Page:United States Statutes at Large Volume 72 Part 1.djvu/184

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PUBLIC LAW 85-426-MAY 27, 1968

[72 S T A T.

205 (5), and 206 of this title shall become effective on the first day of the first month which begins at least 40 days after the date of enactment of this Act. (c) The provisions of section 204(a) and (b) of this title shall become effective as provided in such section 204(a) and (b). (d) The provisions of sections 205(2), 205 (3), 205 (4), 205 (6), and 214 (a)(3) of this title shall become effective on January 1, 1959. (e) The provisions of sections 207 and 208 of this title shall bBcome effective on July 1, 1958. (f) The provisions of section 214(b) of this title shall become effective as of the effective date of the Civil Service Retirement Act 5 USC 2251 note. Amendments of 1956. TITLE III—POSTAL MODERNIZATION FUND ESTABLISHMENT OF F U N D

SEC. 301. There is hereby established in the Treasury of the United States a fund to be known as the "Postal Modernization F u n d " (hereinafter referred to as the " F u n d "). APPROPRIATIONS TO F U N D

SEC. 302. There are hereby authorized to be appropriated and paid into the F u n d such sums as may be necessary during each fiscal year, beginning with the fiscal year ending June 30, 1959 and ending with the fiscal year ending June 30, 1961, to carry out the purposes of this title. EXPENDITURE FROM F U N D

SEC. 303. Moneys paid into the Fund, together with any income thereof under section 304(b) or otherwise, shall be available until expended for obligation by the Postmaster General for the purpose of conducting research, either directly or through private or other organizations, and for the purpose of developing, acquiring, and placing into operation improved equipment and facilities for the performance of the postal function. M A N A G E M E N T OF F U N D

Report to Congress

SEC. 304. (a) I t shallbe the duty of the Secretary of theTreasury to hold the Fund, and (after consultation with the Postmaster General) to report to the Congress not later than the first day of January of each year (beginning with 1960) on the financial condition of the Fund as of the end of the next preceding fiscal year. (b) I t shall be the duty of the Secretary of the Treasury to invest such portion of the Fund as is not, in his judgment, after consultation with the Postmaster General, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. REPORT OF POSTMASTER GENERAL

Report to ConSEC. 305. The Postmaster General shall include in his annual report gress to the President for each year a detailed report of his activities during such year under this title.

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