APPENDIX A
147
paid any additional compensation for the transaction
of postal savings depository business.”
Approved, September 23, 1914.
AN ACT TO AMEND THE ACT APPROVED JUNE
TWENTY-FIFTH, NINETEEN HUNDRED AND TEN,
AUTHORIZING THE POSTAL SAVINGS SYSTEM, AND
FOR OTHER PURPOSES.
Be is enacted by the Senate and House of
Representatives of the United States of America
in Congress assembled, That such part of section
six of the . . . [postal savings act], as reads
“but no one shall be permitted to deposit more
than $100 in any one calender month” is hereby
amended to read as follows: “but the balance to
the credit of any person, upon which interest is
payable, shall not exceed $1,000, exclusive of
accumulated interest”; and said act is further
amended so that the proviso in section seven
thereof shall read as follows: "Provided, That
the board of trustees may, in their discretion,
and under such regulations as such board may
promulgate, accept additional deposits not to
exceed in the aggregate $1,000 for each depositor,
but upon which no interest shall be paid.”
Sec. 2. That postal savings funds received
under the provisions of this act shall be deposited
in solvent banks, whether organized under National
or State laws, and whether member banks
or not of the Federal reserve system established
by the act approved December twenty-third,
nineteen hundred and thirteen, being subject to
National or State supervision and examination,
and the sums deposited shall bear interest at the
rate of not less than two and one-fourth per
centum per annum, which rate shall be uniform
throughout the United States and Territories
thereof ; but five per centum of such funds shall
be withdrawn by the board of trustees and kept
Monthly limitation
removed.
Maximum interest-bearing
balance to the
credit of a depositor.
Additional noninterest-bear
deposits.
Depository
banks.
Minimum rate
of interest.
Rate to be uniform.
Five per cent
reserve.
