Page:United States Statutes at Large Volume 74.djvu/722

 PUBLIC LAW 86-682~SEPT. 2, 1960

[74 S T A T.

CHAPTER 85—POSTAL SAVINGS SYSTEM Sec.

5201. Faith of United States pledged to payment of deposits. 5202. Definitions. 5203. Establisiunent of system. 5204. Regulations of Board of Trustees. 5205. Annual report of Board of Trustees. 5206. Depository offices. 5207. Opening of accounts. 5208. Deposits and withdrawals. 5209. Claims on paid postal savings certificates. 5210. Depositors. 5211. Amount of deposits. 5212. Privacy of accounts. 5213. Interest on deposits. 5214. Cash reserve. 5215. Apportionment of funds among banks. 5216. Security for funds deposited in banks. 5217. Interest on bank deposits. 5218. Purchase of Government obligations. 5219. Sources of funds to pay depositors. 5220. Bank fees on postal savings business. 5221. Application of income from postal savings funds. 5222. Judgment adjudicating right or interest in deposit. 5223. Liability for outstanding postal savings stamps. 5224. Disposal of paid certificates.

§ 5201. Faith of United States pledged to payment of deposits The faith of the United States is solemnly pledged to the payment of the deposits made in postal savings depository offices, with accrued interest thereon as provided in this chapter. § 5202. Definitions As used in this chapter "bank" means a bank, including savings banks and trust companies doing a banking business, which is subject to national or state supervision and examination. § 5203. Establishment of system (a) The Board of Trustees of the Postal Savings System, consisting of the Postmaster General and the Secretary of the Treasury, except as otherwise provided in this chapter, shall control, supervise and administer the Postal Savings System. (b) The Secretary of the Treasury shall designate an officer or employee of the Department of the Treasury as Treasurer of the Board of Trustees. The Secretary of the Treasury may employ personnel and expend sums for contingent and miscellaneous items necessary to transact the business of the Postal Savings System in the office of the Treasurer of the Board of Trustees, utilizing therefor money advanced to the Secretary of the Treasury out of any available appropriation for the establishment, maintenance, and extension of postal savings depositories. § 5204. Regulations of Board of Trustees Except as otherwise provided in this chapter, the Board of Trustees may make regulations for the receipt, transmittal, custody, deposit, investment and repayment of the funds deposited at postal savings depository offices. § 5205. Annual report of Board of Trustees The Board of Trustees shall submit a report to Congress at the beginning of each regular session showing by States, Territories, the District of Columbia and the Commonwealth of Puerto Rico, for the preceding fiscal year— ^1) the number and names of post offices receiving deposits; (2) the aggregate amount of deposits made therein; (3) the aggregate amount of withdrawals therefrom;

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