An Act to amend the Bank Holding Company Act of 1956, and for other purposes
PL 91-607 (H.R.6778), enacted 12/31/1970

1760 
PUBLIC LAW 91-607-DEC. 31, 1970 
[84 STAT. 
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^^^^ carrying out the purposes of such Act of September 30,1950, or 
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EFFECTIVE DATE 
SEC. 304. This Act shall take effect immediately upon its enactment, 
except that sections 226(b), 237, 241, 252(a), and 254 shall take effect 
as of August 1,1969, and sections 231,232, and 233 shall take effect as 
of April 1,1970. 
Approved December 31, 1970. 
Public Law 91-607 
December 31, 1970 
AN A C T 
—[H. R. 6778] 
rj^Q amend the Bank Holding Company Act of 1956, and for other purposes. 
Be it enacted hy the Senate and House of Representatives 
of the 
c^"^n" Act"^ 
r'n//^efi? States of America in Congress assembled^ That this Act may 
Amendments o
f 
be citcd as the "Bank Holding Company Act Amendments of 1970". 
1970. 
TITLE I—BANK HOLDING COMPANIES 
o*r?an''."°^'^'"^ 
SEC. 101. (R) Section 2(a) of the Bank Holding Company Act of 
80 Stat'. 236. 
1956 (12 U.S.C. 1841(a)) is amended to read as follows: 
"SEC. 2. (a) (1) Except as provided in paragraph (5) of this sub-
section, 'bank holding company' means any company which has control 
over any bank or over any company that is or becomes a bank holding 
company by virtue of this Act. 
" (2) Any company has control over a bank or over any company if— 
"(A) the company directly or indirectly or acting through one 
or more other persons owns, controls, or has power to vote 25 
per centum or more of any class of voting securities of the bank or 
company; 
"(B) the company controls in any manner the election of a 
majority of the directors or trustees of the bank or company; or 
84 STAT. ] 
PUBLIC LAW 91-607-DEC. 31, 1970 
1761 
"(C) the Board determines, after notice and opportunity for 
hearing, that the company directly or indirectly exercises a con-
trolling influence over the management or policies of the bank or 
company. 
"(3) For the purposes of any proceeding under paragraph (2) (C) 
of this subsection, there is a presumption that any company which 
directly or indirectly owns, controls, or has power to vote less than 5 
per centum of any class of voting securities of a given bank or company 
does not have control over that bank or company. 
"(4) In any administrative or judicial proceeding under this Act, 
other than a proceeding under paragraph (2) (C) of this subsection, a 
company may not be held to have had control over any given bank or 
company at any given time unless that company, at the time in ques-
tion, directly or indirectly owned, controlled, or had power to vote 5 
per centum or more of any class of voting securities of the bank or 
company, or had already been found to have control in a proceeding 
imder paragraph (2) (C). 
" (5) Notwithstanding any other provision of this subsection— 
"(A) No bank and no company owning or controlling voting 
shares of a bank is a bank holding company by virtue of its owner-
ship or control of shares in a fiduciary capacity, except as provided 
in paragraphs (2) and (3) of subsection (g) of this section. For 
the purpose of the preceding sentence, bank shares shall not be 
deemed to have been acquired in a fiduciary capacity if the 
acquiring bank or company has sole discretionary authoritv to 
exercise voting rights w^ith respect thereto; except that this limi-
tation is applicable in the case of a bank or company acxiuiring 
such shares prior to the date of enactment of the Bank Holding 
Company Act Amendments of 1970 only if the bank or company 
has the right consistent with its obligations under the instrument, 
agreement, or other arrangement establishing the 
fiduciary 
relationship to divest itself of such voting rights and fails to exer-
cise that right to divest within a reasonable period not to exceed 
one year after the date of enactment of the Bank Holding Com-
pany Act Amendments of 1970. 
1762 
PUBLIC LAW 91-607-DEC. 31, 1970 
[84 STAT. 
