Page:United States Statutes at Large Volume 49 Part 1.djvu/66

 74T H CONGRESS. SESS. I. CH. 5. FEBRUARY 4, 1935 . 21 than one year's nor less than four months' notice, and under such rules and regulations and during such period as he may prescribe ." SEC. 5 . The Second Liberty Bond Act, as amended, is further amended by adding a new section, as follows " SEC. 21. The face amount of certificates of indebtedness and Treasury bills authorized by section 5 of this Act, certificates of indebtedness authorized by section 6 of the First Liberty Bond Act, and notes authorized by section 18 of this Act shall not exceed in the aggregate $20,000,000,000 outstanding at any one time ." SEC. 6. The Seco nd Libe rty Bond Act, as a men ded, is fur ther am ended, by adding a new section, as follows : " SEC. 22. (a) The Secretary of the Treasury, with the approval of the President, is authorized to issue, from time to time, through the Postal Service or otherwise, bonds of the United States to be known as `United States Savings Bonds .' The proceeds of the Savings Bonds shall be available to meet any public expenditures au thorized by law a nd to retire any outstanding obli gations of the United States bearing interest or issued on a discount basis. The various issues and series of the Savings Bonds shall be in such forms, shall be offered in such amounts within the limits of section 1 of this Ac t, as amended, an d shall be issued in such manner and subject to such terms and conditions consistent with subsections (b) and (c) h ereof, and inclu ding any r estric tion on th eir tr ansfe r, as the S ecre- tary of the Treasury may from time to time prescribe. "(b) Ea ch Savings Bond shall be issued on a discount basis to mature not less than ten nor more than twenty years from the date as of which the bond i s issued, and pro vision may be ma de for redemp- tion before maturity upofi such terms and conditions as the Secretary of the Treasury may prescribe : Provided, T hat the issue pri ce of Savings Bonds and the terms upon which they may be redeemed prior to maturity shall be such as to afford an investment yield not in excess of three per centum per annum, compounded semiannually . T he denomin ations of Savings B onds shall be in terms of their Denominations . maturity value and shall not be less than $25 . It shall not be lawful for any one person at any one time to hold Savings Bonds issued Holdings limited. d uring any one calend ar year i n an aggre gate amou nt exceedi ng $10,000 (maturity value) . "( c) The provisions of section 7 of this Act, as amended (relating ti General tax exemp. to the exemptions from taxation both as to principal and as to Savings bo nds in. interest of bonds issued under authority of section 1 of this Act, as Vol. 40,pp.288,291; amended), shall apply as well to the Savings Bonds ; and, for the u .s. C.,p.141s. pu rposes of determi ning taxes and ta x exemptions, th e increment in va lue represented b y the difference between the pric e paid and the re demption value re ceived (whether a t or before matu rity) shall be co nsidered as inter est . The Savings Bonds shall not bear the Circulation privilege . circul ation privilege . "(d) The appropriation for expenses provided by section 10 of this Act and extended by the Act of June 16, 1921 (U. S. C., title 31, sets. 760 and 761), shall be available for all necessary expenses under this section from time to time, to the Postmaster General from such appropriation su ch sums as are sh own to be require d for the expens es of the Post Office Department, in connection with the handling of the bonds issued under this section . "( e) The bo ard of trus tees of the Po stal Savings System is authorized to permit, subject to such regulations as it may from time to time prescribe, the withdrawal of deposits on less than sixty days' notice for the purpose of acquiring Savings Bonds which may be offered by the Secretary of the Treasury ; and in such cases to Certificates of indebt- edness, etc. Vol. 40, pp. 36, 290, 1309;U.S.C.,p.1421 . Aggr egate a mount of issue. Uni ted S tates Sav . ing s Bonds. Issue ; use of proceeds from sale, Forms, amounts, etc. Terms and condi- tions. Maturity. Red empti on. Pro viso. Issue price, redemp. tion terms, etc. Appropriation avail- able for expenses . Vol. 40, p. 292; Vol. 42,p.36;U.S. C.,p. 1422. eE xchange o f, for sav - ings deposits
 * and the Secretary of the Treasury is authorized to advance,