issued under the provisions of this section, sections 51, 101, 177, and 178 of this title and sections 146, 313, 314, 320, 406, 408, 410, 411, 429, 455, and 751 of Title 31, to secure the circulating notes, shall pay to the Treasurer of the United States, in the months of January and July, a tax of one-fourth of 1 per centum each half year upon the average amount of such of its notes in circulation as are based upon the deposit of said 2 per centum bonds; and such taxes shall be in lieu of existing taxes on its notes in circulation imposed by section 541 of this title. (Mar. 14, 1900, c. 41, § 13, 31 Stat. 49.)

§ 543. TAX ON CIRCULATING NOTES SECURED BY PANAMA CANAL 2 PER CENTUM BONDS; BONDS TO HAVE ALL RIGHTS AND PRIVILEGES OF OTHER 2 PER CENTUM BONDS.

Every national banking association having on deposit, as provided by law, bonds issued under the provisions of section 8 of Act of June 28, 1902 (chapter 1302, Thirty-second Statute, page 484), to secure its circulating notes, shall pay to the Treasurer of the United States, in the months of January and July, a tax of one-fourth of 1 per centum each half year upon the average amount of such of its notes in circulation as are based upon the deposit of said 2 per centum bonds; and such taxes shall be in lieu of existing taxes on its notes in circulation imposed by section 541 of this title. (Dec. 21, 1905, c. 3, § 1, 34 Stat. 5.)

§ 544. HALF-YEARLY RETURN OF CIRCULATION.

In order to enable the Treasurer to assess the duties imposed by section 541 of this title, each association shall, within ten days from the 1st days of January and July of each year, make a return, under the oath of its president or cashier, to the Treasurer of the United States, in such form as the Treasurer may prescribe, of the average amount of its notes in circulation for the six months next preceding the most recent 1st day of January or July. Every association which fails so to make such return shall be liable to a penalty of $200, to be collected either out of the interest as it may become due such association on the bonds deposited with the Treasurer, or, at his option, in the manner in which penalties are to be collected of other corporations under the laws of the United States. (R. S. § 5215; Mar. 3, 1883, c. 121, § 1, 22 Stat. 488.)

§ 545. PENALTY FOR FAILURE TO MAKE RETURN.

Whenever any association fails to make the half-yearly return required by section 544 of this title the duties to be paid by such association shall be assessed upon the amount of notes delivered to such association, by the Comptroller of the Currency. (R. S. § 5216; Mar. 3, 1883, c. 121, § 1, 22 Stat. 488.)

§ 546. ENFORCING TAX ON CIRCULATION.

Whenever an association fails to pay the duties imposed by sections 541, 544, and 545 of this title, the sums due may be collected in the manner provided for the collection of United States taxes from other corporations; or the Treasurer may reserve the amount out of the interest, as it may become due, on the bonds deposited with him by such defaulting association. (R. S. § 5217.)

§547. REFUNDING EXCESS TAX.

In all cases where an association has paid or may pay in excess of what may be or has been found due from it, on account of the duty required to be paid to the Treasurer of the United States, the association may state an account therefor, which, on being certified by the Treasurer of the United States, and found correct by the General Accounting Office, shall be refunded in the ordinary manner by warrant on the Treasury. (R. S. § 5218; June 10, 1921, c. 18, § 304, 42 Stat. 24.)

Chapter 7.-Farm Credit Administration

§ 931. FEDERAL LAND BANKS; NATIONAL FARM LOAN ASSOCIATIONS; MORTGAGES AND BONDS AS INSTRUMENTALITIES OF GOVERNMENT.

Every Federal land bank and every national farm loan association, including the capital and reserve or surplus therein and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes upon real estate held, purchased, or taken by said bank or association under the provisions of sections 761 and 781 of this title. First mortgages executed to Federal land banks, or to joint stock land banks, and farm-loan bonds issued under the provisions of this chapter, shall be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income

derived therefrom shall be exempt from Federal, State, municipal, and local taxation. (July 17, 1916, c. 245, § 26, 39 Stat. 380.)

[But see section 742a of title 31.]

Subchapter II-A.-Federal Farm Mortgage Corporation

§ 1020f. EXEMPTIONS FROM TAXATION.

