Page:United States Statutes at Large Volume 96 Part 2.djvu/1106

 96 STAT. 2468

Regulations.

Ante, p. 940.

Ante, p. 944. "Registrationrequired obligation."

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Regulations. Ante, p. 948. Post, p. 2473. Ante, p. 955.

Ante, p. 959.

PUBLIC LAW 97-452—JAN. 12, 1983

"(2) The investment yield on a series E savings bond shall be at legist 4 percent a year compounded semiannually beginning on the first day of the month beginning after the date of issue of the bond and ending on the last day of the month before the date of redemption. "(3) With the approval of the President, the Secretary may prescribe regulations providing that— "(A) owners of series E and H savings bonds may keep the bonds after maturity or after a period beyond maturity during which the bonds have earned interest and continue to earn interest at rates consistent with paragraph (1) of this subsection; and "(B) series E and H savings bonds earning a different rate of interest before the regulations are prescribed shall earn a rate of interest consistent with paragraph (1).". (7) Section 3105(c)(5) is amended by striking out "(expressed in terms of the maturity value)". (8) Section 3106(b) is amended by striking out the first sentence. (9) Section 3121 is amended by adding at the end the following: "(g)(1) In this subsection, 'registration-required obligation' means an obligation except an obligation— "(B) having a maturity (at issue) of not more than one year; or "(C) described in paragraph (2) of this subsection, "(2) An obligation is not a registration-required obligation if^ "(A) there are arrangements reasonably designed to ensure that the obligation will be sold (or resold in connection with the original issue) only to a person that is not a United States person; and "(B) for an obligation not in registered form— "(i) interest on the obligation is payable only tmtside the United States and its territories and possessions; and "(ii) a statement is on the face of the obligation that a United States person holding the obligation is subject to limitations under the United States income tax laws. "(3) Every registration-required obligation of the Government shall be in registered form. A book entry obligation is deemed to be in registered form if the right to principal and stated interest on the obligation may be transferred only through a book entry consistent with regulations of the Secretary. "(4) The Secretary shall prescribe regulations necessary to carry out this subsection when there is a nominee.". (10) Section 3302(b) is amended by striking out "An" and substituting "Except as provided in section 3718(b) of this title, an". (11) Section 3331 is amended by adding at the end the following: "(f) Under conditions the Secretary may prescribe, the Secretary may delegate duties and powers of the Secretary under this section to the head of an agency. Consistent with a delegation from the Secretary under this subsection, the head of an agency may delegate those duties and powers to an officer or employee of the agency.". (12) Section 3512 is amended by redesignating subsections (b)(d) as subsections (d)-(f), respectively, and by inserting the following immediately below subsection (a):
 * (A) not of a type offered to the public;

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