Full text of District Notices (Federal Reserve Bank of Dallas) : Regulations Covering New Series EE and HH Savings Bonds, Circular No. 80-15

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

federal

Reser ve Ba n k

DALLAS, TEXAS

of

D allas

75222

C ircular No. 80-15
J a n u a ry 28, 1980

REGULATIONS COVERING NEW
SERIES EE AND HH SAVINGS BONDS
TO ALL ISSUING AND PAYING AGENTS IN THE
ELEVENTH FEDERAL RESERVE DISTRICT:
Enclosed for your information are Department Circulars, Public Debt
Series Numbers 1-80, 2-80, 3-80, and 4-67 First Revision covering new Series
EE and HH bonds.
Special attention should be given to the supplementary information on
page 72826 of Circular 1-80. The new Series EE savings bonds have been r e ­
designated as United States Energy Savings Bonds, Series EE, and will receive
a i percent bonus if held to maturity.
The interest rate on U . S . Energy Savings Bonds, Series EE, will be
increased from 6.5 percent to 7 percent for bonds held for the full 11 years to
maturity. Series E bonds that have not finally matured and U. S. Savings Notes
(Freedom Shares) will also receive the £ percent bonus if they are held for
11 years from the date of the first semiannual interest period that begins on or
after January 1, 1980. Bonds and notes redeemed earlier will not receive the
bonus. Series H and HH Savings Bonds will not be affected by these ch an g e s.
The redesignation of the bonds as Energy Savings Bonds is intended
to help focus attention on the national goals of reducing energy consumption and
increasing domestic supplies. The bonds were known as Defense Bonds before
and after World War II and as War Bonds from 1941-1945 reflecting the national
concerns of these times. The Energy Savings Bonds will a ssist in financing
the large Federal energy expenditure required in the coming ye ars.
After June 30, 1980, all U. S. Savings Bonds bought through payroll
savings plans will be Energy Savings Bonds, Series EE.
Additional copies of the attached circulars are available upon request
through the Fiscal Agency Department of this Bank, Ext. 6364.
Sincerely yours,
Robert H. Boykin
First Vice President
Banks and others are encouraged to use the following incoming W ATS numbers in contacting this Bank:
1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the
extension referred to above.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

Tuesday
December 18, 1979

Part VI

Department of the
Treasury
Fiscal Service, Bureau of the Public Debt
Regulations Governing Agencies for
Issue of United States Savings Bonds
Dept. Circular, Public Debt Series No. 4-67,
First Revision

75058

Federal Register / Vol. 44, No. 244 / Tuesday, December 18, 1979 / Rules and Regulations

DEPARTMENT OF THE TREASURY
Fiscal S erv ice
B ureau of th e Public D ebt
31 CFR P art 317
R eg u latio n s G overning A g en cies fo r
is s u e of U nited S ta te s S av in g s B o n d s
AGENCY: F is c a l S e rv ic e , D e p a r tm e n t o f

th e T r e a s u r y .
ACTION: F in a l ru le.
SUMMARY: D e p a r tm e n t o f th e T r e a s u r y

C irc u la r, P u b lic D e b t S e r ie s N o . 4 -6 7 (31
CFR, P a r t 317), c o n ta in s th e re g u la tio n s
g o v e r n in g a g e n c ie s a u th o r iz e d to se ll
a n d is s u e a c c r u a l- ty p e U n ite d S ta te s
S a v in g s B o n d s a n d N o te s. T h e C ir c u la r
h a s p r e v io u s ly r e f e r r e d s p e c if ic a lly to
U n ite d S ta te s S a v in g s B o n d s o f S e r ie s E
a n d to U n ite d S t a te s S a v in g s N o te s
(F re e d o m S h a re s ). T h is F irs t R e v is io n o f
th e C ir c u la r is n e c e s s a r y b e c a u s e o f th e
i n tr o d u c tio n in 1980 o f S e r ie s EE sa v in g s
b o n d s a n d th e w i t h d r a w a l fro m s a le o f
S e r ie s E sa v in g s b o n d s . T h e s a le o f
s a v in g s n o te s t e r m in a te d o n Ju n e 30,
1970.
e f f e c t iv e DATE: J a n u a r y 1 ,1 9 8 0 .
FOR FURTHER INFORMATION CONTACT:

C h a r le s A . G u e rin , A s s i s t a n t C h ie f
C o u n s e l, B u re a u o f th e P u b lic D e b t,
W a s h in g to n , D.C. 20226 (202-376-0243).
SUPPLEMENTARY INFORMATION: T h e

S e c r e t a r y o f th e T r e a s u r y h a s
a n n o u n c e d t h a t U n ite d S ta te s S a v in g s
B o n d s o f S e r ie s E E w ill b e o f f e re d fo r
s a l e a s o f J a n u a r y 1 ,1 9 8 0 . U n d e r th e
t e r m s o f th e o ffe rin g c irc u la r, th e b o n d s
w ill b e s o ld a n d i s s u e d b y o r g a n iz a tio n s
q u a lif ie d a s is s u in g a g e n ts . T h e
S e c r e t a r y h a s a ls o a n n o u n c e d th a t
S e r ie s E s a v in g s b o n d s w ill b e
w i t h d r a w n fro m s a le . T h e ir o v e r-th e c o u n te r s a le s w ill b e t e r m in a te d a s of
D e c e m b e r 31 ,1 9 7 9 , a n d s a le s o n p a y r o ll
d e d u c tio n p la n s w ill b e t e r m in a te d n o
l a t e r th a n Ju n e 30 ,1 98 0 .
In v i e w o f th e c h a n g e s in th e S a v in g s
B o n d P ro g ra m , D e p a r tm e n t o f th e
T r e a s u r y C irc u la r, P u b lic D e b t S e rie s
N o. 4 -6 7 , th e r e g u la tio n s g o v e rn in g
is s u in g a g e n ts , is b e in g r e v is e d , e ffe c tiv e
J a n u a r y 1 ,1 9 8 0 , to c o v e r th e i s s u a n c e o f
S e r ie s EE b o n d s . T h e r e v is e d re g u la tio n s
a ls o a p p ly to S e r ie s E b o n d s u n til th e ir
s a le a n d is s u e h a v e b e e n t e r m in a te d
a n d a fin a l a c c o u n tin g h a s b e e n m a d e
b y e a c h is s u in g a g e n t fo r th e S e r ie s E
s a v in g s b o n d s to c k fo r w h ic h it is
c h a rg e d .
O t h e r c h a n g e s b e in g m a d e in th e
re g u la tio n s a r e d i s c u s s e d b e lo w .

S o m e r e a r r a n g e m e n t a n d re n u m b e r in g
o f th e v a r io u s s e c tio n s in th e c ir c u la r
h av e b een m ade.
S e c tio n 317.3 is b e in g r e v is e d to a llo w
q u a lif ic a tio n o f a g e n ts o n ly o n th e b a s i s
o f tr u s t a g r e e m e n ts . U n d e r th e
r e g u la tio n s p r e v io u s ly in e ffec t, th e r e
h a v e b e e n th r e e b a s e s fo r q u a lif ic a tio n :
t r u s t a g re e m e n t, p r e p a y m e n t a g r e e m e n t
a n d c o lla te r a l a g r e e m e n t. S in c e v ir tu a lly
a ll a g e n ts h a v e q u a lif ie d u n d e r tr u s t
a g r e e m e n ts , th e p r e p a y m e n t a n d
c o lla te r a l a g e n c ie s a r e b e in g e lim in a te d .
A g e n ts w h ic h h a d q u a lif ie d u n d e r th e s e
tw o l a t t e r c la s s if ic a tio n s m u s t r e q u a lif y
u n d e r tr u s t a g r e e m e n ts .
S e c tio n 317.4 p r o v id e s t h a t
o r g a n iz a tio n s c u r r e n tly q u a lif ie d u n d e r
tr u s t a g r e e m e n ts to is s u e S e r ie s E b o n d s
m a y se ll a n d is s u e S e r ie s EE b o n d s
w ith o u t th e n e e d fo r r e q u a lif ic a tio n .
I s s u in g a g e n ts h a v e b e e n i n d iv id u a lly
n o tif ie d t h a t th e ir q u a lif ic a tio n w ill
a u to m a tic a lly b e e x te n d e d , b u t t h a t th e y
m a y r e q u a lif y if th e y so d e s ire .
A n e w p r o v is io n o f th e c irc u la r, i.e.,
S e c tio n 317.8, s t r e s s e s th e im p o r ta n c e
th e D e p a r tm e n t a tt a c h e s to c o m p lia n c e
w ith its in s tr u c tio n s fo r th e p r o m p t
r e m i t ta n c e o f th e p r o c e e d s o f s a v in g s
b o n d s s a le s . T h e s e s a l e s p r o c e e d s a r e
fu n d s b e lo n g in g to th e U n ite d S ta te s
w h ic h a r e h e ld in tr u s t b y is s u in g a g e n ts
u n til p r o p e r ly r e m itte d . T h e D e p a r tm e n t
r e c e n tly r e v is e d its r u le s to a c c e l e r a t e
th e r e m i t ta n c e o f t h e s e p r o c e e d s , in lin e
w ith th e P r e s i d e n t ’s o b je c tiv e o f
im p ro v in g c a s h m a n a g e m e n t o p e r a tio n s
w ith in th e F e d e r a l G o v e r n m e n t.
S e c tio n 317.9, w h ic h d e a ls w ith th e
ro le o f th e F e d e r a l R e s e r v e B a n k s, a s
f is c a l a g e n ts , h a s b e e n e x p a n d e d .
T h e r e g u la tio n s in th is P a r t in v o lv e
th e f is c a l p o lic y o f th e U n ite d S t a te s a n d
d o n o t m e e t th e D e p a r t m e n t ’s c r ite r ia for
s ig n if ic a n t r e g u la tio n s . A c c o rd in g ly , it
h a s b e e n d e te r m in e d t h a t n o tic e a n d
p u b lic p r o c e d u r e s a r e u n n e c e s s a r y .
Dated: Decem ber 11, 1979.
Paul H. Taylor,

Fiscal Assistant Secretary.
T h e r e g u la tio n s in T itle 31, C o d e o f
F e d e r a l R e g u la tio n s , P a r t 317, a re
r e v is e d a s fo llo w s:

PART 317—REGULATIONS
GOVERNING AGENCIES FOR ISSUE
OF UNITED STATES SAVINGS BONDS
S ec.

317.0
317.1
317.2
317.3
as
317.4
317.5
317.6

Purpose and effective date.
Definitions.
Organizations authorized to act.
Procedure for qualifying and serving
issuing agent.
Issuing agents currently qualified.
Term ination of qualification.
Issuance of bonds.

*

Sec.
317.7 Accounting for bond stock and sales
proceeds.
317.8 Rem ittance of sales proceeds.
317.9 Role of Federal Reserve Banks.
317.10 Reservation.
Authority: Sec. 22, 49 Stat. 21, as amended;
31 U.S.C. 757c.
Source: D epartm ent of the T reasury
Circular, Public D ebt Series No. 4-67, First
Revision.
§ 317.0

Purpose and effective date.

T h e r e g u la tio n s in th is P a r t g o v e r n th e
m a n n e r in w h ic h o r g a n iz a tio n s m a y
q u a lify a n d a c t a s a g e n ts fo r th e s a le
a n d is s u e o f a c c r u a l- ty p e U n ite d S ta te s
S a v in g s B o n d s. T h e y a r e e f f e c tiv e a s o f
J a n u a r y 1 ,1980.
§ 317.1

Definitions.

(a) “B o n d (s )” m e a n s U n ite d S ta te s
S a v in g s B o n d s o f S e r ie s EE, a n d , u n til
th e ir s a le is te r m in a te d , s a v in g s b o n d s
o f S e r ie s E.
(b) " F e d e r a l R e s e r v e B a n k ” r e f e r s to
th e F e d e r a l R e s e r v e B a n k o f th e d is tr ic t
in w h ic h th e is s u in g a g e n t o r th e
a p p li c a n t o r g a n iz a tio n is lo c a te d , a n d
in c lu d e s th e B ra n c h ( e s ) o f th e R e s e r v e
B a n k , w h e r e a p p r o p r ia te .
(c) “I s s u in g a g e n t ” r e f e r s to a n
o r g a n iz a tio n w h ic h h a s b e e n g r a n te d a
c e r tif ic a te o f q u a lif ic a tio n b y a F e d e r a l
R e s e r v e B a n k to se ll a n d is s u e s a v in g s
bonds.
(d) “ O ffe rin g c ir c u l a r ” r e f e r s to
D e p a r tm e n t o f th e T r e a s u r y C irc u la r,
P u b lic D e b t S e r ie s N o . 1-8 0 , a n d , u n til
th e s a le o f S e r ie s E b o n d s is te r m in a te d ,
D e p a r tm e n t o f th e T r e a s u r y C ir c u la r No.
653.

'

(e) “ O r g a n iz a tio n " m e a n s a n y e n tity ,
a s d e s c r ib e d in § 317.2, w h ic h m a y
q u a lify a s a n is s u in g a g e n t o f b o n d s .
§ 317.2

Organizations authorized to act.

O r g a n iz a tio n s e lig ib le to a p p ly fo r
q u a lif ic a tio n a n d s e r v e a s s a v in g s b o n d
is s u in g a g e n ts in c lu d e : (a) B a n k s , tr u s t
c o m p a n ie s a n d s a v in g s in s titu tio n s
c h a r t e r e d b y o r i n c o r p o r a t e d u n d e r th e
la w s o f th e U n ite d S ta te s , o r th o s e of
a n y S ta te o r T e r r ito r y o f th e U n ite d
S ta te s , th e D is tr ic t o f C o lu m b ia , o r th e
C o m m o n w e a lth o f P u e r to R ico; (b)
A g e n c ie s o f th e U n ite d S t a te s a n d o f
S ta te a n d lo c a l g o v e r n m e n ts ; a n d (c)
E m p lo y e rs o p e r a tin g p a y r o ll s a v in g s
p l a n s fo r th e p u r c h a s e o f U n ite d S ta te s
S a v in g s B o n d s.
§317.3 Procedure fo r qualifying and
serving as issuing agent.

(a)
Execution o f applicationagreement. T h e a p p li c a n t- o r g a n iz a tio n
sh a ll o b t a i n from , d u ly e x e c u te , a n d file
w ith a F e d e r a l R e s e r v e B a n k a n
a p p lic a tio n - a g r e e m e n t fo rm . T h e te r m s
o f e a c h a p p lic a tio n - a g r e e m e n t sh a ll
in c lu d e th e p r o v is io n s p r e s c r i b e d b y

Federal Register / Vol. 44, No. 244 / Tuesday, December 18. 1979 / Rules and Regulations
S e c tio n 202 o f E x e c u tiv e O r d e r N o.
11246, e n ti t le d “E q u a l E m p lo y m e n t
O p p o r tu n ity ” (3 CFR, S u b c h a p te r B, 42
U.S.C . 2000 e n o te ).
(b) C r i i a e ofq a i i a i n U p o n
etfct
ulfcto.
a p p r o v a l o f a n a p p lic a tio n - a g r e e m e n t,
th e F e d e r a l R e s e r v e B a n k w ill is s u e a
c e r tif ic a te o f q u a lif ic a tio n to th e
o r g a n iz a tio n . U n til th e r e c e ip t o f s u c h a
c e r tif ic a te , a n o r g a n iz a tio n sh a ll n o t
p e r f o rm a n y a c t a s a n is s u in g a g e n t, o r
a d v e r t i s e in a n y m a n n e r t h a t it is
a u th o r i z e d to s o a c t o r t h a t it h a s
a p p li e d f o r q u a lif ic a tio n a s a n is s u in g
a g e n t.
(c) Basisforobtaining stock and
performing issuef n t o s A f te r r e c e ip t
ucin.
o f a c e r tif ic a te o f q u a lif ic a tio n , a n
o r g a n iz a tio n m a y o b t a i n b o n d s to c k a n d
p e r f o rm th e f u n c tio n s o f a n is s u in g
a g e n t. U n d e r th e te r m s o f th e
a p p lic a tio n - a g r e e m e n t, th e s to c k o f
b o n d s , to g e th e r w ith th e p r o c e e d s o f
t h e ir s a le , a r e a t a ll tim e s t h e p r o p e r ty o f
th e U n ite d S ta te s , fo r w h ic h th e
o r g a n iz a tio n s h a ll b e fu lly a c c o u n ta b le .
(d) Adverse action orchange i
n
q a i i a i n A n o r g a n iz a tio n w ill b e
ulfcto.
n o tif ie d b y th e F e d e r a l R e s e r v e B a n k if
its a p p lic a tio n - a g r e e m e n t to a c t a s
is s u in g a g e n t is n o t a p p r o v e d , o r if, a f te r
q u a lif ic a tio n , th e c e r tif ic a te o f
q u a lif ic a tio n is te r m in a te d .

§ 317.4 Issuing agents currently qualified.
O r g a n iz a tio n s q u a lif ie d a s is s u in g
a g e n t s u n d e r t r u s t a g r e e m e n ts c u r r e n tly
in e ffe c t a r e a u th o r iz e d to c o n tin u e to
a c t in t h a t c a p a c i t y w ith o u t
r e q u a lif ic a tio n . B y so a c tin g , th e y s h a ll
b e s u b je c t to th e te r m s a n d c o n d itio n s o f
th e p r e v io u s ly e x e c u t e d a p p lic a tio n a g r e e m e n ts a n d t h e s e r e g u la tio n s in th e
s a m e m a n n e r a n d to th e s a m e e x te n t a s
th o u g h th e y h a d r e q u a lif ie d h e r e u n d e r .

§ 317.5 Termination of qualification.
(a) By the UnitedS a e . T h e
tts
S e c r e t a r y o f th e T r e a s u r y o r h i s d e le g a te
m a y t e r m in a te th e q u a lif ic a tio n o f a n
is s u in g a g e n t a t a n y tim e , u p o n d u e
n o tic e to th e a g e n t. I f th is a c tio n is
ta k e n , th e a g e n t w ill b e r e q u ir e d to
m a k e a fin a l a c c o u n tin g fo r th e b a la n c e
o f s a v in g s b o n d s to c k fo r w h ic h it is
c h a rg e d , b a s e d o n th e r e c o r d s o f th e
F e d e ral R eserv e B ank. T h e ag en t m u st
s u r r e n d e r a ll u n i s s u e d b o n d s a n d r e m it
th e is s u e p r ic e o f a n y r e m a in in g b o n d s
in c lu d e d in its a c c o u n ta b ility .
(b) At request ofissuing a e t A
gn.
F e d e r a l R e s e r v e B a n k w ill t e r m in a te th e
q u a lif ic a tio n o f a n is s u in g a g e n t u p o n its
r e q u e s t, p r o v i d e d th e a g e n t is in fu ll
c o m p lia n c e w ith th e te r m s o f its
a g r e e m e n t a n d th e a p p lic a b le
r e g u la tio n s a n d in s tr u c tio n s , a n d
r e n d e r s a f in a l a c c o u n tin g .

§ 317.6 Issuance of bonds.
(a) General. I s s u in g a g e n t s sh a ll
c o m p ly w ith a ll r e g u la tio n s a n d
i n s tr u c tio n s i s s u e d b y th e D e p a r t m e n t o f
th e T r e a s u r y d ire c tly , o r th r o u g h th e
F e d e r a l R e s e r v e B a n k , c o n c e r n in g th e
s a le , in s c r ip tio n , d a tin g , v a li d a ti o n a n d
is s u e o f th e b o n d s , a n d d is p o s itio n o f
th e r e g is tr a t io n s tu b s . N o is s u in g a g e n t
s h a ll h a v e a u th o r i t y to se ll b o n d s o th e r
t h a n a s p r o v i d e d in th e o ffe rin g c irc u la r.
(b) F e . I s s u in g a g e n t s o t h e r t h a n
es
F e d e r a l a g e n c ie s , w h ic h fo r th e p u r p o s e
o f th is s e c tio n in c lu d e G o v e r n m e n t
c o rp o ra tio n s a n d in d e p e n d e n t
e s ta b lis h m e n ts , w ill b e p a i d a fe e fo r
e a c h s a v in g s b o n d is s u e d . A s c h e d u le
re f le c tin g th e a m o u n t o f th e f e e s a n d th e
b a s i s u p o n w h i c h t h e y a r e c o m p u te d
w ill b e p u b l is h e d in th e Federal

Rgse.
eitr
(c) No charge t customers. F in a n c ia l
o
in s titu tio n s a c c e p tin g f e e s fro m th e
T r e a s u r y fo r is s u in g s a v in g s b o n d s s h a ll
n o t m a k e a n y c h a r g e to c u s to m e r s fo r
t h e s a m e s e r v ic e .

§317.7 Accounting for bond stock and
sales proceeds.
I s s u in g a g e n t s m u s t c o m p ly w ith a ll
r e g u la tio n s a n d in s tr u c tio n s i s s u e d b y
th e D e p a r t m e n t o f th e T r e a s u r y
g o v e r n in g th e a c c o u n tin g fo r b o n d s to c k
a n d f o r th e p r o c e e d s o f b o n d s a le s .

S 317.8 Remittance of sales proceeds.
Is s u in g a g e n t s s h a ll r e m it b o n d s a l e s
p r o c e e d s p r o m p tly in a c c o r d a n c e w ith
i n s tr u c tio n s i s s u e d b y t h e D e p a r t m e n t o f
th e T r e a s u r y , e it h e r d ir e c tly o r th r o u g h
th e F e d e r a l R e s e r v e B a n k s . F a ilu r e to
c o m p ly w ith t h e s e in s t r u c t i o n s m a y
s u b je c t a n a g e n t to p e n a l t ie s , in c lu d in g
t e r m in a tio n o f its q u a lif ic a tio n a s a n
is s u in g a g e n t.

§ 317.9 Role of Federal Reserve Banks.
In th e ir c a p a c i t y a s f is c a l a g e n ts o f th e
U n ite d S ta te s , th e F e d e r a l R e s e r v e
B a n k s a r e a u th o r i z e d to p e r f o rm s u c h
d u tie s , in c lu d in g th e i s s u a n c e o f
in s tr u c tio n s a n d fo rm s, a s m a y b e
n e c e s s a r y to fu lfill th e p u r p o s e s a n d
r e q u ir e m e n ts o f t h e s e r e g u la tio n s . T h e
R e s e r v e B a n k s q u a lif y is s u in g a g e n ts ;
s u p p ly th e m w i t h b o n d s to c k a n d
m a i n t a i n r e c o r d s o f th e a g e n ts '
a c c o u n ta b ility ; in s t r u c t th e m re g a r d in g
th e s a l e a n d i s s u e o f b o n d s , th e c u s to d y
a n d c o n tr o l o f b o n d sto c k , a n d th e
a c c o u n tin g fo r a n d r e m itta n c e o f s a le s
p r o c e e d s ; a n d p r o v id e g u id e lin e s
c o v e rin g th e a m o u n t o f b o n d s to c k
a g e n ts m a y o r d in a r ily r e q u is itio n a n d
m a in ta in .

