Page:United States Statutes at Large Volume 55 Part 1.djvu/34

 55 STAT.] 77TH CONG. , 1ST SESS.--CHS. 7, 8 -FEB. 19, 1941 require the employees of the Post Office Department and of the Postal Service to perform, without extra compensation, such fiscal agency services as may be desirable and practicable in connection with the issue, delivery, safekeeping, redemption, or payment of the savings bonds and savings certificates, or in connection with any stamps or other means provided to evidence payments." SEC. 4. (a) Interest upon, and gain from the sale or other dispo- sition of, obligations issued on or after the effective date of this Act by the United States or any agency or instrumentality thereof shall not have any exemption, as such, and loss from the sale or other dis- position of such obligations shall not have any special treatment, as such, under Federal tax Acts now or hereafter enacted; except that any such obligations which the United States Maritime Commission or the Federal Housing Administration has, prior to the effective date of this Act, contracted to issue at a future date, shall when issued bear such tax-exemption privileges as were, at the time of such contract, provided in the law authorizing their issuance. For the purposes of this subsection a Territory, a possession of the United States, and the District of Columbia, and any political subdivision thereof, and any agency or instrumentality of any one or more of the foregoing, shall not be considered as an agency or instrumentality of the United States. (b) The provisions of this section shall, with respect to such obliga- tions, be considered as amendatory of and supplementary to the respective Acts or parts of Acts authorizing the issuance of such obli- gations, as amended and supplemented. SEC. 5. This Act, except sections 2 (b) and (c), shall become effective on the first day of the month following the date of its enactment. Approved, February 19, 1941. [CHAPTER 8] AN ACT To provide for the establishment, administration, and maintenance of a Coast Guard Auxiliary and a Coast Guard Reserve. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Coast Guard Auxiliary and Reserve Act of 1941". TITLE I-REPEAL OF COAST GUARD RESERVE ACT OF 1939, AS AMENDED, AND ESTABLISHMENT OF COAST GUARD AUXILIARY SEC. 1. The Coast Guard Reserve Act of 1939 (53 Stat. 854; U. S. C., Supp. V, title 14, ch. 9), as amended by Public Law Num- bered 564, Seventy-sixth Congress, third session, is hereby repealed and in lieu of the United States Coast Guard Reserve provided for in such Act there is hereby created and established a United States Coast Guard Auxiliary (hereinafter referred to as the "Auxiliary"). SEC. 2. It is hereby declared to be the purposes of the Auxiliary (a) to further interest in safety of life at sea and upon the navigable waters, (b) to promote efficiency in the operation of motorboats and yachts, (c) to foster a wider knowledge of, and better compliance with, the laws, rules, and regulations governing the operation of motorboats and yachts, and (d) to facilitate operations of the Coast Guard. SEC. 3. The Auxiliary shall be composed of citizens of the United States and of its Territories and possessions, except the Philippine 9 Taxation of obliga- tions. Exception. Provisionscon. sidered amendatory, etc. Effective date. February 19, 1941 [S. 1871 [Public Law 8] Coast Guard Aux- iliary and Reserve Act of 1941. 14U.S.C., ch.9. 54 Stat. 246. Purposes of Auxil- iary. Composition.

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