Federal Stock Savings and Loan Association Act

[AI summary unavailable — showing source text] Federal Stock Savings and Loan Association Act - Authorizes the Federal Home Loan Bank Board to charter stock Federal savings and loan associations having the same powers as the mutual Federal savings and loan association. Empowers the Federal Home Loan Bank Board to charter Federal stock thrift associations having the same powers as mutual associations chartered by the Board. Provides that institutions of either type may be denominated as "Federal Savings and Loan Associations" or "Federal Savings Associations." Authorizes State chartered mutual institutions and credit unions to convert to a Federal thrift association mutual or stock charter. Redesignates the Federal Savings and Loan Insurance Corporation as the Federal Savings Insurance Corporation. Adds Federal Savings Association accounts to the accounts eligible for insurance under the National Housing Act. Authorizes Federal thrift associations to issue capital stock. Permits State mutual to Federal mutual and State stock to Federal stock conversions and vice versa. Authorizes a mutual credit union desiring to expand its powers to convert to a Federal mutual association. Provides for conversions involving a Federal associatio…