Page:United States Statutes at Large Volume 36 Part 1.djvu/841

 SIXTY-FIRST CONGRESS. Sess. IL C11. 386. 1910. 817 savings funds, or any art ei such funds, may be at any time with- _ drawn from banks and) savings depository offices for the repayment of postal savings depositors when required for that purpose. Not vcggygéogrxjgi exceeding thirty per centum of the amount of such funds may at any bonus. time be withdrawn by the trustees for investment in bonds or other securities of the United States, it being the intent of this Act that the residue of such funds, amounting to sixty-five ger centum thereof, 0nRg;;};gi*° remain shall remain on deposit in the banks in each tate and Territory _ ` will` to receive the same under the terms of this Act, and shall be D"*’°"‘“‘ a wldxgxing balance and also a fund which may be withdrawn for investment in bonds or othersecurities of the United States, but only by direction of the President, and only when, in his judgment, the eneral welfare and the interests of the United States so require. Application 0, im Tnterest and profit accruing from the deposits or investment of postal term, eee. savings funds shall be. applied to the payment of interest due to postal savings de ositors as hereinbefore provided, and the excess thereof, if any, shall be covered into the Treasury of the United States as a Pmim part of the postal revenue: Provided, That postal savings funds in the Restriction. treasury of said board shall be subject to disposition as provided in this Act, and not otherwise: And further, That the board of mS*’°““l°H’°"°°‘ trustees may at any time dispose of bonds held as postal savings investments and use the proceeds to meet withdrawals of deposits Definitions by depositors. For the purposes of this Act the word "Territory," ··rernm¤·yZ~ as used herein, shall be held to include the District of Columbia, the U H District of Alaska, and Porto Rico, and the word "bank" shall be B““"· held to include savings banks and trust companies doing a banking buSincSS· Th d l` tal d °to uc. I0. at an epositor in a pos savings e *81 may mee ot bonds w surrender his deposili, or any part thereof, in sums of tvifgnty {lbllars, d°*’°°“"‘”· forty dollars, sixty dollars, eighty dollars, one hundred dollars, and multiples of one hundred dollars and five hundred dollars, and receive in lieuof such surrendered deposits, under such regulations as may be established by the board of trustees, the amount of the surrendered deposits in United States coupon or registered bonds of the denominations of twenty dollars, forty dollars, sixty dollars, eighty dollars, one hundred dollars, and five hundred dollars, which bonds shall bear Interestrate. interest at the rate of two and one-half per centum per annum, pay- able seiniannually, and be redeemable at_tlie pleasure of the United States after one year from the date of their imno and payable twenty years from such date, and both principal and interest s mall be payable Psyuble in sold. in United States gold coin of the present standard of value: Provided, Prmgfqn. { _ That the bonds herein authorized shall be issued only (First) when °°“ °‘°“”° '”“"· there are outstanding bonds of the United States subject to call, in which case the proceeds of the bonds shall  applied to the redemption at par of outstanding bonds of the United `tates subject to ca l, and (second) at times w en under authority of law other than that contained in this Act the Government desires to issue bonds for the pur se of replenishing the Treasury, in which case the issue of bonds undg? authorit of this Act shall be m lieu of the issue of a like amount of bonds issualile under authority of law other than that contained in this Act; Provided f urther, That the bonds authorized by this Act Resulnvous shall be issued by the Secretary of the Treasury under such regulations as he may prescribe: And prwided f urtlger, That the authority con- ininggslggt ¤f ¤¤v~ tained in section nine of this Act for the investment of postal savings gs ‘ funds in United States bonds shall include the authority to invest in the bonds herein authorized whenever such bonds may be lawfully issued: Ami promkled f further, That the bonds herein authorized sha I Exemptirvmvnxes. be exempt from all taxes or duties of the United States as well as from taxation in any form by or under state, municipal, or local euthorit : And provided further, That no bonds authorized by this Npe receizxlile for Aet shall be receivable by the Treasurer of the United States as 3?,§f’“""’°“ °’°“l“`