Page:United States Statutes at Large Volume 43 Part 1.djvu/158

 SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 157. 1924. 127 to the Director. The Director may, in his discretion, accept the %iB¤°*°* my ¤$¤>¤P* certificate and note, cancel the note (but not the certificate), and pav ?»i¤¤$i°’payw mnthe bank, in full satisfaction of its claim, the amount of the unpaid prmcipal due it, and the unpaid interest accrued, at the rate fixed _ in the note, up to the date of the check issued to the bank. The vgitfiiiiagefegtgieiifg Director shall restore to the veteran, at any time prior to its ;{;g‘*ggd§%gBrgs¤gwl¢d maturity, any certificate so accepted, upon receipt from him of an ` amount equal to the sum of (1) the amount paid by the United States to the bank in cancellation of his note, plus (2) interest on such amount from the time of such payment to the date of such receipt, at 6 per centum per annum, compounded annually. _ (d) If the veteran fails to redeem his certificate from the d.,i,i,.Z°$T1?,$2§° ,§§Y,u$ Director before its maturity, or before the death of the veteran, §g§,,°r‘;‘§°Q°°dbj'gf_§u‘g‘,g{j the Director shall deduct from the face value of the certificate (as fr<>mit=}fw¤ valuedetermined in section 501) an amount equal to the sum of (1) the amount paid by the United States to the bank on account of the note of the veteran, plus (2) interest on such amount from the time of such pa ment to the date of maturity of the certificate or of the death of tfie veteran, at the rate of 6 per centum per annum, com- dgevmeut of remainpounded annually, and shall pay the remainder in accordance·with Aim, p.1za the provisions of section 501. _ _ (e) If the veteran dies before the maturity of the loan, the d§§“;‘,‘;}'g§§‘f_§,§{’*°,,{'§,€ amount of the unpaid principal and the unpaid interest accrued up ¤¤¤¤· to the date of his death shall be immediately due and payable. In such case, or if the veteran dies on the day the loan matures c$‘°‘{,'{°_,d*f’*’°¥’°*‘ md or within six months thereafter, the bank holding the note and certificate shall, upon notice of the death, present them to the Director, who shall thereupon cancel the note (but not the certificate) and pay to the ank, in full satisfaction of its claim, the amount of the unpaid principal and unpaid interest, at the rate fixed in the note, accrued up to the date of the check issued to the _ bank; except that if, prior to the payment, the bank is notified of I¤*°'°“‘ hm**°“°¤· the death by the Director and fails to present the certificate and note to the Director within fifteen days after the notice, such interest Dad H no { shall be only u to the fifteenth day after such notice. The value ufmimmmxilmtigi Director shall dleduct the amount so plaid from the face value (as ¥’f,’Q,‘;_‘°pf*;,*},_°¤°°°’"Y· determined under section 501% of the certificate and pay the remainder in accordance with the provisions of section 501. (f) If the veteran has not died before the maturity of the D§;}c’,'g{.°*§¤°§a{,*;,°:;b,§} certificate, and has failed to pay his note to the bank or the Federal v<¤¢¤r¤¤- reserve bank holding the note and certificate, such bank shall, at the maturit of the certificate, present the note and certificate to the Director, who shall thereupon cancel the note (but not the certificate) and pay to the ban, in full satisfaction of its claim, the amount of the unpaid principal and unpaid interest, at the rate fixed in the note, accrued u to the date of the maturity of the 4 certificate. The Director shall deduct the amount so paid from the val};-:*¤:;Q;>¤r‘;g1§:ig§ face value (as determined in section 501) of the certi cate and pay P¤Y8bletobeneBvi&fY· the remainder in accordance with the provisions of section 501. ‘*““’p‘ w' (g) The loan basis of any certificate at any time shall, for the m@§m'°***'°*°‘ purpose of this section, be an amount which is not in excess of 90 Raewevnuéacim per centum of the reserve value of the certificate on the last day of dm? W"' the current certificate year. The reserve value of a certificate on the last day of any certificate year shall be the full reserve required on such certificate, based on an annual level net premium for twenty ` years and calculated in accordance with the American Experience Table of Mortality and interest at 4 per centum per annum, compounded annually. 45822°—-—251‘——11