§ 317.10 fleservatlon.
T h e S e c r e t a r y o f th e T r e a s u r y m a y a t
a n y tim e , o r fro m tim e to tim e,

75059

s u p p l e m e n t o r a m e n d th e t e r m s o f th e s e
re g u la tio n s .
[FR Doc. 79-38691 Filed 12-17-79; 8:45 am]
BILLING CODE WIO-tO-M

Wednesday
December 26, 1979

Part II

Department of the
Treasury
Fiscal Service, Bureau of the Public Debt
Regulations Governing United States
Savings Bonds, Series EE and HH
Dept. Circular, Public Debt Series No. 3
80

76440

Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations

DEPARTMENT OF THE TREASURY
B ureau o f th e Public D ebt
31 CFR P art 353
R e g u la tio n s G o v ernin g U nited S ta te s
S av in g s B o n d s, S e rie s EE a n d HH
AGENCY: F is c a l S e rv ic e , D e p a r t m e n t o f

th e T rea su ry .
ACTION: F in a l r e g u la tio n s .
SUMMARY: T h e D e p a r tm e n t o f th e

T r e a s u r y is s u e s fin a l re g u la tio n s
g o v e r n in g U n ite d S t a te s S a v in g s B o n d s
o f S e r ie s EE a n d H H w h ic h a r e to b e
p l a c e d o n s a l e J a n u a r y 2 ,1 9 8 0 . T h e
D e p a r t m e n t h a s d e te r m in e d th a t, f o r th e
s a k e o f c la r ity , s o m e m in o r
m o d if ic a tio n s s h o u ld b e m a d e in s e v e r a l
p r o v is io n s o f th e r e g u la tio n s a s
p r e v io u s ly p u b l is h e d f o r c o m m e n t. T h e
r e g u la tio n s w h ic h a r e n o w p u b l is h e d a s
a fin a l r u le in c o r p o r a t e th e c la r if y in g
c h a n g e s w h ic h a r e e x p la i n e d b e lo w .
EFFECTIVE d a te : J a n u a r y 1 ,1 9 8 0 .
FOR FURTHER INFORMATION CONTACT:

M r. C h a r le s A . G u e rin , A s s i s t a n t C h ie f
C o u n s e l, B u r e a u o f th e P u b lic D e b t, 202­
376-0243.
SUPPLEMENTARY INFORMATION: T h e
S e c r e t a r y o f th e T r e a s u r y a n n o u n c e d
e a r l i e r th is y e a r t h a t th e s a l e o f s a v in g s
b o n d s o f S e r ie s E a n d H w o u ld b e
te r m in a te d . B e g in n in g in J a n u a r y 1980,
t w o n e w s e r ie s o f b o n d s , S e r ie s EE a n d
HH, w ill b e o ffe re d .
O n J u n e 2 8 ,1 9 7 9 , th e D e p a r t m e n t o f
th e T r e a s u r y p u b l is h e d in p r o p o s e d
fo rm , th e r e g u la tio n s t h a t w o u ld g o v e r n
th e U n ite d S t a te s S a v in g s B o n d s o f
S e r ie s E E a n d H H . T h e p u b lic w a s
in v ite d to s u b m it w r i t te n c o m m e n ts o n
t h e s e r e g u la tio n s ; th e p e r io d fo r
re c e iv in g c o m m e n ts e n d e d o n A u g u s t IS ,
1979. O n ly o n e r e s p o n s e w a s r e c e iv e d . It
p r o p o s e d t h a t e a c h y e a r i n d iv id u a ls b e
a ll o w e d to p u r c h a s e u p to $ 2,000 (is s u e
p ric e ) o f S e r ie s E E b o n d s w h i c h w o u ld
b e e x e m p t fro m th e F e d e r a l in c o m e t a x
if h e ld u n til th e p u r c h a s e r ’s r e tir e m e n t.
T h is p r o p o s a l w o u ld r e q u ir e
C o n g r e s s s io n a l a c t i o n s in c e it w o u ld
in v o lv e a n a m e n d m e n t o f th e I n te r n a l
R e v e n u e C o d e . A c c o rd in g ly , it is b e y o n d
th e s c o p e o f t h e s e r e g u la tio n s . T h e
su g g e s tio n h a s b e e n f o r w a r d e d to th e
T r e a s u r y o ffic e r e s p o n s i b l e fo r t a x
p o lic y .
T h e te r m s a n d c o n d itio n s o f th e S e r ie s
E E a n d H H b o n d s , s u c h a s th e ir
d e n o m in a tio n s , m a tu r itie s , a n d
in v e s tm e n t y ie ld s , a r e f o u n d in th e
c ir c u la r s o ffe rin g th e b o n d s fo r s a le , i.e.,
D e p a r t m e n t o f th e T r e a s u r y C irc u la rs ,
P u b lic D e b t S e r ie s N o s . 1 -8 0 a n d 2 -8 0
(31 C F R , P a r t s 351 a n d 352), r e s p e c tiv e ly .

D e p a r t m e n t o f th e T r e a s u r y C irc u la r,
P u b lic D e b t S e r ie s N o . 3 -80 , p u b l is h e d
b e lo w a s P a r t 353 o f T itle 31, C o d e o f
F e d e r a l R e g u la tio n s , c o n ta i n s th e
r e g u la tio n s g o v e r n in g th e tw o n e w
se rie s o f b o n d s.
A ll p r e v io u s s e r i e s o f s a v in g s b o n d s
c o n tin u e to b e s u b j e c t to th e r e g u la tio n s
in D e p a r t m e n t o f th e T r e a s u r y C ir c u la r
N o . 530, a s r e v is e d (31 C FR , P a r t 315).
T h e d if f e r e n c e s b e t w e e n th e tw o s e ts o f
re g u la tio n s a r e b r ie f ly d i s c u s s e d b e lo w ,
a n d m in o r c h a n g e s t h a t h a v e b e e n
a d o p t e d in t h is f in a l r u le a r e e x p la in e d .
R e g is tr a tio n a n d I s s u e
In a d d it i o n to th e fo rm s o f re g is tr a t io n
p r e v io u s ly a u th o r i z e d fo r s a v in g s b o n d s
b y C ir c u la r N o . 530, S e r ie s E E a n d H H
b o n d s m a y b e i n s c r ib e d in th e n a m e o f
e it h e r p a r e n t a s n a t u r a l g u a r d ia n o f a
m in o r. T h is fo rm o f r e g is tr a t io n a ll o w s
s o m e o n e w h o w a n t s to b u y s a v in g s
b o n d s f o r a m in o r, to n a m e o n e p a r e n t o f
th e c h ild a s n a tu r a l g u a r d ia n a n d , h e n c e ,
th e p e r s o n h a v in g r e s p o n s i b i li t y fo r th e
b o n d s.
A s p e c if ic p r o h ib itio n o n th e i s s u a n c e
o f b o n d s in th e f u r t h e r a n c e o f c h a i n
l e t t e r s c h e m e s h a s b e e n a d d e d to th e
r e g u la tio n s . T h is p r o v is io n r e f le c ts
T r e a s u r y p o lic y a s to th e p r o p r i e t y o f
p u r c h a s in g s a v in g s b o n d s fo r u s e in
c h a i n l e t t e r a n d s im ila r s c h e m e s .
L im ita tio n s o n P u r c h a s e s
T h e g e n e r a l lim it o n p u r c h a s e s o f
S e r ie s EE a n d H H b o n d s is $30,000 a n d
$ 20,000 ( f a c e a m o u n t) , r e s p e c tiv e ly , fo r
e a c h c a le n d a r y e ar. T h e c u rre n t a n n u a l
lim it o n S e r ie s E a n d H b o n d s is $10,000
(f a c e a m o u n t) e a c h . T h e f o llo w in g
s p e c ia l a n n u a l lim ita tio n s a r e
e s ta b lis h e d : $4,000 ( f a c e a m o u n t) o f
S e r ie s E E b o n d s fo r e lig ib le e m p lo y e e
th rift, s a v in g s , v a c a t io n a n d s im ila r
p la n s , a n d $ 200,000 ( f a c e a m o u n t) o f
S e r ie s H H b o n d s f o r g ifts to ta x - e x e m p t
o r g a n iz a tio n s .
In th e n o tic e o f p r o p o s e d ru le m a k in g
p u b l is h e d o n J u n e 2 8 ,1 9 7 9 , th e
lim ita tio n s fo r S e r ie s E E a n d H H b o n d s
w e r e s t a t e d in t e r m s o f th e “ is s u e p r ic e ”
o f th e b o n d s . In C ir c u la r N o . 530, th e
lim ita tio n s a r e s t a t e d in te r m s o f “f a c e
a m o u n t .” F o r c la r ity , th e fin a l
r e g u la tio n s fo r S e r ie s EE a n d H H b o n d s
u s e " f a c e a m o u n t ” a s th e m e a s u r e fo r
th e lim ita tio n s o n p u r c h a s e s .
R e lie f f o r L o ss o r T h e f t, e t c e t e r a
T im e lim its h a v e b e e n e s t a b l i s h e d fo r
s e r v ic in g c la im s fo r r e lie f t h a t a r e n o t
file d fo r a r e a s o n a b l e p e r io d a f te r b o n d s
h a v e b e e n r e d e e m e d o r a f te r th e b o n d s
h a v e r e a c h e d fin a l m a tu r ity . If a c la im is
file d te n o r m o r e y e a r s a f te r th e
r e c o r d e d d a te o f r e d e m p tio n , a c o p y o f
th e p a id b o n d w ill n o t b e a v a i l a b l e fo r

e x a m i n a t i o n b y th e c la im a n t. A c la im
file d s ix o r m o r e y e a r s a f te r th e fin a l
m a tu r ity o f a b o n d w ill b e p r o c e s s e d
o n ly if th e b o n d s e r ia l n u m b e r is
p r o v id e d . T h e s e lim ita tio n s w ill e n a b l e
th e T r e a s u r y to r e a liz e s u b s t a n t i a l
a d m i n i s t r a t i v e s a v in g s in th e c o s t s o f
m a in ta in in g r e c o r d s a n d s e rv ic in g
c la im s .
Paym ent
U n d e r th e te r m s o f its o ffe rin g , a
S e r ie s EE b o n d w ill n o t b e e lig ib le fo r
p a y m e n t fo r a p e r io d o f s i x m o n th s fro m
its i s s u e d a te . O th e r w is e , th e r e g u la tio n s
g o v e r n in g th e p a y m e n t o f s a v in g s b o n d s
a r e n o t e s s e n t ia l ly c h a n g e d .
M o s t b a n k s , t r u s t c o m p a n ie s , s a v in g s
a n d l o a n a s s o c ia tio n s , s a v in g s b a n k s
a n d o t h e r f in a n c ia l i n s titu tio n s a r e
q u a lif ie d to a c t a s p a y in g a g e n t s fo r
S e r ie s E o r E E b o n d s . A g e n ts a r e
a u th o r i z e d to p a y e lig ib le b o n d s o n ly to
i n d iv id u a ls n a m e d a s o w n e r s o r
c o o w n e r s . C a s e s in v o lv in g p a y m e n t to
s u r v iv in g b e n e f i c i a r ie s o r to f id u c ia r ie s ,
o r g a n iz a tio n s , e tc ., m a y b e p r o c e s s e d
o n ly b y a F e d e r a l R e s e r v e B a n k o r
B r a n c h , o r th e B u r e a u o f th e P u b lic D e b t,
a s t h e s e t r a n s a c t i o n s o f te n r e q u ir e
s u b m i s s i o n o f s u p p o r tin g e v id e n c e . If
th e o w n e r is d e c e a s e d o r d i s a b le d , a n d
t h e r e is n o o t h e r p e r s o n n a m e d o n th e
b o n d w h o c a n r e q u e s t p a y m e n t,
in s t r u c t i o n s s h o u ld b e o b t a i n e d fro m a
F e d e r a l R e s e r v e B a n k o r B r a n c h o r th e
B u r e a u o f th e P u b lic D e b t
S e r ie s H a n d H H b o n d s a r e
r e d e e m a b l e o n ly a t a F e d e r a l R e s e r v e
B a n k o r B r a n c h o r th e B u r e a u o f th e
P u b lic D e b t.
P o w e rs o f A tto rn e y
T h e n e w s a v in g s b o n d r e g u la tio n s
p e r m i t lim ite d r e c o g n itio n o f p o w e r s o f
a tt o r n e y to c a s h b o n d s w h e r e th e
g r a n to r h a s s p e c if ic a lly a u th o r i z e d th e
a tto r n e y - in - f a c t to s e ll o r r e d e e m
T r e a s u r y s e c u r it i e s a n d th e p o w e r o f
a tt o r n e y c o n ta in in g s u c h a u th o r i t y h a s
b e e n e x e c u t e d b e f o r e a c e rtify in g
o ffic e r. T h e m o r e c o m m o n p o w e r o f
a tt o r n e y w ill b e r e c o g n iz e d o n ly in th o s e
c a s e s w h e r e th e g r a n to r h a s b e c o m e
m e n t a ll y i n c o m p e te n t o r p h y s ic a lly
d i s a b l e d p r o v i d e d th e p o w e r
s p e c if ic a lly p r o v i d e s fo r th is
c o n tin g e n c y . T h e s e tw o p r o v is io n s
o p e r a t e i n d e p e n d e n tl y o f o n e a n o th e r .
R e is s u e
T h e n e w r e g u la tio n s g o v e r n in g r e is s u e
d if f e r fro m th o s e in C ir c u la r N o. 530 in
t h a t th e n a m e o f a b e n e f i c i a r y m a y b e
r e m o v e d fro m a S e r ie s E E o r H H b o n d
u p o n th e r e g is te r e d o w n e r ’s r c ^ e g t
a lo n e . T h e c o n s e n t o f th e b e n e f i c i a r y is
n o t r e q u ir e d .

Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations 76441
In th e n o tic e o f p r o p o s e d r u le m a k in g
g o v e r n in g r e is s u e s o f S e r ie s E E a n d H H
b o n d s , n o p r o v is io n w a s m a d e c o v e rin g
th e a d o p ti v e r e la tio n s h ip . T h is h a s b e e n
r e m e d i e d b y q u a lify in g th e w o r d
“ b lo o d ” , a s u s e d in th e r e g u la tio n s , to
i n c lu d e le g a l a d o p tio n . In a d d itio n , th e
p r o v is io n s f o r r e is s u e o f b o n d s
r e g is te r e d in c o o w n e r s h ip fo rm h a v e
b e e n r e w r i tt e n f o r c la rity .
C e rtify in g O f f ic e r
C ir c u la r N o. 530 h a s n o t r e q u ir e d t h a t
r e q u e s ts fo r r e is s u e o r fo r o t h e r ty p e s o f
t r a n s a c t io n s o f s a v in g s b o n d s b e s ig n e d
b e f o r e a n a u th o r iz e d c e rtify in g o ffic e r a s
a r e r e q u e s ts f o r p a y m e n t o f th e b o n d s .
T h is r e q u ir e m e n t a p p e a r s o n ly in th e
in s t r u c t i o n s o n th e r e is s u e a p p lic a tio n s .
T o r e m o v e a n y d o u b t a s to w h e t h e r
r e q u e s t s o n P u b lic D e b t f o rm s m u s t b e
e x e c u t e d b e f o r e a c e r tif y in g o ffice r, a
n e w p r o v is io n h a s b e e n a d d e d s ta tin g
t h a t t r a n s a c t io n f o rm s m u s t b e p r o p e r ly
c e r tif ie d , w h e n e v e r r e q u ir e d in th e
in s tr u c tio n s o n th e fo rm .
D eceased O w n ers
T h e B u r e a u o f th e P u b lic D e b t h a s
p io n e e r e d p r o c e d u r e s fo r th e d is p o s itio n
o f s a v in g s b o n d s b e lo n g in g to th e
e s t a t e s o f d e c e a s e d o w n e r s w ith o u t
r e q u ir in g p r o b a t e c o u r t p ro c e e d in g s .
T h e s e p r o c e d u r e s a r e b e in g e x p a n d e d to
p r o v id e fo r p a y m e n t o f S e r ie s E E a n d
H H b o n d s to th e s u rv iv in g r e la t iv e s o f a
d e c e d e n t p u r s u a n t to a t a b l e o f
p re ce d en c e .
T h e m in o r c h a n g e s t h a t h a v e b e e n
m a d e in th e t e x t o f th e r e g u la tio n s t h a t
w e r e p u b l is h e d fo r c o m m e n t o n Ju n e 28,
1979, d o n o t a f f e c t s u b s ta n t iv e r ig h ts o f
b o n d o w n e r s . A c c o rd in g ly , th e F is c a l
S e r v ic e is issu in g , w i t h th e c h a n g e s
d e s c r ib e d a b o v e , D e p a r t m e n t o f th e
T r e a s u r y C irc u la r, P u b lic D e b t S e r ie s
N o . 3 -8 0 (31 C FR , P a r t 353] a s a fin a l
ru le , e ff e c tiv e a s o f J a n u a r y 1 ,1 9 8 0 .
Dated: D ecem ber 14,1979.
Paul H. Taylor,

Fiscal A ssistant Secretary.
A c c o rd in g ly , a n e w P a r t 353 is a d d e d
to T itle 31 C F R to r e a d a s fo llo w s:

PART 353—REGULATIONS
GOVERNING UNITED STATES
SAVINGS BONDS, SERIES EE AND HH
Subpart A—General Information
Sec.

353.0 Applicability.
353.1 Official agencies.
353.2 Definitions.

Subpart B—Registration
353.5
353.6
353.7
353.8

G eneral rules.
Restrictions on registration.
A uthorized form s of registration.
C hain letters prohibited.

Subpart C—Limitations on Annual
Purchases
353.10 A m ounts w hich m ay be purchased.
353.11 C om putation of amount.
353.12 Disposition of excess.
353.13 Employee plan s—conditions of
eligibility.

Sec.
353.64 Paym ent, reinvestm ent, or
exchange—voluntary guardian of an
incom petent.
353.65 Paym ent—attom ey-in-fact of an
incom petent or a physically disabled
person.
353.66 Reissue.

Subpart D—Limitations on Transfer or
Pledge

Subpart L— Deceased Owner, Coowner or
Beneficiary

353.15
353.16

353.70
353.71
353.72

Sec.

T ransfer.
Pledge.

Subpart E—Judicial Proceedings
353.20 General.
353.21 Paym ent to judgm ent creditors.
353.22 Paym ent or reissue pu rsuan t to
judgment.
353.23 Evidence.

Subpart F—Relief for Loss, Theft,
Destruction, Mutilation, Defacement, or
Nonreceipt of Bonds
353.25 General.
353.26 A pplication for relief—after receipt
of bond.
353.27 A pplication for relief—nonreceipt of
bond.
353.28 Recovery or receipt of bo n d before or
after relief is granted.
353.29 A djudication of claims.

Subpart G—Interest
353.30
353.31

Series EG bonds.
Series H H bonds.

Subpart H—General Provisions for Payment
353.35 Paym ent (redem ption).
353.36 Paym ent during life of sole ow ner.
353.37 Paym ent during lives of both
coow ners.
353.38 Paym ent during lifetim e of o w n er of
beneficiary bond.
353.39 S urrender for paym ent.
353.40 Special provisions for paym ent.
353.41 Partial redem ption.
353.42 N onreceipt or loss of check issued In
paym ent.
353.43 Effective date of request for paym ent.
353.44 W ith draw al of req u est for paym ent.

Subpart I—Reissue and Denominational
Exchange
353.45
353.46
353.47
353.48
353.49
353.50
353.51

General.
Effective date of req uest for reissue.
A uthorized reissue— during lifetime.
R estrictions on reissue.
Correction of errors.
Change of nam e.
R equests for reissue.

Subpart J—Certifying Officers
353.55 Individuals authorized to certify.
353.56 G eneral instructions and liability.
353.57 W h en a certifying officer m ay not
certify.
353.58 Form s to be certified.

Subpart K—Minors, Incompetents, Aged
Persons, A bsentees, et al.
353.60 Paym ent to rep resen tativ e of an
estate.
353.61 Paym ent after death.
353.62 Paym ent to minors.
353.63 Paym ent to a p aren t or other person
on b eh alf of a minor.

G eneral rules governing entitlem ent.
E state adm inistered.
E state n ot adm inistered.

Subpart M—Fiduciaries
353.75 Paym ent or reissue during the
existence of the fiduciary estate.
353.76 Paym ent or reissue after term ination
of the fiduciary estate.
353.77 Exchanges by fiduciaries.

Subpart N—Private Organizations
(Corporations, Associations, Partnerships,
etc.) and Governmental Agencies, Units and
Officers
353.80 Paym ent to corporations or
unincorporated associations.
353.81 Paym ent to partnerships.
353.82 Reissue or p ay m en t to successors of
corporations, unincorporated
associations, or partnerships.
353.83 Reissue or paym ent on dissolution of
corporation or partnership.
353.84 Paym ent to certain institutions.
353.85 Reissue in nam e of trustee or agent
for reinvestm ent purposes.
353.86 Reissue upon term ination of
investm ent agency.
353.87 Paym ent to governm ental agencies,
units, or their officers.

Subpart O—Miscellaneous Provisions
353.90 W aiv er of regulations.
353.91 A dditional requirem ents; b o n d of
indem nity.
353.92 Supplem ents, am endm ents, or
revisions.
Authority: Sec. 22 of the Second Liberty
Bond Act, as am ended, 49 Stat. 21, as
am ended (31 U.S.C. 757c); Sec. 8 of Act of
July 8 , 1937, as am ended, 50 Stat. 481, as
am ended (31 U.S.C. 738a); 5 U.S.C. 301.

S u b p a rt A—G en eral Inform ation
§353.0 Applicability.
T h e r e g u la tio n s in t h is c ir c u la r ,
D e p a r t m e n t o f th e T r e a s u r y C irc u la r,
P u b lic D e b t S e r ie s N o . 3 -80, g o v e r n
U n ite d S t a te s S a v in g s B o n d s o f S e r ie s
E E a n d S e r ie s H H . T h e s e b o n d s b e a r
is s u e d a t e s o f J a n u a r y 1 ,1 9 8 0 , o r
t h e r e a f te r . T h e r e g u la tio n s in
D e p a r t m e n t o f th e T r e a s u r y C ir c u la r N o .
530, c u r r e n t r e v is io n (31 C F R P a r t 315),
g o v e r n a ll o t h e r U n ite d S t a te s S a v in g s
B o n d s a n d S a v in g s N o te s .