"(B) No company is a bank holding company by virtue of its 
ownership or control of shares acquired by it in connection with 
its underwriting of securities if such shares are held only for such 
period of time as will permit the sale thereof on a reasonable 
basis. 
"(C) No company formed for the sole purpose of participating 
in a proxy solicitation is a bank holding company by virtue of 
its control of voting rights of shares acquired in the course of such 
solicitation. 
"(D) No company is a bank holding company by virtue of its 
ownership or control of shares acquired in securing or collecting a 
debt previously contracted in good faith, until two years after the 
date of acquisition. 
"(E) No company is a bank holding company by virtue of its 
ownership or control of any State chartered bank or trust com-
pany w^hich is wholly owned by thrift institutions and which 
restricts itself to the acceptance of deposits from thrift institu-
tions, deposits arising out of the corporate business of its owners, 
and deposits of public moneys. 
"(F) No trust company or mutual savings bank which is an 
1
2 use'fsu note 
iusured bank under the Federal Deposit Insurance Act is a bank 
holding company by virtue of its direct or indirect ownership or 
control of one bank located in the same State, if (i) such owner-
ship or control existed on the date of enactment of the Bank 
Holding Company Act Amendments of 1970 and is specifically 
authorized by applicable State law, and (ii) the trust company 
or mutual savings bank does not after that date acquire an inter-
est in any company that, together with any other interest it 
holds in that company, will exceed 5 per centum of any class of 
the voting shares of that company, except that this limitation 
shall not be applicable to investments of the trust company or 
mutual savings bank, direct and indirect, which are otherwise in 
accordance with the limitations applicable to national banks 
under section 5136 of the Revised Statutes (12 U.S.C. 24). 
"(6) For the purposes of this Act, any successor to a bank holding 
company shall be deemed to be a bank holding company from the date 
on which the predecessor company became a bank holding company." 
(b) Section 2(b) of such Act is amended— 
(1) by inserting "partnership" after "corporation"; 
(2) by striking out "(1)"; 
(3) by striking out", or (2) any partnership"; and 
(4) by adding after the period a new sentence as follows: 
"Company cov- 
« 'Compauy covcred in 1970' means a company which becomes a 
bank holding company as a result of the enactment of the Bank 
Holding Company Act Amendments of 1970 and which would 
have been a bank holding company on June 30, 1968, if those 
amendments had been enacted on that date." 
(c) The first sentence of section 2 (c) of such Act is amended to read 
"Bank." 
f
^
g follows: " 'Bank' means any institution organized under the laws of 
the LTnited States, any State of the United States, the District of 
Columbia, any territory of the Ignited States, Puerto Rico, Guam, 
American Samoa, or the Virgin Islands which (1) accepts deposits 
that the depositor has a legal right to withdraw on demand, and (2) 
engages in the business of making commercial loans. Such term does 
not include any organization operating under section 25 or section 
4i^stfu*378l^' 
25(a) of the Federal Reserve Act, or any organization which does not 
80 Stat. 241.' 
do busiuess within the ITnited States except as an incident to its activ-
1
2 use 601-631. j^jeg outside the United States." 
80 Stat. 236. 
12 use 1841. 
84 STAT. ] 
PUBLIC LAW 91-607-DEC. 31, 1970 
1763 
(d) Section 2(d) of such Act is amended— 
(1) by striking out "or (2)'' and inserting in lieu thereof " (2)": 
and 
(2) by striking out tlie period and inserting in lieu thereof the 
following:"; or (3) any company with respect to the management 
or policies of which such bank holding company has the power, 
directly or indirectly, to exercise a controlling influence, as deter-
mined by the Board, after notice and opportunity for hearing." 
(e) Section 2 of such Act is further amended by adding at the end 
thereof a new subsection as follows: 
" (i) The term 'thrift institution' means (1) a domestic building and 
loan or savings and loan association, (2) a cooperative bank without 
capital stock organized and operated for mutual purposes and with-
out profit, or (3) a mutual savings bank not having capital stock rep-
resented by shares." 
