A bill to amend the Internal Revenue Code of 1954 with respect to exemption from income taxation of certain mutual deposit guaranty funds.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that nonprofit corporations or associations without capital stock that have as their purpose providing reserve funds and insuring shares or deposits in: (1) domestic building and loan associations; (2) nonprofit cooperative banks without capital stock; or (3) mutual savings banks not having capital stock represented by shares, can be on the list of tax exempt organizations if organized before January 1, 1963 (presently September 1, 1957).…