Page:United States Statutes at Large Volume 74.djvu/1033

 74

STAT.]

PUBLIC LAW 86-778-SEPT. 13, 1960

(b) Section 201(c)(3) of such Act is amended to read as follows: "(3) Report immediately to the Congress whenever the Board of Trustees is of the opinion that the amount of either of the Trust Funds is unduly small;". (c) Section 201(c) of such Act is further amended by striking out the period at the end of p a r a ^ p h (4) and inserting in lieu thereof "; and", and by inserting after paragraph (4) the following new paragraph: "(5) Eeview the general policies followed in managing the Trust Funds, and recommend changes in such policies, including necessary changes in the provisions of the law which govern the way in which the Trust Funds are to be managed." (d) Section 201(d) of such Act is amended to read as follows: " (d) I t shall be the duty of the Managing Trustee to invest such portion of the Trust Funds as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interestbearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose such obligations may be acquired (1) on original issue at the issue price, 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 public-debt obligation for purchase by the Trust Funds. Such obligations issued for purchase by the Trust Funds shall have maturities fixed with due regard for the needs of the Trust Funds and shall bear interest at a rate equal to the average market yield (computed by the Managing Trustee on the basis of market quotations as of the end of the calendar month next preceding the date of such issue) on all marketable interestbearing obligations of the United States then forming a part of the public debt which are not due or callable until after the expiration of four years from the end of such calendar month; except that where such average market yield is not a multiple of one-eighth of 1 per centum, the rate of interest of such obligations shall be the multiple of one-eighth of 1 per centum nearest such market yield. The Managing Trustee may purchase other interest-bearing obligations of the United States or obligations guaranteed as to both principal and interest by the United States, on original issue or at the market price, only where he determines that the purchase of such other obligations is in the public interest." (e) Section 201(e) of such Act is amended by striking out "special obligations" each place it appears and inserting in lieu thereof "public-debt obligations". (f) The amendments made by this section shall take effect on the first day of the first month beginning after the date of the enactment of this Act.

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SURVIVAL o r ACTIONS

SEC. 702. (a) Section 205(g) of the Social Security Act is amended by adding at the end thereof the following new sentence: "Any action instituted in accordance with this subsection shall survive notwithstanding any change in the person occupying the office of Secretary or any vacancy in such office.^' (b) The amendment made by subsection (a) shall apply to actions which are pending in court on the date of the enactment of this Act or are commenced after such date. 48232 0-61-63

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