(a) The corporation, including its franchise, its capital, reserves, and surplus, and its income shall be exempt from all taxation now or hereafter imposed by the United States * * *

(b) Mortgages executed to the Land Bank Commissioner and mortgages held by the Corporation, and the credit instruments secured thereby, and bonds issued by the Corporation under the provisions of this subchapter, shall be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation (except surtaxes, estate, inheritance, and gift taxes). (Jan. 31, 1934, c. 7, § 12, 48 Stat. 347; Feb. 26, 1934, c. 33, 48 Stat. 360.)

[But see section 742a of title 31.]

Subchapter III.-Federal Intermediate Credit Banks

§ 1111. CAPITAL AND INCOME; DEBENTURES INSTRUMENTALITIES OF GOVERNMENT. The privileges of tax exemption accorded under section 931 of this title shall apply also to each Federal intermediate credit bank, including its capital, reserve, or surplus, and the income derived therefrom, and the debentures issued under this subchapter shall be deemed and held to be instrumentalities of the Government and shall enjoy the same tax exemptions as are accorded farm-loan bonds in said section. (July 17, 1916, c. 245, § 210, as added Mar. 4, 1923, c. 252, § 2, 42

Stat. 1459.)

[But see section 742a of title 31.]

Subchapter VI.—Provisions Common To Production Credit Corporations, Production Credit Associations, Regional and Central Banks for Cooperatives

§ 1138c. TAX EXEMPTION; REALTY AND TANGIBLE PERSONALTY AS SUBJECT TO TAXATION; TERMINATION OF TAX EXEMPTION AFTER RETIREMENT OF GOVERN

MENT-OWNED STOCK.

The Central Bank for Cooperatives, and the Production Credit Corporations, Production Credit Associations, and Banks for Cooperatives, organized under this chapter, and their obligations, shall be deemed to be instrumentalities of the United States, and as such, any and all notes, debentures, bonds, and other such obligations issued by such banks, associations, or corporations shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority.` Such banks, associations, and corporations, their property, their franchises, capital reserves, surplus, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority; except that any real property and any tangible personal property of such banks, associations, and corporations shall be subject to Federal, State, Territorial, and local taxation to the same extent as other similar property is taxed. The exemption provided herein shall not apply with respect to any Production Credit Association or its property or income after the stock held in it by the Production Credit Corporation has been retired, or with respect to the Central Bank for Cooperatives, or any Production Credit Corporation or Bank for Cooperatives or its property or income after the stock held in it by the United States has been retired. (June 16, 1933, c. 98, § 63, 48 Stat. 267.)

[But see section 742a of title 31.]

Chapter 11.-Federal Home Loan Banks

§ 1433. EXEMPTION FROM TAXATION; OBLIGATIONS ACCEPTABLE AS CREDIT ON DEBT OF HOME OWNER.

Any and all notes, debentures, bonds, and other such obligations issued by any bank, and consolidated Federal Home Loan Bank bonds and debentures, 1 The Federal Farm Mortgage Corporation.

shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States * * The bank, including its franchise, its capital, reserves, and surplus, its advances, and its income, shall be exempt from all taxation now or hereafter imposed by the United States (July 22, 1932, c. 522, § 13,

* * *

47 Stat. 735; May 28, 1935, c. 150, § 8, 49 Stat. 295.)

[The banks referred to are undoubtedly the Federal Home Loan Banks; see also section 742a of title 31.]

Chapter 12.-Home Owners' Loan Corporation; Federal Savings and Loan Associations

Such associations, including their franchises, capital, reserves, and surplus, and their loans and income, shall be exempt from all taxation now or hereafter imposed by the United States (except the taxes imposed by sections 1410 and 1600 of Title 26 with respect to wages paid after December 31, 1939, for employment after such date), and all shares of such associations shall be exempt both as to their value and the income therefrom from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States * * * * * * (June 13, 1933, c. 64, § 5, 48 Stat. 133; Aug. 10, 1939, c. 666, title IX, § 909, 53 Stat. 1402.)

[See also section 742a of title 31.]

§ 1768. TAXATION.

Chapter 14.-Federal Credit Unions

The Federal credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority; except that any real property and any tangible personal property of such Federal credit unions shall be subject to Federal, State, Territorial, and local taxation to the same extent as other similar property is taxed. * * * (June 26, 1934, c. 750, § 18, 48 Stat. 1222; Dec. 6, 1937, c. 3, § 4, 51 Stat. 4.)