SE(\ 102. Section 3 of the Bank Holding Company Act of 1956 (12 
U.S.C. 1812) is amended— 
(1) by adding at the end of subsection (a) a new sentence as 
follows: "For the purpose of the preceding sentence, bank shares 
acquired after the date of enactment of the Bank Holding Com-
pany Act Amendments of 1970 shall not be deemed to have been 
acquired in good faith in a fiduciary capacity if tlie acquiring 
bank or company has sole discretionary authority to exercise vot-
ing rights with respect thereto, but in such instances acquisitions 
may be made without prior approval of the l^oard if the Board, 
upon application filed within ninety days after the shares are 
acquired, approves retention or, if retention is disapproved, the 
acquiring bank disposes of the shares or its sole discretionary 
voting rights within two years after issuance of the order of 
disapproval."; 
(2) by adding at the end of subsection (b) a new sentence as 
follows: "In the event of the failure of the Board to act on any 
application for approval under this section within the ninety-one-
day period which begins on the date of submission to the Board of 
the complete record on that application, the application shall be 
deemed to have been granted."; and 
(3) by adding at the end thereof the following new subsection: 
"(e) Every bank that is a holding company and every bank that is a 
su})sidiary of such a company shall become and remain an insured bank 
as such term is defined in section 3(h) of the Federal Deposit Insur-
ance Act.'' 
SKC. 103. Section -t of the Bank Holding Company Act of 1956 (12 
U.S.C. 1843) is amended— 
(1) by striking out paragraph (2) of subjection (a) and 
inserting in lieu thereof the following: 
" (2) after two years from the date as of which it becomes a bank 
holding company, or in the case of a company which has been con-
tinuously affiliated since May 15,1955, with a company which was 
registered under the Investment Company Act of 1940, prior to 
May 15. 1955. in such a manner as to constitute an affiliated com-
pany within the meaning of that Act, after December 31,1978, or, 
in the case of any company which becomes, as a result of the enact-
ment of the Bank Holding Company Act Amendments of 1970, a 
bank holding company on the date of such enactment, after Decem-
ber 31, 1980, retain direct or indirect ownership or control of any 
voting shares of any company which is not a bank or bank holding 
company or engage in any activities other than (A) those of bank-
ing or of managing or controlling banks and other subsidiaries 
Subsidiary. 
80 Stat. 236. 
12 u s e 1841. 
"Thrift institu-
tion." 
Bank shares, 
acquisition. 
70 Stat. 134. 
64 Stat. 873; 
80 Stat. 238. 
12 u s e 1813. 
Interests in non-
banking organiza-
tions. 
54 Stat. 789. 
15 u s e 80a-51, 
47-348 O - 72 - 28 (Pt. 2) 
1764 
PUBLIC LAW 91-^07-DEC. 31, 1970 
[84 STAT. 
Post, 
p. 1765. 
