f 
o 
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Administration 
expenses. 
Postal savings 
bank reserve 
fund. 
APPENDIX B 
all of the following ways, and in no others, in 
such amounts and under such regulations as the 
postal savings bank investment board shall de 
termine, unless otherwise provided by this Act: 
1. Investment in bonds or other evidences of 
indebtedness of the United States. 
2. Investment in bonds or other evidences of 
indebtedness of the Insular Government of the 
Philippine Islands, of the city of Manila, and 
of any municipality in the Islands having a paid- 
up capital of one million five hundred thousand 
pesos or over: Provided, however, That not ex 
ceeding ten per centum of the total deposits shall 
be invested in such stocks or shares. 
Sec. 19. All expenses properly chargeable to 
the administration of the Postal Savings Bank 
shall be paid from the profits arising from the in 
vestment of the postal savings bank funds : 
Provided, That if the profits arising from said 
investments are not sufficient during any year, 
together with the reserve fund accrued as here 
inafter provided, to pay the interest upon the 
deposits and the expenses of administration, 
there shall be appropriated out of the general 
funds of the Insular Treasury, not otherwise ap 
propriated at the time, sufficient funds to cover 
the deficit so created. 
Sec. 20. Should the earnings of any fiscal 
year exceed the amount necessary for the pay 
ment of interest and the expenses of adminis 
tration, the surplus shall be set aside as a special 
fund to be known as the postal savings bank re 
serve fund and as such shall be invested and 
permitted to accumulate until it shall equal five 
per centum of the interest-bearing deposits of 
the Postal Savings Bank. This fund shall be a 
trust fund and shall be used for no other pur 
pose than to meet deficits in those years in which 
the earnings of the Postal Savings Bank shall