Lapas attēli
PDF
ePub

Sec.

CHAPTER THIRTEEN A

Postal Savings Depositories

This chapter, inserted here as additional to the original chapters of Title XLVI of the Revised Statutes, includes the Postal Savings Depositories Act of June 25, 1910, c. 386, and subsequent provisions relating to such depositories.

7580. Board of trustees for control,. etc., of postal savings depository offices; composition of board; power to make regulations; annual report to Congress.

7581. Special stamps for free mail resulting from act.

7582. Designation of postal savings depository offices; hours for busi

ness.

7583. Persons who may open accounts and make deposits; no person to have more than one account. 7584. Pass books; entries therein of deposits and withdrawals; other devices as means of evidence thereof.

7585. Deposits; restrictions of amount; postal savings cards and postal savings stamps for small amounts, and deposits thereof; preparation of cards and stamps. 7586. Interest on deposits; limitation of balance to credit of one per

son.

7587. Withdrawals; payment from deposits; banks not to receive exchange or other fees, etc. 7588. Deposits of savings funds in banks; interest; reserve; security from banks; distribution of deposits locally; deposits with treasurer of board of trustees; withdrawals; investment of part of funds in United States bonds, etc.; application of interest, etc., accruing; disposal of bonds held as investments; definition of "Territory" and "bank," for purposes of act.

7589. Bonds to be issued to depositors on surrender of deposits; interest; payment; conditions of issue, and regulations; investment of savings funds in bonds; (3378)

Sec.

exemption from taxation; bonds not receivable as security for circulating notes of national banks.

7590. Investment by trustees of savings funds in United States bonds subject to call for redemption; reissue of bonds to trustees, and redemption from trustees. 7591. Savings funds to be kept sepa

rate; accountability therefor; amount of any deposit not to be disclosed; application of laws relating to keeping of and accounting for postal receipts; additional bonds of post-masters, etc.

7592. Additional compensation to postmasters of fourth class; amount and payment; no additional compensation to other postmasters, etc.

7593. Duties of postmasters and other postal officers, etc., under act; regulations.

7594. Application to postal savings depository funds and business, etc., of safeguards for protection of public moneys and of laws relating to offenses against the postal service.

7595. Faith of United States pledged to payment of deposits.

7596. Judgment, etc., of court adjudicating right or interest in deposit, duly authenticated, conclusive; payment of deposit in accordance therewith. 7597. Powers of Postmaster General as to designation of postal savings depository offices, compensation of superintendents, inspectors, etc., prescribing hours during which offices shall remain open, and regulations as to deposits and withdrawals.

§ 7580. (Act June 25, 1910, c. 386, § 1.) Board of trustees for control, etc., of postal savings depository offices; composition of board; power to make regulations; annual report to Congress.

That there be, and is hereby, created a board of trustees for the control, supervision, and administration of the postal savings depository offices designated and established under the provisions of this Act, and of the funds received as deposits at such postal savings depository offices by virtue thereof. Said board shall consist of the Postmaster-General, the Secretary of the Treasury, and the AttorneyGeneral, severally, acting ex officio, and shall have power to make all necessary and proper regulations for the receipt, transmittal, custody, deposit, investment, and repayment of the funds deposited at postal savings depository offices.

The board of trustees shall submit a report to Congress at the beginning of each regular session showing by States and Territories (for the preceding fiscal year) the number and names of post-offices receiving deposits, the aggregate amount of deposits made therein, the aggregate amount of withdrawals therefrom, the number of depositors in each, the total amount standing to the credit of all depositors at the conclusion of the year, the amount of such deposits at interest, the amount of interest received thereon, the amount of interest paid thereon, the amount of deposits surrendered by depositors for bonds issued by authority of this Act, and the number and amount of unclaimed deposits. Also the amount invested in government securities by the trustees, the amount of extra expense of the Post-Office Department and the postal service incident to the operation of the postal savings depository system, the amount of work done for the savings depository system by the Post-Office Department and postal service in the transportation of free mail, and all other facts which it may deem pertinent, and proper to present. (36 Stat. 814.)

This section and the sixteen sections next following were an act entitled "An act to establish postal savings depositories for depositing savings at interest with the security of the Government for repayment thereof, and for other purposes."

The Postmaster General was required to make rules and regulations with respect to deposits and withdrawals of moneys and the issue of pass books, etc., as evidence thereof, by a modification of the provisions of this act by Act Aug. 24, 1912, c. 389, § 10, post, § 7597.

§ 7581. (Act June 25, 1910, c. 386, § 2.) Special stamps for free mail resulting from act.

The Postmaster-General is hereby directed to prepare and issue special stamps of the necessary denominations for use in lieu of penalty or franked envelopes, in the transmittal of free mail resulting from the administration of this Act. (36 Stat. 815.)

§ 7582. (Act June 25, 1910, c. 386, § 3.) Designation of postal savings depository offices; hours for business.

Said board of trustees is hereby authorized and empowered to designate such post-offices as it may select to be postal savings depository offices, and each and every post-office so designated by order

of said board is hereby declared to be a postal savings depository office within the meaning of this Act and to be authorized and required to receive deposits of funds from the public and to account for and dispose of the same, according to the provisions of this Act and the regulations made in pursuance thereof. Each postal savings depository office shall be kept open for the transaction of business during such hours as the Postmaster-General, with the approval of the board of trustees, shall direct. (36 Stat. 815.)

The Postmaster General was required to designate the post-offices which are to be postal savings depository offices, and to prescribe the hours during which they shall remain open, by a modification of the provisions of this act by Act Aug. 24, 1912, c. 389, § 10, post, § 7597.

