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  Government, ­
  or  any  provincial  or  municipal  government ­
  in  the  Philippine  Islands.
(6)  The  deposit  book  of  a  depositor  in  the
Postal  Savings  Bank  shall  not  be  a  proper  security ­
  for  a  loan,  debt,  or  obligation  of  any  kind,
and  no  such  claim  of  any  person,  firm,  or  corporation ­
  holding  a  deposit  book  of  the  Postal  Savings ­
  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  provisions ­
  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  banking ­
  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  Secretary ­
  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  investment ­
  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  exempt ­
  from
taxation.

Deposits  not
attachable  for
debt.

The  postal  savings ­
  bank  investment

board.

Investments
eligible  for
postal  savings
bank  funds.