1) On and after the effective date of this Code no employee in
cities of over 500,000 population, or in the immediate trade area of
such cities, shall be paid less than at the rate of $15.00 per week;
no employee in cities between 250,000 and 500,000 population, or, in
the immediate trade area of such cities, shall be paid less than at

















ght ottoin~paagrph.1I90 bank: shall include within the ceateg~ory
I; 0E:':''~~~ai# ticeaire than one such employee for every twenty (20)

Emploers shamll not j-educe the compensation for regular em-
~ljlE'ploy~ment now in excess of the minimum wages provided for herein,
9~l:~~totithstandingg that the hours worked in such employment may be
h'~-:: ~jlereby ~reduced.
Arrun~I; VII----DHHNUFERATION~O

(1) To efecturate further the policies of the National -Industrial
Rcovery Act, a Mutual Savings Banks Code Committee is hereby set
Ap'to~ act ass a planning and fair-practice agency and to cooperate
withI the Administrat~or in the' administration '"and: enforcement of
tid ~Zs Code. -This Committee shall consist of fifteen (15) I~presenta-
.irbs` ot~the Naitional' Association of Mutual Sa~vings 'Banks, who
.~ shall be truly representative of the membership of the Association, a
i ep~nsentativet selected by fifty-one (51) per cent (measured "by total
itsoiirces) of the non-members of the National Associatioh of Mutual
::ar'i~ngs Banks, and a representative or representatives, without
vdte, appointed by the President of the United States.
(2) T~he Mutual Savings Banks Code Committee may from time
-to time pi-esent to the Admninistrator recommendations, based upon
renditions in the banking business, which will tend to effectuate the
oparatlion of the provisions of this Code and the policy of the Na-
ii:: Itroinal Industrial ~Reco~very Act. Such recommendations shall, upon
a:..:ppr~oval of the A Wrninistrator after such public notice and hearing
4 hte may prescribe,, become operative as part of this Code.
('~3) The Murtual Savings Banks Code Committee may, subject to
thie appro~vat of the ABdministstratr, require from all bankas such
zs~ports as are: necessary to defetuate the purposes of 'this Code,
.and.'~shll'rionm its own initiative or upon complaint of any person
d;iffecti~ii~~ ed mnakel invest~igat~ion as to the functioning .and observance
of any provision: of %he Code and report the results of such inIvesti-
aion f$ the Administrator.
(4) The Administrator may from time to timb, after consultation
~II:with the Mutual Savings Baniks Code Committee, issue such admin-
ist: rative interpretations of the various provisions of this Code as
'are,:~~i j~~ necessary to elfectuate its purposes within the provisions of
ti;::hel 1'a~tional Industrial ]Recovery Act of 1933, and such interpreta-
t!j~~~I~rons'hall~ b6ecome operative as a part of this Code. Such' interpre-




UNIVERSITY OF FLumuDA


& 3 ~~262 0380922

stations shall be promptly eqmm~unicated to members of, thk
tion, and any member shall -have the right to appeal to taie~
trator and he heard.
BAerCLE VIII-FEana TRADE PRACTIGES

(1) Within sixty (60) days after the approval of this
Mutual Savings Banks Code Committee shall present to the
istrator for his approval a, supplementary Code containing Si
practice provisions.
(2) If the hours of banking operation of any mutual,e
are reduced, no such bank shall by reason of this fact
number of its employees below the number employed as onP:
1933. By hours of banking operation is meant the tile,
which the doors of the mutual savings bank are open for thy gh
qf serving the public.
ARrICLE IX-GENERAL PnovISIoNs i;::

(1) Membership in the National Association of Mutual
Banks shall be open to all banks included within the prove
this Code and said Association shall impose no inequitables
tions upon admission to membership therein.
(2) It is expressly provided that no provision of this
be interpreted or applied so as to conflict in any way
federal or state banking law or any ~rule, regulation, or .order
may have been or may be issued by any~ federal or state
authority applicable to mutual savings banks.
(3) This Code and all the provisions thereof are expre~issly
subject to the right of the President, in accordance wvith the
sions of Section 10 (b) of Title I[ of the National Industrial
ery Act, from time to time to cancel or modify any order,
license, rule, or regulation issued under Title I of said
specifically to the right of the President to cancel ormo
approval of this Code or any conditions imposed by him
ap royal thereof.
i4) Such other provisions of this Code as are not requiireI~
included herein by the National Industrial Recovery 'Act,
the approval of the President;,-be ziodified or eliminated as
in the circumstances or experience may niae
(5) The provisions of this Code shallexpr ntee
date of Title I of the Act or on the earliest date prior th
which the President shall by proclamation, or the C~ongress
joint resolution, declare that the emergency recognized. by
I of the National Industrial Recovery Act has ended.