authorized under this Act or of furnishing services to or perform-
ing services for its subsidiaries, and (B) those permitted under 
paragraph (8) of subsection (c) of this section subject to all the 
conditions specified in such paragraph or in any order or regulation 
issued by the Board under such paragraph: Provided, That a com-
pany covered in 1970 may also engage in those activities in which 
directly or through a subsidiary (i) it was lawfully engaged on 
June 30,1968 (or on a date subsequent to June 30,1968 in the case 
of activities carried on as the result of the acc^uisition by such com-
pany or subsidiary, pursuant to a binding written contract entered 
into on or before June 30, 1968, of another company engaged in 
such activities at the time of the acquisition), and (ii) it has been 
continuously engaged since June 30, 1968 (or such subsequent 
date). The Board by order, after opportunity for hearing, may 
terminate the authority conferred by the preceding proviso on any 
company to engage directly or through a subsidiary in any activity 
otherwise permitted by that proviso if it determines, having due 
regard to the purposes of this Act, that such action is necessary 
to prevent undue concentration of resources, decreased or unfair 
competition, conflicts of interest, or unsound banking practices; 
and in the case of any such company controlling a bank having 
bank assets in excess of $60,000,000 on or after the date of enact-
ment of the Bank Holding Company Act Amendments of 1970 
the Board shall determine, wnthin two years after such date (or, if 
later, within two years after the date on which the bank assets 
first exceed $60,000,000), whether the authority conferred by the 
preceding proviso with respect to such company should be termi-
nated as provided in this sentence. Nothing in this paragraph shall 
be construed to authorize any bank holding company referred to 
in the preceding proviso, or any subsidiary thereof, to engage in 
activities authorized by that proviso through the acquisition, pur-
suant to a contract entered into after June 30,1968, of any interest 
in or the assets of a going concern engaged in such activities. Any 
company which is authorized to engage in any activity pursuant 
to the preceding proviso or subsection (d) of this section but, as a 
result of action of the Board, is required to terminate such activity 
may (notwithstanding any otherwise applicable time limit pre-
scribed in this paragraph) retain the ownership or control of 
shares in any company carrying on such activity for a period of 
ten years from the date on which its authority was so terminated 
by the Board."; 
80 Stat. 238. 
z^) hv strikinff out "period" in the last sentence of subsection (a) 
1
2 use 1843. 
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and inserting m lieu thereoi "two-year period ; 
Exemption. 
(3) by Striking out that part of the text of subsection (c) which 
precedes the first numbered paragraph and inserting in lieu thereof 
the following: "The prohibitions in this section shall not apply 
to any bank holding company which is (i) a labor, agricultural, or 
horticultural organization and which is exempt from taxation 
68A Stat. 163; 
uiider section 501 of the Internal Revenue Code of 1954, or (ii) a 
*26*usc 5o'i. * 
company covered in 1970 more than 85 per centum of the voting 
stock of which was collectively owned on June 30, 1968, and con-
tinuously thereafter, directly or indirectly, by or for members of 
the same family, or their spouses, who are lineal descendants of 
common ancestors; and such prohibitions shall not, with respect to 
any other bank holding company, apply to—"; 
(4) by striking out paragraph (8) of subsection (c) and insert-
ing in lieu thereof the following: 
84 STAT. ] 
PUBLIC LAW 91-607-DEC. 31, 1970 
1765 
*'(8) shares of any company the activities of which the Board 
after due notice and opportunity for hearing has determined (by 
order or regulation) to be so closely related to banking or manag-
ing or controlling banks as to be a proper incident thereto. In 
determining whether a particular activity is a proper incident to 
banking or managing or controlling banks the Board shall con-
sider whether its performance by an affiliate of a holding company 
can reasonably be expected to produce benefits to the public, such 
as greater convenience, increased competition, or gains in effi-
ciency, that outweigh possible adverse effects, such as undue con-
centration of resources, decreased or unfair competition, conflicts 
of interests, or unsound banking practices. In orders and regula-
tions under this subsection, the Board may differentiate between 
activities commenced de novo and activities commenced by the 
acquisition, in whole or in part, of a going concern;"; 
(5) by striking out paragraph (9) of subsection (c) and insert-
ing in lieu thereof the following: 
"(9) shares held or activities conducted by any company 
