Approved Code No. 52-Arnendrnent No. 1 Registry No. 1707-03 

NATIONAL RECOVERY ADMINISTRATION 

.i\MENDMENT TO 

CODE OF FAIR COMPETITION 

FOR 

MUTUAL SAVINGS BANKS 

AS APPROVED ON MAY 17, 1934 

Vil DO OUR PART 

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UNITED STATES 

GOVERNMENT PRINTING OFFICE 

WASHINGTON: 1934 

For sale by the Superintendent of Documents, Washinirton, D.C. Price 5 ceuw 

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,:.'his 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. 

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Approved Code No. 52-Amendment No. 1 

AMENDMENT TO CODE OF FAIR COMPETITION 

FOR 

MUTUAL SAVINGS BANKS 

As Approved on May 17, 1934 

ORDER 

AMENDMENTS TO CODE OF FAIR COMPETITION FOR MUTUAL SA VIN GS 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 hearings 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 provisions 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 

date hereof. 

HUGH s. JOHNSON' 

Administrator for Industrial R ecovery. 

Approval Recommended: 

H. 0. l(ING, 

Division Ad1nini,strator. 

WASHINGTON, D.C., 

May 17, 1934. 

60074°-544-110-34 (1) 
REPORT TO THE PRESIDENT 

The PRESIDENT, 

The White House. 

Srn: 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 l\,futual Savings Banks. 

The e 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 etting up of ubcommittees, through state a sociations or otherwise, for the purpose of assisting the Administrator and the Code 

Authority in the administration of the Code within local areas. 

The Deputy Admini trator in his final report to me on the said 

Amendments to said Code having found as herein set forth and on 

the ba ·is 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 purpo es of Title I of 

the National Indu trial Recovery Act including the removal of 

ob tructions to the free fl.ow 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 a·mong trade groups, by inducino· and maintaining united action of labor and management under adequate 

governmental sanction and supervision, by eliminating unfair competitive practices, by promoting the fullest possible utilization of the 

present productive capacity of industries, by avoiding undue restriction 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 

rehabilitating industry. 

(b) The Code as amended complies in all respects with the pertinent provisions of said Title of said Act, including without limitation 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 Committee to present the aforesaid Amendments on behalf of the business as a whole. 

( d) The Amendments and the Code as amended are not designed 

to and will not permit monopolies or monopoli tic practi es. 

( e) The Amendments and the Code as amended are not designed 

to and will not eliminate or oppress small enterpri es and will not 

operate to discriminate ao-ainst them. 

(2) 
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(f) Those engaged in the other st~s of the economic process have 

not been deprived of the right to be heard prior to approval of said 

Amendments. 

For these reasons I have approved these Amendments. 

Respectfully, 

1\1AY 17, 1934 

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HUGH s. JOHNSON, 

Administrator. 
AMEND1\1E JT 'fO CODE OF FAIR COMPETITIO.._ FOR 

MUTUAL SAVI GS BANKS 

Article VII is hereby amended by the addition of the following 

paragraphs: 

" ( 5) The :Mutual Savings Banks ode Committee hall, ·ubject 

to ratification by a majority of the bank affected and to the approval of the Administrator, appoint subcommittee , through tate 

associations or otherwise, for the purpose of a i ting the Administrator and the Mutual Saving Banks Code Committee in the 

administration of this Code within local area . 

" (6) uch subcommittees shall, subject to the approval of the 

Administrator and the :Mutual Savings Bank Code Committee, 

adopt local rules and regulations goYerning competitive practices 

within local areas, which shall thereupon becom part of this Code 

within such loca l areas and shall be binding upon all mutual 

~avings banks in such local area : provided that nothing herein 

shall relieve the Mutual Saving Banks Code Committee of its 

duties and re ponsibilities under this Code." 

Article VIII is hereby amended by striking out paragraph (1) 

and (2) thereof and substituting therefor the following paragraph: 

"(1) Hours cf Banking.-All mutual savings banks shall, subject to the approval of the Administrator establish uniform maximum hours of banking operations to be obserYed within uch cities, 

trade areas counties, or such other groups as may be determined by 

the Code Authority with the approval of the Admini trator. By 

hours of banking operations is meant the time within which the 

doors of the mutual saving banks are open for the purpose of 

serving the public. No mutual savings bank hall operate in exce s of the maximum hours so adopted, but any mutual savings 

bank may observe shorter hours than the maximum provided that 

no such mutual savings bank 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 compensation of any employee whose weekly hours may have been reduced." 

Approved Code No. 52. Amendment No. 1. 

Registry No. 1707-03. 

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UNIVERSITY OF FLORIDA 

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