Full Text

PAGE 1

Registry No. 1707-03 NATIONAL RECOVERY ADMINISTRATION CODE OF FAIR COMPETITION FOR MUTUAL SAVINGS BANKS AS APPROVED ON OCTOBER 9, 1933 BY PRESIDENT ROOSEVELT WE 00 OUR PART 1. Executive Order 2. Letter of Transmittal I L--.~~::i7'~'ii~r.-'ft\xtofCode JJ UN\\/. Of FL \.II. C I A t. I UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1933 ( For sale by the Superintendent of Documents, Washington, D.C. • • • • • • • • Price 5 cents V

PAGE 2

This publication is for sale by the Superintendent of Documents, Government Printing Office, Washington, D.C., and by district offices of the Bureau of Foreign and Domestic Commerce. DISTRICT OFFICES OF THE DEPARTMENT OF COMMERCE 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.: 2213 First National Bank Building. Houston, T ex. : Chamber of Commerce Building. Indianapolis, Ind. : Chamber of Commerce Building. Jacksonville, Fla.: Chamber of Commerce Building. Kansas City, 1\10.: 1028 Baltimore AYenue. Los Angeles, Calif.: 1163 South Broad\',ay. Louisville , Ky.: Room 405, 421 West Market Street. Memphis, Tenn.: 266 South Water Street. Minneapolis, Minn. : 213 Federal Building. New Orleans, La.: Room 225-A. Customhouse. New York, N.Y.: 734 Customhou e. Norfolk, Va.: 406 East Plume Street. Philadelphia, Pa.: Room 812, 20 South Fifteenth Street. Pittsburg h, 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.: 1406 Vance Building. (II)

PAGE 3

EXECUTIVE ORDER CODE OF FAIR COMPETITION FOR MUTUAL SAVINGS BANKS A.n 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 my approval of a Mutual Savings Banks Code of Fair Competition, and hearings having been held thereon and the Administrator having rendered his report containing an analysis of the said code of fair competition together with his recommendations and findings with respect thereto, and the Administrator having found that the said code of fair com..petition complies in all respects with the pertinent provisions or. title I of said act and that the requirements of clauses (1) and (2) of subsection (a) of section 3 of said act have been met: NOW, THEREFORE, I, Franklin D. Roosevelt, President of th~ United States, pursuant to the authority vested in me by title I ot the National Industrial Recovery Act, approved June 16, 1933, and otherwise, do adopt and approve the report, recomn1endations, and findings of the Administrator and do order that the said code of fair competition be and is hereby approved. THE WHITE HousE, Octob er 9, 1933. Approval recommended : HUGH s. JOHNSON' Administrator. FRANKLIN D. ROOSEVELT. 15092-133-203-33 cm>

PAGE 4

OcToBER 4, 1!m3. Tne PRESIDENT, The lV hite House. 11Y DEAR MR. PRESIDENT: I have the honor to submit and recom n1end for your approval the Mutual Savings 13anks Code of Fair Competition. Within sixty days after your approval, a supple n1entary code of fair practices provisions shall be filed with the Administrator for his approval. The Code was proposed by, and has been accepted by, the National Association of Mutual Savings Banks, representing 92% of the 565 mutua.l savings banks in the country, 96% of their total assets of $10,938,000,000, and 96% of their total number of depositors of 13,300,000. The Code has been approved by the several Advisory Boards of the National Recovery Administration. A complete report is being transmitted herewith to you. Significant features are: there have been only a few minor failures of mutual savings banks and not one in the State of New York; they have more employees now than in 1929; a small number of em ployees fall within the minimum wage level of the Code; and the statement by Labor Advisors that banking employees receive higher comparative wages than those paid by industry generally. I find that the Code complies with the pertinent provisions of clauses ( 1) and ( 2), subsection (a) of Section 3 of the National Industrial Recovery Act. Respectfully submitted. HuaH S. JOHNSON, Admini
PAGE 5