§ 353.1 Official agencies.
(a )
T h e B u r e a u o f th e P u b lic D e b t o f
th e D e p a r t m e n t o f th e T r e a s u r y is
r e s p o n s i b l e fo r a d m in is te r in g th e
S a v in g s B o n d s P ro g ra m . A u th o r ity to
p r o c e s s t r a n s a c t i o n s h a s b e e n d e le g a te d

76442

Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations

to F e d e r a l R e s e r v e B a n k s a n d B ra n c h e s ,
a s f is c a l a g e n ts o f th e U n ite d S ta te s .
(b)
C o m m u n ic a tio n s c o n c e r n in g
t r a n s a c t io n s a n d r e q u e s ts fo r fo rm s
s h o u ld b e a d d r e s s e d to ( 1 ) a F e d e r a l
R e s e r v e B a n k o r B ra n c h ; (2) th e B u r e a u
o f th e P u b lic D e b t, 200 T h ir d S tr e e t,
P a r k e r s b u r g , W e s t V irg in ia 26101; o r (3)
th e B u r e a u o f th e P u b lic D e b t,
W a s h in g to n , D .C . 20226. T h e n a m e s a n d
a d d r e s s e s o f th e F e d e r a l R e s e r v e B a n k s
a n d B r a n c h e s a re :
Federal Reserve Bank of Boston, Boston,
M assachu setts 02108.
F ederal Reserve Bank of New York,
Federal Reserve Post Office Station, N ew
York, N ew York 10045. Buffalo Branch,
Federal Reserve Bank, Box 961, Buffalo, New
York 14240.
F ederal Reserve Bank of Philadelphia, Box
66, Philadelphia, Pennsylvania 19105.
F ederal Reserve Bank of Cleveland, Box
6387, Cleveland, Ohio 44101. Cincinnati
Branch, Federal Reserve Bank, Box 999,
Cincinnati, O hio 45201. Pittsburgh Branch,
Federal Reserve Bank, Box 867, Pittsburgh,
Pennsylvania 15230.
Federal Reserve Bank of Richmond, Box
27622, Richmond, Virginia 23281. Baltimore
Branch, Federal Reserve Bank, Box 1378,
Baltimore, M aryland 21203. C harlotte Branch,
Federal Reserve Bank, Box 300, C harlotte,
N orth C arolina 28230.
F ederal Reserve Bank of A tlanta, A tlanta,
Georgia, 30303. Birmingham Branch, Federal
R eserve Bank, Box 10447, Birmingham,
A labam a 35202. Jacksonville Branch, Federal
Reserve Bank, Jacksonville, Florida 32203.
M iami Branch, F ederal R eserve Bank, Box
520847, Miami, Florida 33152. N ashville
Branch, Federal Reserve Bank, Nashville,
T en nessee 37203. N ew OrleanB Branch,
Federal Reserve Bank, Box 61630, New
O rleans, Louisiana 70161.
Federal Reserve Bank of Chicago, Box 834,
Chicago, Illinois 60690. Detroit Branch.
Federal Reserve Bank, Box 1059, Detroit,
M ichigan 48231.
Federal Reserve Bank of S t Louis, Box 442,
St. Louis, M issouri 63166. Little Rock Branch,
Federal Reserve Bank, Box 1261, Little Rock,
A rk an sas 72203. LouiBville Branch, Federal
Reserve Bank, Box 32710, Louisville,
K entucky 40232. M em phis Branch, Federal
Reserve Bank, Box 407, Memphis, T ennessee
38101.
Federal Reserve Bank of M inneapolis,
M inneapolis, M innesota 55480. H elena
Branch, Federal Reserve Bank, Helena,
M ontana 59601.
Federal Reserve B ank of K an sas City,
Federal Reserve Station, K ansas City,
M issouri 64198. D enver Branch, Federal
R eserve Bank, Box 5228, T erm inal Annex.
Denver, Colorado 80217. O klahom a City
Branch, F ederal Reserve Bank, Box 25129,
O klahom a City, O klahom a 73125. O m aha
Branch, Federal Reserve Bank, Om aha,
N ebraska 68102.
Federal Reserve Bank of Dallas, Station K,
Dallas, T ex a s 75222. El Paso Branch, Federal
Reserve Bank, Box 100. El Paso, T ex as 79999.
H ouston Branch, Federal Reserve Bank, Box
2578, H ouston, T ex as 77001. San A ntonio

Branch, Federal Reserve Bank, Box 1471, San
Antonio, T exas 78295.
Federal Reserve Bank of San Francisco,
Box 7702, San Francisco, California 94120.
Los Angeles Branch, Federal Reserve Bank,
Box 2077, T erm inal A nnex, Los Angeles,
California 90051. Portland Branch, Federal
Reserve Bank, Box 3436, Portland, Oregon
97208. Salt Lake City Branch, Federal Reserve
Bank, Box 30780, Salt Lake City, U tah 84125.
Seattle Branch, Federal Reserve Bank, Box
3567, Seattle, W ashington 98124.
(c)
N o tic e s a n d d o c u m e n ts m u s t b e
file d w ith th e a g e n c i e s r e f e r r e d to a b o v e
a n d a s i n d ic a te d in t h e s e r e g u la tio n s .

§353.2 Definitions.
(a ) “B o n d " m e a n s a U n ite d S t a te s
S a v in g s B o n d o f S e r ie s EE o r H H , u n le s s
th e c o n te x t in d ic a te s o th e r w is e .
(b) “ I n c o m p e te n t" m e a n s a n
i n d iv id u a l w h o is i n c a p a b le o f h a n d lin g
h is o r h e r b u s i n e s s a f f a ir s b e c a u s e o f a
le g a l, m e n t a l o r m e d ic a l d is a b ility ,
e x c e p t t h a t a m in o r is n o t a n
i n c o m p e te n t s o le ly b e c a u s e o f ag e.
(c) “ Is s u in g a g e n t ” m e a n s a n
o r g a n iz a tio n t h a t h a s b e e n q u a lif ie d
u n d e r th e p r o v is io n s o f D e p a r t m e n t o f
th e T r e a s u r y C irc u la r , P u b lic D e b t
S e r ie s N o. 4 -6 7 , c u r r e n t r e v is io n (31 C F R
P a r t 317), to is s u e s a v in g s b o n d s .
(d) “ P a y in g a g e n t ” m e a n s a f in a n c ia l
in s t it u t i o n t h a t h a s b e e n q u a lif ie d u n d e r
th e p r o v is io n s o f D e p a r t m e n t o f th e
T r e a s u r y C ir c u la r N o . 750, c u r r e n t
r e v is io n (31 C F R P a r t 321), to m a k e
p a y m e n t o f s a v in g s b o n d s .
(e) “P a y m e n t ” m e a n s r e d e m p tio n ,
u n le s s o t h e r w is e i n d ic a te d b y c o n te x t.
(f) “P e r s o n ” m e a n s a n y le g a l e n ti t y
in c lu d in g , b u t w i t h o u t lim ita tio n , a n
in d iv id u a l, c o r p o r a t i o n ( p u b lic o r
p r iv a te ) , p a r tn e r s h i p , u n i n c o r p o r a t e d
a s s o c i a t i o n , o r f i d u c ia r y e s ta te .
(g) “P e r s o n a l t r u s t e s t a t e s ” m e a n s
t r u s t e s t a t e s e s t a b l i s h e d b y n a tu r a l
p e r s o n s in th e ir o w n rig h t f o r th e b e n e f it
o f th e m s e lv e s o r o t h e r n a t u r a l p e r s o n s
in w h o le o r in p a r t, a n d c o m m o n tr u s t
f u n d s c o m p r is e d in w h o le o r in p a r t o f
su c h tru st e sta te s.
(h) “ R e is s u e ” m e a n s th e c a n c e l l a t i o n
a n d r e ti r e m e n t o f a b o n d a n d th e
is s u a n c e o f a n e w b o n d o r b o n d s o f th e
s a m e s e r ie s , s a m e is s u e d a te , a n d s a m e
to ta l f a c e a m o u n t.
(i) “R e p r e s e n t a t i v e o f th e e s t a t e o f a
m in o r, i n c o m p e te n t, a g e d p e r s o n ,
a b s e n te e , e t a l.” m e a n s th e c o u r ta p p o in t e d o r o t h e r w is e q u a lif ie d p e r s o n ,
r e g a r d l e s s o f title , w h o is le g a lly
a u th o r i z e d to a c t f o r th e i n d iv id u a l. T h e
te rm d o e s n o t in c lu d e p a r e n t s in th e ir
o w n r i g h t v o lu n ta r y o r n a tu r a l
g u a r d ia n s , o r th e e x e c u t o r s o r
a d m in istra to rs o f d e c e d e n ts ’ e sta te s.
(j) “ S u r r e n d e r ” m e a n s th e a c t u a l
r e c e ip t o f a b o n d w ith a n a p p r o p r ia t e
r e q u e s t fo r p a y m e n t o r r e is s u e b y e ith e r

a F e d e r a l R e s e r v e B a n k o r B r a n c h , th e
B u r e a u o f th e P u b lic D e b t or, if a p a y in g
a g e n t is a u th o r i z e d to h a n d le th e
t r a n s a c t io n , th e a c t u a l r e c e ip t o f th e
b o n d a n d th e r e q u e s t fo r p a y m e n t b y th e
p a y in g a g e n t.
(k) “T a x p a y e r id e n tif y in g n u m b e r ”
m e a n s a s o c ia l s e c u r ity a c c o u n t n u m b e r
o r a n e m p lo y e r i d e n tif ic a tio n n u m b e r .
(1)
“ V o lu n ta r y g u a r d ia n " m e a n s a n
in d iv id u a l w h o is r e c o g n iz e d a s
a u th o r i z e d to a c t fo r a n i n c o m p e te n t, a s
p r o v i d e d b y § 353.64.

S u b p a rt B—R e g istra tio n
§ 353.5 General rules.
(a ) Registration i conclusive of
s
ownership. S a v in g s b o n d s a r e i s s u e d
o n ly in r e g is te r e d fo rm . T h e r e g is tr a tio n
m u s t e x p r e s s t h e a c t u a l o w n e r s h i p of,
a n d i n te r e s t in, th e b o n d . T h e
r e g is tr a t io n is c o n c lu s iv e o f o w n e r s h ip ,
e x c e p t a s p r o v i d e d in S e c . 353.49.
(b ) Requestsforr g s r t o .
eitain
R e g is tr a tio n s r e q u e s t e d m u s t b e c le a r,
a c c u r a t e a n d c o m p le te , c o n f o r m
s u b s ta n t ia l ly w i t h o n e o f th e fo rm s s e t
f o r t h in th is S u b p a r t, a n d in c lu d e th e
t a x p a y e r id e n tif y in g n u m b e r o f th e
o w n e r o r f i r s t- n a m e d c o o w n e r. T h e
t a x p a y e r id e n tif y in g n u m b e r o f th e
s e c o n d - n a m e d c o o w n e r o r b e n e f i c i a r y is
n o t r e q u ir e d b u t its in c lu s io n is
d e s i r a b l e . T h e r e g is tr a t io n o f a ll b o n d s
o w n e d b y th e s a m e p e r s o n ,
o r g a n iz a tio n , o r f id u c ia r y s h o u ld b e
u n ifo rm w i t h r e s p e c t to th e n a m e o f th e
o w n e r a n d a n y d e s c r ip t i o n o f th e
f i d u c ia r y c a p a c ity . A n in d iv id u a l s h o u ld
b e d e s i g n a t e d b y th e n a m e h e o r s h e is
o r d i n a r i l y k n o w n b y o r u s e s in b u s in e s s ,
in c lu d in g a t l e a s t o n e full g iv e n n a m e .
T h e n a m e m a y b e p r e c e d e d o r f o llo w e d
b y a n y a p p li c a b l e title , s u c h a s “M i s s ” ,
“ M r.” . “M r s .” , “M s .", “D r.", “R e v .” ,
“M .D .", o r “D .D .” . A su ffix , s u c h a s “ S r."
o r “ Jr.", m u s t b e in c lu d e d w h e n
o r d in a r ily u s e d o r w h e n n e c e s s a r y to
d is tin g u is h th e o w n e r fro m a n o t h e r
m e m b e r o f h i s fa m ily . A m a r r i e d
w o m a n 's o w n g iv e n n a m e , n o t t h a t o f
h e r h u s b a n d , m u s t b e u s e d ; f o r e x a m p le ,
“ M a r y A . J o n e s " o r " M rs. M a r y A .
J o n e s " , N O T “ M rs . F r a n k B. J o n e s " . T h e
a d d r e s s m u s t in c lu d e , w h e r e
a p p r o p r ia t e , t h e n u m b e r a n d s tr e e t,
r o u te , o r a n y o t h e r lo c a l f e a tu r e , c ity ,
S ta te , a n d Z IP C o d e .
(c) I s r p i n ofbonds purchased as
ncito
g f s I f th e b o n d s a r e p u r c h a s e d a s g ifts,
it.
a w a r d s , p riz e s , e tc ., a n d th e t a x p a y e r
i d e n tif y in g n u m b e r o f th e in te n d e d
o w n e r is n o t k n o w n , th e p u r c h a s e r 's
n u m b e r m u s t b e f u r n is h e d . In th is e v e n t,
th e is s u in g a g e n t w ill in s c r ib e t h e w o r d
“ G IF T " a n d th e p u r c h a s e r 's n u m b e r o n
th e b o n d . B o n d s s o in s c r ib e d w ill n o t b e
a s s o c i a t e d w ith th e p u r c h a s e r 's o w n

Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations 76443
h o ld in g s . T h e r e g is tr a t io n o f a b o n d in
th e n a m e o f a p u r c h a s e r w i t h a n o th e r a s
c o o w n e r o r in th e p u r c h a s e r 's n a m e w ith
a n o th e r a s b e n e f ic ia r y is n o t c o n s id e r e d
a gift o r a n a w a r d .

§ 353.6 Restrictions on registration.
(a) Naturalpersons. O n ly a n
in d iv id u a l in h is o r h e r o w n rig h t m a y b e
d e s i g n a t e d a s c o o w n e r o r b e n e f ic ia r y
a lo n g w ith a n y o t h e r in d iv id u a l, w h e t h e r
o n o rig in a l i s s u e o r r e is s u e , e x c e p t a s
p r o v i d e d in § 353.7(f).
(b) Residence. T h e d e s ig n a tio n o f a n
o w n e r o r f ir s t- n a m e d c o o w n e r is
r e s tr ic te d , o n o rig in a l is s u e o n ly , to
p e r s o n s ( w h e th e r in d iv id u a ls o r o th e r s )
w h o a re:
(1 ) R e s id e n ts o f th e U n ite d S ta te s , its
te r r i t o r ie s o r p o s s e s s io n s , o r th e
C o m m o n w e a lth o f P u e r to R ico;
( 2) C itiz e n s o f th e U n ite d S ta te s
r e s id in g a b r o a d ;
(3) C iv ilia n e m p lo y e e s o f th e U n ite d ■
S t a te s o r m e m b e r s o f its a r m e d fo rc e s ,
r e g a r d le s s o f th e ir r e s i d e n c e o r
c itiz e n s h ip ; a n d
(4) R e s i d e n t s o f C a n a d a o r M e x ic o
w h o w o r k in th e U n ite d S t a te s b u t o n ly
if th e b o n d s a r e p u r c h a s e d o n a p a y r o ll
d e d u c tio n p l a n a n d th e o w n e r p r o v id e s
a t a x p a y e r id e n tif y in g n u m b e r .
A n o n r e s i d e n t a lie n m a y b e
d e s i g n a t e d c o o w n e r o r b e n e f ic ia r y or,
o n a u th o r i z e d r e is s u e , o w n e r , u n l e s s th e
n o n r e s i d e n t a li e n is a r e s i d e n t o f a n
a r e a w i t h r e s p e c t to w h ic h th e
D e p a r t m e n t o f th e T r e a s u r y r e s t r ic t s o r
r e g u la t e s th e d e liv e r y o f c h e c k s d r a w n
a g a i n s t f u n d s o f th e U n ite d S t a te s o r its
a g e n c ie s o r i n s tr u m e n ta litie s . S e e
D e p a r t m e n t o f th e T r e a s u r y C ir c u la r N o.
655, c u r r e n t r e v is io n (31 C F R P a r t 211 ).
R e g is tr a tio n is n o t p e r m i t te d in a n y fo rm
w h ic h i n c lu d e s th e n a m e o f a n y a lie n
w h o is a r e s i d e n t o f a n y r e s t r ic t e d a r e a .
(c) Minors. ( 1 ) M in o r s m a y p u r c h a s e
w ith th e ir w a g e s , e a r n in g s , o r o th e r
f u n d s b e lo n g in g to th e m a n d u n d e r th e ir
c o n tr o l b o n d s r e g is te r e d in t h e i r n a m e s
a lo n e o r w ith a c o o w n e r o r b e n e f ic ia r y .
(2 ) B o n d s p u r c h a s e d b y a n o t h e r
p e r s o n w ith f u n d s b e lo n g in g to a m in o r
n o t u n d e r le g a l g u a r d ia n s h i p o r s im ila r
f id u c ia r y e s t a t e m u s t b e r e g is te r e d ,
w ith o u t a c o o w n e r o r b e n e f ic ia r y , in the
n a m e o f th e m in o r o r a n a tu r a l g u a r d ia n
o n b e h a l f o f a m in o r.
(3) B o n d s p u r c h a s e d w i t h f u n d s o f
a n o th e r m a y b e r e g is te r e d to n a m e th e
m in o r a s o w n e r , c o o w n e r, o r
b e n e f ic ia r y . If th e m in o r is u n d e r le g a l
g u a r d ia n s h i p o r s im ila r f id u c ia r y e s ta te ,
th e r e g is tr a t io n m u s t in c lu d e a n
a p p r o p r ia t e r e f e r e n c e to it.
(4) B o n d s p u r c h a s e d a s a g ift to a
m in o r u n d e r a g ift-to -m in o rs s t a tu t e
m u s t b e r e g is te r e d a s p r e s c r i b e d b y th e

s t a tu t e a n d n o c o o w n e r o r b e n e f i c i a r y
m ay be nam ed.
(5)
B onds p u rch ased by a
r e p r e s e n t a t i v e o f a m in o r ’s e s t a t e m u s t
b e r e g is te r e d in th e n a m e o f th e m in o r
a n d m u s t in c lu d e in th e r e g is tr a t io n a n
a p p r o p r ia t e r e f e r e n c e to th e
g u a r d ia n s h i p o r s im ila r f id u c ia r y e s ta te .
B onds p u rc h a s e d b y a re p re se n ta tiv e of
t h e e s t a t e s o f tw o o r m o r e m in o rs , e v e n
th o u g h a p p o in t e d in a sin g le p r o c e e d in g ,
m u s t b e r e g is te r e d in th e n a m e o f e a c h
m in o r s e p a r a t e l y w i t h a p p r o p r ia t e
r e f e r e n c e to th e g u a r d ia n s h i p o r s im ila r
f id u c ia r y e s ta te .
(d)
Incompetents. B o n d s m a y b e
r e g is te r e d to n a m e a s o w n e r , c o o w n e r,
o r b e n e f ic ia r y a n i n c o m p e te n t fo r w h o s e
e s t a t e a g u a r d ia n o r s im ila r
r e p r e s e n t a t i v e h a s b e e n a p p o in te d ,
e x c e p t t h a t a c o o w n e r o r b e n e f ic ia r y
m ay n o t b e n am ed on b o n d s p u rch ased
w i t h f u n d s b e lo n g in g to th e i n c o m p e te n t.
T h e r e g is tr a t io n m u s t in c lu d e
a p p r o p r ia t e r e f e r e n c e to th e
g u a r d ia n s h i p o r s im ila r f i d u c ia r y e s ta te .
B o n d s s h o u ld n o t b e r e g is te r e d in th e
n a m e o f a n i n c o m p e te n t u n l e s s t h e r e is
a r e p r e s e n t a t i v e fo r h is o r h e r e s t a t e ,
e x c e p t a s p r o v i d e d in § 353.64.

§ 353.7 Authorized forms of registration.
S u b je c t to a n y l im ita tio n s o r
r e s t r ic t io n s c o n ta i n e d in t h e s e
re g u la tio n s o n th e rig h t o f a n y p e r s o n to
b e n a m e d a s o w n e r , c o o w n e r, o r
b e n e f ic ia r y , b o n d s s h o u ld b e r e g is te r e d
a s i n d ic a te d b e lo w . A s a v in g s b o n d
in s c r ib e d in th e fo rm n o t s u b s t a n t i a l l y in
a g r e e m e n t w i t h o n e o f th e fo rm s
a u th o r i z e d b y th is S u b p a r t is n o t
c o n s i d e r e d v a lid ly is s u e d .
(a)
Naturalpersons. A b o n d m a y b e
r e g is te r e d in th e n a m e s o f in d iv id u a ls in
t h e i r o w n rig h t, b u t o n ly in o n e o f th e
f o rm s a u th o r i z e d b y th is p a r a g r a p h .
( )Single ownership form. A b o n d
1
m a y b e r e g is te r e d in th e n a m e o f o n e
i n d iv id u a l. E x a m p le :
John A. Jones 123-45-6789.
(2 ) Coownershipform. A b o n d m a y b e
r e g is te r e d in th e n a m e s o f tw o
in d iv id u a ls in th e a lt e r n a t i v e a s
c o o w n e r s . T h e fo rm o f r e g is tr a t io n “ A
a n d B ” is n o t a u th o r iz e d . E x a m p le s :
John A. Jones 123-45-6789 or Ella S. Jones
987-65-4321.
John A. Jones 123-45-6789 or (Miss, Ms. or
Mrs.) Ella S. Jones.
Ella S. Jones 987-65-4321 or John A. Jones.

(3) Beneficiaryform. A b o n d m a y b e
r e g is te r e d in th e n a m e o f o n e in d iv id u a l
p a y a b l e o n d e a t h to a n o th e r . “P a y a b le
o n d e a t h t o " m a y b e a b b r e v i a t e d to
“ P .O .D .” E x a m p le s :
John A. Jones 123-45-6789 payable on
death to Mrs. Ella S. Jones.