§ 7583. (Act June 25, 1910, c. 386, § 4.) Persons who may open accounts and make deposits; no person to have more than one account.

Accounts may be opened and deposits made in any postal savings depository established under this Act by any person of the age of ten years or over, in his or her own name, and by a married woman in her own name and free from any control or interference by her husband; but no person shall at the same time have more than one postal savings account in his or her own right. (36 Stat. 815.)

§ 7584. (Act June 25, 1910, c. 386, § 5.) Pass books; entries therein of deposits and withdrawals; other devices as means of evidence thereof.

The postmaster at a postal savings depository office shall, upon the making of an application to open an account under this Act and the submission of an initial deposit, deliver to the depositor a pass book free of cost, upon which shall be written the name and signature or mark of the depositor and such other memoranda as may be necessary for purposes of identification, in which pass book entries of all deposits and withdrawals shall be made in both figures and writing: Provided, That the Postmaster-General may, with the approval of the board of trustees, adopt some other device or devices in lieu of a pass book as a means of making and preserving evidence of deposits and withdrawals. (36 Stat. 815.)

§ 7585. (Act June 25, 1910, c. 386, § 6.) Deposits; restrictions of amount; postal savings cards and postal savings stamps for small amounts, and deposits thereof; preparation of cards and stamps.

At least one dollar, or a larger amount in multiples thereof, must be deposited before an account is opened with the person depositing the same, and one dollar, or multiples thereof, may be deposited after such account has been opened, but no one shall be permitted to deposit more than one hundred dollars in any one calendar month: Provided, That in order that smaller amounts may be accumulated for deposit any person may purchase for ten cents from any depository office a postal savings card to which may be attached specially prepared adhesive stamps, to be known as "postal savings stamps," and when the stamps so attached amount to one dollar, or a

larger sum in multiples thereof, including the ten-cent postal savings card, the same may be presented as a deposit for opening an account, and additions may be made to any account by means of such card and stamps in amounts of one dollar, or multiples thereof, and when a card and stamps thereto attached are accepted as a deposit the postmaster shall immediately cancel the same. It is hereby made the duty of the Postmaster-General to prepare such postal savings cards and postal savings stamps of denominations of ten cents, and to keep them on sale at every postal savings depository office, and to prescribe all necessary rules and regulations for the issue, sale, and cancellation thereof. (36 Stat. 815.)

§ 7586. (Act June 25, 1910, c. 386, § 7.) Interest on deposits; limitation of balance to credit of one person.

Interest at the rate of two per centum per annum shall be allowed and entered to the credit of each depositor once in each year, the same to be computed on such basis and under such rules and regulations as the board of trustees may prescribe; but interest shall not be computed or allowed on fractions of a dollar: Provided, That the balance to the credit of any one person shall never be allowed to exceed five hundred dollars, exclusive of accumulated interest. (36 Stat. 816.)

§ 7587. (Act June 25, 1910, c. 386, § 8.) Withdrawals; payment from deposits; banks not to receive exchange or other fees, etc. Any depositor may withdraw the whole or any part of the funds deposited to his or her credit, with the accrued interest, upon demand and under such regulations as the board of trustees may prescribe. Withdrawals shall be paid from the deposits in the State or Territory, so far as the postal funds on deposit in such State or Territory may be sufficient for the purpose, and, so far as practicable, from the deposits in the community in which the deposit was made. No bank in which postal savings funds shall be deposited shall receive any exchange or other fees or compensation on account of the cashing or collection of any checks or the performance of any other service in connection with the postal savings depository system. (36 Stat. 816.)

§ 7588. (Act June 25, 1910, c. 386, § 9.) Deposits of savings funds in banks; interest; reserve; security from banks; distribution of deposits locally; deposits with treasurer of board of trustees; withdrawals; investment of part of funds in United States bonds, etc.; application of interest, etc., accruing; disposal of bonds held as investments; definition of "Territory" and "bank," for purposes of act.

Postal savings funds received under the provisions of this Act shall be deposited in solvent banks, whether organized under national or state laws, 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 with the Treasurer of the United States, who shall be treasurer of the board of trustees, in lawful money as a reserve. The board of trustees shall take from such banks such security in public bonds or other securities, supported by the taxing power, as the board may prescribe, approve, and deem sufficient and necessary to insure the safety and prompt payment of such deposits on demand. The funds received at the postal savings depository offices in each city, town, village, and other locality shall be deposited in banks located therein (substantially in proportion to the capital and surplus of each such bank) willing to receive such deposits under the terms of this Act and the regulations made by authority thereof, but the amount deposited in any one bank shall at no time exceed the amount of the paid-in capital and one-half the surplus of such bank. If no such bank exist in any city, town, village, or locality, or if none where such deposits are made will receive such deposits on the terms prescribed, then such funds shall be deposited under the terms of this Act in the bank most convenient to such locality. If no such bank in any State or Territory is willing to receive such deposits on the terms prescribed, then the same shall be deposited with the treasurer of the board of trustees, and shall be counted in making up the reserve of five per 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 banks and savings depository offices for the repayment of postal savings depositors when required for that purpose. Not exceeding thirty per centum of the amount of such funds may at any time be withdrawn by the trustees for investment in bonds or other securities of the United States, it being the intent of this Act that the residue of such funds, amounting to sixty-five per centum thereof, shall remain on deposit in the banks in each State and Territory willing to receive the same under the terms of this Act, and shall be a working balance and also a fund which may be withdrawn for investment in bonds or other securities of the United States, but only by direction of the President, and only when, in his judgment, the general welfare and the interests of the United States so require. 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, 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 meet withdrawals of deposits by depositors. For the purposes of this Act the word "Territory," as used herein, shall be held to include the District of Columbia

« iepriekšējāTurpināt »