Approved Code No. 169-Amendment No. I Registry No. 1712-02 

NATIONAL RECOVERY ADMINISTRATION 

AMENDMENT TO 

CODE OF FAIR COMPETITION 

FOR 

SAVINGS, BUILDING AND 

LOAN ASSOCIATIONS 

AS APPROVED ON AUG.UST 24, 1934 

UNITED STATES 

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Approved Code No. 169-Amendment No. 1 

AMENDMENT TO CODE OF FAIR COMPETITION 

FOR 

SAVINGS, BUILDING AND LOAN ASSOCIATIONS 

As Approved on August 24, 1934 

ORDER 

APPROVING AMENDMENT TO CODE OF FAIR COMPETITION FOR SA VIN GS, 

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 

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 

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 a171endment 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 8. JOHNSON, 

'A..dmimist'rator for Industrial Rec011ery. 

Approval recommended: 

C. E. ADAMS, 

Division Administrator. 

WASHINGTON, D.C., August 24, 193.~. 

82310°-1044- 111- 34 (1) 
REPORT TO THE PRESIDENT 

The PRE 'IDENT 

The lVhite House. 

Sm: An application has been duly made pursuant to and in full 

compliance with the provisions 0£ the National Industrial Recovery 

Act for an amendment to the Code of Fair Competition for the 

Saving , Building and Loan Association., submitted by the Code 

Authority for said Code. 

The purpo e and effect of the amendment. ar:e to authorize the 

Code Authority to submit a budget and method of as~essment upon 

which funds shall be contributed by Associations subject to the Code. 

The Deputy Admini trator in his final report to me on said amendment to .. aid Code having found as herein set forth and on the basis 

of nll the proceeding. in this matter : 

I find that: 

(a) The amendm nt to said Code and the Code as amended are 

well designed to pr01note 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 c01111nerce which tend 

to diminish the a.mount thereof, and will provide for the general 

welfare by pron1oting the organization of industry for the purpose 

of cooperative action among trade groups, by inducing and maintaining united action of labor and manage1nent under actequate governmental sanction and supervision, by eliminating unfair competitive practices, by promoting the fullest possible utilization of the 

pres~nt_ productive caracity of the industries, by av~iding t~ndue 

restrictions of product10n (except as may be temporarily required) 

by increasing the consumption of industrial and agricultural products tlu·ough increasing purchasing power, by reducing and_ relieving 

nnemployment, by improving standards of labor,. and by otherwise 

rehabilitating industry. 

(b) The Code as amended complies in all respects with the p~rtinent provisions of said Title of said Act, including without limitation Subsection (a) o.f Section 3, Subsection (a) of Section 7 and 

Subsecti.on (b) of Section 10 thereof. 

( c) The Code empo,W€TS the Gode Authority to present th.e &foresaid amendment on behalf of the Savings, Building arnct Loan 

Associations subject to the Code. 

( d) The Amendment &end the Cod-e as amended are not desigp:ed 

t.o :wd will not permit 1nonopolies or monopolistic practices. 

{e) The Amendi)1.ent and the Code as amen,ded are not designed 

to and will not_ eliminate or oppress small enterprises and, will not 

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 

Amendment. 

For these reasons, therefore, I have approved this Amendment. 

Respectfully, 

HuGir S. JOHNSON, 

A rbninistrator. 

AUGUST 24, 1934. 

(2) 
AMENDMENT TO CODE OF FAIR COJ\1:PETITION 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 Administration of this Code and to maintain the standards o:f :fair competition 

established hBreunder and to effectuate the policy o:f the Act, the 

Code Authority is authorized: 

(a) To incur such reasonable obligation.s 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 rmbject 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 nece:,sary 

to support such budget shall be contributed by the associations; 

( c) After such budget and basis of contribution have been approved by the Administrator, to determine and obtain equitable contribution as above ,set forth by all such associations, and to that end, 

if necessary to institute legal proceedings therefor 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 pertaining thereto i,ssued by the Administrator. Only associations complying with the Code and contributing to the expenses of its administration as hereinabove provided (unless duly exempted from making such contributions), shall be entitled to participate in the selection 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 

in,signia of the National Recovery Administration. 

(6) The Code Authority shall neither incur nor pay any obligation substantially in excess of the amount thereof as estimated in its· 

approved budget, and shall in no event exceed the total amount contained in the approved budget except upon approval o.f the Administrator; and no subsequent budget shall contain any deficiency' 

item for expenditures in excess of prior budget e.stimates except those ' 

which the Administrator shall have so approved. 

Approved Code No. 169-Amendment No. 1. 

Registry No. 1712-02. 

(3) 

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