John A. Jones 123-45-6789 P.O.D. Ella S.
Jones 987-65-4321.
(b)
Fiduciaries (includingl g l
ea
guardians and similarrepr s n a i e ,
eettvs
cr
e tain custodians, naturalguardians,
ee
x cutors, administrators, and t u t e )
rses.
( ) General. A b o n d m a y b e r e g is te r e d in
1
th e n a m e o f a n y p e r s o n o r p e r s o n s o r
a n y o r g a n iz a tio n a c tin g a s f id u c ia r y o f a
sin g le f i d u c ia r y e s t a t e , b u t n o t w h e r e th e
f id u c ia r y w ill h o ld t h e b o n d m e r e ly o r
p r i n c ip a lly a s s e c u r ity fo r th e
p e r f o r m a n c e o f a d u ty , o b lig a tio n , o r
se r v ic e . R e g is tr a tio n s h o u ld c o n f o r m to
a fo rm a u th o r i z e d b y th is p a r a g r a p h . A
c o o w n e r o r b e n e fic ia ry m a y b e n a m e d
o n ly in a c c o r d a n c e w i t h th e a p p li c a b l e
p r o v is io n s o f § 353.6 (c) a n d (d). A
co m m o n tru st fu n d e sta b lis h e d a n d
m a i n t a i n e d b y a f in a n c ia l in s t it u t i o n
a u th o r i z e d to a c t a s a f id u c ia r y w ill b e
c o n s i d e r e d a sin g le f id u c ia r y e s t a t e
w i t h in th e m e a n in g o f th e s e re g u la tio n s .

( ) Legalguardians, conservators,
2
similarrepresent t v s c r a n
aie, e t i
custodians. A b o n d m a y b e r e g is te r e d in
th e n a m e a n d title o r c a p a c i t y o f th e
le g a lly a p p o in t e d o r a u th o r i z e d
r e p r e s e n t a t i v e o f th e e s t a t e o f a m in o r,
i n c o m p e te n t, a g e d o r in firm p e r s o n ,
a b s e n te e , e t al., o r in th e n a m e o f t h a t
i n d iv id u a l f o llo w e d b y a n a p p r o p r ia t e
r e f e r e n c e to th e e s t a t e . E x a m p le s :
T enth N ational Bank, guardian (or
conservator, trustee, etc.) of the estate of
George N. Brown 123-45-6789, a m inor (or an
incom petent, aged person, infirm person, or
absentee).
H enry C. Smith, con serv ator of the e state
of John R. W hite 123-45-6789. an adult,
pu rsu ant to Sec. 633.572 of the Iow a Code.
John F. G reen 123-45-6789, a m inor (or an
incom petent) u nder custodianship by
designation of the V eterans A dm inistration.
Frank M. R edd 123-45-6789, an
incom petent for w hom Eric A. R edd h a s b een
designated trustee by the D epartm ent of the
Arm y pu rsuan t to 37 U.S.C. 602.
A rnold A. Am es, a s custodian for B arry B.
Bryan 123-45-6789, u n d er the California
Uniform Gifts to M inors Act.
T hom as J. Reed, as custodian for Law rence
W . Reed 123-45-6789, a minor, u nder the
law s of Georgia.
R ichard A. Rowe 123-45-6789, for w hom
R eba L. Rowe is represen tativ e p ayee for
social security benefits (or black lung
benefits, as the case m ay be). (If the
beneficiary is a minor, the w ords “a m inor”
should ap p ear im m ediately after the social
security number.)
H enry L. G reen 123-45-6789 or George M.
Brown, a m inor u nder legal guardianship of
the T enth N ational Bank.
H enry L. G reen 123-45-6789 P.O.D. George
M. Brown, a m inor under legal
guardianship of the T enth N ational Bank.
R edd S tate H ospital a n d School, selected '
p ayee for John A. Jones 123-45-6789, a Civil
Service annuitant, p ursu an t to 5 U.S.C.
8345(e).

76444

Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations

(3) Natural guardians. A b o n d m a y b e
r e g is te r e d in d i e n a m e o f e it h e r p a r e n t
( n a tu r a l a n d a d o p tiv e ) o f a m in o r, a s
n a tu r a l g u a r d ia n . T h e r e g is tr a t io n o f a
b o n d in th is f o r m is c o n s i d e r e d a s
e s t a b l i s h i n g a f id u c ia r y r e la tio n s h ip . A
c o o w n e r o r b e n e fic ia ry m a y b e n a m e d
b u t o n ly i f th e f u n d s u s e d to p u r c h a s e
th e b o n d s d o n o t b e lo n g to th e m in o r.
E x a m p le s :
John A. Jones, a s n atu ral gu ard ian for
H enry M {ones 123-45-6789.
M elba Smith, a s n atu ral guardian for
T helm a Smith 123-45-6789 P.O.D.
B artholom ew Smith.
(4) Executors and administrators. A
b o n d m a y b e r e g is te r e d in t h e n a m e o f
t h e r e p r e s e n t a t i v e a p p o in t e d b y a c o u r t
to a c t f o r a n e s t a t e o f a d e c e d e n t , o r in
t h e n a m e o f a n e x e c u t o r a u th o r i z e d to
a d m i n i s t e r a t r u s t u n d e r th e t e r m s o f a
w ill a lth o u g h n o t n a m e d t r u s te e . T h e
n a m e a n d c a p a c i t y o f a ll th e
r e p r e s e n t a t i v e s a s s h o w n i n th e l e t t e r s
o f a p p o in t m e n t m u s t b e i n c lu d e d in th e
r e g is tr a t io n a n d b e f o llo w e d b y a n
a d e q u a t e ^ id e n tif y in g r e f e r e n c e to th e
e s t a t e . E x a m p le s :
John H. Smith a n d Calvin N. Jones,
e xecutors of the will (or adm inistrators of the
e state) o f Robert J. Smith, deceased, 12­
3456789.
John H. Smith, ex ecutor of the will of
Robert J. Smith, d eceased , in tru st for Mrs.
Jane L Smith, w ith rem aind er over, 12­
3456789.
(5) Trustees or life tenants under
wills, deeds o f trust, agreements, or
sim ilar instruments. A b o n d m a y b e
r e g is te r e d in t h e n a m e a n d title o f th e
tr u s t e e o f a t r u s t e s t a t e , o r in th e n a m e
o f a life te n a n t , f o llo w e d b y a n a d e q u a t e
id e n tif y in g r e f e r e n c e to th e a u th o r i t y
g o v e r n in g th e t r u s t o r life te n a n c y .
E x a m p le s :
T hom as J. W hite a n d T enth N ational Bank,
tru stees u nd er the will of Robert J. Smith,
deceased, 12-3456789.
Jane N. Black 123-45-6789, life ten an t under
the w ill of Robert J. Black, deceased.
T en th N ational Bank, trustee u n der .
agreem ent w ith Paul E. W hite, d a te d 2/1/80,
12-3456789.
C arl A. Black a n d H enry B. G reen, trustees
u nd er agreem ent w ith Paul E. W hite, d a te d 2 /
1/80,12-3456789.
Paul E. W hite, trustee u nder declaratio n of
trust d a te d 2/1/80,12-3456789.
(i) I f th e t r u s t i n s t r u m e n t d e s i g n a t e s
b y title o n ly a n o ff ic e r o f a b o a r d o r a n
o r g a n iz a t i o n a s tr u s te e , o n ly t h e title o f
th e o f f ic e r s h o u ld b e u s e d . E x a m p le :
C hairm an, Board of T rustees, First Church
of C h rist Scientist, of Chicago, Illinois, in
trust und er the will of R obert J. Smith,
d eceased , 12-3456789.
(ii) T h e n a m e s o f a ll tr u s t e e s , in th e
fo rm u s e d in t h e t r u s t in s tr u m e n t, m u s t

b e in c l u d e d in th e r e g is tr a tio n , e x c e p t a s
fo llo w s :
(A ) I f th e r e a r e s e v e r a l t r u s t e e s
d e s ig n a te d a s a b o a rd o r th e y a re
r e q u ir e d to a c t a s a u n it, th e ir n a m e s
m a y b e o m it t e d a n d t h e w o r d s “B o a r d o f
T r u s t e e s ” s u b s t i t u t e d f o r th e w o r d
“ t r u s t e e ” . E x a m p le :

o r n o n - p r o f it o r g a n iz a tio n , w h e t h e r o r
n o t in c o r p o r a t e d , i f th e a g e n t h o l d s
f u n d s fo r th e s o l e p u r p o s e o f in v e s tin g
th e m a n d p a y in g d ie in c o m e to th e
o r g a n iz a tio n . T h e n a m e a n d d e s ig n a tio n
o f th e a g e n t m u s t b e f o l lo w e d b y a n
a d e q u a t e r e f e r e n c e to t h e a g r e e m e n t
E x a m p le s :

Board of T ru stees of Im m ediate Relief
T ru st of Federal A id A ssociation, u nd er tru st
indenture d a te d 2/1/80,12-3456789.

T enth N ational Bank, fiscal agent U /A with
th e Evangelical L utheran Church of the Holy
Trinity, d a te d 12/28/80,12-3450789.
Sixth T rust Com pany, Investm ent Agent
U /A d a te d Septem ber 16,1980, w ith C entral
C ity Post, D epartm ent of Illinois, A m erican
Legion, 12-3456789.
John Jones, Investm ent A gent U /A d ated
Septem ber 16,1980, w ith C entral C ity Post,
D epartm ent o f Illinois, A m erican Legion, 12­
3456789.

(B) I f th e t r u s t e e s d o n o t c o n s t it u t e a
b o a r d o r a r e n o t r e q u ir e d to a c t a s a
u n it, a n d a r e to o n u m e r o u s to b e
d e s i g n a t e d in t h e r e g is tr a t io n b y n a m e s
a n d t id e , s o m e o r a ll th e n a m e s m a y b e
o m itte d . E x a m p le s :
John A. Smith, H enry B. Jones, e t al.,
tru stees u nder the will o f E dw in O. M ann,
deceased, 12-3456789.
T rustees u nd er the will of E dw in O. M ann,
deceased, 12-3456789.
(6 ) Employee thrift, savings, vacation
and sim ilar plans. A b o n d m a y b e
r e g is te r e d in th e n a m e a n d t id e , o r title
a lo n e , o f th e t r u s t e e o f a n e lig ib le
e m p lo y e e th rift, s a v in g s , v a c a t i o n o r
s im ila r p la n , a s d e f in e d in § 353.13(a). If
t h e i n s t r u m e n t c r e a ti n g t h e t r u s t
p r o v i d e s t h a t t h e t r u s t e e s s h a l l s e r v e fo r
a lim ite d te rm , t h e i r n a m e s m a y b e
o m i t t e d E x a m p le s :
T enth N ational Bank, trustee o f Pension
Fund of Safety M anufacturing Com pany, U /A
w ith th e company, d a te d M arch 31,1980,12­
3456789.
T ru stees of R etirem ent Fund of Safety
M anufacturing Com pany, u n d e r directors'
resolution ad o pted M arch 31,1960,12­
3456789.
C ounty T rust com pany, trustee of the
Employee Savings Plan of Joqes Com pany,
Inc., U /A d a te d January 17,1980,12-3456789.
T rustee o f the Employee Savings Plan of
Brow n Brothers, Inc., U /A d a te d January 20,
1980,12-3456769.
(7) Funds o f lodges, churches,
societies, or similar organizations. A
b o n d m a y b e r e g is te r e d in t h e title o f th e
tr u s t e e s , o r a b o a r d o f tr u s t e e s , h o ld in g
f u n d s in b u s t f o r a lo d g e , c h u r c h , o r
s o c ie ty , o r s im ila r o r g a n iz a tio n , w h e t h e r
o r n o t i n c o r p o r a t e d E x a m p le s :
T rustees of the First B aptist Church, Akron,
Ohio, acting as a Board u nder Section 15 of
its bylaw s, 1,2-3456789.
T ru stees of Jam estow n Lodge No. 1000,
Benevolent a n d Protective O rd er o f Elks,
u n d er Section 10 of its bylaw s, 12-3456789.
Board of T rustees o f Lotus Club,
W ashington, Indiana, u nder A rticle 10 of its
constitution, 12-3456789.
( 8 ) Investm ent agents for religious,
educational, charitable and non-profit
organizations. A b o n d m a y b e r e g is te r e d
i n th e n a m e o f a b a n k , t r u s t c o m p a n y , o r
o t h e r f in a n c ia l in s titu tio n , o r a n
i n d iv id u a l, a s a g e n t u n d e r a n a g r e e m e n t
w i t h a re lig io u s, e d u c a t io n a l , c h a r i t a b l e

(9) Funds o f school groups or
activities. A b o n d m a y b e r e g is te r e d

in
th e t i d e o f th e p r in c ip a l o r o t h e r o ffic e r
o f a p u b lic , p r i v a t e , o r p a r o c h i a l s c h o o l
h o ld in g f u n d s in t r u s t f o r a s t u d e n t b o d y
f u n d o r f o r a c la s s , g ro u p , o r a c tiv ity . If
th e a m o u n t p u rc h a s e d fo r a n y o n e fu n d
d o e s n o t e x c e e d $2,500 ( f a c e a m o u n t),
n o r e f e r e n c e n e e d b e m a d e to a t r u s t
i n s t r u m e n t E x a m p le s :
Principal, W este rn High School, in tru st for
the C lass of 1980 Library Fund, 12-3456789.
D irector of Athletics, W estern High School,
in tru st for Student Activities Association,
u n d er resolution ad o p te d 5 /J 2 /8 0 ,12 3456789.
( 10 ) Public corporations, bodies, or
officers as trustees, A b o n d m a y b e
r e g is te r e d in th e n a m e o f a p u b lic
c o r p o r a t i o n o r a p u b lic b o d y , o r in th e
title o f a p u b lic o ffice r, a c t i n g a s t r u s t e e
u n d e r e x p r e s s a u th o r i t y o f la w , f o llo w e d
b y a n a p p r o p r ia t e r e f e r e n c e to th e
s t a t u t e c r e a tin g th e t r u s t E x a m p le s :
Rhode Islan d Investm ent Commission,
tru stee of the G eneral Sinking Fund under
T itle 35, Ch. 8, Gen. Law s of Rhode Island.
Superintendent of the A ustin S tate
H ospital A nnex, in tru st for the Benefit Fund
u n d e r Article 3183C, V ernon's Civ. Stat. of
T ex a s Ann.
(c)
Private organizations
(corporations, associations,
partnerships). (1 ) General. A b o n d

m ay
b e r e g is te r e d in th e n a m e o f a n y p r iv a te
o r g a n iz a tio n in its o w n r i g h t T h e full
le g a l n a m e o f th e o r g a n iz a tio n a s s e t
f o r th in its c h a r te r , a r tic le s o f
in c o r p o r a tio n , c o n s titu tio n , p a r tn e r s h i p
a g r e e m e n t o r o t h e r a u th o r i t y fro m
w h i c h its p o w e r s a r e d e r i v e d m u s t b e
in c l u d e d in th e r e g is tr a t io n a n d m a y b e
f o l lo w e d b y a p a r e n t h e t i c a l r e f e r e n c e to
a p a r t i c u l a r a c c o u n t o t h e r t h a n a tr u s t
a c c o u n t.
(2)
Corporations. A b o n d m a y b e
r e g is te r e d in th e n a m e o f a b u s i n e s s ,
f r a te r n a l , re lig io u s , n o n - p r o f it, o r o t h e r
p r i v a t e c o r p o r a tio n . T h e w o r d s “a
c o r p o r a t i o n ” m u s t b e in c l u d e d in d i e >

Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations 76445
r e g is tr a tio n u n le s s th e f a c t o f
i n c o r p o r a tio n is s h o w n in th e n a m e .
E x a m p le s :
Smith M anufacturing Com pany, a
corporation, 12-3456789.
Green a n d Redd, Inc., 12-3456789
(Depreciation Acct.)

( ) Unincorporateda s c a i n . A
3
soitos
bond may be registered i the name of a
n
c u , lodge, s c e y or a similar s l lb
oit,
ef
governing association which i
s
unincorporated. The words "an
unincorporated association” must be
included i the r g s r t o . This form of
n
eitain
r i ra o must not be used fo a t u t
eg st ti n
r rs
fund, board of t u t e , a partnership, or
rses
a s proprietorship. I the association
ole
f
i chartered by or a f l a e with a
s
fiitd
parent organization, the name or
designation of the subordinate or l c l
oa
organization must be given frt
is ,
followed by the name of the parent
organization. The name of the parent
organization may be placed i
n
parentheses and, i well known, may be
f
abbreviated. Examples:
The Lotus Club, an unincorporated
association, 12-3456789.
Local 447, Brotherhood of Railroad
Trainm en, an unincorporated association, 12­
3456789.
Eureka Lodge 317 (A.F. and A.M.), a n
unincorporated association, 12-3456789.

( )Partnerships. A bond may be
4
registered i the name of a partnership.
n
The words "a partnership” must be
included i the r g s r t o . Examples:
n
eitain
Smith & Jones, a partnership, 12-3456789.
Acme Novelty Company, a partnership, 12­
3456789.

( )Sole Prop i t r h p . A bond may
5
reosis
be registered in the name of an
individual who i doing business as a
s
sole p op et r. A reference may be
r ri o
made t the trade name under which the
o
business i conducted. Example:
s
John (ones DBA Jones Roofing Com pany
123-45-6789.

( ) I s i u i n (churches, h s i a s
d
ntttos
optl,
homes, sch o s ec) A bond may be
o l , t. .
registered i the name of a church,
n
h s i a , home, school, or s
optl
imilar
i s i u i n conducted by a private
nttto
organization or by private t u t e ,
rses
regardless of the manner i which i i
n
ts
organized or governed or t t et i s
il o t
property i h
s eld. Descriptive words,
such as “a corporation” or "an
unincorporated association”,must not
be included i the r g s r t o .
n
eitain
Examples:
Shriners' H ospital for C rippled Children, St.
Louis, M issouri. 12-3456789.
St. M ary’s Rom an Catholic Church, Albany,
New York, 12-3456789.
R odeph Shalom Sunday School,
’
Philadelphia, Pennsylvania; 12-3456789.

(e) S a e ,public bodies and
tts
corporations, andpublic o f c r . A
fies
b o n d m a y b e r e g is te r e d in th e n a m e o f a
S ta te , c o u n ty , c ity , to w n , v illa g e , s c h o o l
d is tr ic t, o r o t h e r p o litic a l e n tity , p u b lic
b o d y , o r c o rp o ra tio n e s ta b lis h e d b y la w
(in c lu d in g a b o a r d , c o m m is s io n ,
a d m in is tr a tio n , a u th o r ity , o r a g e n c y )
w h ic h is t h e o w n e r o r o ffic ia l c u s t o d ia n
o f p u b lic fu n d s , o t h e r t h a n t r u s t fu n d s,
o r in th e fu ll le g a l title o f th e p u b lic
o ffic e r h a v in g c u s t o d y o f th e f u n d s .
E x a m p le s :
State of M aine.
T ow n of Rye, N ew York (Street
Im provem ent Fund).
M aryland State H ighw ay Adm inistration.
T reasurer, City of Chicago.
(f) The UnitedStates Treasury. A
p e r s o n w h o d e s i r e s to h a v e a b o n d
b e c o m e th e p r o p e r ty o f th e U n ite d
S t a te s u p o n h is o r h e r d e a t h m a y
d e s i g n a t e th e U n ite d S t a te s T r e a s u r y a s
c o o w n e r o r b e n e f ic ia r y . E x a m p le s :
George T- Jones 123-45-6789 or the U nited
States T reasury.
George T. Jones 123-45-6789 P.O.D. the
U nited States T reasury.

S 353.8 Chain letters prohibited.
T h e is s u a n c e o f b o n d s in th e
f u r t h e r a n c e o f a c h a in l e t t e r o r p y r a m i d
s c h e m e is c o n s i d e r e d to b e a g a i n s t t h e
p u b lic i n te r e s t a n d is p r o h ib ite d .

Subpart C—Limitations on Annual
Purchases
§ 353.10 Amounts which may be
purchased.
T h e a m o u n t o f s a v in g s b o n d s o f S e r ie s
EE a n d H H w h ic h m a y b e p u r c h a s e d
a n d h e ld , in t h e n a m e o f a n y o n e p e r s o n
in a n y o n e c a l e n d a r y e a r , is c o m p u te d
a c c o r d in g to th e p r o v is io n s o f § 353.11
a n d is lim ite d a s fo llo w s:
(a ) Series EE.

( ) General annual l m t t o .
1
iiain
$30,000 (fa c e a m o u n t).

( )Speciall m t t o .
2
iiain
$4,000 (fa c e a m o u n t) m u ltip lie d b y th e
h ig h e s t n u m b e r o f e m p lo y e e s
p a r ti c ip a t in g in a n e lig ib le e m p lo y e e
p la n , a s d e f in e d in § 353.13, a t a n y tim e
d u r in g th e c a l e n d a r y e a r in w h i c h th e
b o n d s a r e is s u e d .
(b) Series HH.

( )General annual l m t t o .
1
iiain
$ 20,000 (fa c e a m o u n t) .

( )Speciall m t t o .
2
iiain
$ 200,000 (fa c e a m o u n t) f o r b o n d s
r e c e iv e d in a c a l e n d a r y e a r a s g ifts b y
a n o r g a n iz a tio n w h i c h a t th e tim e o f
p u r c h a s e w a s a n e x e m p t o r g a n iz a tio n
u n d e r the; te r m s o f 26 C F R 1.501(c)(3)—
1.

$353.11

Computation of amount. .

