SILVER PURCHASE

§§ 448-448e. Repealed. Pub. L. 88-36, title I, § 1, June 4, 1963, 77 Stat. 54.

Sections 448, 448a, act June 19, 1934, ch. 674, §§ 1, 9, 48 Stat. 1178, 1181, declared the short title for the silver provisions to be the "Silver Purchase Act of 1934" and authorized the issuance of rules and regulations, respectively.

Section 448b, acts June 19, 1934, ch. 674, § 10, 48 Stat. 1181; June 25, 1959, Pub. L. 86-70, § 26, 73 Stat. 147, defined "person", "the continental United States", "monetary value", "stocks of silver" and "stocks of gold".

Sections 448c-448e, act June 19, 1934, ch. 674, §§ 11-13, 48 Stat. 1181, authorized appropriations, reserved the right to amend or repeal the silver purchase provisions and provided for a separability clause, and repealed inconsistent laws and declared the authority of the President and the Secretary of the Treasury to be supplemental to other conferred authority, respectively.

Sec.

Chapter 10.-THE PUBLIC MONEYS

530a. Same; payment in advance of subscription or other charges for newspapers, magazines, periodicals, and other publications [New].

§ 528. Duplicates for lost, stolen, destroyed, mutilated or defaced checks.

(e) Repealed. Pub. L. 86-682, § 12(c), Sept. 2, 1960, 74 Stat. 708, eff. Sept. 1, 1960.

(As amended Sept. 2, 1960, Pub. L. 86–682, § 12(c), 74 Stat. 708.)

AMENDMENTS

1960-Subsec. (e). Pub. L. 86-682 repealed subsec. (e) which related to the issuance of substitute checks when an original check of the Post Office Department was lost, stolen or destroyed. See section 2411 of revised Title 39, The Postal Service.

§ 529. Advances of public moneys; prohibition against.

CROSS REFERENCES

Foreign Service buildings construction, alteration and repair contracts to be negotiated and performed without regard to provisions of this section, see section 294 of Title 22, Foreign Relations and Intercourse.

International Health Research Act of 1960, making fellowship grants to public and nonprofit private institutions and agencies and individuals in participating foreign countries and contracts with such persons without regard to the provisions of this section, see section 2103 of Title 22, Foreign Relations and Intercourse.

§ 530. Same; payment in advance for periodicals.

CODIFICATION

Section, acts Mar. 3, 1905, ch. 1483, § 1, 33 Stat. 1182; Mar. 4, 1909, ch. 301, 35 Stat. 1054; Apr. 27, 1914, ch. 72, 38 Stat. 362; Mar. 3, 1915, ch. 83, 38 Stat. 929; Mar. 4, 1915, ch. 141, § 5, 38 Stat. 1049; June 7, 1924, ch. 292, § 1, 43 Stat. 533; June 12, 1930, ch. 470, 46 Stat. 580; July 3, 1930, ch. 863, §§ 1, 2, 46 Stat. 1016; June 28, 1950, ch. 383, title IV, § 402(1), 64 Stat. 273, which authorized advance payment for periodicals, magazines, newspapers and other publications is omitted. Provisions of this section which were based on act June 12, 1930, are transferred to section 530a of this title. Act Mar. 3, 1905, was repealed by act June 27, 1952, ch. 477, title IV, § 403 (a) (9), 66 Stat. 279. Acts Mar. 4, 1909, Apr. 27, 1914, Mar. 3, 1915, Mar. 4, 1915, and June 7, 1924, were repealed by Pub. L. 87-91, § 2, July 20, 1961, 75 Stat. 211.

§ 530a. Same; payment in advance of subscription or other charges for newspapers, magazines, periodicals, and other publications.

Subscription or other charges for newspapers, magazines, periodicals, and other publications for

Act July 3, 1942, ch. 484, 56 Stat. 645, cited to the credit of this section, was repealed by Pub. L. 87-651, title III, § 307A, Sept. 7, 1962, 76 Stat. 526.

§ 649a. Appropriations of Air Force, Army, and Navy available for pay and allowances of prisoners of war and similar persons.

