Page:United States Statutes at Large Volume 40 Part 1.djvu/1328

 1310 sixrY-F1FTH oonennss. sms. III. on. 100. 1919. ·""‘·PP·35*5°“·8“· and amendments thereto, the Secretary of the Treasury, with the approval of the President, is authorized to borrow from time to tmée on the credgpl of the Ulnited Stateis for gh; prpposes of this git, an to meet u 'c en it1u·es authorize y aw, not excee g Amana. in the sgggreggte $7,30%,000,000, and to issue therefor notes of the United tates at not less than par in such form or forms and denomination or denominations, containin such terms and conditions, and at such rate or rates of interest, as the Secretary of the Treasury ma Time or payment, prescribe, and each series of notes so issued shall be payable at such °*°· time not less than one year nor more than five ears from the date of its issue as he may prescribe, and may be rergeemable before maturity (at the option o the United States) in whole or in part, upon not more than one ear’s nor less than four months’ notice, and under · such rules and regulations and during such period as he may prescribe. Sams ¤¤¤1¤¤ri¤¤d- "(b) The notes herein authorized may be issued m any one or more of the following series as the Secreta? of the Treasury may Emu tim prescribe in connection with the issue thereo : Fmmpau tgm, B;. " (1) Exempt, both as to princi al and interest, from all taxation ,‘;°,,¥g;_°“°‘° °’ “**’°”" (except estate or inheritance taxes) now or hereafter imposed by the gnitted Stsates, any Satlape, or anyhof_ the possessions ofp the United a es, or yany oc axing au orit ; · ,&§,x°:gg gfjgggé fg " (2) Exerppt, both as to princigi?1 gud interest, from all taxation wai-pmamms. now or here ter imposed by the mted States may State, or any of the possessions of the United States, or by ang loc taxing authority, except (a) estate or inheritance taxes, an (b) graduated addrtional income taxes, commonly known as s1n·taxes, and excessprofits and war-tprofits taxes, now or hereafter imposed by the United tates, upon e income or profits of indivi uals, partnerships, _ _ associations, or corporations; ,s§,§‘§‘§§,§f},‘g,16_°'i“‘°" "(3) Exempt, both as to principal and interest, as provided in paragraph (2); and with an additional exemption from the taxes referred to in clause (b) of such paragraph, of the interest on an amount of such notes the principal of w ich does not exceed $30,000, owned bg any individual, partnership, association, or corporation; or ,,§,§8°f,§§’°§_‘_?,§°;,,°{ §§j " (4) xempt, both as to principle and interest, from all taxation c¤me,0w.,mx¤s. now or here ter imfposed by the nited States, an State, or any of the possessions o the United States, or by any Ihcal taxing authority, except (a) estate or inheritance taxes, and (b) all income, excess-proiits, and war-profits taxes, now or hereafter imposed by the ignited States, upon the income or profits of individuals, partners s assocra ions, or co orations. c,,§°,,'g§§b§ b° mm" "(cl) if the notes authoiiiized under this section are offered in more than one series bearingl the same date of issue, the holder of notes of any such series sha (under such rules and regulations as may be prescribed by the Secretary of the Treasury) have the option of aving such notes held by him converted at par into notes of _ _ any other such series offered bearing the same date of issue. ,€é`éf* °¤°¤1¤*~*¤¤ Vivi- _ "(d) l\Aone of the notes authorized by this section shall bear the circulation privilege. The lprmcrpal and mterest thereof shall be pqilyable m ·n1ted States go d com of the present standard of value. ignuspa recognition e word ‘bondf or ‘bonds’ where it appears in sections 8, 9, 10, “Rf’§_j,;,c,_3,O2_3,05, 14, and 15 of this Act as amended, an sections 3702, 3703, 3704, P·"j,3T{·,e P 96, and 3705 of the Revised Statutes, and section 5200 of the Revised ’ ‘ Stsitrges as amencflgd, b(pt in hsuch sections only, shall be deemed to mc u e notes issu un er t `s section. ,,,§p‘}§g§°°§,§,,§,“ gi.; Sec. 2. (a) That until the e?iration of five years after the date yggeggmgvmm of the termination of the war etween the United States and the er nm _1, 101360m Qerman_Government, as Hxed by proclamation of the President, ¤°‘°x‘?°&¥“°· · in addition to the exemptions provided in section 7 of the Second Liberty Bond Act in respect to the interest on an amount of bonds and certificates, authorized by such Act and amendments thereto,