(a )
General. T h e p u r c h a s e s o f b o n d s
i n th e n a m e o f a n y p e r s o n i n a n

in d iv id u a l c a p a c i t y a r e c o m p u te d
s e p a r a t e l y fro m p u r c h a s e s in a f id u c ia r y
c a p a c ity . A p e n s io n o r r e tir e m e n t fu n d ,
o r a n in v e s tm e n t, in s u r a n c e , a n n u ity , o r
s im ila r fu n d o r t r u s t is r e g a r d e d a s a n
e n tity , r e g a r d l e s s o f th e n u m b e r o f
b e n e f i c i a r ie s o r th e m a n n e r in w h ic h
t h e i r s h a r e s o r i n te r e s t s a r e e s ta b lis h e d ,
d e te r m in e d , o r s e g r e g a te d .
(b ) Bonds includedi computation. In
n
c o m p u tin g th e p u r c h a s e s f o r e a c h
p e r s o n , th e f o llo w in g o u t s t a n d i n g b o n d s
a r e in c lu d e d :
( 1 ) A ll b o n d s r e g is te r e d in t h e n a m e o f
t h a t p e r s o n a lo n e ;
(2) A ll b o n d s r e g is te r e d in th e n a m e o f
t h e r e p r e s e n t a t i v e o f th e e s t a t e o f t h a t
p erso n ; a n d
(3) A ll b o n d s r e g is te r e d in th e n a m e o f
t h a t p e r s o n a s c o o w n e r. H o w e v e r , in
c o m p u tin g th e a m o u n t o f b o n d s o f e a c h
s e r i e s h e ld in c o o w n e r s h ip fo rm , th e
lim ita tio n m a y b e a p p li e d to th e
h o ld in g s o f e i t h e r o f th e c o o w n e r s o r
a p p o r ti o n e d b e t w e e n th e m .
(c) Bonds excludedfrom computation.
In c o m p u tin g th e p u r c h a s e s fo r e a c h
p e r s o n , t h e fo llo w in g a r e e x c lu d e d :
(1) B o n d s o n w h ic h t h a t p e r s o n is
n a m e d b e n e f ic ia r y ;
( 2 ) B o n d s to w h ic h t h a t p e r s o n h a s
b e c o m e e n title d —
(i) U n d e r § 353.70 a s su rv iv in g
b e n e f i c i a r y u p o n th e d e a t h o f th e
r e g is te r e d o w n e r;
(ii) A s a n h e ir o r a l e g a te e o f th e
d e c e a s e d o w n er;
(iii) B y v ir tu e o f th e t e r m in a tio n o f a
t r u s t o r t h e h a p p e n in g o f a s im ila r e v e n t;
(3) B o n d s i s s u e d in a n a u th o r i z e d
e x c h a n g e o r r e in v e s tm e n t; a n d
(4) B o n d s t h a t a r e p u r c h a s e d a n d
r e d e e m e d w i t h in th e s a m e c a l e n d a r
y e ar.

§353.12 Disposition of excess.
If a n y p e r s o n a t a n y tim e h a s s a v in g s
b o n d s i s s u e d d u rin g a n y o n e c a l e n d a r
y e a r in e x c e s s o f th e p r e s c r i b e d a m o u n t,
in s tr u c tio n s s h o u ld b e o b t a i n e d fro m th e
B u r e a u o f th e P u b lic D e b t, P a r k e r s b u r g ,
W e s t V irg in ia 26101, f o r a p p r o p r ia t e
a d ju s tm e n t o f th e e x c e s s . U n d e r th e
c o n d itio n s s p e c if ie d in § 353.90, th e
C o m m is s io n e r o f th e P u b lic D e b t m a y
p e r m it e x c e s s p u r c h a s e s to s t a n d in a n y
p a r t i c u l a r c a s e o r c la s s o f c a s e s .

§ 353.13 Employee plans—Conditions of
aglblltty.
(a)
Df
e inition ofp
lan. E m p lo y e e th rift,
s a v in g s , v a c a t io n a n d s im ila r p l a n s a r e
c o n tr i b u t o r y p l a n s e s t a b l i s h e d b y th e
e m p lo y e r f a r th e e x c lu s iv e a n d
ir r e v o c a b le b e n e f it o f its e m p lo y e e s o r
th e ir b e n e f ic ia r ie s . E a c h p la n m u s t
a f f o rd e m p lo y e e s th e m e a n s o f m a k in g
r e g u la r s a v in g s fro m t h e ir w a g e s th ro u g h
p a y r o ll d e d u c t i o n s a n d p r o v id e fo r

76446 Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations
e m p lo y e r c o n tr i b u t io n s to b e a d d e d to
th e s e s a v in g s .
(b ) Definition ofterms usedi t i
n hs
s c i n ( 1) T h e te rm " a s s e t s " m e a n s a ll
eto.
th e e m p lo y e e s ' c o n tr ib u tio n s a n d a s s e t s
p u r c h a s e d w ith th e m a n d th e e m p lo y e r 's
c o n tr ib u tio n s a n d a s s e t s p u r c h a s e d w ith
th e m , a s w e ll a s a c c r e tio n s , s u c h a s
d i v id e n d s o n s to c k , th e in c r e m e n t in
v a lu e o n b o n d s a n d a ll o t h e r in c o m e ;
b u t, n o t w i th s ta n d i n g a n y o t h e r p r o v is io n
o f th is s e c tio n , th e r ig h t to d e m a n d a n d
r e c e iv e " a l l a s s e t s ” c r e d i t e d to th e
a c c o u n t o f a n e m p lo y e e s h a l l n o t b e
c o n s t r u e d to r e q u ir e th e d is t r ib u t i o n o f
a s s e t s in k in d w h e n it w o u ld n o t b e
p o s s ib le o r p r a c t i c a b le to m a k e s u c h a
d is tr ib u tio n ; f o r e x a m p le , S e rie s EE
b o n d s m a y n o t b e r e is s u e d in
u n a u th o r i z e d d e n o m in a tio n s .
( 2)
T h e w o r d “ b e n e f ic ia r y ” m e a n s (i)
t h e p e r s o n o r p e r s o n s , if a n y , d e s i g n a t e d
b y th e e m p lo y e e in a c c o r d a n c e w i t h th e
t e r m s o f th e p l a n to r e c e iv e th e b e n e f its
o f th e p l a n u p o n th e e m p lo y e e 's d e a t h o r
(ii) th e e s t a t e o f th e e m p lo y e e .
(c) Conditions ofe i i i i y A n
lgblt.
e m p lo y e e p l a n m u s t c o n fo rm to th e
f o llo w in g r u le s in o r d e r to b e e lig ib le fo r
th e s p e c ia l lim ita tio n p r o v i d e d in
§ 353.10.
( 1 ) Crediting ofa s t . A ll a s s e t s o f a
ses
p l a n m u s t b e c r e d i t e d to th e i n d iv id u a l
a c c o u n t s o f p a r ti c ip a t in g e m p lo y e e s a n d
m a y b e d i s t r ib u t e d o n ly to th e m o r th e ir
b e n e f ic ia r ie s , e x c e p t a s p r o v i d e d in
s u b p a r a g r a p h (3).
( 2 ) Purchase ofbonds. B o n d s m a y b e
p u r c h a s e d o n ly w ith a s s e t s c r e d i t e d to
th e a c c o u n t s o f p a r ti c ip a t in g e m p lo y e e s
a n d o n ly if th e a m o u n t t a k e n fro m a n y
a c c o u n t a t a n y tim e fo r t h a t p u r p o s e is
e q u a l to th e p u r c h a s e p r ic e o f a b o n d o r
b o n d s in a n a u th o r i z e d d e n o m i n a ti o n o r
d e n o m in a tio n s , a n d s h a r e s in th e b o n d s
a r e c r e d i t e d to th e a c c o u n t s o f th e
i n d iv i d u a ls fro m w h ic h th e p u r c h a s e
p r ic e w a s d e r iv e d , in a m o u n ts
c o r r e s p o n d in g w ith t h e ir s h a r e s . F o r
e x a m p le , if $50 c r e d i t e d to th e a c c o u n t
o f J o h n J o n e s is c o m m in g le d w ith f u n d s
c r e d i t e d to th e a c c o u n t s o f o th e r
e m p lo y e e s to m a k e a t o ta l o f $5,000 w ith
w h ic h a S e r ie s E E b o n d in th e
d e n o m in a tio n o f $ 10,000 ( f a c e a m o u n t) is
p u r c h a s e d in D e c e m b e r 1980 a n d
r e g is te r e d in th e n a m e a n d title o f th e
t r u s te e , th e p l a n m u s t p r o v id e , in e ffec t,
t h a t Jo h n J o n e s ' a c c o u n t b e c r e d i t e d to
s h o w t h a t h e is th e o w n e r o f a S e r ie s EE
b o n d in th e d e n o m i n a ti o n o f $100 (fa c e
a m o u n t] b e a r i n g a n is s u e d a t e o f
D e c e m b e r 1 ,1 9 8 0 .
(3) Irrevocable r g tof withdrawal
ih
E a c h p a r ti c ip a t in g e m p lo y e e h a s a n
i r r e v o c a b l e rig h t to r e q u e s t a n d r e c e iv e
fro m th e t r u s t e e a ll a s s e t s C re d ite d to
th e e m p lo y e e 's a c c o u n t o r th e ir v a lu e , if
h e o r s h e p r e f e r s , w i th o u t r e g a r d to a n y

c o n d itio n o t h e r t h a n t h e l o s s o r
s u s p e n s io n o f th e p riv ile g e o f
p a r ti c ip a t in g f u r t h e r in th e p la n .
H o w e v e r , a p l a n m a y lim it o r m o d if y th e
e x e r c is e o f a n y s u c h r ig h t b y p ro v id in g
t h a t th e e m p lo y e r 's c o n tr ib u tio n d o e s
n o t v e s t a b s o l u te l y u n til th e e m p lo y e e
s h a l l h a v e m a d e c o n tr ib u tio n s u n d e r th e
p l a n in e a c h o f n o t m o r e t h a n 60
c a l e n d a r m o n th s s u c c e e d in g th e m o n th
fo r w h ic h th e e m p lo y e r ’s c o n tr ib u tio n is
m ade.
(4) Rights ofb n f c a y U p o n th e
eeiir.
d e a t h o f a n e m p lo y e e , h is o r h e r
b e n e f i c i a r y s h a l l h a v e th e a b s o l u te a n d
u n c o n d it i o n a l r ig h t to d e m a n d a n d
r e c e iv e fro m th e t r u s t e e a ll a s s e t s
c r e d i t e d to th e a c c o u n t o f th e e m p lo y e e
o r th e ir v a lu e , if h e o r s h e s o p r e f e r s .

(5) Reissue orpayment upon
d s r b t o . W h e n s e t tl e m e n t is
itiuin

m ade
w i t h a n e m p lo y e e o r h is o r h e r
b e n e f i c i a r y w i t h r e s p e c t to a n y b o n d
r e g is te r e d in th e n a m e a n d title o f th e
p l a n t r u s t e e in w h ic h th e e m p lo y e e h a s
a s h a r e , th e b o n d m u s t b e p a i d o r
r e is s u e d to th e e x t e n t o f th e s h a r e . I f a n
e m p lo y e e o r th e b e n e f i c i a r y is to r e c e iv e
d is t r ib u t i o n i n k in d , b o n d s b e a r i n g th e
s a m e is s u e d a t e s a s t h o s e c r e d i t e d to
th e e m p lo y e e ’s a c c o u n t w ill b e r e i s s u e d
i n th e n a m e o f th e e m p lo y e e o r th e
e m p l o y e e 's b e n e f i c i a r y to t h e e x t e n t
e n title d , in a u th o r i z e d d e n o m in a tio n s , in
a n y a u th o r i z e d fo rm o f r e g is tr a tio n ,
u p o n th e r e q u e s t a n d c e r tif ic a tio n o f th e
tr u s te e .
(d) Applicationforspeciall m t t o .
iiain
A t r u s t e e o f a n e m p lo y e e p l a n w h o
d e s i r e s to p u r c h a s e b o n d s u n d e r th e
s p e c ia l lim ita tio n s h o u ld s u b m it to th e
F e d e r a l R e s e r v e B a n k o f th e d i s t r ic t a
c o p y o f (i) th e p la n , (ii) a n y in s t r u c t i o n s
i s s u e d u n d e r th e p l a n t h a t c o n c e r n
S e r ie s E E b o n d s , a n d (iii) th e t r u s t
a g r e e m e n t, in o r d e r to e s t a b l i s h th e
p l a n ’s e lig ib ility .
(e) Vacationplans. S a v in g s b o n d s
m a y b e p u rc h a s e d u n d e r c e rta in
v a c a t io n p la n s . Q u e s tio n s c o n c e r n in g
t h e e lig ib ility o f t h e s e p l a n s to p u r c h a s e
b o n d s in e x c e s s o f th e g e n e r a l lim ita tio n
s h o u ld b e a d d r e s s e d to th e B u r e a u o f th e
P u b lic D e b t, P a r k e r s b u r g , W e s t V irg in ia
26101.

Subpart D—Limitations on Transfer or
Pledge
§ 353.15 Transfer.
S a v in g s b o n d s a r e n o t t r a n s f e r a b le
a n d a r e p a y a b l e o n ly to th e o w n e r s
n a m e d o n th e b o n d s , e x c e p t a s
s p e c if ic a lly p r o v i d e d in t h e s e
r e g u la tio n s a n d th e n o n ly in th e m a n n e r
a n d to th e e x te n t s o p r o v id e d .

§353.16 Pledge.
A s a v in g s b o n d m a y n o t b e
h y p o t h e c a te d , p le d g e d , o r u s e d a s
s e c u r ity fo r th e p e r f o m a n c e o f a n
o b lig a tio n .

Subpart E—Judicial Proceedings
§ 353.20 General.
(a ) T h e D e p a r t m e n t o f th e T r e a s u r y
w ill n o t re c o g n iz e a ju d ic ia l
d e te r m in a t io n t h a t g iv e s e f f e c t to a n
a tt e m p t e d v o l u n ta r y t r a n s f e r i n te r v iv o s
o f a b o n d , o r a j u d ic ia l d e te r m in a t io n
t h a t im p a ir s t h e r ig h ts o f s u r v iv o r s h ip
c o n f e r r e d b y t h e s e r e g u la tio n s u p o n a
c o o w n e r o r b e n e f ic ia r y . A ll p r o v is io n s
o f th is S u b p a r t a r e s u b je c t to t h e s e
r e s tr ic tio n s .
(b ) T h e D e p a r t m e n t o f th e T r e a s u r y
w ill r e c o g n iz e a c la im a g a i n s t a n o w n e r
o f a s a v in g s b o n d a n d c o n flic tin g c la im s
o f o w n e r s h i p of, o r i n te r e s t in, a b o n d
b e t w e e n c o o w n e r s o r b e t w e e n th e
r e g is te r e d o w n e r a n d th e b e n e f ic ia r y , if
e s t a b l i s h e d b y v a l i d ju d ic ia l
p r o c e e d in g s , b u t o n ly a s s p e c if ic a lly
p r o v i d e d in th is S u b p a r t. S e c tio n 353.23
s p e c if ie s th e e v id e n c e r e q u ir e d to
e s t a b l i s h t h e v a li d i ty o f th e j u d ic ia l
p r o c e e d in g s .
(c) T h e D e p a r t m e n t o f th e T r e a s u r y
a n d th e a g e n c ie s t h a t is s u e , r e is s u e , o r
r e d e e m s a v in g s b o n d s w ill n o t a c c e p t a
n o tic e o f a n a d v e r s e c la im o r n o tic e o f
p e n d in g ju d ic ia l p r o c e e d in g s , n o r
u n d e r t a k e to p r o t e c t th e i n te r e s t s o f a
litig a n t n o t in p o s s e s s i o n o f a s a v in g s
bond.

§ 353.21 Payment to Judgment creditors.
(a) Purchaser or o f c runder l v .
fie
ey
T h e D e p a r t m e n t o f th e T r e a s u r y w ill p a y
(b u t n o t r e is s u e ) a s a v in g s b o n d to th e
p u r c h a s e r a t a s a l e u n d e r a le v y o r to
th e o ff ic e r a u th o r i z e d u n d e r a p p r o p r ia t e
p r o c e s s to le v y u p o n p r o p e r ty o f th e
r e g is te r e d o w n e r o r c o o w n e r to s a t is f y a
m o n e y ju d g m e n t. P a y m e n t w ill b e m a d e
o n ly to th e e x t e n t n e c e s s a r y to s a t is f y
th e m o n e y ju d g m e n t. T h e a m o u n t p a i d is
lim ite d to th e r e d e m p t io n v a lu e 60 d a y s
a f te r th e te r m i n a t i o n o f th e j u d ic ia l
p r o c e e d in g s . P a y m e n t o f a b o n d
r e g is te r e d in c o o w n e r s h i p f o r m p u r s u a n t
to a ju d g m e n t o r a le v y a g a i n s t o n ly o n e
c o o w n e r is lim ite d to t h e e x t e n t o f t h a t
c o o w n e r 's i n te r e s t in t h e b o n d . T h a t
in te re s t m u st b e e s ta b lis h e d b y a n
a g r e e m e n t b e t w e e n th e c o o w n e r s o r b y
a ju d g m e n t, d e c r e e , o r o r d e r o f a c o u r t in
a p r o c e e d in g to w h ic h b o th c o o w n e r s
a r e p a r tie s .
(b) Trustee i bankruptcy, r c i e , or
n
eevr
similarcourt o f c r T h e D e p a r tm e n t o f
fie.
t h e T r e a s u r y w ill p a y . a t c u r r e n t
r e d e m p t io n v a lu e , a s a v in g s b o n d to a
t r u s t e e in b a n k r u p tc y , a r e c e iv e r o f a n
i n s o l v e n t 's e s t a t e , a r e c e iv e r in e q u ity ,

Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations 76447
o r a s im ila r c o u r t o ffic e r u n d e r th e
p r o v is io n s o f p a r a g r a p h (a) o f th is
s e c tio n .

§ 353.22 Payment or reissue pursuant to
Judgment.
(a ) Divorce. T h e D e p a r t m e n t o f th e
T r e a s u r y w ill re c o g n iz e a d iv o r c e d e c r e e
t h a t r a tif ie s o r c o n f ir m s a p r o p e r ty
s e t tl e m e n t a g r e e m e n t d is p o s in g o f b o n d s
o r t h a t o th e r w is e s e t tl e s t n e in te r e s t s o f
th e p a r ti e s in a b o n d . R e is s u e o f a
s a v in g s b o n d m a y b e m a d e to e lim in a te
th e n a m e o f o n e s p o u s e a s o w n e r ,
c o o w n e r, o r b e n e f i c i a r y o r to s u b s ti t u t e
th e n a m e o f o n e s p o u s e fo r t h a t o f th e
o t h e r s p o u s e a s o w n e r , c o o w n e r, o r
b e n e f ic ia r y p u r s u a n t to th e d e c r e e .
H o w e v e r , if th e b o n d is r e g is te r e d in th e
n a m e o f o n e s p o u s e w i t h a n o th e r p e r s o n
a s c o o w n e r, th e r e m u s t b e s u b m itte d
e ith e r (1 ) a r e q u e s t fo r r e is s u e b y th e
o th e r p e r s o n o r (2 ) a c e r tif ie d c o p y o f a
ju d g m e n t, d e c r e e , o r c o u r t o r d e r e n te r e d
in p r o c e e d in g s to w h ic h th e o th e r p e r s o n
a n d th e s p o u s e n a m e d o n th e b o n d a r e
p a r tie s , d e te r m in in g t h e e x te n t o f th e
in te r e s t o f t h a t s p o u s e in th e b o n d .
R e is s u e w ill b e p e r m i t te d o n ly to th e
e x te n t o f t h a t s p o u s e ’s in te r e s t. T h e
e v id e n c e r e q u ir e d u n d e r § 353.23 m u s t
b e s u b m itte d in e v e r y c a s e . W h e n th e
d iv o r c e d e c r e e d o e s n o t s e t o u t th e
te r m s o f th e p r o p e r ty s e ttle m e n t
a g r e e m e n t, a c e r tif ie d c o p y o f th e
a g r e e m e n t m u s t b e s u b m itte d . P a y m e n t,
r a t h e r t h a n r e is s u e , w ill b e m a d e if
r e q u e s te d .
(b ) G f causa m r i . A s a v in g s b o n d
it
ots
b e lo n g in g s o le ly to o n e in d iv id u a l w ill
b e p a id o r r e is s u e d a t th e r e q u e s t o f th e
p e r s o n f o u n d b y a c o u r t to b e e n ti t le d b y
r e a s o n o f a gift c a u s a m o r tis fro m th e
s o le o w n e r .
(c) Date fordetermining r g t . W h e n
ihs
p a y m e n t o r r e is s u e u n d e r th is s e c tio n is
to b e m a d e , th e r ig h ts o f th e p a r ti e s w ill
b e th o s e e x is tin g u n d e r t h e r e g u la tio n s
c u r r e n t a t th e tim e o f th e e n tr y o f th e
fin a l ju d g m e n t, d e c r e e , o r c o u r t o rd e r .

§ 353.23 Evidence.
(a ) Genera!. T o e s t a b l i s h th e v a lid ity
o f ju d ic ia l p r o c e e d in g s , c e r tif ie d c o p ie s
o f th e fin a l ju d g m e n t, d e c r e e , o r c o u r t
o rd e r , a n d o f a n y n e c e s s a r y
s u p p l e m e n t a r y p r o c e e d in g s , m u s t b e
s u b m itte d . If th e ju d g m e n t, d e c r e e , o r
c o u r t o r d e r w a s r e n d e r e d m o r e t h a n s ix
m o n th s p r io r to th e p r e s e n ta t io n o f th e
b o n d , th e r e m u s t a ls o b e s u b m i tt e d a
c e r tif ic a tio n fro m th e c le r k o f th e c o u rt,
u n d e r c o u r t s e a l, d a t e d w i t h in six
m o n th s o f th e p r e s e n ta t io n o f th e b o n d ,
s h o w in g t h a t th e ju d g m e n t, d e c r e e , o r
c o u r t o r d e r is in fiill fo rc e .
(b) Trustee i bankruptcy orreceiver
n
ofan i s l e t s e t t . A r e q u e s t fo r
n o v n ' sae
p a y m e n t b y a t r u s t e e in b a n k r u p tc y o r a

r e c e iv e r o f a n in s o l v e n t ’s e s t a t e m u s t b e
s u p p o r t e d b y a p p r o p r ia t e e v id e n c e o f
a p p o in t m e n t a n d q u a lif ic a tio n . T h e
e v id e n c e m u s t b e c e r tif ie d b y th e c le r k
o f th e c o u rt, u n d e r c o u r t s e a l, a s b e in g in
full f o r c e o n a d a te t h a t is n o t m o r e t h a n
s ix m o n th s p r i o r to th e p r e s e n ta t io n o f
th e b o n d .
(c)
Receiveri equity orsimilarcourt
n
ofcr A re q u e s t fo r p a y m e n t b y a
fie.
r e c e iv e r in e q u ity o r a s im ila r c o u r t
o ffic e r, o t h e r t h a n a r e c e iv e r o f a n
i n s o l v e n t ’s e s t a t e , m u s t b e s u p p o r t e d b y
a c o p y o f a n o r d e r t h a t a u th o r i z e s th e
p r e s e n t a t i o n o f th e b o n d f o r re d e m p tio n ,
c e r tif ie d b y th e c le rk o f th e c o u rt, u n d e r
c o u r t s e a l, a s b e in g in fu ll f o r c e o n a
d a t e t h a t is n o t m o re t h a n s ix m o n th s
p r i o r to th e p r e s e n ta t io n o f th e b o n d .

