Page:United States Statutes at Large Volume 45 Part 1.djvu/320

 SEVENTIETH CONGRESS. SESS. I. CH. 167. 1928. income, dividends, interest, annuities, and earnings accumulated in respect thereof, owned by the German Government or any member of the former ruling family . All money and other property shall be held to be owned by the German Government (1) if no claim thereto has been filed with the Alien Property Custodian prior to the expiration of one year from the date of the enactment of the Settlement of War Claims Act of 1928, or (2) if any claim has been filed before the expiration of such period (whether before or after the enactment of such Act), then if the ownership thereof under any such claim is not established by a decision of the Alien Property Custodian or by suit in court instituted, under section 9, within one year after the decision of the Alien Property Custodian, or after the date of the enactment of the Settlement of War Claims Act of 1928, whichever date is later. The amounts so transferred under this subsection shall be credited upon the final payment due the United States from the German Governmen t on account of the awards of the Mixed Claims Commission. "(e) The Secretary of the Treasury is authorized and directed to issue to the Alien Property Custodian, upon such terms and con- ditions and under such regulations as the Secretary of the Treasury may prescribe, one or more participating certificates, bearing interest payable annually (as nearly as may be) at the rate of 5 per centum per annum, as evidence of the investment by the Alien Property Custodian under subsection (a), and one or more non-interest-bear- ing participating certificates, as evidence of the investment by the Alien Property Custodian under subsection (b) . All such certifi- cates shall evidence a participating interest, in accordance with, and subject to the priorities of, the provisions of section 4 of the Settlement of War Claims Act of 1928, in the funds in the German spec ial depo sit acco unt crea ted by s uch sect ion, exc ept that - "(1) The United States shall assume no liability, directly or indirectly, for the payment of any such certificates, or of the interest thereon, except out of funds in such special deposit account available therefor, and all such certificates shall so state on their face " (2) Such cer tifi cate s sh all not be t rans fera ble, exc ept that the Alien Property Custodian may transfer any such participating certificate evidencing the interest of a substantial number of the owners of the money invested, to a trustee duly appointed by such owners . "(f) Any amount of principal or interest paid to the Alien Prop- erty Custodian in accordance with the provisions of subsection (c) of section 4 of the Settlement of War Claims Act of 1928 shall be allocated pro rata among the persons filing written consents under subsection (in) of section 9 of this Act, and the amounts so allocated shall be paid to such persons. If any person to whom any amount is payable under this subsection has died (or if, in the case of a part- nership, association, or other unincorporated body of individuals, or a corporation, its existence has terminated), payment shall be made to the persons determined by the Alien Property Custodian to be entitled thereto. "(g) The Alien Property Custodian is aut horized and directed (after the payment of debts under section 9) to transfer to the Secretary of the Treasury, for deposit in the special deposit account (Austrian or Hungarian, as the case may be), created by section 7 of the Settlement of War Claims Act of 1928, all money and thfe proceeds of all property, including all income, dividends, interest, annuities, and earnings accumulated in respect thereof, owned by the Aus tria n Go vern ment or any corp orat ion all the stoc k of whi ch was owned by or on behalf of the Austrian Government (including the property of the Imperial Royal_ Tobacco Monopoly, also known 269 Property, etc., con - sidered as owned by German Government . Trans fers cred ited to Germa n payments . Inter est-b eari ng pa r- ticipating certificates for awards temporarily postponed . Ante, p. 268. Non- inter est- bear ing certificates for oth er awards. Interest of, in Ger- man special deposit. Certificates payable only from special de- posi t fun ds, no Fe deral liability .ssumed. Transfers limited. Paym ents allo cate d to persons consenting to receive 80 per cent of award. Pos t, p. 27 2. In case of death, etc. All money and prop- erty proceeds of Aus- trian or Hungarian Governments to be deposited in special accounts. Ante, p. 266.
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