140

APPENDIX  A

l'y

0

under  authority  of  this  act  shall  be  in  lieu  of
the  issue  of  a  like  amount  of  bonds  issuable  under ­
  authority  of  law  other  than  that  contained
in  this  act:  Provided  further,  That  the  bonds
authorized  by  this  act  shall  be  issued  by  the
Son?  rC 5  Secretary  of  the  Treasury  under  such  regulations ­
  as  he  may  prescribe:  And  provided  further,
That  the  authority  contained  in  section  nine
of  this  act  for  the  investment  of  postal  savings
funds  in  United  States  bonds  shall  include  the
authority  to  invest  in  the  bonds  herein  authorized
whenever  such  bonds  may  be  lawfully  issued:
A?id  provided  further,  That  the  bonds  herein
authorized  shall  be  exempt  from  all  taxes  or
duties  of  the  United  States  as  well  as  from  taxation ­
  in  any  form  by  or  under  State,  municipal,
Not  receivable  or  local  authority  :  And  provided  further,  That
issue^of y  dr-  n0  bonds  authorized  by  this  act  shall  be  receivacuiating
  notes  ble  by  the  Treasurer  of  the  United  States  as
security  for  the  issue  of  circulating  notes  by
national  banking  associations.
Sec.  11.  That  whenever  the  trustees  of  the
postal  savings  fund  have  in  their  possession
funds  available  for  investment  in  United  States
bonds  they  may  notify  the  Secretary  of  the
Treasury  of  the  amount  of  such  funds  in  their
hands  which  they  desire  to  invest  in  bonds  of  the
United  States  subject  to  call,  whereupon,  if
called  there  are  United  States  bonds  subject  to  call,

Secretary
Treasury

bond  issue.
Board  of  trustees ­
  may  invest ­
  in  postal ­
  savings
bonds.

Exempt  from
taxation.

by  national
banks.

Investment  in
United  States
bonds.

Bonds
for

redempthe

  Secretary  of  the  Treasury  shall  call  for  redemption ­
  an  amount  of  such  bonds  equal  to  the
amount  of  the  funds  in  the  hands  of  the  trustees
which  the  trustees  desire  to  thus  invest,  and  the
bonds  so  called  shall  be  redeemed  at  par  with
accrued  interest  at  the  Treasury  of  the  United
States  on  and  after  three  months  from  the  date
of  such  call,  and  interest  on  the  said  bonds  shall
Bonds  reissued  thereupon  cease:  Provided,  That  the  said  bonds
trustees^ d  ^  when  redeemed  shall  be  reissued  at  part  to  the