Page:United States Statutes at Large Volume 36 Part 1.djvu/840

 816 SIXTY-FIRST CONGRESS. Sess. II. Ch. 386. 1910. ¤¤v*¤s¤ ¤*·¤¤¤- s eciall re ared adhesive stem to be known as "p0stal savmgs °!'°‘”'°d °“ ‘*°‘ si2)amps% when the stamps sollsttached amount to one dollar, or a °°°m` larger sum in multiples thereof, including the ten-cent postal savings card, the same may be presented as a deposit for opening an account, · and additions may be made to any account by means of such card and °°¤°°“•“°°· stamps in amounts of one dollar, or mult1ples thereof, and when a card 'and stamps thereto attached are accepted as a deposit the postmaster _¤*}'°sP¤f_{•*‘°“°’°""’ shall immediately cancel the same. t IS hereby made the duty of the "` Postmaster-General to prepare such postal savings cards an postal savings stamps of denominations of ten cents, and to keep them on sale at every postal savings depository office, and to prescribe all necegsary rules and regulations for the issue, sale, and cancellation t ereof. I¤*°*°•*°¤"°P°'“*· Sec. 7. That interest at the rate of two fper centum per armurn ‘ . shall be allowed and entered to the credit o each deposntor once in · each year, the same to be computed on such basis and under such rules and regulations as the board of trustees may prescribe; but mterest gnigémm shall not be computed or allowed on fractions of a dollar: Provided, That the balance to the credit of any one erson shall never be allowed to exceed five hundred dollars, exclusive of accumulated interest. W**¤¤*•***¤· ° Sec. 8. That any depositor may withdraw the whole or any part of the funds deposited to his or her credit, with the accrued interest, upon demand and under such r$ulations as the board of trustees Payment by bmka may prescribe. Withdrawals sh be paid from the deposits in the State or Territory, so far as the postal funds on deposit in such State or Territory mag be sufficient for the purpose, and, -so far as practicable, from the eposits in the commumty in which the deposit m§°egg•*‘¤° *°' °”h· was made. No bank in which postal savings funds shall be deposited ' shall receive any exchange or other fees or compensation on account of the cashing or collection of any checks. or the performance of any other service in connection with the postal savings de ository system. m1[,¤i¤:*g0{geg*g {}_¢nP°kg Sec. 9. That postal savings funds receiwed under dine provisions of this Act shall be deposited in solvent banks, whether organized under. national or state laws,  subject to national or state supervision ¥¤¤¢¤**°¤¤*¤**· and examination, and the sums depositedshall bear interest at the rate of not less than two and one-fourth ercentum per annum, which rate shall be uniform throughout the Suited States and Territories “"“°"°"”‘°· thereof; but five per centum of such funds shall be withdrawn by the _ board of trustees and kept with the Treasurer of the United States, who shall be treasurer of the board of trustees, in lawful money as a seeemyrmmmnn. reserve. The board of trustees shall take from such banks such security in [public bonds or other securities, sup rted by the taxin power, as the board may prescribe, approve, andxdeem sufficient and necessary to insure the safety and prompt payment of such deposits °* d°· on demand. The funds I‘ecciV8d at the ostal savi S depository offices in each city, town, village, and otherqocality shallibe deposited in banks located therein (substantially in proportion to the capital and surplus of each such bank) willing to receive such deposits under the terms of this Act and the regulatwns made b· authority thereof but the amount deposited in any one bank shall! at no time exceed the amount of the paid-in capital and one-half the surplus of such bank. If no such bank exist in any city, town, village, or locality or if none where such deposits are made will receive such deposits D mwmhm on the terms prescribed, then such funds shall be deposited under the ,,,e§p°“ terms of this Act in the bank most convenient to such locality, If no such bank in any State or Territory is willing to receive such deposits on the terms prescribed, then the same shall be deposited with the treasurer of the board of trustees, and shall be counted in making p·';ggggv¤¤¤ fw up the reserve of five per centum. Such funds may be withdrawn from the treasurer of said board of trustees and all other postal