Page:United States Statutes at Large Volume 48 Part 1.djvu/1205

 73d C ONGRESS. SESS. II. CH. 674. JUN E 19, 1934 . 1179 ten years, or both ; and any officer, director, or agent of any corpora- tion who knowingly participates in such violation may be punished by a like fine, imprisonment, or both. SEC. 7 . Whenever in the judgment of the President such action Executive order re- quiri ng si lver deli very is necessary to effectuate the policy of this Act, he may by Executive to Treasury. order require the delivery to the United States mints of any or all silver by whomever owned or possessed. The silver so delivered shall C oin age. be coined into standard silver dollars or otherwise added to the monetary stocks of the United States as the President may deter- mi n e ; and the re shall be return ed theref or in sta ndard sil ver dolla rs, or any other coin or currency of the United States, the monetary Seigniorage, etc., de- value of the silver so delivered less such deductions for seigniorage, ductions. brassage, coinage, and other mint charges as the Secretary of the Treasury with the approval of the President shall have determined : Provided, That in no case shall the value of the amount returned Proviso. returned therefor be less than the fair value at the time of such order of the must be fair market silver required to be delivered as such value is determined by the valu e. market price over a reasonable period terminating at the time of such order. The Secretary of the Treasury shall pay all necessary Expenses. costs of the tran sportatio n of such silver and stand ard silve r dollars , coin, or currency, including the cost of insurance, protection, and such other incidental costs as may be reasonably necessary. Any Hoarding . silver withheld in violation of any Executive order issued under this section or of any regulations issued pursuant thereto shall be for- feited to the United States, and may be seized and condemned by Penalties. like proceedings as those provided by law for the forfeiture, seizure, and condemnation of property imported into the United States con- trary to law ; and, in addition, any person failing to comply with the provisions of any such Executive order or regulation shall be subjec t to a penal ty equ al to twice the mon etary value of the silve r in respect of which such failure occurred. SEC. 8 . Schedule A of title VIII of the Revenue Act of 1926, as Stamp taxes. amended (relating to stamp taxes), is amended by adding at the end 47, p.' z75.' p . 103; Vol. thereof a new subdi vision to re ad as follows u 10 . SILVER, AND SO FORTH S ALES AND TRANSFERS .-On all transfers Sales and transfers of of any interest in silver bullion, if the price for which such interest silver, etc . is or is to be transferred exceeds the total of the cost thereof and allowed expenses, 50 per centum of the amount of such excess. On Transfer stamps ; every such transfer there shall be made and delivered by the trans- memorandum. feror to the trans feree a memo randum to whi ch the re sha ll be affixe d lawful stamps in value equal to the tax thereon. Every such mem- orandum shall show the date thereof, the names and addresses of the transferor and transferee, the interest in silver bullion to which it refers, the price for which such interest is or is to be transferred and the cost thereof and the allowed expenses. Any person liable Delivering silver bul- li on without stamp for payment of tax under this subdivision (or anyone who acts in aff ixed memo rand um . the matter as agent or broker for any such person) who is a party to any such transfer, or who in pursuance of any such transfer deliv- ers any s ilver bull ion or in teres t th erein, wit hout a me moran dum statin g trul y and comple tely t he inf ormatio n here in req uired, or wh o delivers any such memorandum without having the proper stamps affixed thereto, with intent to evade the foregoing provisions, shall Penalty. be deemed guilty of a misdemeanor, and upon conviction thereof shall pay a fine of not exceeding $1,000 or be imprisoned not more than six months, or both. Stamps affixed under this subdivision Canceling stamps. shall be can celed (in li eu of the ma nner pr ovided in se ction 804) b y Vol. 44, p. 100. such officers and in such manner as regulations under this subdivi- sion shall prescribe. Such officers shall cancel such stamps only if it appears that the proper tax is being paid, and when stamps with Liability . respect to any transfer are so canceled, the transferor and not the