Page:United States Statutes at Large Volume 39 Part 1.djvu/181

 160 SIXTY-FOURTH CONGRESS. Sess. I. Ch. 126. 1916. be de osited in banks located therein (substantially in proportion to the cgpital and surplus of each such bank) willing to receive such deposits under the terms of this Act and the regulations made by §,'§,",,"?,{;,,, ,,, Fed, authori thereof: Provided, hawejver, If one or more member banks mi r¤=¤v• mmm of the ¥ederal reserve system established by the Act approved bhg1S.`as,p.2s1. December twenty-third, mneteen hundred and thirteen, ex1stsin the city, town, village, or locality where the postal savings deposits are made, such deposits shall be placed in such quahiied mem er banks substantiall in roportion to the capital and surplus of each such bank, but sued, member banks fail to qualify to receive such deposits then an other bank located therein may, as herembefore provided, qualify and receive the same. If no such member bank and no other qualified bank exists in any city, town, village, or locality, or if none where such deposits are made will receive such deposits on the terms prescribed, then such funds shall be deposited _ under the terms of this Act in the bank most convenient to such mlllwis `"u`°°°°' locality. If no such bank in any State or Territory is  to receive such deposits on the terms plrescribed, then such funds s all I be deposited with the treasurer of the board of trustees and shall be pmms °' ”' counted in making up the reserve of five per centum. .Such funds may be withdrawn from the treasurer of said board of trustees and all other postal sa funds, or any part of such funds, may be at any time withdrawn from the banks and saw depository offices _ for the repayment of postal savings depositors w en required for that ,,§g"§",':*G,§•;_,{*,{n,{',’·, urpose. I at any time the postal saving}? deposits in an State or ¤¤¤i¤.•¢¤· Territory shall exceed the amount which equaliiied banks therein are willing to receive imder the terms of this Act, and such excess amount is not required to make up the reserve fund of five per centum hereinbefore provided for, the board of trustees may invest all or any art of such excess amount in bonds or other securities of the United States. When, in thpjjudgment of the President, the general welfare and interests of the nited States so rtexquire, the board of trustees may invest all or any part of the pos savinps funds, except the reserve fund of five per centum herein provided or, in bonds or other Pmhnsns mfrom securities of the United States. The board of trustees ma in its mg i,.,.,.i,,_"°' ’"' discretion purchase from the holders thereof bonds which havellieen or °'- °°· P— ***7- may be issued under the provisions of section ten of the Act of June wrtaplmrwn or in- twenty-tif th, nmeteen  and ten. Interest and roiit accruing ’ from the deposits or investment of postal savings ffmds shall be applied to the payment of interest due to postal savings de ositors, as herengiegpre providpzli apjd egcpetsgx thereof, if any; shallge covered _ intot e reasuryo e m a sasa arto te t revenue: ,,,}},g"f,°,‘§,Y“°“ °“ “*`° Provided further, That postal  fundls in the tilgfsury of said board shall be subject to disposition as pgxvided in this Act, and not D*=P°°°*°‘ "°¤°S· otherwise:_And prvvidedfurther, That t board of trustees ma at any time dispose of bonds held as postal savings investments andy use D_mmm_ the proceeds to meet withdrawals of deposits by depositors. For the ···r¤¤-ra¤¤v." Euigmses of this Act the word “Te1'rit0ry” as used herein shall be ,,Bm_, el to include the District of Columbia, the District of Alaska, and {crm Rigoérgsnd the word ;£hank”bshal1 bebheld to include savings anks an t companies oing a ankmg` usiness. g:liig‘l:1dm$Eval- Sec. 3. That the Postmaster General, in cases of emergency, mid ‘¤ °m“'S'¤°Y between October first  April first of any year, may hereafter return to the ma1ls empty ma1l bags_ theretofore withdrawn therefrom as required by law, and for such times may ay for their railroad transportation out of the appropriation for mldnd transportation by railroad routes at not exceeding the rate per plound per mile as shown by the last adjustment for mail service on the route over which they °·¤‘•=&¤ may be carrie, and pay for necessary cartage out of the appropriation for freight or expressage.