TITLE 15.-COMMERCE AND TRADE

§ 79k. SIMPLIFICATION OF HOLDING COMPANY SYSTEMS.

*

*

*

*

(b) Limitations on operations of holding company systems.

It shall be the duty of the [Securities and Exchange] Commission, as soon as practicable after January 1, 1938:

(1) To require by order, after notice and opportunity for hearing, that each registered holding company, and each subisidary company thereof, shall take such action as the Commission shall find necessary to limit the operations of the holding-company system of which such company is a part to a single integrated public-utility system, and to such other businesses as are reasonably incidental, or economically necessary or appropriate to the operations of such integrated public-utility system: Provided, however, That the Commission shall permit a registered holding company to continue to control one or more additional integrated public-utility systems, if, after notice and opportunity for hearing, it finds that

(A) Each of such additional systems cannot be operated as an independent system without the loss of substantial economies which can be secured by the retention of control by such holding company of such system;

(B) All of such additional systems are located in one State, or in adjoining States, or in a contiguous foreign country; and

(C) The continued combination of such systems under the control of such holding company is not so large (considering the state of the art and the area or region affected) as to impair the advantages of localized management, efficient operation, or the effectiveness of regulation.

1 Federal savings and loan associations organized by the Federal Home Loan Bank Board.

The Commission may permit as reasonably incidental, or economically necessary or appropriate to the operations of one or more integrated public-utility systems the retention of an interest in any business (other than the business of a public-utility company as such) which the Commission shall find necessary or appropriate in the public interest or for the protection of investors or consumers and not detrimental to the proper functioning of such system or systems.

(2) To require by order, after notice and opportunity for hearing, that each registered holding company, and each subsidiary company thereof, shall take such steps as the Commission shall find necessary to ensure that the corporate structure or continued existence of any company in the holding-company system does not unduly or unnecessarily complicate the structure, or unfairly or inequitably distribute voting power among security holders, of such holding-company system. In carrying out the provisions of this paragraph the Commission shall require each registered holding company (and any company in the same holdingcompany system with such holding company) to take such action as the Commission shall find necessary in order that such holding company shall cease to be a holding company with respect to each of its subsidiary companies which itself has a subsidiary company which is a holding company. Except for the purpose of fairly and equitably distributing voting power among the security holders of such company, nothing in this paragraph shall authorize the Commission to require any change in the corporate structure or existence of any company which is not a holding company, or of any company whose principal business is that of a public-utility company.

The Commission may by order revoke or modify any order previously made under this subsection, if, after notice and opportunity for hearing, it finds that the conditions upon which the order was predicated do not exist. Any order made under this subsection shall be subject to judicial review as provided in section 79x of this title.

* * * (Aug. 26, 1935, c. 687, title I, § 11, 49 Stat. 820.)

§ 903. LICENSE TO TRANSPORT, SHIP, OR RECEIVE FIREARMS OR AMMUNITION. (a) Any manufacturer or dealer desiring a license to transport, ship, or receive firearms or ammunition in interstate or foreign commerce shall make application to the Secretary of the Treasury, who shall prescribe by rules and regulations the information to be contained in such application. The applicant shall, if a manufacturer, pay a fee of $25 per annum and, if a dealer, shall pay a fee of $1 per

annum.

(b) Upon payment of the prescribed fee, the Secretary of the Treasury shall issue to such applicant a license which shall entitle the licensee to transport, ship, and receive firearms and ammunition in interstate and foreign commerce unless and until the license is suspended or revoked in accordance with the provisions of this chapter: Provided, That no license shall be issued to any applicant within two years after the revocation of a previous license.

(c) Whenever any licensee is convicted of a violation of any of the provisions of this chapter, it shall be the duty of the clerk of the court to notify the Secretary of the Treasury within forty-eight hours after such conviction and said Secretary shall revoke such license: Provided, That in the case of appeal from such conviction the licensee may furnish a bond in the amount of $1,000, and upon receipt of such bond acceptable to the Secretary of the Treasury he may permit the licensee to continue business during the period of the appeal, or should the licensee refuse or neglect to furnish such bond, the Secretary of the Treasury shall suspend such license until he is notified by the clerk of the court of last appeal as to the final disposition of the case.

