APPENDIX B 
165 
same manner as other property in accordance 
with the provisions of existing law. 
Sec. 17. (a) No postal savings bank deposit 
shall be subject to taxation by the Insular Gov 
ernment, or any provincial or municipal govern 
ment in the Philippine Islands. 
(6) The deposit book of a depositor in the 
Postal Savings Bank shall not be a proper se 
curity for a loan, debt, or obligation of any kind, 
and no such claim of any person, firm, or corpor 
ation holding a deposit book of the Postal Sav 
ings Bank shall be recognized as a valid claim 
against a depositor’s account. 
(e) Deposits in the Postal Savings Bank 
which bear interest in accordance with the pro 
visions of section ten of this Act shall not be 
liable to attachment for debt: Provided, That 
amounts to the credit of any depositor in excess 
of the limit upon which interest is payable shall 
be attachable the same as deposits in other bank 
ing institutions. 
Sec. 18. (a) The investment of the funds 
of the Postal Savings Bank shall be in charge of 
a board to be known as the postal savings bank 
investment board, which shall be composed of 
the Secretary of Commerce and Police, the Sec 
retary of Finance and Justice, the Director of 
Posts, the Insular Treasurer, and a business man 
to be appointed by the Governor-General, who 
shall serve without compensation. It shall be 
the duty of the postal savings bank investment 
board to invest the funds of the Postal Savings 
Bank as hereinafter provided, taking sufficient 
and proper security for investments made, and 
to perform such other duties as the proper in 
vestment and administration of the funds of 
the Postal Savings Bank shall require. 
(6) The funds received upon deposit by the 
Postal Savings Bank shall be invested in any or 
Deposits ex 
empt from 
taxation. 
Deposits not 
attachable for 
debt. 
The postal sav 
ings bank in- 
vestment 
board. 
Investments 
eligible for 
postal savings 
bank funds.