organized under the laws of a foreign country the greater part of 
whose business is conducted outside the United States, if the 
Board by regulation or order determines that, under the circum-
stances and subject to the conditions set forth in the regulation or 
order, the exemption would not be substantially at variance with 
tlie purposes of this Act and would be in the public interest;"; 
(6) by striking out the period at the end of paragraph (10) and 
inserting in lieu thereof a semicolon, and by addnig after para-
graph (10) the following: 
''(11) shares owned directly or indirectly by a company covered 
in 1970 in a company which does not engage in any activities other 
than those in which the bank holding company, or its subsidiaries, 
may engage by virtue of this section, but nothing in this para-
graph authorizes any bank holding company, or subsidiary there-
of, to acquire any interest in or the assets of any going concern 
(except pursuant to a binding written contract entered into before 
June 80, 1968, or pursuant to another provision of this Act) other 
than one which was a subsidiary on June 30,1968; 
"'(12) shares retained or acquired, or activities engaged in, by 
any company which becomes, as a result of the enactment of the 
Bank Holding Company Act Amendments of 1970, a bank holding 
company on the date of such enactment, or by any subsidiary 
thereof, if such company— 
"(A) within the applicable time limits prescribed in sub-
section (a) (2) of this section (i) ceases to be a bank holding 
company, or (ii) ceases to retain direct or indirect owner-
ship or control of those shares and to engage in those activi-
ties not authorized under this section; and 
"(B) complies wath such other conditions as the Board 
may by regulation or order prescribe; or 
"(13) shares of, or activities conducted by, any company which 
does no business in the United States except as an incident to its 
international or foreign business, if the Board by regulation or 
order determines that, under the circumstances and subject to the 
conditions set forth in the regulation or order, the exemption 
would not be substantially at variance with the purposes of this 
Act and would be in the public interest. 
In the event of the failure of the Board to act on any application for an 
order under paragraph (8) of this subsection within the ninety-one-
day period which begins on the date of submission to the Board of the 
complete record on that af)plication, the application shall be deemed 
Certain shares, 
acquisition or re;-
tention. 
Foreign corpora-
tions, exemption. 
80 Stat. 239. 
12 use 1843. 
Exemptions. 
Supra. 
1766 
PUBLIC LAW 91-607-DEC. 31, 1970 
[84 STAT. 
Annual report to 
Congress. 
80 Stat. 240. 
12 u s e 1843. 
Judicial review. 
Ante, p. 1763. 
70 Stat. 138; 
80 Stat. 240. 
12 u s e 1848. 
Definitions. 
Ante, p. 1760. 
Certain arrange-
ments, prohibition. 
to have been granted. The Board shall include in its annual report to 
the (>)ngress a description and a statement of the reasons for approval 
of each activity approved by it by order or regulation under such 
paragraph during the period covered by the report."; and 
(7) by redesignating subsection (d) as subsection (e), and by 
adding after subsection (c) a new subsection as follows: 
"(d) To the extent that such action would not be substantially at 
variance witli the purposes of this Act and subject to such conditions 
as it considers necessary to protect the public interest, the Board by 
order, after opportunity for hearing, may grant exemptions from the 
provisions of this section to any bank liolding company which con-
trolled one bank prior to July 1. 1968, and has not thereafter acquired 
the control of any other bank in order (1) to avoid disrupting business 
relationships that have existed over a long period of years without 
adversely affecting the banks or communities involved, or (2) to avoid 
forced sales of small locall}' owned banks to purchasers not similarly 
representative of community interests, or (3) to allow retention of 
banks that are so small in relation to the holding company's total inter-
ests and so small in relation to the banking market to be served as 
to minimize the likelihood that the bank's powers to grant or deny 
credit may be influenced by a desire to further the holding company's 
other interests." 
SEC. 104. (a) Section 11(b) of the Bank Holding Company Act of 
1956 (12 U.S.C. 1849(b)) is amended— 
(1) by striking out ''this Act" the first two times it appears 
and inserting in lieu thereof ''section 3"; 
(2) by inserting "approved under section 3'" in the second sen-
tence immediately before "shall be commenced"; and 
(3) by inserting "approved under section 3" in the last sentence 
immediately before "in compliance with this Act". 
(b) Section 11(c) of such Act (12 U.S.C. 1849(c)) is amended by 
striking out "pursuant to" and inserting in lieu thereof "under section 
3 of". 