Any appropriation available to the Army, Navy, or the Air Force may, under such regulations as the Secretary concerned may prescribe, be used for expenses incident to the maintenance, pay, and allowances of prisoners of war, other persons in Army, Navy, or Air Force custody whose status is determined by the Secretary concerned to be similar to prisoners of war, and persons detained in such custody pursuant to Presidential proclamation. (Pub. L. 86-166, title V, § 604, Aug. 18, 1959, 73 Stat. 378; Pub. L. 86-601, title V, § 504, July 7, 1960, 74 Stat. 350; Pub. L. 87-144, title VI, § 604, Aug. 17, 1961, 75 Stat. 375; Pub. L. 87-577, title V, § 504, Aug. 9, 1962, 76 Stat. 328; Pub. L. 88-149, title V, § 504, Oct. 17, 1963, 77 Stat. 264.)

§ 665. Appropriations.

CROSS REFERENCE

Peace Corps program, Presidential acceptance and employment of voluntary services, see section 2509 of Title 22, Foreign Relations and Intercourse.

§ 686. Purchase or manufacture of stores or materials or performance of services by bureau or depart. ment for another bureau or department.

EFFECTIVE DATE OF 1958 AMENDMENT Section 1505(2) of Pub. L. 85-726, title XV, Aug. 23, 1958, 72 Stat. 810, provided that the amendment of this section by Pub. L. 85-726 shall be effective on the 60th

day following the date on which the Administrator of the Federal Aviation Agency first appointed under Pub. L. 85-726 qualifies and takes office. The Administrator was appointed, qualified and took office on October 31. 1958.

§ 691. Independent offices appropriations available for expenses of certain committees, boards, and interagency groups.

FEDERAL COUNCIL FOR SCIENCE AND TECHNOLOGY Agency assistance to and establishment of standing committees and panels of the Federal Council for Science and Technology, see Ex. Ord. No. 10807, set out as a note under section 1862 of Title 42, The Public Health and Welfare.

§ 695. Post Office Department appropriations; conditions precedent to withdrawal from general fund of Treasury.

Hereafter, none of the funds appropriated to the Post Office Department from the general fund of the Treasury shall be withdrawn from the Treasury until the Postmaster General shall certify in writing that he has requested the consent of the Interstate Commerce Commission to the establishment of such rate increases or other reformations (in addition to any specific increases or other reformations heretofore or hereafter authorized or prescribed by law), pursuant to the provisions of section 207 of the Act of February 28, 1925, as amended, as may be necessary to insure (1) that the revenues from fourthclass mail service will not exceed by more than 4 per centum the costs thereof and (2) that the costs of such fourth-class mail service will not exceed by more than 4 per centum the revenues therefrom: Provided, That the foregoing shall not be construed to require any increase in the postage rate, established by the Act of April 15, 1937, for publications or records furnished to a blind person. (Sept. 27, 1950, ch. 1052, ch. IV, § 101, 64 Stat. 1050; May 27, 1958, Pub. L. 85-426, title II, § 213, 72 Stat. 143.)

REFERENCES IN TEXT

Section 207 of the Act of February 28, 1925, as amended, referred to in the text, is set out as a note under this section.

The Act of April 15, 1937, referred to in the text, was repealed and is now covered by section 4653 (b) of Title 39, The Postal Service.

REFORMATION OF CLASSIFICATION, WEIGHT LIMIT, RATES, ZONE OR ZONES OR CONDITIONS, OF FOURTH-CLASS MAIL MATTER

Act Feb. 28, 1925, ch. 368, § 207(b), 43 Stat. 1067, as amended May 29, 1928, ch. 856, § 7, 45 Stat. 942, provided that: "The classification of articles mailable, as well as the weight limit, the rates of postage, zone or zones, and other conditions of mailability under this section [see sections 4002, 4551, 4555 of Title 39], if the Postmaster General shall find on experience that they or any of them are such as to prevent the shipment of articles desirable, or to permanently render the cost of the service greater than the receipts of the revenue therefrom, he is hereby directed, subject to the consent of the Interstate Commerce Commission after investigation, to re-form from time to time such classifications, weight limit, rates, zone or zones or conditions, or either in order to promote the service to the public or to insure the receipt of revenue from such service adequate to pay the cost thereof."

THREE-YEAR SUSPENSION OF RESTRICTIONS ON WITHDRAWAL FROM TREASURY OF APPROPRIATIONS

Pub. L. 88-51, June 29, 1963, 77 Stat. 71, provided that this section "shall not be in effect during the period beginning on July 1, 1963, and ending June 30, 1966."

§ 699. National Aeronautics and Space Administration appropriations; availability of certain appropriations without fiscal year limitation.

