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 un 
der 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 regula 
tions 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 taxa 
tion 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 receiva- 
cuiating 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 trus 
tees may in 
vest in pos 
tal savings 
bonds. 
Exempt from 
taxation. 
by national 
banks. 
Investment in 
United States 
bonds. 
Bonds 
for 
redemp- 
the Secretary of the Treasury shall call for re 
demption 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