SEC. 105. With resi)ect to any proceeding before the Federal Reserve 
Board wherein an applicant seeks authority to acqviire a subsidiary 
which is a bank under section 3 of the Bank Holding Company Act 
of 1956, to engage directly or indirectly in a nonbanking activity pur-
suant to section 4 of such Act, or to engage in an activity otherwise pro-
hibited under section 106 of this Act, a party who would become a 
competitor of the applicant or subsidiary thereof by virtue of the 
applicant's or its subsidiary's acquisition, entry into the business 
involved, or activity, shall have the right to be a party in interest in 
tlie proceeding and, in the event of an adverse order of the Board, 
shall have the right as an aggrieved party to obtain judicial review 
thereof as provided in section 9 of such Act of 1956 or as otherwise 
provided by law. 
SEC. 106. (a) As used in this section, the terms "bank", "bank hold-
ing company", "subsidiary'', and "Board" have the meaning ascribed 
to such terms in section 2 of the Bank Holding Company Act of 1956. 
For purposes of this section only, the term "company", as used in 
section 2 of the Bank Holding Compan}- Act of 1956, means any per-
son, estate, trust, partnership, corporation, association, or similar 
organization, but does not include any corporation the majority of 
the shares of which are owned by the United States or by any State. 
The term "trust service" means any service customarily performed 
by a bank trust department. 
(b) A bank shall not in any manner extend credit, lease or sell 
property of any kind, or furnish any service, or fix or vary the con-
sideration for any of the foregoing, on the condition or requirement— 
84 STAT.] 
PUBLIC LAW 91-607-DEC. 31, 1970 
1767 
(1) that the customer shall obtain some additional credit, prop-
erty, or service from such bank other than a loan, discount, 
deposit, or trust service; 
(2) that the customer shall obtain some additional credit, prop-
erty, or service from a bank holding company of such bank, or 
from any other subsidiary of sucli bank holding company; 
(3) that the customer provide some additional credit, property, 
or service to such bank, other than those related to and usually 
provided in connection Avith a loan, discount, deposit, or trust 
service; 
(4) that the customer provide s(mie additional credit, property, 
or service to a bank holding company of such bank, or to any 
other subsidiary of such bank liolding company; or 
(5) that the customer shall not obtain some other credit, prop-
erty, or service from a competitor of such bank, a bank holding 
company of such bank, or any subsidiary of such bank holding 
company, other than a condition or requirement that such bank 
shall reasonably impose in a credit transaction to assure the 
soundness of the credit. 
The Board may by regulation or order permit such exceptions to the 
foregoing prohibition as it considei's will not be contrary to the 
purposes of this section. 
(c) The district courts of the United States have jurisdiction to 
])revent and restrain violations of subsection (b) of this section and 
it is the duty of the United States attorneys, under the direction of the 
Attorney General, to institute proceedings in equity to prevent and 
restrain such violations. The proceedings may be by way of a petition 
setting forth the case and praying that the violation be enjoined or 
otherwise prohibited. When the parties complained of have been duly 
notified of the petition, the court shall proceed, as soon as possible, to 
the hearing and determination of the case. While the petition is pend-
ing, and before final decree, the court may at any time make such tem-
porary restraining order or prohibition as it deems just. Whenever it 
appears to the court that the ends of justice require that other parties be 
brought before it, the court may cause them to be summoned whether 
or not they reside in the district in which the court is held, and sub-
penas to that end may be served in any district by the marshal thereof. 
(d) In any action brought by or on behalf of the United States 
under subsection (b), subpenas for witnesses may run into any dis-
trict, but no writ of subpena may issue for witnesses living out of the 
district in which the court is held at a greater distance than one hun-
dred miles from the place of liolding the same without the prior per-
mission of the trial court upon proper application and cause shown. 
