Page:United States Statutes at Large Volume 44 Part 1.djvu/1246

 §  TITLE 38.--PENSIONS, BON! or a bsmk to which the note and certi§c:1te have been trans forred) may sell. the note to, or discount or rcdiscount it with any bank authorized to make a loan to a veteran undonthi section and transfor··tho cortilicate t0"such bank; Upon thiudorsemont of any bank, which 'shall be deemed a waiver 0 demand, notice, and protest by Such bank as-to its own indorsc ~ mont oxcluéiveiy, and subject to regulations to be prescribee by the Federal Reserve Board, any ·such note secured by 1 cortiticato and hold by 0. bank shall be eligible for discoun or roqlisomxuxnf by nthe Federal reserve bank for the Fedora roscxrvo districtin which the bank is located. Such noté sha] be eligible for discount pr rediscount; whether `or noi thbunk offering the note for discount 01* rodiscount is. a ,mom bor ofptllo Federal Reserve System and whether or not i acq11i1jod tho note in the first instance fromjhe veteran `0 ncqnirod it by transfer upon the indorsement of any other bam; Such gwfo shnll not be eligiblev for discount or rediSc0un unless it has at the timé of discount or rcdisconnt a uiuturit; gzmt in oxcoss of nine months exclusiwfevof days ofigracef Th _mto of .i11tQI;0S{·Ch8l`g8d‘ by the Federal reserve bank sha] be tho same as that charged by it for the discount or rediscouu `of. ninety-day notes. drawn for commercial purposes. - ,'1‘h F<~dora1-Reserve. Board in authorized topermit, or on th ` affirmative voto ‘ of nt- least Jive members of the Fedora Réservc Board to- rjeiiuire, a Federal; reserve bank to redis count, foraxny, other Eodornl reserve b;1nk,— notes secured by 4 certificate. Tho roto of .intérgst~ for such red1scounts·shnl be fixed by the Federal Reserve Board. »Iu- cane the note 1 sold, discounted, or rediscountedjhe ba-nk making the trans for shall p1·0m;>t1yp`_¤10tify`the veteran by mailat his laét know: posboffice addéess`,, v. ._ _  ` 5 _ (c) If the veteran does not pay the principal and interns of £ho—· loan Aupon ibn maturity, the bank holding the note nw certificate may; ht any time after maturity of thé Iozur bu not boforé the expiration of sl:--months after thoeloan wa nnndo, present them to `the director.- Thodirector may, in hi discretion, accept the certiiicato·anq note; cancel the note (bu not the certificate), and pqy the bank, in full satisfaction o its claim, the amount of the nnpaid principal dim it, and th unpaid interest accrued, at the roto fixgd pin the note, up t the date of the ohegk issued to the bank. The director sha] restore to tho ‘vete1‘an, at any time prior to its maturity, an certificate so acccptQod,¥ upon receipt front him of on amoun equal to the sum of (1) the amount mid by the United-Suite to tho bank in cnncollationnot his note, plus (2) interest To snob amount. from the time ot ouch payment to the data o · such receipt, at 6_por ocntum por nnnum, compounded anuimllg , (d) It the ;vctornn falls to `xfodem ·his_<m·t1¤cuw from th director boiolro its maturity; or before the death ot the votorm tho director snail deduct from the taco vnluo of tho_ éertiflcat (ns determined in motion 641 of this 'tltlc) an hmount equalt the sum or (1) thonmount paid by the Unitéd States to th bout; on account ot the note ot tho veteran, plus (2) lnteroé on such amount from the gimo ot éuch mymont to the dnte c maturity ot .`tl1e certidcate or of the death oi the veteran, g tliomto Q1 6 por contum po: annum,. compounded annuall; and shnlf pay the remaindonin accordance with tha provision oi section 641.- · ° · (e) It the veteran dies before the maturity of the loan, th amount- of tho unpaid pyinolpal and the unpaid interest ne ·c;·ued up to the.d·nt.e of his death shall be immediately duo an payable. In such case, or it tho`-vetepan dies on the day the lm muturgs ox- within sipmontbs thereafter, tho bank holding tt note and cé1.·tiQ_cato§slml1, upon notice ot tho death, prose: `thom to the °;dlroctox·, who shall thereupon cnnée1 }noto`(bx ,not.tho cortiflcatc)‘ and pay to the bank, in full sntis£s<J€t‘ion*ot il "clnixn, the nmouut of thounpaid- principal and unpaid intoros at tho rate tlxod in tiygynote, accruw up COIUIQ daté of tb

