Page:United States Statutes at Large Volume 40 Part 1.djvu/309

 290 SIXTY-FIFTH CONGRESS. Sess. I. Ch. 56. 1917. Radem .'<¤¤¢<i¤¤- lo .time ob ations; and, under such terms and conditions as he il°Q¤t°a°l» nuigammgsmtgrs mls? from tirlxli to time prescribe, to receive payment, on or before on beh of the United States underauthority of this Act or o said Act approved April twenty-fourth, mneteen hundred and seventeen, and, with the approval of the President, to sell any of such obhgations (but not at less than the purchase price with accrued interest unless otherwise hereafter provided by law), and to apply the proceeds thereof, and any payments so received from foreign governments on account of the principal of their said obligations, to the redemption Am v_ or purchase, at not more than par and accrued interest, of any bonds ’""°°’ of the United States issued under authority of this Act or of said OM mmm: Act lsppproved April twent{;fourth, nineteen hundred and seventeen; ¤ms¤ams.°° and such bon can not e so redeemed or purchased the Secretary of the Treasury shall redeem or {purchase any other outstandi§ mterest-bearing obligiations of the mted States which may at su time be subjpct to redemption or which can be purchased at not more than ar an accrue interest. ,,,°,§,',f,“g_“‘ l""‘“ Ssdl 4. '1`hat in connection with the imue of any series of bomb P¤•l»P·5°*· under the authority of section one of this Act the Secretary of the Treasury may determine that the bonds of such series shall be convertible as provided in or pursuant to this section, and, in any such case, he may make agpropriate provision to that end in offering for subscription the bon of such series (hereinafter called convertible ,,, *;{,’},";,$ bonds). In any case of the issue of a series of convertible bonds, if a Hdnwates. subseguent series of bonds (not including United States certificates of in ebtedness, war savings certificates, and other obligations not more   five years from the issue of such obligations, _ respectively) bearutig mterest at a  rate shall, under the author ity of   or any o er Act, be ms by the United States before the termination of the war between the United States and the Im erial German Government, then the holders of such convertible blends shall have the privilege, at the piption of the several holders, at ang time withm such period, after e public oEering of bonds of suc subsequent series, and under such rules and regulations as the Secretary of the Treasury shall have prescribed, of converting their bomb, at par, mto bonds bearing such higher rate of interest at such price not ess than par as the Secretary of the Treasury shall have prescribed. The bomb to be issued upon such conversion undo! this Act shall be substantially the same in form and terms as shall be prescribed by or pursuant to law with respect to the bonds of such subs%ent series, not only m to mterest rate but also as to convertnb ty (if future bonds be issued at a still higher rate of interest) or nonconvertibnhty, and as to exempltgon from taxation, if any, and rn all other respects, except that the nds issued upon such conver- 51:1011 sl;alluh;v§6 thebsarhemdaples of maturity, pfnpgincipal, nag of tens, su ]ec e same terms o em tion ore maturity, as the bonds converted; and such bonds shrill be issued Tmhmndmw from t1me_to time if and when and to the extent that the privil 6 Icgaltnotavuledot. ¤f_¢9¤V€¢!B1011 Sv conferred shall arise and shall be exercised. If $6 1¤¤•¢,p. mz. privilege of conversion so conferred under this Act shall once Misa, g shall not be exercised with respect to any convertible bonds within Sguprescrgbed by the Secretary of the Treasury, then Such pri ege sh termmate as to such bonds and shall not arise again &•‘;1§1l}rl:·`g¤:¤tbercafterb0n<kbe¤uedbeadnginterest at ahiglwf ~r°E'··§‘$.T.‘“¤°??°°°"tZ .,fS.f.& im “‘s..m,,"“‘“°“0§°t£.¥‘°i—¥°“”“ "*‘*‘°"”°".-JL *°°“£3’ °“° ., eas w ue ¤pmmd°ail¥e";r¤&l°' from time in time, on the credit of the U:Iily.edsSt·:tg? for thetopurprga of this Act and to meet public expenditures authorized by law, such
 * ’“"'“"‘“‘°““'“‘“‘ maturilgi of any obligations of such foreign governments acqfuired