(e) Any person who is injured in his business or property by reason 
of anything forbidden in subsection (b) may sue therefor in any dis-
trict court of the L'nited States in which the defendant resides or is 
found or has an agent, without regard to the amount in controversy, 
and shall be entitled to recover three times the amount of the damages 
sustained by him, and the cost of suit, including a reasonable attorney's 
fee. 
(f) Any person may sue for and have injunctive relief, in any court 
of the United States having jurisdiction over the parties, against 
threatened loss or damage by reason of a violation of subsection (b), 
under the same conditions and principles as injunctive relief against 
threatened conduct that will cause loss or damage is granted by courts 
of equity and under the rules governing such proceedings. Upon the 
exscution of proper bond against damages for an injunction improv-
idently granted and a showing that the danger of irreparable loss 
or damage is immediate, a preliminary injunction may issue. 
Exceptions. 
U.S. district 
courts, jurisdiction. 
Subpena power. 
Territorial limits. 
Treble damage 
suits. 
Injunctive re-
lief. 
1768 
PUBLIC LAW 91-607-DEC. 31, 1970 
[84 STAT. 
statute of limita-
tions. 
(g) (1) Subject to paragraph (2), any action to enforce any cause 
of action under this section shall be forever barred unless commenced 
within four years after the cause of action accrued. 
(2) Whenever any enforcement action is instituted by or on behalf 
of the United States with respect to any matter which is or could be 
the subject of a private right of action under this section, the running 
of the statute of limitations in respect of every private right of action 
arising under this section and based in whole or m part on such matter 
shall be suspended during the pendency of the enforcement action 
so instituted and for one year thereafter: Provided^ That whenever 
the running of the statute of limitations in respect of a cause of action 
arising under this section is suspended under this paragraph, any 
action to enforce such cause of action shall be forever barred unless 
commenced either within the period of suspension or within the 
four-year period referred to in paragraph (1). 
(h) Nothing contained in this section shall be construed as affecting 
in any manner the right of the United States or any other party to 
bring an action under any other law of the United States or of any 
State, including any right which may exist in addition to specific 
statutory authority, challenging the legality of any act or practice 
which may be proscribed by this section. No regulation or order issued 
by the Board under this siection shall in any manner constitute a 
defense to such action. 
TITLE II—PROVISIONS RELATING TO COINAGE 
?rstai! 2M?^' 
SEC. 201. Section 101 of the Coinage Act of 1965 (31 U.S.C. 391) is 
amended to read as follows: 
"SEC. 101. (a) The Secretary may mint and issue coins of the denom-
inations set forth in subsection (c) in such quantities as he deter-
mines to be necessary to meet national needs. 
"(b) Any coin minted under authority of subsection (a) shall be a 
clad coin. The cladding shall be an alloy of 75 per centum copper and 
25 per centum nickel, and shall weigh not less than 30 per centum of 
the weight of the whole coin. The core shall be copper. 
"(c) (1) The dollar shall be 1.500 inches in diameter and weigh 22.68 
grams. 
"(2) The half dollar shall be 1.205 inches in diameter and weigh 
11.34 grams. 
"(3) The quarter dollar shall be 0.955 inch in diameter and weigh 
5.67 grams. 
" (4) The dime shall be 0.705 inch in diameter and weigh 2.268 grams. 
"(d) Notwithstanding the foregoing, the Secretary is authorized to 
mint and issue not more than one hundred and fifty million one-dollar 
pieces which shall have— 
"(1) a diameter of 1.500 inches; 
" (2) a cladding of an alloy of eight hundred parts of silver and 
two hundred parts of copper; and 
"(3) a core of an alloy of silver and copper such that the whole 
coin weighs 24.592 grams and contains 9.837 grams of silver and 
14.755 grams of copper." 