When so specified in an appropriation Act for the National Aeronautics and Space Administration, any amount appropriated for "Research and development" or for "Construction of facilities" may remain available without fiscal year limitation. (Pub. L. 88-113, § 1(e), Sept. 6, 1963, 77 Stat. 142.) SIMILAR PROVISIONS

Similar provisions were contained in the following prior appropriation Act:

1962-Pub. L. 87-584, § 1(d), Aug. 14, 1962, 76 Stat. 382. 1960-Pub. L. 86-481, § 1(g), June 1, 1960, 74 Stat. 151.

APPROPRIATION ACCOUNTS

§ 701. Accounting procedure.

(a) Transfer of obligated balances; withdrawal and restoration of unobligated balances.

The account for each appropriation available for obligation for a definite period of time shall be closed as follows:

(2) Upon the expiration of the period of availability for obligation, the unobligated balance shall be withdrawn and, if the appropriation was derived in whole or in part from the general fund, shall revert to such fund, but if the appropriation was derived solely from a special or trust fund, shall revert, unless otherwise provided by law, to the fund from which derived: Provided, That when it is determined necessary by the head of the agency concerned that a portion of the unobligated balance withdrawn is required to liquidate obligations and effect adjustments, such portion of the unobligated balance may be restored to the appropriate accounts.

(c) Definition of obligated and unobligated balance; collections received after transfer of obligated balance.

For the purposes of sections 701-708 of this title, the obligated balance of an appropriation account as of the close of the fiscal year shall be the amount of unliquidated obligations applicable to such appropriation less the amount collectible as repayments to the appropriation; the unobligated balance shall represent the difference between the obligated balance and the total unexpended balance. Collections authorized to be credited to an appropriation but not received until after the transfer of the obligated appropriation balance as required by subsection (a) (1) of this section, shall, unless otherwise authorized by law, be credited to the account into which the obligated balance has been transferred, except that any collection made by the General Accounting Office for other Government agencies may be deposited into the Treasury as miscellaneous receipts.

1959-Subsec. (c). Pub. L. 86-79 eliminated words "reported pursuant to section 200 (b) of this title," following "the difference between the obligated balance."

PERMANENT ANNUAL APPROPRIATIONS

§ 724. Utilization of foreign credits authorized in general appropriation Acts.

CROSS REFERENCES

International Health Research Act of 1960, use of foreign currencies available for utilization by the United States to carry out the purposes of, and subject to the provisions of this section, see section 2103 of Title 22, Foreign Relations and Intercourse.

§ 724a. Appropriations for payment of judgments and compromise settlements against the United States. There are appropriated, out of any money in the Treasury not otherwise appropriated, and out of the postal revenues, respectively, such sums as may on and after July 27, 1956 be necessary for the payment, not otherwise provided for, as certified by the Comptroller General, of final judgments and compromise settlements (not in excess of $100,000, or its equivalent in foreign currencies at the time of payment, in any one case) which are payable in accordance with the terms of sections 2414 or 2517 of Title 28, together with such interest and costs as may be specified in such judgments or otherwise authorized by law: Provided, That, whenever a judgment of a district court to which the provisions of section 2411(b) of Title 28 apply, is payable from this appropriation, interest shall be paid thereon only when such judgment becomes final after review on appeal or petition by the United States, and then only from the date of the filing of the transcript thereof in the General Accounting Office to the date of the mandate of affirmance (except that in cases reviewed by the Supreme Court interest shall not be allowed beyond the term of the Court at which the judgment was affirmed): Provided further, That whenever a judgment rendered by the Court of Claims is payable from this appropriation, interest payable thereon in accordance with section 2516(b) of Title 28 shall be computed from the date of the filing of the transcript thereof in the General Accounting Office. (As amended Aug. 30, 1961, Pub. L. 87-187, § 3, 75 Stat. 416.)

AMENDMENTS

1961-Pub. L. 87-187 substituted "final judgments and compromise settlements (not in excess of $100,000, or its equivalent in foreign currencies at the time of payment, in any one case) which are payable in accordance with the terms of sections 2414 or 2517 of Title 28" for "judgments (not in excess of $100,000 in any one case) rendered by the district courts and the Court of Claims against the United States which have become final.”

PERMANENT APPROPRIATIONS REPEAL

§ 725v. Moneys in registry of any United States courts; disposition; disposition of all fees and other collections; exceptions.

ADMISSION OF ALASKA AS STATE Admission of Alaska into the Union was accomplished Jan. 3, 1959, upon issuance of Proc. No. 3269, Jan. 5, 1959, 24 F.R. 81, 73 Stat. c16, as required by sections 1 and 8(c) of Pub. L. 85-508, July 7, 1958, 72 Stat. 339, set out as notes preceding section 21 of Title 48, Territories and Insular Possessions.