JSES, AND VETERANS RELIEF _ 1232 t 1- check isshed to the bank; except that if, prior to the payment, l, thehank is notified of the death by the director and failsto pms sent the certiiicate and note tb the directbr within tlfteen days c after the notice, such interest `shnll be`0nly·up‘to the fifteenth i dny after such notice. The director shall deduct the anmunt eu e- paid from the face vnlpe (as determined under section 641 vf d this title) of the certificate and pny the remainder in i1('l}Ul'•l2li1¤‘e· g_V with the provisions of said section 641 of this title. ‘ tt _(~f) If the veternn has not died before the maturity ui me ,1_ certificate, and has failed `t0 pay his xwte.1;0 the bank ur .1 the Federal reserve bank holding the note and certincute, such e' bank shall, at the maturity ot the certiiicate, present the net,} I- and certincate to the director, who shall thereupon cancel the _ { note (but not the certiiiczxte) and pay to the bank, in full Smit. · I- faction of its claim, the amount of the unpaid principal mm i;. date_0f the >II18lfl11*itY_0f the ccrtiticaftef The director shall dey_. duct the amount so paid, from the face value (ns determine; in B section 641 Of this title) of the certiticate and pay the l°€lH$llli2l{‘l; ua in accordance with the provisions- aff said section 641 of this ,1; title.` ’ `. ‘, l “_ ·· e (S) _The loan basis of any certificate at any time shall, for 4; the purpose of this section, he nu nm0{mt vvhichojggt in exccxe L1, bf 90 per centum of the reserve value of the certiiieateon the ,4 last day of the current certiticnte year,. The. reserve value pf g a certincate on the lastday of `anytcertineate year shall »he‘_tl¤c ll full reserve required on such certificate, based on an annual! vs_ level net premium for- twenty years `nndecelculated in accesoi- ance with the American Experience "1‘ab1e_.0f Mortality; and n .inte1iest 'at 4 per centum per annum, compounded annually. { ‘ (h) N0 payment upon any note shall he made under this secnt tion by the dir_e<§to1·._t0 hny bank, unxessl the note when presented d to him is accompanied hyzan ahdayit made by an ‘eQcei· of the lt bank which made the loan, before a notary public or nthev 5 officer designated {or the purpose hy regulation of the director. .g and stating that such ·bank,has not charged or collected, `nr tt, attempted to charge ofcollect, directly on indirectly, `any fee 1 orvother compensation (except interest ae authorized hy` this _g section) in respect of any loan made unde;··*thisQ section by 0 the bank to a veteran. Any bank which,`0r director,,0§$cer, nr q employee thereof wh0,”i10ee‘ soayrge, collect, nf utteknpt te y charge or collect any .such tee qr compensation,. shall he lighlce tg to the veteran fo1•_a penalty 0f$100, tp be recovered in a civil ,g sultrbrought by the veteran. The director. shell upon grequestg u otlany bank or veteranifuxnieh n blank form fer such- andnvit, »f (M8! 19; 1924. c. 157. { 502. $3 Stat. 128.) _ ° gp 643. Prohibited negntiatiens or assignments nf ·c¢rti§estee.——· ,5 No certiiéate issued nr right: conferred undef the pnevisions- 1, of this title `shall, except as .px‘evided in section 6-i2"0t this title. B he negotiable pr amlgnahle or serve ae security for n loan. le Dlfovjsion of this _Eection shal1Y_be held void. `{ May 19,•1924, »z 644. Conditignh and terms  en~c¢rti§¢ates.————Any cer! nt t 'tlilcate is/sued under the provisions pt- this title shall_ `havc, gz, printed upon im face the cenditinns and terms npon which .it lg is issued and to which it is subject, including lean values under section 642 ct_thl¤.tlt1%. (May 19, jlM4,.c. 157, S 504, 43 Stat. lé 128.) - =· ·‘  ‘._  l. _ c- 645. Adjtméd servicvccgiicnte ful; bw cmgtitnted; anldl preprintkms for; Nti$•t¢•vfer.~#There`l,• created an {und in the n; Tteneury ct the United · Stitm tg he knew; an ** TM'n¢IJ£1·°@t€d ne ·é€l`Vi®-CBPHRCBRCGI Made" hereinafter inctm. ‘*·te called " tund.'°_ at There is authorized te h• inppreprlsted wr cmg, ‘I1€!ld&!'. year xt (ending-with`th¢cn.1endax year 1046), an meant mmcient as, hs an annual premium tc prpvlde for the pnyment et the rece value t, ot each adjusted herviw certmentn in tmnty  {wm its date le or on the prim: dehth of the veteran, such nmennt to` he deter-
 * _ unpaid interest, at UlB.IfIl{B·HX€d in the note,. accrued up, in the
 * ¤* Any h- negotiation, assignment, cor loan madejn violation ot nny
 * t c. 157,} 508, 43.Stat. 128.) — _ " _ . — _