/-rrealuT"^^^'^ 
^^'^- ^^^- ^^^ ^^^ purposes of this title, the Administrator of General 
Services shall transfer to the Secretary of the Treasury twenty-five 
million five hundred thousand fine troy ounces of silver now held in 
the national stockpile established pursuant to the Strategic and Critical 
60 Stat. 596. 
Materials Stock Piling Act (50 U.S.C. 98-98h) which is excess to 
strategic needs. Such transfer shall be made at the value of $1.292929292 
for each fine troy ounce of silver so transferred. Such silver shall be 
84 STAT. ] 
PUBLIC LAW 91-^08-DEC. 31, 1970 
1769 
used exclusively to coin one-dollar pieces authorized in section 101(d) 
of the Coinage Act of 1965, as amended by this Act. 
SEC. 203. The dollars initially minted under authority of section 101 
of the Coinage Act of 1965 shall bear the likeness of the late President 
of the Ignited States, Dwight David Eisenhower, and on the other side 
thereof a design which is emblematic of the symbolic eagle of Apollo 
11 landing on the moon. 
SEC. 204. Half dollars, as authorized under section 101(a) (1) of the 
Coinage Act of 1965, as in effect prior to the enactment of this Act may, 
in tlie discretion of the Secretary of the Treasury, continue to be minted 
until January 1, 1971. 
SEC. 205. (a) The Secretary of the Treasury is authorized to trans-
fer, as an accountable advance and at their face value, the approxi-
mately three million silver dollars now held in the Treasury to the 
Administrator of General Services. The Administrator is authorized 
to offer these coins to the public in the manner recommended by the 
Joint Commission on the Coinage at its meeting on May 12,1969. The 
Administrator shall repay the accountable advance in the amount of 
that face value out of the proceeds of and at the time of the public 
sale of the silver dollars. Any proceeds received as a result of the 
public sale in excess of the face value of these coins shall be covered 
into the Treasury as miscellaneous receipts. 
(b) There are authorized to be appropriated, to remain available 
until expended, such amounts as may be necessary to carry out the 
purposes of this section. 
SEC. 206. The last sentence of section 3517 of the Revised Statutes, 
as amended (31 U.S.C. 324), is amended by striking the following: 
'', except that coins produced under authority of sections 101(a) (1), 
101 (a) (2), and 101(a) (3) of the Coinage Act of 1965 shall not be 
dated earlier than 1965". 
SEC. 207. Section 4 of the Act of June 24, 1967 (Public Law 90-29; 
31 L'i.S.C. 405a-l note), is amended by adding at the end thereof the 
following new sentence: "Out of the proceeds of and at the time of 
any sale of silver transferred pursuant to this Act, the Treasury 
Department shall he paid $1.292929292 for each fine troy ounce."' 
SEC. 208. Section 3513 of the Revised Statutes (31 U.S.C. 316) and 
the first section of the Act of February 28,1878 (20 Stat. 25; 31 U.S.C. 
316,458) are repealed. 
SEC. 209. Coins produced under the authority of section 101(d) of 
the Coinage Act of 1965, as amended by this Act, shall bear such 
date as the Secretary of tlie Treasury determines. 
Approved December 31, 1970. 
Ante, 
p. 1768,, 
Eisenhower 
silver dollars. 
Silver half-
dollars, time limi-
tation. 
Silver dollars, 
transfer to GSA.. 
Appropriation. 
81 Stat. 77. 
Repeals. 
Ei s enho wer 
silver dollars, date 
determination. 
Public Law 91-608 
AN ACT 
To rename a lock of the Cross-Florida Barge Canal the "Henry Holland 
Buckman lock." 
DecemberSl, 1970 
[H. R.956] 
Be it enacted hy the Senate and House of Representatives 
of tlie 
United States of America in Congress asserribled^ That the Saint 
Johns lock of the Cross-Florida Barge Canal is hereby renamed the 
"Henry Holland Buckman Lock." Any law, regulation, map, docu-
ment, record, or other paper of the United States in which such lock 
is referred to shall be held to refer to such lock as the Henry Holland 
Buckman Lock. 
Approved December 31, 1970. 
Henry Holland 
Buckman Lock. 
Re designation.