Sec.

Chapter 12.-THE PUBLIC DEBT 757c-1. United States savings bonds; interest [New]. §§ 734a, 734b. Repealed. Pub. L. 88-36, title I, § 1, June 4, 1963, 77 Stat. 54.

Sections 734a, 734b, act June 19, 1934, ch. 674, §§ 3, 4 48 Stat. 1178, provided for the purchase and sale of silver, respectively.

§ 742. Exemption from taxation.

Except as otherwise provided by law, all stocks, bonds, Treasury notes, and other obligations of the United States, shall be exempt from taxation by or under State or municipal or local authority. This exemption extends to every form of taxation that would require that either the obligations or the interest thereon, or both, be considered, directly or indirectly, in the computation of the tax, except nondiscriminatory franchise or other nonproperty taxes in lieu thereof imposed on corporations and except estate taxes or inheritance taxes. (As amended Sept. 22, 1959, Pub. L. 86-346, title I, § 105 (a), 73 Stat. 622.)

AMENDMENTS

1959-Pub. L. 86-346 added second sentence.

§ 742a. Same; by Federal tax Acts.

(a) Interest upon obligations, and dividends, earnings, or other income from shares, certificates, stock, or other evidences of ownership, and gain from the sale or other disposition of such obligations and evidences of ownership issued on or after March 28, 1942, by the United States or any agency or instrumentality thereof shall not have any exemption, as such, and loss from the sale or other disposition of such obligations or evidences of ownership shall not have any special treatment, as such, except as provided under the Internal Revenue Code of 1954; except that any such obligations which the United States Maritime Commission or the Federal Housing Administration had, prior to March 1, 1941, contracted to issue at a future date, shall when issued bear such tax-exemption privileges as were, at the time of such contract, provided in the law authorizing their issuance. For the purposes of this subsection a Territory, a possession of the United States, and the District of Columbia, and any political subdivision thereof, and any agency or instrumentality of any one or more of the foregoing, shall not be considered as an agency or instrumentality of the United States.

(As amended Sept. 22, 1959, Pub. L. 86-346, title II, § 202, 73 Stat. 624.)

REFERENCES IN TEXT

The Internal Revenue Code of 1954, referred to in subsec. (a), is contained in Title 26, Internal Revenue Code.

AMENDMENTS

1959--Subsec. (a). Pub. L. 86-346 substituted "except as provided under the Internal Revenue Code of 1954" for "under the Internal Revenue Code, or laws amendatory or supplementary thereto."

EFFECTIVE DATE OF 1959 AMENDMENT Amendment of section by Pub. L. 86-346 effective for taxable years ending after Sept. 22, 1959, see section 208 of Pub. L. 86-346, set out as a note under section 1037 of Title 26, Internal Revenue Code.

§ 747. Repealed. Pub. L. 86-346, title I, § 105(b)(2), Sept. 22, 1959, 73 Stat. 622.

Section, act Sept. 24, 1917, ch. 56, § 7, 40 Stat. 291, related to tax exemptions of second and subsequent Liberty loans. See section 742 of this title.

STATUS OF OUTSTANDING OBLIGATIONS

Pub. L. 86-346, title I, § 105(b), Sept. 22, 1959, 73 Stat. 622, provided in part that the repeal of this section and sections 753(b), 754 (b), (d) and 757c (d) of this title, relating to tax-exempt status of United States obligations, did not change the status of outstanding obligations.

1959-Pub. L. 86-346 repealed subsecs. (b) and (d) which related to exemption from taxation of certificates of indebtedness, Treasury bills and gain from sale of Treasury bills and disallowance as a deduction and nonrecognition of loss from sale. See section 742 of this title.

STATUS OF OUTSTANDING OBLIGATIONS

Repeal of subsecs. (b) and (d) of this section by Pub. L. 86-346 not to change the status of outstanding obligations, see note set out under section 747 of this title.

§ 757b. Public debt limit; limitations on obligations issued under Second Liberty Loan.

The face amount of obligations issued under authority of sections 745, 747, 752-754b, 757, 757b757e, 758, 760, 764-766, 769, 771, 773, 774, and 801 of this title, and the face amount of obligations 22-992 0-64-vol. 2- 47

guaranteed as to principal and interest by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), shall not exceed in the aggregate $285,000,000,000 outstanding at any one time. The current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder thereof shall be considered, for the purposes of this section, to be the face amount of such obligation. (As amended June 30, 1959, Pub. L. 86-74, § 1, 73 Stat. 156.)