(1) If th e b o n d is in b e n e f ic ia r y fo rm
a n d th e o w n e r a n d b e n e f i c i a r y a r e b o th
liv ing , b o t h w ill o r d i n a r i l y b e r e q u ir e d to
jo in in th e a p p lic a tio n .
(2) If a m in o r n a m e d o n a b o n d a s
o w n e r , c o o w n e r , o r b e n e f ic ia r y is n o t o f
s u f f ic ie n t c o m p e te n c y a n d
u n d e r s t a n d i n g to r e q u e s t p a y m e n t, b o th
p a r e n t s w ill o r d in a r ily b e r e q u ir e d to
jo in in th e a p p lic a tio n .
(e)
I f th e a p p lic a tio n is a p p r o v e d ,
r e li e f w ill b e g r a n te d e it h e r b y th e
i s s u a n c e o f a b o n d b e a r i n g th e s a m e
i s s u e d a t e a s th e b o n d f o r w h ic h th e
c la im w a s file d o r b y th e is s u a n c e o f a
c h e c k in p a y m e n t.

Subpart F—Relief for Loss, Theft,
Destruction, Mutilation, Defacement,
or Nonreceipt of Bonds

I f a b o n d i s s u e d o n a n y t r a n s a c t io n is
n o t r e c e iv e d , th e is s u in g a g e n t m u s t b e
n o tif ie d a s p r o m p tly a s p o s s ib le a n d
g iv e n a ll in f o r m a tio n a v a i l a b l e a b o u t th e
n o n r e c e ip t. A n a p p r o p r ia t e fo rm a n d
in s t r u c t i o n s w ill b e p r o v id e d . If th e
a p p li c a t i o n is a p p r o v e d , r e lie f w ill b e
g r a n te d b y t h e i s s u a n c e o f a b o n d
b e a r in g th e s a m e is s u e d a t e a s t h e b o n d
t h a t w a s n o t r e c e iv e d .

§ 353.25 General.
R e lie f, b y th e is s u e o f a s u b s ti t u t e
b o n d o r b y p a y m e n t, is a u th o r i z e d fo r
th e lo s s , th e ft, d e s tr u c tio n , m u tila tio n , o r
d e f a c e m e n t o f a b o n d a f te r r e c e ip t b y
th e o w n e r o r h is o r h e r r e p r e s e n t a t i v e .
A s a c o n d itio n fo r g r a n tin g re lie f, th e
C o m m is s io n e r o f th e P u b lic D e b t, a s
d e s ig n e e o f th e S e c r e t a r y o f th e
T r e a s u r y , m a y r e q u ir e a b o n d o f
in d e m n ity , in th e fo rm , a n d w i t h th e
s u r e ty , o r s e c u r ity , h e c o n s i d e r s
n e c e s s a r y to p r o t e c t th e i n te r e s t s o f t h e .
U n ite d S ta te s . In a ll c a s e s th e s a v in g s
b o n d m u s t b e i d e n tif ie d b y s e r ia l
n u m b e r a n d th e a p p li c a n t m u s t s u b m it
s a t is f a c t o r y e v id e n c e o f th e lo s s , th e ft,
o r d e s tr u c tio n , o r a s a t is f a c t o r y
e x p l a n a t i o n o f th e m u tila tio n o r
d e f a c e m e n t.

§ 353.27 Application for relief—
Nonreceipt of bond.

§ 353.28 Recovery or receipt of bond
before or after relief is granted.
(a ) I f a b o n d r e p o r te d lo s t, s to le n ,
d e s t r o y e d , o r n o t r e c e iv e d , is r e c o v e r e d
o r r e c e iv e d b e f o r e r e lie f i s g r a n te d , th e
B u r e a u o f th e P u b lic D e b t, P a r k e r s b u r g ,
W e s t V ir g in ia 26101, m u s t b e n o tif ie d
p r o m p tly .
(b) A b o n d fo r w h ic h r e li e f h a s b e e n
g r a n te d is th e p r o p e r ty o f th e U n ite d
S t a te s a n d , i f r e c o v e r e d , m u s t b e
p r o m p tly s u b m itte d to t h e B u r e a u o f th e
P u b lic D e b t, P a r k e r s b u r g , W e s t V irg in ia
26101, f o r c a n c e lla tio n .

§ 353.26 Application tor relief—After
receipt of bond.

§ 353.29 Adjudication of claims.

(a) I f th e s e r ia l n u m b e r s o f th e lo st,
s to le n , o r d e s t r o y e d b o n d s a r e k n o w n ,
th e c la im a n t s h o u ld e x e c u t e a n
a p p li c a t i o n f o r r e lie f o n th e a p p r o p r ia t e
fo rm a n d s u b m it it to th e B u r e a u o f th e
P u b lic D e b t, P a r k e r s b u r g , W e s t V irg in ia
26101.
”
(b) If t h e b o n d s e r i a l n u m b e r is n o t
k n o w n , t h e c la im a n t m u s t p r o v id e
s u f f ic ie n t in f o r m a tio n to e n a b l e th e
B u r e a u o f th e P u b lic D e b t to i d e n tif y th e
b o n d b y s e r ia l n u m b e r . S e e § 353.29(c),
T h e B u r e a u w ill f u r n is h th e p r o p e r
a p p li c a t i o n fo rm a n d in s tr u c tio n s .
(c) If a p p lic a b le , a d e f a c e d b o n d a n d
a ll a v a i l a b l e f r a g m e n ts o f a m u ti l a t e d
b o n d s h o u ld b e s u b m i tt e d to th e B u re a u .
(d) T h e a p p li c a t i o n m u s t b e m a d e b y
th e p e r s o n o r p e r s o n s ( in c lu d in g b o th
c o o w n e r s , if liv in g ) a u th o r i z e d u n d e r
t h e s e r e g u la tio n s to r e q u e s t p a y m e n t o f
th e b o n d . In a d d itio n :

(a) General. T h e B u r e a u o f th e P u b lic
D e b t w ill a d ju d i c a t e c la im s f o r lo st,
s to le n o r d e s t r o y e d b o n d s o n th e b a s i s
o f r e c o r d s c r e a t e d a n d r e g u la r ly
m a i n t a i n e d in th e o r d i n a r y c o u r s e o f
b u s in e s s .
(b) Claims f l d10years a t r
ie
fe
payment. A b o n d f o r w h ic h n o c la im h a s
b e e n file d w i t h in 10 y e a r s o f th e
r e c o r d e d d a t e o f r e d e m p t io n w ill b e
p r e s u m e d to h a v e b e e n p r o p e r ly p a id . I f
a c la im is s u b s e q u e n t ly file d , a
p h o to g r a p h ic c o p y o f th e b o n d w ill n o t
b e a v a i l a b l e to s u p p o r t th e
d is a llo w a n c e .
(c) Claims f l dsixyears a t rf nal
ie
fe i
maturity. N o c la im file d s ix y e a r s o r
m o r e a f te r th e fin a l m a t u r i ty o f a
s a v in g s b o n d w ill b e e n te r t a i n e d u n le s s
th e c la i m a n t s u p p lie s th e s e r ia l n u m b e r
o f th e b o n d .

76448 Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations
Subpart G—Interest
§ 353.30 Series EE bonds.
S e r ie s EG b o n d s a r e i s s u e d a t a
d is c o u n t. T h e a c c r u e d in te r e s t is a d d e d
to t h e is s u e p r ic e a t s t a t e d in te r v a ls a n d
is p a y a b l e o n ly a t r e d e m p tio n a s p a r t o f
t h e r e d e m p tio n v a lu e . I n f o r m a tio n
r e g a r d in g i n te r e s t r a t e s a n d r e d e m p tio n
v a lu e s is f o u n d in D e p a r t m e n t o f th e
T r e a s u r y C irc u la r, P u b lic D e b t S e r ie s
N o . 1 -8 0 (31 C F R P a r t 351).

§ 353.31 Series HH bonds.
(a ) General S e r ie s H H b o n d s a r e
c u r r e n t- in c o m e b o n d s is s u e d a t p a r ( f a c e
a m o u n t) . I n t e r e s t o n a S e r ie s H H b o n d is
p a id s e m ia n n u a ll y b y c h e c k , b e g in n in g
s ix m o n th s fro m is s u e d a te . I n t e r e s t
c e a s e s a t m a tu r ity , or, if a b o n d is
r e d e e m e d b e f o r e m a tu r ity , a s o f th e e n d
o f th e p r e c e d in g in te r e s t p a y m e n t
p e r io d . F o r e x a m p le , if a b o n d o n w h ic h
in te r e s t is p a y a b l e o n J a n u a r y 1 a n d Ju ly
1 is r e d e e m e d o n S e p t e m b e r 1, i n te r e s t
c e a s e s a s o f th e p r e c e d in g Ju ly 1 , a n d n o
a d ju s tm e n t o f in te r e s t w ill b e m a d e fo r
th e p e r io d fro m Ju ly 1 to S e p t e m b e r 1 .
H o w e v e r , if th e d a t e o f r e d e m p t io n f a lls
o n a n in te r e s t p a y m e n t d a te , in te r e s t
c e a s e s o n t h a t d a te . I n f o r m a tio n
r e g a r d in g in te r e s t r a t e s is f o u n d in
D e p a r t m e n t o f th e T r e a s u r y C irc u la r,
P u b lic D e b t S e r ie s N o. 2 -8 0 (31 C F R P a r t
352).
(b ) Redemption value. S e r ie s H H
b o n d s a c q u i r e d in a n a u th o r i z e d
e x c h a n g e o r r e in v e s t m e n t a r e
r e d e e m a b l e a t fa c e a m o u n t. A n i n te r e s t
a d ju s tm e n t w ill b e m a d e u p o n
r e d e m p tio n o f S e r ie s H H b o n d s
p u r c h a s e d f o r c a s h , i f r e d e e m e d w i t h in a
lim ite d p e r io d o f tim e a f te r is s u e ; i f h e ld
b e y o n d t h is p e r io d , th e y a r e r e d e e m a b l e
a t f a c e a m o u n t. I n f o r m a tio n a s to th e
a m o u n t o f th e i n te r e s t a d ju s tm e n t a n d
t h e tim e p e r io d to w h i c h i t a p p lie s is
f o u n d in D e p a r t m e n t o f th e T r e a s u r y
C ir c u la r , P u b lic D e b t S e r ie s N o . 2 -8 0 (31
C F R P a r t 352).
(c) Payment o f interest. S e r ie s H H
b o n d i n te r e s t a c c o u n t s a r e m a i n t a i n e d
b y th e B u r e a u o f th e P u b lic D e b t,
P a r k e r s b u r g , W e s t V irg in ia 26101.
I n t e r e s t w ill b e p a i d o n e a c h i n te r e s t
p a y m e n t d a t e b y c h e c k m a i l e d to th e
a d d r e s s s p e c if ie d f o r th e d e liv e r y o f
c h e c k s in th e p u r c h a s e a p p lic a tio n ,
e x c h a n g e s u b s c r ip tio n , n o tif ic a tio n o f
c h a n g e o f a d d r e s s o r r e q u e s t f o r r e is s u e .
I f n o in s t r u c t i o n is g iv e n a s to th e
d e li v e r y o f in te r e s t c h e c k s , th e a d d r e s s
i n s c r ib e d o n th e b o n d fo r th e o w n e r o r
t h e f ir s t - n a m e d c o o w n e r w ill b e u s e d .
(d) Delivery o f interest. (1) Notices
affecting delivery o f interest checks. T o
in s u r e a p p r o p r ia t e a c tio n , n o tic e s
a f f e c tin g th e d e liv e r y o f in te r e s t c h e c k s
o n S e r ie s H H b o n d s , in c lu d in g c h a n g e s

o f a d d r e s s e s , m u s t b e r e c e iv e d b y th e
B u r e a u o f th e P u b lic D e b t, P a r k e r s b u r g ,
W e s t V irg in ia 26101, a t l e a s t o n e m o n th
p r i o r to t h e i n te r e s t p a y m e n t d a te . E a c h
n o tic e m u s t id e n tif y th e b o n d s b y t h e
n a m e a n d t a x p a y e r id e n tif y in g n u m b e r
o f th e b o n d o w n e r . T h e n o tic e m u s t b e
s ig n e d b y th e o w n e r o r c o o w n e r, o r, in
t h e c a s e o f a m in o r o r i n c o m p e te n t, a s
p r o v i d e d in p a r a g r a p h (e) o r (f) o f ib is
s e c tio n .
( 2)
Owner or coowner deceased, (i)
Sole owner. U p o n r e c e ip t o f n o tic e o f th e
d e a t h o f th e o w n e r o f a b o n d , p a y m e n t
o f i n te r e s t o n th e b o n d w ill b e
s u s p e n d e d u n til s a t is f a c t o r y e v id e n c e is
s u b m i tt e d a s to w h o is a u th o r i z e d to
e n d o r s e a n d c o lle c t in te r e s t c h e c k s o n
b e h a l f o f th e e s t a t e o f th e d e c e d e n t , in
a c c o r d a n c e w i t h t h e p r o v is io n s o f
S u b p a r t L.
(ii) Coowner. U p o n r e c e ip t o f n o tic e o f
t h e d e a t h o f th e c o o w n e r to w h o m
i n t e r e s t is b e in g m a ile d , p a y m e n t o f
i n t e r e s t w ill b e s u s p e n d e d u n til a
r e q u e s t f o r c h a n g e o f a d d r e s s is
r e c e iv e d fro m th e o t h e r c o o w n e r, if
liv in g , o r, if n o t, u n til s a t is f a c t o r y
e v id e n c e is s u b m itte d a s to th e
in d iv id u a l w h o is a u th o r i z e d to e n d o r s e
a n d c o lle c t i n te r e s t c h e c k s o n b e h a l f o f
th e e s t a t e o f th e l a s t d e c e a s e d c o o w n e r,
in a c c o r d a n c e w ith th e p r o v i s i o n s o f
S u b p a r t L.
(iii) Owner with beneficiary. In th e
c a s e o f a b o n d r e g is te r e d in th e fo rm " A
p a y a b l e o n d e a t h to B’\ th e c h e c k w ill
b e d r a w n to t h e o r d e r o f “A ” a lo n e
u n l e s s th e B u r e a u o f th e P u b lic D e b t,
P a r k e r s b u r g , W e s t V ir g in ia 26101,
r e c e iv e s n o tic e o f A ’s d e a th . In t h a t
e v e n t, th e p a y m e n t o f i n t e r e s t w ill b e
s u s p e n d e d u n til th e b o n d is p r e s e n te d
f o r p a y m e n t o r r e is s u e . I n t e r e s t s o
w i t h h e l d w ill b e p a i d to th e p e r s o n
e n ti t le d to th e b o n d .
(e) Representative appointed for the

estate o f a minor, incompetent,
absentee, et al. I n t e r e s t o n S e r ie s

HH
b o n d s is p a i d in a c c o r d a n c e w ith th e
p r o v is io n s o f § 353.60 to th e
r e p r e s e n t a t i v e a p p o in t e d f o r t h e e s t a t e
o f a n o w n e r w h o is a m in o r,
in c o m p e te n t, a b s e n te e , e t a l. If th e
r e g is tr a t io n o f th e b o n d s d o e s n o t
in c lu d e r e f e r e n c e to th e o w n e r 's s ta tu s ,
th e b o n d s s h o u ld b e s u b m i tt e d fo r
r e is s u e to a F e d e r a l R e s e r v e B a n k o r
B r a n c h o r to t h e B u r e a u o f th e P u b lic
D e b t, P a r k e r s b u r g , W e s t V ir g in ia 26101,
s o t h a t i n te r e s t c h e c k s m a y b e p r o p e r ly
d r a w n a n d d e liv e r e d . T h e y m u s t b e
a c c o m p a n i e d b y th e p r o o f o f
a p p o in t m e n t r e q u ir e d b y § 353.60.
(f) Adult incompetent’ estate having
s
no representative. I f a n a d u lt o w n e r o f a
S e r ie s H H b o n d is i n c o m p e te n t to
e n d o r s e a n d c o lle c t t h e in te r e s t c h e c k s
a n d n o le g a l g u a r d ia n o r s im ila r

r e p r e s e n t a t i v e h a s b e e n a p p o in t e d to a c t
fo r h im o r h e r, th e r e la tiv e , o r o t h e r
p e r s o n , r e s p o n s i b l e fo r h is o r h e r c a r e
a n d s u p p o r t, m a y a p p ly to th e B u r e a u o f
th e P u b lic D e b t fo r r e c o g n itio n a s
v o l u n ta r y g u a r d ia n f o r th e p u r p o s e o f
re c e iv in g , e n d o r s in g , a n d c o lle c tin g th e
ch ecks.
(g) Reissue during interest period.
P h y s ic a l r e is s u e o f a S e r ie s H H b o n d
w ill b e m a d e w i t h o u t r e g a r d to in te r e s t
p a y m e n t d a te s . T h e S e r ie s H H i n te r e s t
a c c o u n t s m a i n t a i n e d b y th e B u r e a u o f
th e P u b lic D e b t w ill b e c lo s e d in t h e f irs t
w e e k o f th e m o n th p r e c e d in g e a c h
i n t e r e s t p a y m e n t d a te . I n t e r e s t c h e c k s
w ill b e d r a w n to th e o r d e r o f th e p e r s o n s
s h o w n to b e e n ti t le d o n t h e s e a c c o u n t s
a s o f th e d a te th e a c c o u n t s a r e c lo s e d .
(h) Endorsement o f checks. I n t e r e s t
c h e c k s m u s t b e e n d o r s e d in a c c o r d a n c e
w i t h th e r e g u la tio n s g o v e r n in g th e
e n d o rsem en t a n d p ay m en t of
G o v e rn m e n t w a rra n ts a n d checks,
w h i c h a r e c o n t a i n e d in D e p a r t m e n t o f
th e T r e a s u r y C ir c u la r N o . 21 , c u r r e n t
r e v is io n (31 C F R P a r t 240).
(i) Nonreceipt or loss o f check. I f a n
i n te r e s t c h e c k is n o t r e c e iv e d o r is lo s t
a f t e r r e c e ip t, th e B u r e a u o f th e P u b lic
D e b t, P a r k e r s b u r g , W e s t V ir g in ia 26101,
s h o u l d b e n o tif ie d a n d a d v is e d o f th e
b o n d s e r i a l n u m b e r , th e i n s c r ip tio n o n
th e b o n d , in c lu d in g th e ta x p a y e r
id e n tif y in g n u m b e r o f th e b o n d o w n e r ,
a n d th e i n t e r e s t p a y m e n t d a te .

Subpart H—General Provisions for
Payment
§ 353.35 Payment (redemption).
(a ) General. P a y m e n t o f a s a v in g s
b o n d w ill b e m a d e to th e p e r s o n o r
p e r s o n s e n ti t le d u n d e r th e p r o v is io n s o f
t h e s e re g u la tio n s , e x c e p t t h a t c h e c k s in
p a y m e n t w ill n o t b e d e li v e r e d to
a d d r e s s e s in a r e a s w ith r e s p e c t to w h ic h
th e D e p a r t m e n t o f th e T r e a s u r y r e s t r ic t s
o r r e g u la t e s th e d e liv e r y o f c h e c k s
d r a w n a g a i n s t f u n d s o f th e U n ite d
S t a te s . S e e D e p a r t m e n t o f th e T r e a s u r y
C ir c u la r N o . 655, c u r r e n t r e v is io n (31
C F R P a r t 211). P a y m e n t w ill b e m a d e
w i t h o u t r e g a r d to a n y n o tic e o f a d v e r s e
c la im s to a b o n d a n d n o s to p p a g e o r
c a v e a t a g a i n s t p a y m e n t o f a b o n d w ill
b e e n te r e d .
(b) Series EE. A S e r ie s E E b o n d w ill
b e p a i d a t a n y tim e a f te r s ix m o n th s
fro m is s u e d a t e a t th e c u r r e n t
r e d e m p tio n v a lu e s h o w n in D e p a r t m e n t
o f th e T r e a s u r y C ir c u la r , P u b lic D e b t
S e r ie s N o . 1 -8 0 (31 C F R P a r t 351).
(c) Series HH. A S e r ie s H H b o n d w ill
b e p a i d a t a n y tim e a f te r s ix m o n th s
fro m is s u e d a te . A S e r ie s H H b o n d
i s s u e d in a n a u th o r i z e d e x c h a n g e o r
r e in v e s t m e n t t r a n s a c t i o n w ill b e p a i d a t
f a c e a m o u n t. A S e r i e s H H b o n d is s u e d

Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations 76449
f rcash w l be paid a the current
o
il
t
redemption value shown i Department
n
of the Treasury C r u a , Public Debt
iclr
Series No. 2 -8 0 (31 CFR Part 352). I the
f
bond i redeemed at l s than face
s
es
value, the difference represents an
adjustment of i t r s . A Series H H
neet
bond received during the month
preceding an i t r s payment date w l
neet
il
not be paid u t l t d t .
n i hat a e
§ 353.36 Payment during life of sole
owner.

A savings bond registered i si g e
n nl
ownership form [.. without a coowner
ie,
or beneficiary) w ll be paid t the owner
i
o
during hi or her l f t m upon surrender
s
ieie
with an appropriate request.
§ 353.37 Payment during lives of both
coowners.
A s a v in g s b o n d r e g is te r e d in
c o o w n e r s h ip fo rm w ill b e p a i d to e it h e r
c o o w n e r u p o n s u rre n d e r w ith a n
a p p r o p r ia t e r e q u e s t, a n d u p o n p a y m e n t
( a s d e te r m in e d in § 353.43), th e o th e r
c o o w n e r w ill c e a s e to h a v e a n y in te r e s t
in th e b o n d . I b o t h c o o w n e r s r e q u e s t
f
p a y m e n t, p a y m e n t w ill b e m a d e b y
c h e c k d r a w n in th e fo rm , “J o h n A . J o n e s
A N D M a r y C. J o n e s ” .

§ 353.38 Payment during lifetime of owner
of beneficiary bond.

