Page:United States Statutes at Large Volume 49 Part 1.djvu/686

 74i-in CONGRESS. SESS. I. CH. 531 . AUGUST 14, 1935. f rom a State unemployment fund. Such deposit may be made directly with the Secretary of the Treasury or with any Federal reserve bank or member bank of the Federal Reserve System desig- nated b y him f or such purpose. (b) It shall be the duty of the Secretary of the Treasury to invest such portion of the Fund as is not, in his judgment, required to meet current withdrawals. Such investment may be made only in interest bearing obligations of the United States or in obliga- tions guaranteed as to both principal and interest by the United States. For such purpose such obligations may be acquired (1) on original issue at par, or (2) by purchase of outstanding obligations at the market price. The purposes for which obligations of the United States may be issued under the Second Liberty Bond Act, as amended, are hereby extended to authorize the issuance at par of special obligations exclusively to the Fund. Such special obliga- tions shall bear interest at a rate equal to the average rate of in- terest, computed as of the end of the calendar month next preceding the date of such issue, borne by all interest-bearing obligations of the United States then forming part of the public debt ; except that where such average rate is not a multiple of one-eighth of 1 per centum, the rate of interest of such special obligations shall be the multiple of one-eighth of 1 per centum next lower than such average rate. Obligations other than such special obligations may be ac- quired for the Fund only on such terms as to provide an invest- ment yield not less than the yield which would be required in the case of special obligations if issued to the Fund upon the date of such acquisition. (c) Any obligations acquired by the Fund (except special obliga- tions issued exclusively to the Fund) may be sold at the market price, and such special obligations may be redeemed at par plus accrued interest. (d) The interest on, and the proceeds from the sale or redemption of, any obligations held in the Fund shall be credited to and form a part of the Fund. (e) The Fund shall be invested as a single fund, but the Secretary of the Treasury shall maintain a separate book account for each State agency and shall credit quarterly on March 31, June 30, Sep- tember 30, and December 31, of each year, to each account, on the basis of the average daily balance of such account, a proportionate part of the earnings of the Fund for the quarter ending on such date. (f) T he Secre tary of the Tre asury i s author ized an d direct ed to pay out of the Fund to any State agency such amount as it may duly requisition, not exceeding the amount standing to the account of such State agency at the time of such payment. ADMINISTRATION, REFUNDS, AND PENALTIES SEC. 905 . (aThe tax imposed by this title shall be collected by the Bureau of internal Revenue under the direction of the Secretary of the Treasury and shall be paid into the Treasury of the United States as internal-revenue collections . If the tax is not paid when due, there shall be added as part of the tax interest at the rate of one-half of 1 per centum per month from the date the tax became due until paid . (b) Not later than January 31, next following the close of the taxable year, each employer shall make a return of the tax under this title for such taxable year . Each such return shall be made under oath, shall be filed with the collector of internal revenue for the district in which is located the principal place of business of the 104019o-36 ---41 Investments; duty to mak e. Nature of. Acquisition of obli- gat ions of United States . Second Liberty Bond Act . Vol.40,p.288;U.S. C., p.1419. Ant e, pp. 20, 622 ; Poet, p. 699 . Special obligations ; interest rate. Other obligations; ao- quisition of. Sale of. 641 Intere st and proc eeds of sale credited to Fund. Investment accounts. Requisitions on Fund by States; payments. Administration, re- funds, and penalties. Taxes ; collection of. Interest on tax pay- ment in default. Returns by employ- ers; when to be made. Form; filing.