APPENDIX  A

149

centum.  Such  funds  may  be  withdrawn  from
the  treasurer  of  said  board  of  trustees,  and  all
other  postal  savings  funds,  or  any  part  of  such
funds,  may  be  at  any  time  withdrawn  from  the
banks  and  savings  depository  offices  for  the  repayment ­
  of  postal  sayings  depositors  when  required ­
  for  that  purpose.  If  at  any  time  the
postal  savings  deposits  in  any  State  or  Territory ­
  shall  exceed  the  amount  which  the  qualified
banks  therein  are  willing  to  receive  under  the
terms  of  this  act,  and  such  excess  amount  is  not
required  to  make  up  the  reserve  fund  of  five  per
centum  hereinbefore  provided  for,  the  board  of
trustees  may  invest  all  or  any  part  of  such  excess ­
  amount  in  bonds  or  other  securities  of  the
United  States.  When,  in  the  judgment  of  the
President,  the  general  welfare  and  interests  of
the  United  States  so  require,  the  board  of  trustees ­
  may  invest  all  or  any  part  of  the  postal
savings  funds,  except  the  reserve  fund  of  five
per  centum  herein  provided  for,  in  bonds  or
other  securities  of  the  United  States.  The  board
of  trustees  may  in  its  discretion  purchase  from
the  holders  thereof  bonds  which  have  been  or
may  be  issued  under  the  provisions  of  section
ten  of  the  act  of  June  twenty-fifth,  nineteen
hundred  and  ten.  Interest  and  profit  accruing
from  the  deposits  or  investment  of  postal  savings
funds  shall  be  applied  to  the  payment  of  interest
due  to  postal  savings  depositors,  as  hereinbefore
provided,  and  the  excess  thereof,  if  any,  shall
be  covered  into  the  Treasury  of  the  United
States  as  a  part  of  the  postal  revenue:  Provided
further,  That  postal  savings  funds  in  the  treasury ­
  of  said  board  shall  be  subject  to  disposition
as  provided  in  this  act,  and  not  otherwise:  And
provided  further,  That  the  board  of  trustees
may  at  any  time  dispose  of  bonds  held  as  postal
savings  investments  and  use  the  proceeds  to

All  funds
available  for
repayment  of
depositors.

Excess  deposits
in  any  State
may  be  invested ­
  in  United
States  bonds.

All  funds  except ­
  reserve
may  be  invested ­
  by  direction ­
  of  the
President.

Board  of  trustees ­
  may  purchase ­
  postal
savings  bonds
from  holders.

Interest  and
profit  applied
to  payment  of
interest.

Excess  to  be
covered  into
postal  revenue. ­

Unauthorized
disposition  of
funds  forbidden. ­

Disposal
of  investment
bonds  to  meet
withdrawals.