Page:United States Statutes at Large Volume 54 Part 1.djvu/768

 PUBLIC LAWS-CH. 524-JULY 2, 1940 8D. C. Code, Supp. V, § 320 (a) (2). 8 D. C. Code, Supp. V, §318 (b). Applicability, etc., of new law. Applicability of old law provisions. 8 D. C. Code, Supp. V, §5311, 318, 320. Determination of employer's excess con- tributions. Adjustment. Effective date. District of Colum- bia Revenue Act of 1939, amendment. 53 Stat. 1088. 20 D. C. Code, Supp.V, 980a (d). Exemptions from Income tax. Farmers' associa- tions. 53 Stat. 33, 34. 26 U. S. C., Spp. V, I 101 (12) and (13). (4) "continuous period of compensable unemployment" means a period of unemployment beginning prior to and continuing up to and after the effective date in the case of an individual who, prior to the effective date, has filed a claim for benefits for a week or weeks of unemployment in such period: Provided, That the individual has satisfied the requirements of paragraph 2 of subsection (a) of section 10 of the old law and has not exhausted his rights to benefits pursuant to subsection (b) of section 8 of the old law prior to the effective date. (b) Except as otherwise specifically provided in subsection (c) of this section, the new law shall be exclusively applicable with respect to any individual on and after the effective date. No provision of the old law shall be construed to limit or extend the rights of any individual as fixed by the new law, after the new law becomes exclu- sively applicable with respect to such individual as provided in this section. (c) With respect to any individual who is unemployed during a continuous period of compensable unemployment (as defined in par- agraph 4 of subsection (a) of this section) sections 1 (d), 8 (a) (insofar as it relates to the determination of the weekly benefit rate for total unemployment), 8 (b), 8 (c), 8 (d), and 10 (a) (2) of the old law shall be exclusively applicable until the expiration of such continuous period of compensable unemployment. (d) Upon application by an employer, filed pursuant to suitable regulations by the Board, the Board shall determine the extent to which the employer's contributions paid for the first six months of the calendar year 1940 were in excess of his contributions due for said period under the new law and shall make an adjustment for that amount, without interest, solely in connection with subsequent contributions by him. EFFECTIVE DATE SEC. 3. This title shall take effect as of 12:01 antemeridian, July 1, 1940. TITLE II AMENDMENT-DISTRICT OF COLUMBIA REVENUE ACT OF 1939 Section 2 (d) of the Act entitled "An Act to provide revenue for the District of Columbia, and for other purposes", approved July 26, 1939, is amended to read as follows: "(d) EXEMPrIONS FROM TAX.- There shall be exempt from taxa- tion under this title the following organizations: Corporations, including any community chest, fund, foundation, cemetery asso- ciation, teachers' retirement fund association, church, or club, organ- ized and operated exclusively for religious, charitable, scientific, literary, educational, or social purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual and no substantial part of the activities of which is carrying on propa- ganda, or otherwise attempting to influence legislation; and labor organizations, trade associations, boards of trade, chambers of com- merce, citizens' associations, or organizations, not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholder or individual, farmers' associations organ- ized and operated on a cooperative basis exempt from income tax under section 101 (12) and (13) of the Internal Revenue Code; banks, insurance companies, building and loan associations, and com- panies, incorporated or otherwise, which guarantee the fidelity of any individual or individuals, such as bonding companies, all of which 734 [54 STAT.

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