Section nine of said Act is hereby amended to read as follows: "SEC. 9. Hearing on application.
Section 6
SEC. 6. Section nine of said Act is hereby amended to read as follows: "SEC. 9. Hearing on application.—Upon receipt of an application to form a proposed stock savings and loan association, the Monetary Board shall give written notice to each existing stock association in the area or areas to be served by the proposed association, that an application has been made. In case the application is for the establishment of a nonstock association, such notice shall be given to each existing nonstock association in, or to employees of, the office, firm or entity in which the non-stock association is proposed to be established. The Notice shall state the name of the proposed association, and the time and place that a hearing will be held. The hearing shall be conducted not less than ten days after the mailing of the notice. Any person may appear at such hearing in person or by agent or attorney, and orally or in writing show cause why such application should not be approved. The official of the Central Bank in-charge of savings and loan associations or his duly authorized representative is hereby authorized to administer oaths to any applicant and witnesses in such hearing. "If after public hearing, the Monetary Board believes that the requirements of this Act have been complied with and that no valid reasons exist for the disapproval of the application, it shall favorably endorse such application to the Securities and Exchange Commission who shall issue articles of incorporation to the association."