A savings bond registered i
n
beneficiary form w l be paid t the
il
o
registered owner during his or her
l f t m upon surrender with an
ieie
appropriate request. Upon payment ( s
a
determined in § 353.43) the beneficiary
w l cease to have any i t r s i the
il
neet n
bond.
g 353.39 Surrender for paym ent

( ) Procedureforbonds ofSeries EE,
a
i thenames ofindividualowners or
n
coowners o l . An individual who i the
ny
s
owner or coowner of a Series EE bond
may present the bond t an authorized
o
paying agent for redemption. The
presenter must be prepared t establish
o
h s or her i e i i accordance with
i
d nt ty n
Treasury instructions and i n f c t o
de ti i a i n
g delines. The owner or coowner must
ui
sign the request fo payment on the
r
bond o , i authorized, on a separate
r f
detached request, and add his or her
address. I the request fo payment has
f
r
been signed, or signed and c r i i d
etfe,
before presentation of the bond, the
paying agent must be s t s i d that the
aife
person presenting the bond fo payment
r
i the owner or coowner and may
s
require the person t sign the request f r
o
o
payment again. I the bond i i order
f
s n
f r payment, the paying agent w l make
o
il
immediate payment a the current
t
redemption value without charge t the
o
presenter. Paying agents are not
authorized t process any case involving
o

p a r t i a l r e d e m p t io n o r a n y c a s e i n w h i c h
s u p p o r tin g e v id e n c e is r e q u ir e d .
(b) Procedurefora lotherc s s I n
l
ae.
t h e c a s e o f b o n d s to w h ic h th e
p r o c e d u r e in p a r a g r a p h (a) d o e s n o t
a p p ly , o r if o t h e r w is e p r e f e r r e d , th e
o w n e r o r c o o w n e r, o r o th e r p e rso n
e n ti t le d to p a y m e n t, s h o u ld a p p e a r
b e f o r e a n o f f ic e r a u th o r i z e d to c e r tif y
r e q u e s ts f o r p a y m e n t, e s t a b l i s h h is o r
h e r id e n tity , sig n th e r e q u e s t fo r
p a y m e n t, a n d p r o v id e in f o r m a tio n a s to
th e a d d r e s s to w h i c h t h e c h e c k in
p a y m e n t is to b e m a ile d . T h e b o n d m u s t
b e f o r w a r d e d to a F e d e r a l R e s e r v e B a n k
o r B r a n c h o r th e B u r e a u o f th e P u b lic
D e b t. U s u a lly , p a y m e n t w ill b e
e x p e d i t e d b y s u b m i s s i o n to a F e d e r a l
R e s e r v e B a n k o r B r a n c h . In a ll c a s e s , th e
c o s t a n d r is k o f p r e s e n ta t io n o f a b o n d
w ill b e b o r n e b y th e o w n e r . P a y m e n t
w ill b e m a d e b y c h e c k d r a w n to th e
o r d e r o f th e r e g is te r e d o w n e r o r o t h e r
p e r s o n e n ti t le d a n d w ill b e m a i l e d to th e
a d d r e s s r e q u e s te d .
(c) Date ofrequest R e q u e s ts
e x e c u t e d m o r e t h a n s ix m o n th s b e f o r e
th e d a t e o f r e c e ip t o f a b o n d fo r
p a y m e n t w ill n o t b e a c c e p t e d N e i th e r
w ill a b o n d b e a c c e p t e d if p a y m e n t is
r e q u e s t e d a s o f a d a te m o r e t h a n th r e e
m o n th s in th e fu tu re .

§ 353.40 Special provisions for payment
(a) Owner’ signaturenot requi e . A
s
rd
b o n d m a y b e p a i d b y a p a y in g a g e n t o r
F e d e r a l R e s e r v e B a n k w i t h o u t th e
o w n e r 's s ig n a tu r e to t h e r e q u e s t fo r
p a y m e n t, if th e b o n d b e a r s th e s p e c ia l
e n d o r s e m e n t o f a p a y in g a g e n t
s p e c if ic a lly q u a lif ie d to p l a c e s u c h a n
e n d o r s e m e n t o n s a v in g s b o n d s .
(b) Signature by mark. A s ig n a tu r e b y
m a r k (X) m u s t b e w i t n e s s e d b y a t l e a s t
o n e d i s i n te r e s t e d p e r s o n a n d a c e rtif y in g
o ffic e r. S e e S u b p a r t J. T h e w i t n e s s m u s t
a t t e s t to th e s ig n a tu r e b y m a r k
s u b s ta n t ia l ly a s fo llo w s : “W it n e s s to
s ig n a tu r e b y m a r k ” , f o llo w e d b y h is o r
h e r s i g n a tu r e a n d a d d r e s s .
(c) Name change. I f th e n a m e o f th e
o w n e r , c o o w n e r, o r o th e r p e r s o n e n ti t le d
to p a y m e n t, a s it a p p e a r s in th e
r e g is tr a t io n o r in e v id e n c e o n file in th e
B u r e a u o f th e P u b lic D e b t, h a s b e e n
c h a n g e d in a n y le g a l m a n n e r , th e
s ig n a tu r e to th e r e q u e s t fo r p a y m e n t
m u s t s h o w b o t h n a m e s a n d th e m a n n e r
i n w h i c h t h e c h a n g e w a s m a d e ; fo r
e x a m p le , “M a r y T . J o n e s S m ith ( M a r y T .
J. S m ith o r M a r y T. S m ith ) c h a n g e d b y
m a r r ia g e fro m M a r y T . J o n e s ” , o r “J o h n
R. Y o un g , c h a n g e d b y o r d e r o f c o u r t
fro m H a n s R. Ju n g " . S e e § 353.50.
(d ) Attorneys-in-fact A r e q u e s t fo r
p a y m e n t s ig n e d b y a n a tt o m e y - i n - f a c t
w ill b e r e c o n g iz e d if it is a c c o m p a n i e d
b y a c o p y o f a p o w e r o f a tto r n e y ,
e x e c u t e d b e f o r e a c e r tif y in g o ffic e r, t h a t

a u th o r iz e s th e a tt o m e y - i n - f a c t to s e l l o r
r e d e e m th e g r a n t o r 's T r e a s u r y
s e c u r itie s . S e e 5 353.65 f o r s e p a r a t e
r u l e s r e la t in g to t h e u s e o f p o w e r s o f
a tt o r n e y f o r i n c o m p e te n t o r p h y s ic a lly
d i s a b le d i n d iv id u a ls .

§ 353.41 Partial redemption.
A b o n d o f S e r ie s EE o r H H m a y b e
r e d e e m e d in p a r t a t c u r r e n t r e d e m p tio n
v a lu e , b u t o n ly in a m o u n ts
c o r r e s p o n d in g to a u th o r i z e d
d e n o m in a tio n s , u p o n s u r r e n d e r o f th e
b o n d to a F e d e r a l R e s e r v e B a n k o r
B r a n c h o r to th e B u r e a u o f th e P u b lic
D e b t in a c c o r d a n c e w i t h § 353.39(b). In
a n y c a s e in w h ic h p a r t i a l r e d e m p t io n is
r e q u e s te d , t h e p h r a s e “ to t h e e x t e n t o f
$ —■— ( f a c e a m o u n t) a n d r e is s u e o f th e
r e m a i n d e r " s h o u ld b e a d d e d to th e
r e q u e s t. U p o n p a r t i a l r e d e m p t io n o f th e
b o n d , th e r e m a i n d e r w ill b e r e is s u e d a s
o f th e o rig in a l is s u e d a te , a s p r o v i d e d in
S u b p a r t I.

§ 353.42 Nonreceipt or loss of check
Issued In paym ent
I f a c h e c k in p a y m e n t o f a b o n d
s u r r e n d e r e d fo r r e d e m p tio n is n o t
r e c e iv e d w i t h in a r e a s o n a b l e tim e o r is
l o s t a f te r re c e ip t, n o tic e s h o u ld b e g iv e n
to th e s a m e a g e n c y to w h ic h th e b o n d
w a s s u r r e n d e r e d fo r p a y m e n t. T h e
n o tic e s h o u ld g iv e t h e d a t e th e b o n d
w a s su rre n d e re d fo r p a y m e n t a n d
d e s c r ib e th e b o n d b y s e r ie s ,
d e n o m in a tio n , s e r i a l n u m b e r , a n d
r e g is tr a tio n , in c lu d in g th e t a x p a y e r
id e n tif y in g n u m b e r o f th e o w n e r .

§ 353.43 Effective date of request for
paym ent
T h e D e p a r t m e n t o f th e T r e a s u r y w ill
t r e a t t h e r e c e ip t o f a b o n d w i t h a n
a p p r o p r ia t e r e q u e s t fo r p a y m e n t b y (a ) a
F e d e r a l R e s e r v e B a n k o r B ra n c h , (b ) th e
B u r e a u o f th e P u b lic D e b t, o r (c) a
p a y in g a g e n t a u th o r i z e d to p a y t h a t
b o n d , a s th e d a t e u p o n w h i c h t h e r ig h ts
o f th e p a r t i e s a r e f ix e d fo r th e p u r p o s e
o f p a y m e n t.

§ 353.44 Withdrawal of request for
payment.
(a) Withdrawal by owner or coowner.
A n o w n e r o r c o o w n e r, w h o h a s
s u r r e n d e r e d a b o n d to a F e d e r a l R e s e r v e
B a n k o r B r a n c h o r to th e B u r e a u o f th e
P u b lic D e b t o r to a n a u th o r i z e d p a y in g
a g e n t w i t h a n a p p r o p r ia t e r e q u e s t fo r
p a y m e n t , m a y w i t h d r a w th e r e q u e s t if
n o t ic e o f in te n t t o w i t h d r a w is r e c e iv e d
b y th e s a m e a g e n c y p r io r to p a y m e n t
e it h e r in c a s h o r th r o u g h th e is s u a n c e o f
t h e r e d e m p t io n c h e c k .
(b ) Withdrawal on behalfofdeceased

owner orincompetent.
A re q u e s t fo r p a y m e n t m a y b e
w i t h d r a w n u n d e r d ie s a m e c o n d itio n s a s
in p a r a g r a p h (a ) o f th is s e c ti o n b y th e

76450 Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations
e x e c u t o r o r a d m i n i s t r a t o r o f th e e s t a t e
o f a d e c e a s e d o w n e r o r b y th e p e r s o n o r
p e r s o n s w h o c o u ld h a v e b e e n e n ti t le d to
th e b o n d u n d e r S u b p a r t L, o r b y th e
le g a l r e p r e s e n t a t i v e o f th e e s t a t e o f a
p e r s o n u n d e r le g a l d is a b ility , u n l e s s
s u r r e n d e r o f th e b o n d fo r p a y m e n t h a s
e li m in a t e d th e in te r e s t o f a s u rv iv in g
c o o w n e r o r b e n e f ic ia r y . S e e § 353.70(b)
a n d (c).

Subpart I—Reissue and
Denominational Exchange
§ 353.45 General.
R e is s u e o f a b o n d m a y b e m a d e o n ly
u n d e r th e c o n d itio n s s p e c if ie d in t h e s e
r e g u la tio n s , a n d o n ly a t (a) a F e d e r a l
R e s e r v e B a n k o r B ra n c h , o r (b) th e
B u r e a u o f th e P u b lic D e b t. R e is s u e w ill
n o t b e m a d e if th e r e q u e s t is r e c e iv e d
l e s s t h a n o n e full c a l e n d a r m o n th b e f o r e
t h e fin a l m a tu r ity d a t e o f a b o n d . T h e
r e q u e s t, h o w e v e r, w ill b e e f f e c tiv e to
e s t a b l i s h o w n e r s h i p a s th o u g h th e
r e q u e s te d r e is s u e h a d b e e n m a d e .

§ 353.46 Effective date of request for
reissue.
T h e D e p a r t m e n t o f th e T r e a s u r y w ill
t r e a t th e r e c e ip t b y (a) a F e d e r a l
R e s e r v e B a n k o r B r a n c h o r (b) th e
B u r e a u o f th e P u b lic D e b t o f a b o n d a n d
a n a c c e p t a b le r e q u e s t fo r r e is s u e a s
d e te r m in in g th e d a t e u p o n w h ic h th e
r ig h ts o f th e p a r t i e s a r e f ix e d fo r th e
p u r p o s e o f re is s u e . F o r e x a m p le , if th e
o w n e r o r e it h e r c o o w n e r o f a b o n d d ie s
a f te r th e b o n d h a s b e e n s u r r e n d e r e d fo r
r e is s u e , th e b o n d w ill b e r e g a r d e d a s
h a v in g b e e n r e is s u e d in th e d e c e d e n t ’s
life tim e .

1 353.47 Authorized reissue—During
lifetime.
A b o n d b e lo n g in g to a n i n d iv id u a l
m a y b e r e is s u e d in a n y a u th o r i z e d fo rm
o f r e g is tr a tio n u p o n a n a p p r o p r ia t e
r e q u e s t f o r th e p u r p o s e s o u tlin e d b e lo w .
(a) Single ownership. A b o n d
r e g is te r e d in sin g le o w n e r s h ip fo rm m a y
b e r e is s u e d —
(1 ) T o a d d a c o o w n e r o r b e n e f ic ia r y ;
or
(2) T o n a m e a n e w o w n e r , w i t h o r
w i t h o u t a c o o w n e r o r b e n e f ic ia r y , b u t
o n ly if (i) th e n e w o w n e r is r e l a t e d to th e
p r e v io u s o w n e r b y b l o o d (in c lu d in g le g a l
a d o p tio n ) o r m a r r ia g e ; (ii) th e p r e v io u s
o w n e r a n d th e n e w o w n e r a r e p a r ti e s to
a d iv o r c e o r a n n u lm e n t; o r (iii) th e n e w
s o le o w n e r is th e tr u s t e e o f a p e r s o n a l
t r u s t e s t a t e w h ic h w a s c r e a te d b y th e
p r e v io u s o w n e r o r w h ic h d e s i g n a t e s a s
b e n e f i c i a r y e it h e r th e p r e v io u s o w n e r o r
a p e r s o n r e l a t e d to h im o r h e r b y b lo o d
(in c lu d in g le g a l a d o p tio n ) o r m a r r ia g e .
(b) Coownership. (1 ) Reissue—to

name a related individual as owner or
coowner. D u rin g th e life tim e o f b o t h

coowners, a coownership bond may be
reissued i the name of another
n
individual related by blood (including
l g l adoption) or marriage t e he
ea
o it r
coowner:
()As si g e owner,
1
nl
(i As owner with one of the o i i a
i)
rgnl
coowners as beneficiary, or
(i)As a new coowner with one of the
ii
o i i al coowners.
rgn
( )Reissue— t name ei h rcoowner
2
o
te

alone or with anotherindividualas
coowner orb n f c a y During the
eeiir.
l f t m ofboth coowners, a
ieie
coownership bond may be reissued i
n
the name of e
ither coowner alone or
with another individual as coowner or
beneficiary i:
f
()After issue of the submitted bond,
i
e
ither coowner named thereon marries,
or the coowners are divorced or l g l y
eal
separated from each o h r or t e r
te,
hi
marriage i annulled; or
s
(i Both coowners on the submitted
i)
bond are related by blood (including
l g l adoption) or marriage t each
ea,
o
ohr
te.
( )Reissue— t name the t u t e ofa
3
o
rse
personal t u te t t . A bond registered
rs sae
i coownership form may be reissued t
n
o
name a trustee of a personal t u t estate
rs
created by ei e coowner or by some
th r
other person i ()either coowner i a
fi
s
beneficiary of the t u t or (i a
r s , i)
beneficiary of the t u ti related by
rs s
blood or marriage t e
o ither coowner.
( ) Beneficiary. A bond registered i
c
n
beneficiary form may be reissued:
( )To name the beneficiary as
1
coowner;
( )To substitute another individual as
2
beneficiary; or
( )To eliminate the beneficiary, and,
3
i the beneficiary i eliminated, t e f c
f
s
o fet
any of the reissues authorized by
paragraph ( ) of t i s c i n
a
hs eto.
§ 353.48 Restrictions on reissue.

( )Denominational exchange. Reissue
a
i not permitted solely to change
s
denominations.
( ) UnitedStates Treasury. Reissue
b
may not be made t eliminate the United
o
States Treasury as coowner.
§ 353.49 Correction of errors.

A bond may be reissued t correct an
o
error i re is at on upon appropriate
n g tr i
request supported by satisfactory proof
of the e r r
ro.
§ 353.50 Change of name.

An owner, coowner, or beneficiary
whose name i changed by marriage,
s
divorce, annulment, order of c u t or i
or,
n
any other l g l manner a t r the issue of
ea
fe
the bond should submit the bond with a
request f rreissue to substitute the new
o
name f r the name inscribed on the
o

b o n d . D o c u m e n ta r y e v id e n c e m a y b e
r e q u ir e d in a n y a p p r o p r ia t e c a s e .

§ 353.51 R equests for reissue.
A r e q u e s t f o r r e is s u e o f b o n d s in
c o o w n e r s h ip fo rm m u s t b e s ig n e d b y
b o t h c o o w n e rs , e x c e p t t h a t a r e q u e s t
s o le ly to e lim in a te th e n a m e o f o n e
c o o w n e r m a y b e s ig n e d b y t h a t c o o w n e r
o n ly . A b o n d r e g is te r e d in b e n e f ic ia r y
f o rm m a y b e r e is s u e d u p o n th e r e q u e s t
o f th e o w n e r , w i t h o u t th e c o n s e n t o f th e
b e n e f ic ia r y . P u b lic D e b t f o r m s a r e
a v a i l a b l e f o r r e q u e s tin g r e is s u e .

Subpart J—Certifying Officers
1 353.55 Individuals authorized to certify.
T h e f o llo w in g in d iv id u a ls a r e
a u th o r i z e d to a c t a s c e r tif y in g o ffic e rs
fo r th e p u r p o s e o f c e r tif y in g a r e q u e s t
fo r p a y m e n t, r e is s u e , o r a s ig n a tu r e to a
P u b lic D e b t fo rm :
(a)
Officers generally authorized. ( 1 )

A t banks, trust companies, and member
organizations o f the Federal Home Loan
Bank System.
(1) A n y o ff ic e r o f a b a n k i n c o r p o r a t e d
in th e U n ite d S ta te s , th e te r r ito r ie s o r
p o s s e s s i o n s o f th e U n ite d S t a te s , o r th e
C o m m o n w e a lth o f P u e r to R ico .
(ii) A n y o ffic e r o f a t r u s t c o m p a n y
i n c o r p o r a t e d in th e U n ite d S t a te s , th e
t e r r i t o r ie s o r p o s s e s s i o n s o f th e U n ite d
S t a te s , o r t h e C o m m o n w e a lth o f P u e r to
R ico .
(iii) A n y o ffic e r o f a n o r g a n iz a tio n
t h a t i s a m e m b e r o f th e F e d e r a l H o m e
L o a n B a n k S y s te m . T h is in c lu d e s
F e d e r a l s a v in g s a n d l o a n a s s o c ia tio n s .
(iv) A n y o ffic e r o f a f o re ig n b r a n c h o r
a d o m e s tic b r a n c h o f a n i n s titu tio n
i n d ic a te d in (i) th r o u g h (iii).
(v) A n y o ff ic e r o f a F e d e r a l R e s e r v e
B ank, a F e d e ra l L an d B ank, o r a F e d e ra l
H o m e L oan B ank.
(vi) A n y e m p lo y e e o f a n in s t it u t i o n in
(i) th r o u g h (v), w h o is e x p r e s s l y
a u th o r i z e d to c e r tif y b y th e in s titu tio n .
C e r tif ic a tio n b y t h e s e o ffic e rs o r
d e s i g n a t e d e m p lo y e e s m u s t b e
a u t h e n t i c a t e d b y a le g ib le im p r in t o f
e it h e r th e c o r p o r a t e s e a l o f th e
in s t it u t i o n o r o f th e is s u in g o r p a y in g
a g e n t ’s s ta m p . T h e e m p lo y e e e x p r e s s l y
a u th o r i z e d to c e r tif y b y a n i n s titu tio n
m u s t sig n h is o r h e r n a m e o v e r th e title
" D e s ig n a te d E m p lo y e e ” .
(2 ) A t issuing agents that are not
banks or trust companies. A n y o ff ic e r o f
a n o r g a n iz a tio n , n o t a b a n k o r a tr u s t
c o m p a n y , t h a t is q u a lif ie d a s a n is s u in g
a g e n t fo r b o n d s o f S e r ie s EE. T h e a g e n t 's
s t a m p m u s t b e i m p r in te d in t h e
c e r tif ic a tio n .
(3) B y United States officials. A n y
ju d g e , c le rk , o r d e p u ty c le r k o f a U n ite d
S t a te s c o u rt, in c lu d in g U n ite d S ta te s
c o u r ts fo r th e te r r i t o r ie s a n d p o s s e s s i o n s

Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations 76451
o f th e U n ite d S t a te s a n d th e
C o m m o n w e a lth o f P u e r to R ico; a n y
U n ite d S t a t e s C o m m is s io n e r , U n ite d
S t a te s A tto r n e y , o r U n ite d S t a te s
C o lle c to r o f C u s to m s , in c lu d in g th e ir
d e p u tie s ; in t h e I n t e r n a l R e v e n u e
S e rv ic e , a n y R e g io n a l C o m m is s io n e r,
D is tr ic t D ire c to r, S e r v ic e C e n te r
D ire c to r, o r I n t e r n a l R e v e n u e a g e n t.
(b ) Officers with lim ited authority. ( 1 )
In the Armed Forces. A n y c o m m is s io n e d
o ffic e r o r w a r r a n t o ffic e r o f th e A r m e d
F o r c e s o f th e U n ite d S t a te s , b u t o n ly fo r
m e m b e r s o f th e r e s p e c t i v e s e r v ic e s , t h e i r
fa m ilie s , a n d c iv ilia n e m p lo y e e s a t
p o s ts , b a s e s , o r s ta tio n s . T h e c e r tif y in g
o ffic e r m u s t i n d ic a te h is o r h e r r a n k a n d
s t a t e t h a t th e in d iv id u a l sig n in g th e
r e q u e s t is o n e o f th e c la s s w h o s e
r e q u e s t th e c e r tif y in g o ffic e r is
a u th o r i z e d to c e rtify .
( 2)
A t the Veterans Administration,

Federal penal institutions, and United
States Public Health Service hospitals.
A n y o ffic e r in c h a r g e o f a h o m e ,
h o s p ita l, o r o t h e r f a c ility o f th e V e t e r a n s
A d m in is tr a tio n , b u t o n ly f o r th e
p a ti e n ts , o r e m p lo y e e s o f th e fa cility ;
a n y o ffic e r o f a F e d e r a l p e n a l i n s titu tio n
o r a U n ite d S t a te s P u b lic H e a lt h S e r v ic e
h o s p i t a l e x p r e s s l y a u th o r i z e d to c e r tif y
b y th e S e c r e t a r y o f th e T r e a s u r y o r h is
d e s ig n e e , b u t o n ly fo r th e in m a te s ,
p a ti e n ts o r e m p lo y e e s o f th e i n s titu tio n
in v o lv e d . O f f ic e r s o f V e t e r a n s
A d m i n is tr a t io n fa c ilitie s , F e d e r a l p e n a l
in s titu tio n s , a n d P u b lic H e a lt h S e r v ic e
h o s p i t a l s m u s t u s e th e s t a m p o r s e a l o f
th e p a r t i c u l a r in s t it u t i o n o r s e r v ic e .
(c) Authorized officers in foreign
countries. A n y U n ite d S t a te s d ip lo m a tic
o r c o n s u l a r r e p r e s e n t a t i v e , o r th e o ff ic e r
o f a f o re ig n b r a n c h o f a b a n k o r t r u s t
c o m p a n y in c o r p o r a t e d in th e U n ite d
S t a te s w h o s e s ig n a tu r e is a t t e s t e d b y a n
i m p r in t o f th e c o r p o r a t e s e a l o r is
c e r tif ie d to th e D e p a r t m e n t o f th e
T r e a s u r y . I f n o n e o f t h e s e in d iv id u a ls is
a v a i l a b l e , a n o t a r y p u b lic o r o th e r
o ffic e r a u th o r i z e d to a d m i n i s t e r o a th s
m a y c e rtify , b u t h is o r h e r o ffic ia l
c h a r a c t e r a n d ju r is d ic tio n m u s t b e
c e r tif ie d b y a U n ite d S t a te s d ip lo m a tic
o r c o n s u l a r o ffic e r u n d e r s e a l' o f h is o r
h e r o ffice .
(d ) Authorized officers in particular
localities. T h e G o v e r n o r a n d th e
T r e a s u r e r o f P u e r to R ico ; th e G o v e r n o r
a n d th e C o m m is s io n e r o f F in a n c e o f th e
V irg in I s la n d s ; th e G o v e r n o r a n d th e
D ir e c to r o f F in a n c e o f G u a m ; th e
G o v e r n o r a n d th e D ir e c to r o f
A d m i n is tr a t iv e S e r v ic e s o f A m e r ic a n
S a m o a ; o r d e s i g n a t e d o f fic e rs o f th e
P a n a m a C a n a l C o m m is s io n .
(e) Special provisions. If n o c e rtify in g
o f f ic e r is r e a d i l y a c c e s s ib le , th e
C o m m is s io n e r o f th e P u b lic D e b t,
D e p u ty C o m m is s io n e r , a n y A s s i s t a n t

C o m m is s io n e r, o r o t h e r d e s i g n a t e d
o ffic ia l o f th e B u r e a u o r o f a F e d e r a l
R e s e r v e B a n k o r B r a n c h is a u th o r i z e d to
m a k e s p e c ia l p r o v is io n fo r a n y
p a rtic u la r c ase.