REFERENCES IN TEXT

Section 747 of this title, included within the reference in text to sections 745, 747, 752-754b, 757, 757b-757e, 758, 760, 764-766, 769, 771, 773, 774, and 801 of this title, was repealed by Pub. L. 86-346, § 105(b) (2), Sept. 22, 1959, 73 Stat. 622.

AMENDMENTS

1959-Pub. L. 86-74 increased the permanent debt limit to $285,000,000,000 from $283,000,000,000. 1958-Pub. L. 85-912 increased the permanent debt limit from $275,000,000,000 to $283,000,000,000.

SHORT TITLE

Section 1 of Pub. L. 86-564 provided that Pub. L. 86-564, which amended this section and sections 11, 613, 821, 4061, 4251, 4261, 5001, 5022, 5041, 5051, 5063 5701, 5707 and 6412 of Title 26, Internal Revenue Code of 1954, and section 497 of the Revenue Act of 1951, set out as a note under section 5701 of Title 26, and enacted notes set out under sections 162 and 613 of Title 26, may be cited as the "Public Debt and Tax Rate Extension Act of 1960."

Section 3 of Pub. L. 86-74 provided that the act amending this section may be cited as the "Public Debt Act of 1959".

TEMPORARY INCREASES IN PUBLIC DEBT LIMIT

The public debt limit set forth in this section was temporarily increased for limited periods by the following

acts:

Nov. 26, 1963, Pub. L. 88-187, 77 Stat. 342-From $285,000,000,000 to $309,000,000,000 for period Dec. 1, 1963, to June 30, 1964, and a further increase of $6,000,000,000 for period Dec. 1, 1963, through June 29, 1964, because of variations in the timing of revenue receipts.

Aug. 27, 1963, Pub. L. 88-106, 77 Stat. 131-From $285,000,000,000 to $309,000,000,000 for period Sept. 1, 1963, to Nov. 30, 1963.

May 29, 1963, Pub. L. 88-30, § 1(2), 77 Stat. 50-From $285,000,000,000 to $309,000,000,000 for period July 1, 1963, to Aug. 31, 1963.

May 29, 1963, Pub. L. 88–30, § 1(1), 77 Stat. 50-From $285,000,000,000 to $307,000,000,000 for period May 29, 1963, to June 30, 1963.

July 1, 1962, Pub. L. 87-512, § 1(3), 76 Stat. 124-From $285,000,000,000 to $300,000,000,000 for period June 25, 1963, to June 30, 1963.

July 1, 1962, Pub. L. 87-512, § 1(2), 76 Stat. 124-From $285,000,000,000 to $305,000,000,000 for period Apr. 1, 1963, to June 24, 1963.

July 1, 1962, Pub. L. 87–512, § 1(1), 76 Stat. 124-From $285,000,000,000 to $308,000,000,000 for period July 1, 1962, to Mar. 31, 1963.

Mar. 13, 1962, Pub. L. 87-414, 76 Stat. 23-From $285,000,000,000 to $300,000,000,000 for period Mar. 13, 1962, to June 30, 1962.

June 30, 1961, Pub. L. 87-69, 75 Stat. 148-From $285,000,000,000 to $298,000,000,000 for period July 1, 1961, to June 30, 1962.

June 30, 1960, Pub. L. 86-564, Title I, § 101, 74 Stat. 290 From $285,000,000,000 to $293,000,000,000 for period July 1, 1960, to June 30, 1961.

June 30, 1959, Pub. L. 86-74, § 2, 73 Stat. 156 From $285,000,000,000 to $295,000,000,000 for period July 1, 1959, to June 30, 1960.

Feb. 26, 1958, Pub. L. 85-336, 72 Stat. 27-From $275,000,000,000 to $280,000,000,000 for period Feb. 26, 1958, to June 30, 1959.

July 9, 1956, ch. 536, 70 Stat. 519-From $275,000,000,000 to $278,000,000,000 for period July 1, 1956, to June 30, 1957.

Aug. 28, 1954, ch. 1037, 68 Stat. 895, as amended by act June 30, 1955, ch. 256, 69 Stat. 241-From $275,000,000,000 to $281,000,000,000 for period Aug. 28, 1954, to June 30, 1956.

INCREMENT IN TEMPORARY DEBT LIMIT INCREASE

Pub. L. 88-30 provided in part that during the period ending on June 30, 1963, the debt limit increase (from $285,000,000,000 to $307,000,000,000) for the period beginning on May 29, 1963 and ending on June 30, 1963, was in lieu of the debt limit increase for such period provided by Pub. L. 87-512.

