The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

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Monograph

Identifikator:: 1856431436

URN:: urn:nbn:de:zbw-retromon-262738

Document type:: Monograph

Title:: The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

Place of publication:: Washington

Publisher:: United States Government Printing Office

Year of publication:: 1931

Scope:: ii, 170 Seiten

Digitisation:: 2022

Collection:: Economics Books

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102 APPENDIX United States Veterans’ Bureau at which the loan is made but in no event shall the rate of interest exceed 6 Pf centum per annum. (1) For the purpose of enabling the director to make such loans out of the United States Government life insurance fund the Secretary of the Treasury is author ized to loan not exceeding $25,000,000 to such fund with interest at the rate of 4 per centum per annum (begin ning on the date the check for each amount loaned to # veteran is paid by the Treasurer of the United States) compounded annually, on the security of bonds held in such fund. (k) The disbursing officers of the United States Vet erans’ Bureau shall be allowed credit in their accounts for all loans made in accordance with regulations and instructions of the director. (1) For the purpose of this section the loan basis pro- vided in subdivision (g) shall at no time be less than 50 per centum of the face value of the certificate, and in no event shall the rate of interest on any loan made after this subdivision takes effect exceed 4} per centum per annum, compounded annually. If at the time of appli- cation to the Administrator of Veterans’ Affairs for 8 loan the principal and interest on or in respect of any prior loan under this section have not been paid in full by the veteran (whether or not the loan has matured), then, on request of the veteran, the Administrator shall (1) pay or otherwise discharge such unpaid principal and so much of such unpaid interest (accrued or to accrue) as is necessary to make the certificate available for use as security for the new loan and (2) deduct the same from the then existing loan basis of the certificate. (m) Loans made by the Administrator of Veterans Affairs under this section may at his option be made out of the United States Government life insurance fund, or out of the Adjusted Service Certificate Fund created under section 505. Sec. 503. No certificate issued or right conferred under the provisions of this title shall, except as provided in section 502, be negotiable or assignable or serve as security for a loan. Any negotiation, assignment, or loan made in violation of any provision of this section shall be held void. If any person is named as beneficiary by the veteran as a consideration for the making of a

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