(d) Licensed dealers shall maintain such permanent records of importation, shipment, and other disposal of firearms and ammunition as the Secretary of the Treasury shall prescribe. (June 30, 1938, c. 850, § 3, 52 Stat. 1251.)

TITLE 18.-CRIMES AND CRIMINAL PROCEDURE 1

§1. OFFENSES CLASSIFIED.

Notwithstanding any Act of Congress to the contrary:

(1) Any offense punishable by death or imprisonment for a term exceeding one year is a felony.

(2) Any other offense is a misdemeanor.

1 All sections of title 18 set out below are given in the form in which they were enacted into positive law by the act of June 25, 1948 (80th Cong., Pub. Law 772).

(3) Any misdemeanor, the penalty for which does not exceed imprisonment for a period of six months or a fine of not more than $500, or both, is a petty offense.

§ 111. ASSAULTING, RESISTING, OR IMPEDING CERTAIN OFFICERS OR EMPLOYEES. Whoever forcibly assaults, resists, opposes, impedes, intimidates, or interferes with any person designated in section 1114 of this title while engaged in or on account of the performance of his official duties, shall be fined not more than $5,000 or imprisoned not more than three years, or both.

Whoever, in the commission of any such acts uses a deadly or dangerous weapon, shall be fined not more than $10,000 or imprisoned not more than ten years, or both.

§ 371. CONSPIRACY TO COMMIT OFFENSE OR TO DEFRAUD UNITED STATES.

If two or more persons conspire either to commit any offense against the United States, or to defraud the United States, or any agency thereof in any manner or for any purpose, and one or more of such persons do any act to effect the object of the conspiracy, each shall be fined not more than $10,000 or imprisoned not more than five years, or both.

If, however, the offense, the commission of which is the object of the conspiracy, is a misdemeanor only, the punishment for such conspiracy shall not exceed the maximum punishment provided for such misdemeanor.

§ 644. BANKER RECEIVING UNAUTHORIZED DEPOSIT OF PUBLIC MONEY. Whoever, not being an authorized depositary of public moneys, knowingly receives from any disbursing officer, or collector of internal revenue, or other agent of the United States, any public money on deposit, or by way of loan or accommodation, with or without interest, or otherwise than in payment of a debt against the United States, or uses, transfers, converts, appropriates, or applies any portion of the public money for any purpose not prescribed by law is guilty of embezzlement and shall be fined not more than the amount so embezzled, or imprisoned not more than ten years, or both; but if the amount embezzled does not exceed $100, he shall be fined not more than $1,000, or imprisoned not more than one year, or both.

§ 1114. PROTECTION OF OFFICERS AND EMPLOYEES OF THE UNITED STATES.

Whoever kills * * * any officer, employee, agent, or other person in the service of the customs or of the internal revenue, * * * while engaged in the performance of his official duties, or on account of the performance of his official duties, shall be punished as provided under sections 1111 and 1112 of this

title.

§ 1621. PERJURY GENERALLY.

Whoever, having taken an oath before a competent tribunal, officer, or person, in any case in which a law of the United States authorizes an oath to be administered, that he will testify, declare, depose, or certify truly, or that any written testimony, declaration, deposition, or certificate by him subscribed, is true, willfully and contrary to such oath states or subscribes any material matter which he does not believe to be true, is guilty of perjury, and shall, except as otherwise expressly provided by law, be fined not more than $2,000 or imprisoned not more than five years, or both.

§ 2231. ASSAULT OR RESISTANCE.

(a) Whoever forcibly assaults, resists, opposes, prevents, impedes, intimidates, or interferes with any person authorized to serve or execute search warrants or to make searches and seizures while engaged in the performance of his duties with regard thereto or on account of the performance of such duties, shall be fined not more than $5,000 or imprisoned not more than three years, or both; and—

(b) Whoever, in committing any act in violation of this section, uses any deadly or dangerous weapon, shall be fined not more than $10,000 or imprisoned not more than ten years, or both.

§ 2232. DESTRUCTION OR REMOVAL OF PROPERTY TO PREVENT SEIZURE.

Whoever, before, during, or after seizure of any property by any person authorized to make searches and seizures, in order to prevent the seizure or securing of any goods, wares, or merchandise by such person, staves, breaks, throws overboard, destroys, or removes the same, shall be fined not more than $2,000 or imprisoned not more than one year, or both.