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STAT.]

PUBLIC LAW 89.427-MAY 20, 1966

161

fiscal year 1966, limiting the amounts which may be expended for personal services, or for purposes involving personal services, or amounts which may be transferred between appropriations or authorizations available for or involving such services, are hereby increased to the extent necessary to meet increased pay costs authorized by or pursuant to law. TITLE III GENEKAL PROVISIONS SEC. 301. No part of any appropriation contained in this Act shall remain available for obligation beyond the current fiscal year unless expressly so provided herein. Approved May 13, 1966.

Public Law 89-427 AN ACT

May 20, 19 6(5

To authorize revised procedures for the destruction of unfit Federal Reserve notes, and for other purposes.

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Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. The first sentence of section 324 of the Revised Statutes (12 U.S.C. 1) is amended by inserting "except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of Federal Reserve notes unfit for circulation," immediately after "of all Federal Reserve notes,". SEC. 2. Paragraph (d) of section 11 of the Federal Reserve Act (12 U.S.C. 248(d)) is amended by inserting "except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of notes unfit for circulation," immediately after "To supervise and regulate through the Bureau under the charge of the Comptroller of the Currency the issue and retirement of Federal Reserve notes,". SEC. 3. The third paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 413) is amended by striking the last sentence and inserting: "Federal Reserve notes unfit for circulation shall be canceled, destroyed, and accounted for under procedures prescribed and at locations designated by the Secretary of the Treasury. Upon destruction of such notes, credit with respect thereto shall be apportioned among the twelve Federal Reserve banks as determined by the Board of Governors of the Federal Reserve System." SEC. 4. (a) The first section of the Act of June 13, 1933 (48 Stat. 127, 12 U.S.C. 121a), is amended by inserting ", other than Federal Reserves notes," immediately before "so redeemed shall be forwarded to the Comptroller of the Currency for cancellation and destruction." (b) Section 2 of such Act (12 U.S.C. 122a) is amended by changing "in proportion to the amount of Federal Reserve notes of each Federal Reserve bank in circulation on the 31st day of December of the year preceding the date of redemption, and the amount so apportioned to each bank shall be charged by the Treasurer of the United States against deposit in the gold-redemption fund made by such bank or its Federal Reserve agent" to read "as determined by the Board of Governors of the Federal Reserve System". SEC. 5. The Comptroller General of the United States shall audit the cancellation and destruction, and the accounting with respect to such cancellation and destruction, of any currency of the United States

Unfit Federal. Reserve notes. Destruction.

38 Stat. 262.

40.Stat. 236.

Audit by U.S. Comptroller General.

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