CODE OF FAIR COMPETITION FOR MUTUAL SAVINGS BANKS PR•EAMBLE To effectuate the policy of Title I of the National Industrial Re-l covery Act during the period of emergency, the following provisions ' are established as a Code of Fair Competition for Mutual Savings Banks. ARTICLE I-DEFINITIONS The term "mutual savingt, bank" as used herein means a savings bank operating under a state law, without capital stock or stock holders, and solely in the interests of its depositors. The provisions of this Code shall apply to and affect only the regular banking operations of ::Mutual Savings Banks. The term "employer" as used herein means any mutual savings bank. The terms "employee" or "banking employee" as used herein shall mean any pe.rson employed by a mutual savings bank in any capacity in connection with its banking functions and operations. The term "United States proper" as used herein shall mean the forty-eight ( 48) states of the United States and the District of Columbia. The term "Administrator " as used herein shall mean the National Recovery Administrator. Population for the purposes of this Code shall be determined by reference to the 1930 Federal Census. ARTICLE II-EFFECTIVE DATE The effective date of this Code, except as specifically provided :for hereinafter, shall be the second Monday after its approval by the President of the United States. ARTICLE III-GENERAL LABOR PROVISIONS Employers shall comply with the following provisions of Section 7 (a) of Title I of the National Industrial Recovery A.ct: (1) Employees shall have the right to organize and bargain col lectively through representatives of their own choosing and shall be free from the interference, restraint or coercion of employers of labor, or their agents, in the designation of such representative s or in self -organization or in other concerted activities for the purpose of collective bargaining or other mutual aid or protection. (2) No employee and no one seeking employment shall be required as a condition of employment to join any company union or to refrain (1)

PAGE 6

2 from joininO', organ1z1ng, or assisting a labor organization of his own choo ing. (3) Employers shall comply with the maximmn hours of labor, minimum rates of pay, and other conditions of employment, approved or prescribed by the President. ARTICLE IV-CHILD LABOR On and after the effective date of this Code no person under six teen ( 16) years of age shall be employed by any bank; provided, however that where a state law prescribes a higher minimum age, no person below the age specified by such state law shall be employed within such state. ARTICLE V-HOURS OF EMPLOYMENT (1) On and after the effective date of this Code no banking em ployee shall work or be permitted to work more than forty ( 40) hours per week averaged over a period of thirteen (13) consecutive weeks. (2) The maximum hours of employment prescribed in the fore going paragraph shall be subject to the following exceptions: (a) ,vhere cases of seasonal or peak requirements impose upon banking facilities an unusual demand, employees of banks subject to such peak demand may work forty-eight ( 48) hours per week for a period not to exceed twelve (12) consecutive weeks in any calendar year. Any such increase in hours of employment shall be reported monthly to the Banking Code Committee provided for in Article VII hereinafter. (b) All banking employees required to perform extra work or observe later hours in connection with examinations as required by law, over which the bank has no control, shall be exempt during such periods from the limitations upon hours of employment pre scribed in the foregoing paragraphs. ( c) Employees in banking institutions employing not more than two (2) persons in addition to executive officers, in towns of less than 2,500 population, not part of a larger trade area, and employees in a managerial or executive capacity or in any other capacity of distinction or sole respons ibility ( regardless of the location of the bank) who receive more than thirty-five (35) dollars per week shall be exempt from the limitations upon hours of employment prescribed in the foregoing paragraphs. ( d) These provi ions for working hours shall not apply to night watchmen employed to safeguard the assets of the bank, who cannot ,, ith safety be shifted or changed during the night period. ARTICLE VI-vv AGEs (1) On and after the effective date of this Code no employee in cities of over 500,000 population, or in the immedjate trade area of such cities, shall be paid less than at the rate of 15.00 per week; no employee in cities between 250,000 and 500,000 population or in the immediate trade area of such cities, shall be paid le ss than at

