[Subparagraph (2) amended by Amdt. 2, Nov. 17, 1944, 9 F.R. 140101

(3) In the name of a fiduciary (except where the fiduciary would hold the bonds merely or principally as security for the performance of a duty or obligation).

(4) In the name of the owner or custodian of public funds.

on

(b) Restrictions. Registration original issues and authorized reissues, whether as owners, coowners, or designated beneficiaries, is restricted to residents (whether individuals or others) of the United States (which for the purposes of this section shall include the territories, insular possessions and the Canal Zone), citizens of the United States temporarily residing abroad, and to nonresident aliens employed in the United States by the Federal Government or an agency thereof: Provided, however, That on original issues but not on reissues, a nonresident alien (not a citizen of an enemy nation) may be named as coowner or designated beneficiary: And provided further, That a nonresident alien, whether owner, coowner or beneficiary, succeeding to title on death of the owner, or succeeding to title upon the death of the surviving coowner or beneficiary will be entitled only to request and receive payment either at or before maturity and will not be entitled to reissue.

(c) Full information regarding authorized forms of registration will be found in the regulations currently in force governing United States Savings Bonds.

CROSS REFERENCE: For regulations governing United States savings bonds, see Part 315 of this chapter.

§ 318.6 Delivery and safekeeping of bonds. (a) Federal Reserve Banks and Branches and the Treasurer of the United States are authorized to deliver bonds of Series F and Series G, duly inscribed and dated, upon receipt of the issue price. Bonds not delivered in person will be delivered by mail at the risk and expense of the United States, at the address given by the purchaser, but only within the United States, its territories and insular possessions and the Canal Zone.2 No mail deliveries elsewhere

During the war emergency the Treasury may suspend deliveries to be made at its risk and expense from or to the continental United States and its territories, insular possessions and the Canal Zone, or between any of such places.

will be made. If purchased by citizens of the United States temporarily residing abroad, bonds will be delivered at an address in the United States, or held in safekeeping, as the purchaser may direct. Personal delivery should not be accepted by any purchaser until he has verified that the correct name, or names, and address are duly inscribed, that the issue date (the first day of the month in which payment of the issue price was received by the agent) is duly entered, and that the dating stamp of the issuing agent is duly imprinted with current date-all on the face of the bond. If received by mail, the same verification should be made, and if any error in inscription or dating appears, such fact should immediately be reported to the issuing agent, and instructions quested.

re

(b) Saving bonds of Series F and Series G will be held in safekeeping without charge by the Secretary of the Treasury if the holder so desires, and in such connection the facilities of the Federal Reserve Banks,3 as fiscal agents of the United States, and those of the Treasurer of the United States, will be utilized. Arrangements may be made for such safekeeping at the time of purchase, or subsequently.

§ 318.7 Payment at maturity or redemption prior to maturity-(a) General. Any savings bond of Series F or Series G will be paid in full at maturity, or, at the option of the owner, after 6 months from the issue date, will be redeemed in whole or in part at the appropriate redemption value prior to maturity, on the first day of any calendar month, on one month's notice in writing, following presentation and surrender of the bond, with the request for payment properly executed, all in accordance with the regulations governing savings bonds.

(b) Notice of redemption. When a savings bond of Series For Series G is to be redeemed prior to maturity, a notice in writing of the owner's intention must be given to and be received by a Federal Reserve Bank or Branch, or the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, not less than one calendar month in advance. A duly exe

3 Safekeeping facilities may be offered at some Branches of Federal Reserve Banks, and in such connection an inquiry may be addressed to the Branch.

cuted request for payment will be accepted as constituting the required notice.

(c) Execution of request for payment. The registered owner, or other person entitled to payment under the regulations governing savings bonds, must appear before one of the officers authorized by the Secretary of the Treasury to witness and certify requests for payment, establish his identity, and in the presence of such officer sign the request for payment, adding the address to which the check is to be mailed. After the request for payment has been so signed, the witnessing officer should complete and sign the certificate provided for his use. Unless otherwise authorized in a particular case, the form of request appearing on the back of the bond must be used.

(d) Officers authorized to witness and certify requests for payment. The officers authorized to witness and certify requests for payment of savings bonds are fully set forth in the regulations governing savings bonds, and include but are not limited to (1) United States postmasters and certain other post office officials or designated employees; and (2) officers (or designated employees) of all banks or trust companies incorporated in the United States or its organized territories, including officers at domestic branches (within the United States or its territories or insular possessions and the Canal Zone), or at foreign branches. All certificates should be authenticated by official seal, if there is one, or by an imprint of an issuing agent's dating stamp.

(e) Presentation and surrender. After the request for payment has been duly executed by the person entitled and by the certifying officer, the bond must be presented and surrendered to a Federal Reserve Bank or Branch, or to the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, at the expense and risk of the owner. For the owner's protection, the bond should be forwarded by registered mail, if not presented in person.

(f) Disability or death. In case of the disability of the registered owner, or the death of the registered owner not survived by a coowner or a designated beneficiary, instructions should be obtained from a Federal Reserve Bank or Branch, or the Treasury De

partment, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, before the request for payment is executed.

(g) Method of payment. The only agencies authorized to pay or redeem savings bonds are the Federal Reserve Banks and Branches, and the Treasurer of the United States. Payment in all cases will be made by check drawn to the order of the registered owner or other person entitled to payment, and mailed to the address given in the request for payment.

