An Act to amend section 610 of the International Claims Settlement Act of 1949 to extend the time within which the Foreign Claims Settlement Commission is required to complete its affairs in connection with the settlement of claims against the Government of Cuba
PL 91-157 (H.R.11711), enacted 12/24/1969

83 STAT. ] 
PUBLIC LAW 91-157-DEC. 24, 1969 
435 
§ 3* Saving provision 
(a) Except as provided in subsection (b) of this section, prior to 
January 1, 1972, no tax may be imposed on any class of banks by or 
under authority of any State legislation in effect prior to the enact-
ment of this Act unless 
(1) the tax was imposed on that class of banks prior to the 
enactment of this Act, or 
(2) the imposition of the tax is authorized by affinnative action 
of the State le<^islature after the enactment of this Act. 
(b) The prohibition of subsection (a) of this section does not 
apply to 
(1) any sales tax or use tax complementary thereto, 
(2) any tax (includinf^ a documentary stamp tax) on the exe-
cution, delivery, or recordation of documents, or 
(3) any tax on tangible personal property (not including cash 
or currency), or for any license, registration, transfer, excise or 
other fee or tax imposed on the ownership, use or transfer of tan-
gible personal property, 
imposed by a State which does not impose a tax, or an increased rate of 
tax, in lieu thereof. 
§ 4. Study by Board of Governors of the Federal Reserve System 
(a) The Board of Governors of the Federal Reserve System (here-
inafter referred to as the "Board") shall make a study to determine 
the probable impact on the banking systems and other economic effects 
of the changes in existing law to be made by section 2 of this Act gov-
erning income taxes, intangible property taxes, so-called doing business 
taxes, and any other similar taxes which are or may be imposed on 
banks. In conducting the study the Board shall consult with the 
Secretary of the Treasury and appropriate State banking and taxing 
authorities. 
(b) The Board shall make a report of the results of its study to the cfn^^esV 
Congress not later than December 31, 1970. The report shall include 
the Board's recommendations as to what additional Federal legisla-
tion, if any, may be needed to reconcile the promotion of the economic 
efficiency of the banking systems of the Nation with the achievement of 
effectiveness and local autonomy in meeting the fiscal needs of the 
States and their political subdivisions. 
Approved December 24, 1969. 
Public Law 91-157 
A N A C T 
December 24, 1969 
To amend section 510 of the International Claims Settlement Act of 1949 to 
[H.R. ii7li] 
extend the time within which the Foreign Claims Settlement Commission is 
required to complete its affairs in connection with the settlement of claims 
against the Government of Cuba. 
Be it enacted hy the Senate and House of Rej>rese7itatives of the 
United States of America in Congress assembled^ That section 510 of ^^^&-
the International Claims Settlement Act of 1949 (22 U.S.C. 1643i) is seuSnt. 
amended to read as follows: 
78 stat. 1112; 
"SEC. 510. The Commission shall complete its affairs in connection 
with the settlement of claims pursuant to this title not later than July 6, 
1972.'' 
Approved December 24, 1969. 
80 Stat. 1365.