PAGE 7

3 the rate of $14.50 per week; no employee in cities between 2,500 and 250,000 population, or in the immediate trade area of such cities, shall be paid less than at the rate of $14.00 per week. In towns of less than 2,500 population the wages of all clas ses of employees shall be increa se d by not less than twenty (20) per cent, provided that this shall not require an increase in wages to more than the rate of $12.00 per week. (2) It is provided, however, that employees without previous banking experience or training employed as apprentices may be paid during a continuous period of not more than six ( 6) months at the rate of eighty {80) per cent o:f the minimum wages prescribed in the foregoing paragraph. No bank shall include within the category of apprentices more than one such employee for every twenty (20) employees or :fraction thereof. (3) Employers shall not reduce the compensation for regular employment now in excess of the minimum wages provided for herein, notwithstanding that the h0urs worked in such employment may be hereby reduced. ARTICLE VII-ADMINISTRATION (1) To effectuate further the policies of the National Industrial Recovery Act, a Mutual Savings Banks Code Committee is hereby se t up to act as a planning and fair-practice agency and to cooperate with the Administrator in the administration and enforcement of i:his Code. This Committee shall consist of fifteen (15) representa tives of the National A ssociation of Mutual Savings Banks, who shall be truly representative of the membership of the Association, a representative selected by fifty-one (51) per cent (measured by total :resources) of the non-members of the National Association of Mutual Savings Banks, and a representative or representatives, without vote, appointed by the President of the United States. (2) The Mutual Savings Banks Code Committee may from time to time present to the Administrator recommendations, based upon conditions in the banking busine ss, which will tend to effectuate the operation of the provisions of this Code and the policy of the National Industrial Recovery Act. Such recornmendn.tions shall, upon approval of the Administrator after such public n otice and hearing as he may prescribe, become operative as part of this Code. (3) The Mutual Savings Banks Code Committee may, subject to the approval of the Administrator, require from all banks such reports as are necessary to effectuate the purposes of this Code, and shall upon its own initiative or upon complaint of any person affected make investigation as to the functioning and observance of any provision of the Code and report the results of such investigation to the Administrator. ( 4) The Administrator may from time to time, after consultation with the Mutual Savings Banks Code Committee, is ue such admin istratiYe interpretations of the Yarious provisions of this Code as are n ecessary to effectuate its purposes within the proYisions of the National Industrial Recovery Act of 1D33, and such interpretations shall become operative as a part of this Code . Such interpre-

PAGE 8

4 111111111111rn1l1~~~'~1 m ~r~m11111111111 3 1262 08338 092 2 tations shall be promptly communicated to members of the Association, and any member shall have the right to appeal to the Administrator and be heard. ARTICLE VIII-FAIR TRADE PRACTICES (1) Within sixty (60) days after the approval of this Code, the Mutual Savings Banks Code Committee shall present to the Admin-. istrator for his approval a supplementary Code containing fair trade practice provisions. (2) If the hours of banking operation of any mutual savings bank are reduced, no such bank shall by reason of this fact reduce the number of its employees below the number employed as of June 1, 1933. By hours of banking operation is meant the time within which the doors of the mutual savings bank are open for the purpose of serving the public. ARTICLE IX-GENERAL PROVISIONS (1) Member.ship in the National Association of Mutual Savings Banks shall be open to all banks included within the provisions of this Code and said Association shall impose no inequitable restrictions upon admission to membership therein. (2) It is expres.sly provided that no provision of this Code shall be interpreted or applied so as to conflict in any way with any federal or state banking law or any rule, regulation, or order which may have been or may be issued by any federal or state banking authority applicable to mutual savings banks. (3) This Code and all the provisions thereof are expressly made subject to the right of the President, in accordance with the provisions of Section 10 (b) of Title I of the National Industrial Recovery Act, from time to time to cancel or modify any order, approval., license, rule, or regulation issued under Title I of said Act, and specifically to the right of the President to cancel or modify his approval of this Code or any conditions imposed by him upon his ap:proval thereof. ( 4) Such other provisions of this Code as are not required to be included herein by the National Industrial Recovery Act, may, with the approval of the President,-.,be modified or eliminated as changes in the circumstances or experience may indicate. ( 5) The provisions of this Code shall expire on the expiration date of Title I of the Act or on the earliest date ~prior thereto on which the President shall by proclamation, or the Congress shall by joint resolution, declare that the emergency recognized by Section I of the National Industrial Recovery Act has ended. 0 ,I