§ 757c. United States savings bonds and Treasury savings certificates.

(b) Issuance on discount or interest-bearing basis; terms and conditions; limitation of purchases; retention of matured bonds.

(2) The Secretary of the Treasury, with the approval of the President, is authorized to provide by regulations:

(A) That owners of series E and H savings bonds may, at their option, retain the bonds after maturity, or after any period beyond maturity during which such bonds have earned interest, and continue to earn interest upon them at rates which (subject to section 757c-1 of this title) are consistent with the provisions of paragraph (1) of this subsection.

(B) That series E and H savings bonds on which the rates of interest have been fixed prior to such regulations will earn interest at higher rates which (subject to section 757c-1 of this title) are consistent with the provisions of paragraph (1) of this subsection.

(d) Increment in value as interest; circulation privilege.

For purposes of taxation any increment in value represented by the difference between the price paid and the redemption value received (whether at or before maturity) for savings bonds and savings certificates shall be considered as interest. The savings bonds and the savings certificates shall not bear the circulation privilege.

(i) Losses resulting from redemption of savings bonds; exemptions and relief from liability; repayments; report to Congress.

Any losses resulting from payments made in connection with the redemption of savings bonds shall be replaced out of the fund established by the Government Losses in Shipment Act, as amended, under such regulations as may be prescribed by the Secretary of the Treasury. The Treasury of the United States, any Federal Reserve bank, or any qualified paying agent authorized or permitted to make payments in connection with the redemption of such bonds, shall be relieved from liability to the United States for such losses, upon a determination by the Secretary of the Treasury that such losses resulted from no fault or negligence on the part of the Treasurer, the Federal Reserve bank, or the qualified paying agent. The Post Office Department or the Postal Service shall be relieved

from such liability upon a joint determination by the Postmaster General and the Secretary of the Treasury that such losses resulted from no fault or negligence on the part of the Post Office Department or the Postal Service. Relief from liability snall be granted in all cases where the Secretary of the Treasury shall determine, under regulations prescribed by him, that written notice of liability or potential liability has not been given by the United States, within ten years from the date of the erroneous payment, to any of the foregoing agents or agencies whose liability is to be determined: Provided, That no relief shall be granted in any case in which a qualified paying agent has assumed unconditional liability to the United States. The provisions of section 134b of Title 5 with respect to the finality of decisions by the Secretary of the Treasury shall apply to the determinations made pursuant to this subsection. All recoveries and repayments on account of such losses, as to which replacement shall have been made out of the fund, shall be credited to it and shall be available for the purposes thereof. The Secretary of the Treasury shall include in his annual report to the Congress a statement of all payments made from the fund pursuant to this subsection. (As amended Sept. 22, 1959, Pub. L. 86-346, title I, §§ 101(b), 103, 105(b) (4), 73 Stat. 621, 622.)

1959 Subsec. (b)(2). Pub. L. 86-346, § 101(b), substituted provisions authorizing regulations respecting owners' retention of series E and H savings bonds after maturity or after any period beyond maturity during which such bonds have earned interest at interest rates subject to section 757c-1 of this title and respecting the earning of interest on such bonds subject to section 757c-1 at higher rates than were fixed prior to the regulations for provisions authorizing regulations respecting owners' retention of matured series E savings bonds and the earning of interest upon the maturity values thereof for not more than ten years.

Subsec. (d). Pub. L. 86-346, § 105(b) (4), repealed the first sentence making applicable to savings bonds issued before Mar. 1, 1941, provisions relating to exemptions from taxation.

Subsec. (1). Pub. L. 86-346, § 103, inserted the provisions respecting relief from liability.

STATUS OF OUTSTANDING OBLIGATIONS Repeal of subsec. (d) of this section by Pub. L. 86-346 not to change the status of outstanding obligations, see note set out under section 747 of this title.

COMMENCEMENT OF INCREASED INTEREST RATE OR
INVESTMENT YIELD

June 1, 1959, as the date from which to authorize an increased interest rate or investment yield, see section 101 (c) of Pub. L. 86-346, set out as a note under section 757c-1 of this title.

§ 757c-1. United States savings bonds; interest.

In the case of any offering of United States savings bonds issued or to be issued under section 757c of this title, the maximum limits on the interest rate or the investment yield or both may be exceeded upon a finding by the President with respect to such offering that the national interest requires