(h) Partial redemption. Partial redemption at current redemption value of a bond of Series F, of a denomination higher than $25 (maturity value), or of a bond of Series G, of a denomination higher than $100, is permitted, but must correspond to an authorized denomination. In case of partial redemption the remainder will be reissued in authorized denominations bearing the same issue date as the bond surrendered.

(a)

§ 318.8 Series designation. Bonds of Series F, issued during the calendar year 1944 are designated Series F-1944, and those of Series G are similarly designated Series G-1944, and those of either series which may be issued in subsequent calendar years will be similarly designated by the series letter, F or G, followed by the year of issue.

§ 318.9 Lost, stolen, or destroyed bonds. (a) If a bond of Series F or Series G is lost, stolen, or destroyed, a duplicate may be issued on the owner furnishing a description of the bond and establishing its loss, theft, or destruction.

(b) In any case of the loss, theft, or destruction of a bond of Series F or Series G, the owner should give immediate notice to the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, briefly stating the facts and giving a description of the bond. On receipt of such notice, full instructions for procedure will be given the owner.

(c) A descriptive record of each bond of Series F or Series G held should be kept by the owner, apart from the bonds, so that a full description of the bonds will be available if they are lost, stolen, or destroyed. The record for each bond should show: (1) The denomination; (2) the serial number (with its prefix

and suffix letters); (3) the inscription (name or names, and address, on the face of the bond); and (4) the issue date (month and year of issue).

§ 318.10 General provisions. (a) All bonds of Series F and Series G, issued pursuant to this circular, shall be subject to the regulations prescribed from time to time by the Secretary of the Treasury to govern United States Savings Bonds. The present regulations governing savings bonds are set forth in Treasury Department Circular No. 530, Fifth Revision, as amended (Part 315 of this chapter), copies of which may be obtained on application to the Treasury Department or to any Federal Reserve Bank or Branch.

fuse to issue or permit to be issued hereunder any such savings bonds in any case or any class or classes of cases if he deems such action to be in the public interest, and his action in any such respect shall be final.

(c) Federal Reserve Banks and Branches, as fiscal agents of the United States, are authorized to perform such services as may be requested of them by the Secretary of the Treasury in connection with the issue, delivery, safekeeping, redemption, and payment of savings bonds of Series F and Series G.

(d) The Secretary of the Treasury may at any time or from time to time supplement or amend the terms of the regulations in this part, or of any amendments or supplement thereto, information as to which will be promptly furnished the Federal Reserve Banks and Branches.

Series"; those purchased with the credit for any taxable year beginning within the calendar year 1944 will be designated "Third Series"; and those purchased with the credit for any taxable year beginning after December 31, 1944, will be designated "Fourth Series". Bonds of the First, Second, Third and Fourth Series will mature, respectively, on the last day of the second, third, fourth and fifth calendar years beginning after the cessation of hostilities in the present war, determined as provided in section 780 (e) of the Internal Revenue Code, as amended, but will be redeemable (at the option of the United States), after said cessation of hostilities, in whole or in part upon three months' notice.

§ 320.3 Issue of bonds. The bonds will be issued following certification by the Commissioner of Internal Revenue of the amount of bonds to which a taxpayer is entitled, and will be issued only in registered form in the name so certified; each bond will be dated as of the day the credit available for its purchase is transferred to the Public Debt account. If the amount of the credit is less than $1,000, a single bond will be issued for the exact amount of the credit. If the credit equals or exceeds $1,000, one bond will be issued for the highest possible multiple of $1,000, and an additional bond will be issued for any remaining amount less than $1,000. In case of later deficiency assessments or determination of overassessment, provisions will be made for adjustments of the amount of the bonds.

§ 320.4 Terms of the bonds. The bonds will bear no interest, will be nonnegotiable and may not be transferred by sale, exchange, assignment, pledge, hypothecation or otherwise, on or before the date of said cessation of hostilities. After such date the bonds will be fully negotiable and may be exchanged or transferred without restriction. Bonds issued hereunder are subject to estate, inheritance, gift or other excise taxes, whether Federal or state, but are exempt from all taxation now or hereafter imposed on the principal thereof by any state or any of the possessions of the United States, or by any local taxing authority; the proceeds of the bonds upon redemption shall not be included in gross income under the Internal Revenue Code.

§ 320.5 Future provision. Provisions will hereafter be made for the reissue of

bonds in the names of successors of registered owners by reason of dissolution, merger, or consolidation of corporations; bankruptcy or insolvency of a registered owner, relief in the case of lost, stolen or destroyed bonds, and for the exchange or transfer of bonds subsequent to the cessation of hostilities as provided in said section 780.

§ 320.6 Address for communications. All correspondence in connection with the issue of bonds hereunder after certification by the Commissioner of Internal Revenue, and as to further transactions therein, should be addressed to the Treasury Department, Division of Loans and Currency, Washington, D. C.

§ 320.7 Amendments. The Secretary of the Treasury reserves the right at any time, or from time to time, to revoke or amend these regulations or to prescribe and issue supplemental or amendatory rules and regulations governing Excess Profits Tax Refund Bonds.

PART 321-REGULATIONS GOVERNING PAYMENTS BY INCORPORATED BANKS AND TRUST COMPANIES IN CONNECTION WITH REDEMPTION OF U. S. SAVINGS BONDS [ADDED]