§ 353.56 General instructions and liability.
(a ) T h e c e r tif y in g o f f ic e r m u st;
( 1 ) R e q u ir e th e p e r s o n p r e s e n ti n g a
b o n d , o r a n a p p r o p r ia t e P u b lic D e b t
tr a n s a c t i o n fo rm , to e s t a b l i s h h is o r h e r
id e n t i ty in a c c o r d a n c e w i t h D e p a r t m e n t
o f th e T r e a s u r y in s t r u c t i o n s a n d
id e n tif ic a tio n g u id e lin e s ;
( 2 ) P la c e a n o t a t i o n o n th e b a c k o f th e
b o n d o r o n th e a p p r o p r ia t e P u b lic D e b t
t r a n s a c t io n fo rm , o r in a s e p a r a t e
r e c o r d , s h o w in g e x a c t ly h o w
i d e n tif ic a tio n w a s e s t a b l i s h e d ; a n d
(3) A ffix , a s p a r t o f th e c e r tif ic a tio n ,
h is o r h e r o ffic ia l s ig n a tu r e , title , s e a l o r
is s u in g o r p a y in g a g e n t 's s ta m p , a d d r e s s ,
a n d th e d a t e o f e x e c u tio n .
(b) T h e c e r tif y in g o f f ic e r a n d , if s u c h
p e r s o n is a n o ffic e r o r a n e m p lo y e e o f a n
o r g a n iz a tio n , th e o r g a n iz a t i o n w ill b e
h e ld fu lly r e s p o n s i b l e fo r th e a d e q u a c y
o f t h e id e n tif ic a tio n .

§ 353.57 When a certifying officer may not
certify.
C e r tif y in g o ffic e rs m a y n o t c e r tif y th e
re q u fests f o r p a y m e n t o f b o n d s , o r
a p p r o p r ia t e P u b lic D e b t t r a n s a c t io n
fo r m s if, in th e ir o w n rig h t o r in a
r e p r e s e n t a t i v e c a p a c i t y , th e y —
(a) H a v e a n i n te r e s t in th e b o n d s , o r
(b ) W ill, b y v ir tu e o f th e r e q u e s ts
b e in g c e r tifie d , a c q u ir e a n i n te r e s t in th e
bonds.

§ 353.58 Forms to be certified.
W h e n r e q u ir e d in th e in s t r u c t i o n s o n a
P u b lic D e b t t r a n s a c t i o n fo rm , th e fo rm
m u s t b e s ig n e d b e f o r e a n a u th o r i z e d
c e r tif y in g o ffice r.

Subpart K—Minors, Incompetents,
Aged Persons, Absentees, et al.
§ 353.60 Payment to representative of an
estate.
(a ) T h e r e p r e s e n t a t i v e o f a n e s t a t e o f
a n o w n e r w h o is a m in o r, a n a g e d
p e r s o n , i n c o m p e te n t, a b s e n te e , e t al.,
m a y r e c e iv e p a y m e n t u p o n r e q u e s t;
( 1 ) I f th e r e g is tr a t io n s h o w s th e n a m e
a n d c a p a c i t y o f th e r e p r e s e n t a t i v e ;
(2) I f th e r e g is tr a t io n s h o w s th e
c a p a c i t y b u t n o t th e n a m e o f th e
r e p r e s e n t a t i v e a n d th e r e q u e s t is
a c c o m p a n i e d b y a p p r o p r ia t e e v id e n c e ;
or
(3) I f th e r e g is tr a t io n in c lu d e s n e it h e r
th e n a m e o f th e r e p r e s e n t a t i v e n o r h i s o r
h e r c a p a c i t y b u t th e r e q u e s t is
a c c o m p a i n e d b y a p p r o p r ia t e e v id e n c e .
(b) A p p r o p r i a te e v id e n c e fo r
p a r a g r a p h s (a)(2) a rid (a)(3) o f th is
s e c ti o n in c lu d e s a c e r t i f ie d c o p y o f th e

l e t t e r s o f a p p o in t m e n t o r, if th e
r e p r e s e n t a t i v e is n o t a p p o in t e d b y a
c o u rt, o t h e r p r o o f o f q u a lif ic a tio n .
E x c e p t in th e c a s e o f c o r p o r a te
f id u c ia r ie s , th e e v id e n c e m u s t s h o w t h a t
t h e a p p o in t m e n t is in fu ll f o r c e a n d b e
d a t e d n o t m o r e t h a n o n e y e a r p r i o r to
t h e p r e s e n ta t io n o f th e b o n d fo r
p a y m e n t. T h e r e q u e s t fo r p a y m e n t
a p p e a r in g o n th e b a c k o f a b o n d m u s t b e
s ig n e d b y th e r e p r e s e n t a t i v e a s s u c h , fo r
e x a m p le , “ J o h n S. Jo n e s , g u a r d ia n
(c o m m itte e ) o f th e e s t a t e o f H e n r y W .
S m ith , a m in o r ( a n in c o m p e te n t) " .

§ 353.61 Payment after death.
A f te r t h e d e a t h o f th e w a r d , a n d a t
a n y tim e p r i o r to th e r e p r e s e n t a t i v e ’s
d is c h a r g e , t h e r e p r e s e n t a t i v e o f th e
e s t a t e w ill b e e n ti t le d to o b t a i n p a y m e n t
o f a b o n d to w h ic h th e w a r d w a s s o le ly
e n title d .

§ 353.62 Payment to minors.
If th e o w n e r o f a s a v in g s b o n d is a
m in o r a n d t h e fo rm o f r e g is tr a t io n d o e s
n o t i n d ic a te t h a t th e r e is a
r e p r e s e n t a t i v e o f th e m in o r 's e s t a t e ,
p a y m e n t w ill b e m a d e to th e m in o r u p o n
h is o r h e r r e q u e s t, p r o v i d e d th e m in o r is
o f s u f f ic ie n t c o m p e te n c y to s ig n th e
r e q u e s t f o r p a y m e n t a n d to u n d e r s t a n d
th e n a t u r e o f th e tr a n s a c t io n . In g e n e r a l,
th e f a c t t h a t th e r e q u e s t f o r p a y m e n t h a s
b e e n s ig n e d b y a m in o r a n d c e r tif ie d
w ill b e a c c e p t e d a s s u f f ic ie n t p r o o f o f
c o m p e te n c y a n d u n d e r s ta n d in g .

g 353.63 Payment to a parent or other
person on behalf of a minor.
I f th e o w n e r o f a s a v in g s b o n d i s a
m in o r a n d t h e fo rm o f r e g is tr a t io n d o e s
n o t i n d ic a te t h a t th e r e is a
r e p r e s e n t a t i v e o f h i s o r h e r e s t a t e , a n d if
th e m in o r is n o t o f s u f f ic ie n t c o m p e te n c y
to sig n t h e r e q u e s t f o r p a y m e n t a n d to
u n d e r s t a n d th e n a tu r e o f th e
t r a n s a c t io n , p a y m e n t w ill b e m a d e to
e itK e r p a r e n t w i t h w h o m t h e m in o r
r e s i d e s o r to w h o m le g a l c u s t o d y h a s
b e e n g r a n te d . If th e m in o r d o e s n o t
r e s i d e w i t h e it h e r p a r e n t , p a y m e n t w ill
b e m a d e to t h e p e r s o n w h o f u r n is h e s th e
c h ie f s u p p o r t fo r th e m in o r. T h e r e q u e s t
m u s t a p p e a r o n th e b a c k o f th e b o n d in
o n e o f th e fo llo w in g fo rm s;
(a ) Request by parent.
I certify th at I am the m other of John C.
Jones (with whom he resides) (to w hom legal
custody h a s been granted). H e i s --------- y ears
of age a n d is not o f sufficient understanding
to m ake this request.
M ary Jones on b e h alf of
John C. Jones
(b)

Request by other person.

I certify th at John C. Jones does n ot reside
w ith either p a ren t a n d th at I furnish his chief
support. H e i s --------- y ears o f age a n d is n ot

76452 Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations
of sufficient understanding to m ake this
request.
Alice Brown, grandm other,
On b eh alf of John C. Jones

S 353.64 Payment, reinvestment, or
exchange—Voluntary guardian of an
Incom petent
W h e n a n a d u lt o w n e r o f b o n d s is
i n c a p a b le o f re q u e s tin g p a y m e n t a n d
th e r e is n o o th e r p e r s o n le g a lly q u a lif ie d
to d o so , th e r e la t iv e o r o th e r p e r s o n
r e s p o n s i b l e fo r th e o w n e r ’s c a r e a n d
s u p p o r t m a y s u b m it a n a p p lic a tio n fo r
r e c o g n itio n a s v o l u n ta r y g u a r d ia n fo r
th e p u r p o s e o f r e d e e m in g th e b o n d s in
t h e fo llo w in g s itu a tio n s :
(a) T h e p r o c e e d s o f th e b o n d s a r e
n e e d e d to p a y e x p e n s e s a lr e a d y
in c u r r e d , o r to b e in c u r r e d d u r in g a 90d a y p e r io d , fo r th e s u p p o r t o f th e
in c o m p e te n t o r h is o r h e r leg a l
d e p e n d e n ts .
(b) If th e b o n d s h a v e f in a lly m a t u r e d
a n d it is d e s i r e d to r e d e e m th e m a n d
r e in v e s t th e p r o c e e d s in o th e r s a v in g s
b o n d s , th e n e w b o n d s m u s t b e
r e g is te r e d in th e n a m e o f th e
in c o m p e te n t, f o llo w e d b y w o r d s
s h o w in g h e o r s h e is u n d e r v o lu n ta r y
g u a r d ia n s h ip ; fo r e x a m p le , “J o h n Jo n e s
12 3-4 5 -6 7 8 9 , u n d e r v o lu n ta r y
g u a r d ia n s h ip " . A liv in g c o o w n e r o r
b e n e f ic ia r y n a m e d o n th e m a tu r e d
b o n d s m u s t b e d e s i g n a t e d o n th e n e w
b o n d s u n le s s th e n a m e d p e r s o n
f u r n is h e s a c e r tif ie d s t a te m e n t
c o n s e n tin g to o m is s io n o f h is o r h e r
n a m e . I f a n a m o u n t in s u f f ic ie n t to
p u r c h a s e a n a d d it i o n a l b o n d o f a n y
a u th o r iz e d d e n o m in a tio n o f e it h e r s e r ie s
r e m a i n s a f te r th e r e in v e s tm e n t, th e
v o l u n ta r y g u a r d ia n m a y f u rn is h
a d d it i o n a l f u n d s s u f f ic ie n t to p u r c h a s e
a n o t h e r b o n d o f e it h e r s e r i e s in th e
l o w e s t a v a i l a b l e d e n o m in a tio n . If
a d d it i o n a l f u n d s a r e n o t f u r n is h e d , th e
r e m a in in g a m o u n t w ill b e p a id to th e
v o l u n ta r y g u a r d ia n fo r th e u s e a n d
b e n e f it o f th e in c o m p e te n t. T h e
p r o v is io n s fo r r e in v e s t m e n t o f th e
p r o c e e d s o f m a t u r e d b o n d s a r e e q u a lly
a p p lic a b le to a n y a u th o r i z e d e x c h a n g e
o f b o n d s o f o n e s e r ie s fo r th o s e of
a n o th e r .

§ 353.65 Payment—Attorney-In-fact of an
Incompetent or a physlcially disabled
person.
A re q u e st fo r p a y m e n t b y a n
i n d iv id u a l a s a tt o r n e y - in - f a c t o f a n
i n c o m p e te n t o r a p h y s ic a lly d is a b le d
o w n e r w ill b e h o n o r e d i f th e p o w e r o f
a tt o r n e y g r a n ts th e a tt o m e y - i n - f a c t
a u th o r i t y to s e ll o r r e d e e m th e g r a n to r 's
s e c u r itie s , se ll h is o r h e r p e r s o n a l
p r o p e r ty , o r o t h e r w is e g r a n ts s im ila r
a u th o r ity . T h e p o w e r o f a tt o r n e y m u s t
p r o v i d e t h a t th e g r a n to r 's s u b s e q u e n t

in c a p a c i t y w ill n o t a f f e c t th e a u th o r ity
g r a n te d . T h e r e q u e s t m u s t b e s u p p o r te d
b y a c o p y o f th e p o w e r o f a tt o r n e y a n d
e v id e n c e o f th e i n c a p a c i t y o f th e
g r a n to r .

9 353.66 Reissue.
A b o n d o n w h ic h a m in o r o r o th e r
p e r s o n u n d e r le g a l d i s a b il i ty is n a m e d
a s th e o w n e r o r c o o w n e r, o r in w h i c h h e
o r s h e h a s a n in te r e s t, m a y b e r e is s u e d
u n d e r th e fo llo w in g c o n d itio n s :
( a ) A m in o r f o r w h o s e e s t a t e n o
r e p r e s e n t a t i v e h a s b e e n a p p o in t e d m a y
r e q u e s t r e is s u e i f th e m in o r is o f
s u f f ic ie n t c o m p e te n c y to sig n h is o r h e r
n a m e to th e r e q u e s t a n d to u n d e r s t a n d
th e n a t u r e o f th e t r a n s a c t io n .
(b) A b o n d o n w h ic h a m in o r is n a m e d
a s b e n e fic ia ry o r c o o w n e r m a y b e
r e is s u e d in th e n a m e o f a c u s t o d ia n fo r
t h e m in o r u n d e r a s t a t u t e a u th o r iz in g
g ifts to m in o r u p o n th e r e q u e s t o f th e
a d u lt w h o s e n a m e a p p e a r s o n th e b o n d
a s o w n e r o r c o o w n e r.
(c) A m in o r c o o w n e r fo r w h o s e e s t a t e
n o r e p r e s e n t a t i v e h a s b e e n a p p o in te d ,
m a y b e n a m e d s o le o w n e r u p o n th e
r e q u e s t o f th e c o m p e t e n t c o o w n e r.
(d) R e is s u e to e lim in a te th e n a m e o f a
m in o r o r i n c o m p e te n t f o r w h o s e e s t a t e a
le g a l r e p r e s e n t a t i v e h a s b e e n a p p o in t e d
is p e r m itte d o n ly if s u p p o r t e d b y
e v id e n c e t h a t a c o u r t h a s a u th o r i z e d th e
r e p r e s e n t a t i v e o f th e m in o r 's o r
in c o m p e te n t 's e s t a t e to r e q u e s t th e
r e is s u e . S e e § 353.23.
E x c e p t to th e e x t e n t p r o v i d e d in
p a r a g r a p h s (a ) th r o u g h (d), a b o v e ,
r e is s u e w ill b e r e s t r i c t e d to a fo rm o f
r e g is tr a t io n w h ic h d o e s n o t a d v e r s e l y
a f f e c t th e e x is tin g o w n e r s h i p o r i n te r e s t
o f a m in o r w h o is n o t o f su f f ic ie n t
u n d e r s t a n d i n g to m a k e a r e q u e s t, o r
o t h e r p e r s o n u n d e r le g a l d is a b ility .
R e q u e s ts f o r r e is s u e s h o u ld b e e x e c u t e d
b y th e p e r s o n a u th o r i z e d to r e q u e s t
p a y m e n t u n d e r §§ 353.60 a n d 353.63, o r
th e p e r s o n w h o m a y r e q u e s t
r e c o g n iz a tio n a s v o l u n ta r y g u a r d ia n
u n d e r § 353.64.

Subpart L—Deceased Owner,
Coowner or Beneficiary
S 353.70 General rules governing
entitlement.
T h e fo llo w in g r u le s g o v e r n o w n e r s h ip
o r e n title m e n t w h e r e o n e o r b o t h o f th e
p e r s o n s n a m e d o n a b o n d h a v e d ie d
w i th o u t th e b o n d h a v in g b e e n
s u r r e n d e r e d fo r p a y m e n t o r r e is s u e :
(a)
Single owner bond I f th e o w n e r o f
a b o n d r e g is te r e d in s in g le o w n e r s h ip
fo rm h a s d ie d , th e b o n d b e c o m e s th e
p r o p e r ty o f t h a t d e c e d e n t ’s e s t a t e , a n d
p a y m e n t o r r e is s u e w ill b e m a d e a s
p r o v i d e d in th is S u b p a r t.

(b) Coowner bond. ( ) One coowner
1
deceased. If o n e o f th e c o o w n e r s n a m e d
o n a b o n d h a s d ie d , th e s u rv iv in g
c o o w n e r w ill b e r e c o g n iz e d a s th e s o le
a n d a b s o l u te o w n e r , a n d p a y m e n t Or
r e is s u e w ill b e m a d e a s th o u g h th e b o n d
w e r e r e g is te r e d in th e n a m e o f th e
s u r v i v o r a lo n e . A n y r e q u e s t f o r r e is s u e
b y th e s u r v iv in g c o o w n e r m u s t b e
s u p p o r t e d b y p r o o f o f d e a t h o f th e o th e r
c o o w n e r.
(2 ) Both coowners deceased. If b o th
c o o w n e r s n a m e d o n a b o n d h a v e d ie d ,
th e b o n d b e c o m e s th e p r o p e r ty o f th e
e s t a t e o f th e c o o w n e r w h o d ie d la s t, a n d
p a y m e n t o r r e is s u e w ill b e m a d e a s if
th e b o n d w e r e r e g is te r e d in th e n a m e o f
th e l a s t d e c e a s e d c o o w n e r a lo n e . P r o o f
o f d e a t h o f b o th c o o w n e r s w ill b e
r e q u ir e d to e s t a b l i s h th e o r d e r o f d e a th .
(3) Simultaneously death ofboth
coowners. I f b o th c o o w n e r s d ie u n d e r
c o n d itio n s w h e r e it c a n n o t b e
e s t a b l i s h e d , e it h e r b y p r e s u m p tio n o f
l a w o r o th e r w is e , w h ic h c o o w n e r d ie d
first, th e b o n d b e c o m e s t h e p r o p e r ty o f
b o t h e q u a lly , a n d p a y m e n t o r r e is s u e
w ill b e m a d e a c c o r d in g ly .
(c) Beneficiary bond. ( ) Owner
1
deceased. If th e o w n e r o f a b o n d
r e g is te r e d in b e n e f i c i a r y fo rm h a s d ie d
a n d is s u r v iv e d b y th e b e n e f ic ia r y , u p o n
p r o o f o f d e a t h o f th e o w n e r , th e
b e n e f i c i a r y w ill b e r e c o g n iz e d a s th e
s o le a n d a b s o l u te o w n e r o f th e b o n d .
P a y m e n t o r r e is s u e w ill b e m a d e a s
th o u g h t h e b o n d w e r e r e g is te r e d ill th e
s u r v iv o r ’s n a m e a lo n e . A r e q u e s t f o r
p a y m e n t o r r e is s u e b y th e b e n e f i c i a r y
m u st b e su p p o rte d b y p ro o f o f d e a th of
th e o w n e r .
(2)
Beneficiarydeceased. I f th e
b e n e f i c i a r y ’s d e a t h o c c u r s b e f o r e , o r
s im u lta n e o u s ly w ith , t h a t o f th e
r e g is te r e d o w n e r , p a y m e n t o r r e is s u e
w ill b e m a d e a s th o u g h th e b o n d w e r e
r e g is te r e d in t h e o w n e r ’s n a m e a lo n e .
P r o o f o f d e a t h o f th e o w n e r a n d
b e n e f i c i a r y i s r e q u ir e d to e s t a b l i s h th e
o r d e r o f d e a th .
fd ) Nonresident a i n . I f th e p e r s o n
les
w h o b e c o m e s e n ti t le d to a b o n d b e c a u s e
o f th e d e a t h o f a n o w n e r is a n a li e n w h o
is a r e s i d e n t o f a n a r e a w ith r e s p e c t to
w h ic h th e D e p a r t m e n t o f th e T r e a s u r y
r e s t r ic t s o r r e g u la t e s th e d e liv e r y o f
c h e c k s d r a w n a g a i n s t f u n d s o f th e
U n ite d S t a te s o r its a g e n c ie s o r
i n s tr u m e n ta litie s , d e liv e r y o f th e
r e d e m p t io n c h e c k w ill n o t b e m a d e s o
lo n g a s th e r e s t r ic t io n a p p lie s . S e e
D e p a r t m e n t o f th e T r e a s u r y C ir c u la r N o.
655, c u r r e n t r e v is io n (31 C F R P a r t 211 ).

§ 353.71

Estate administered.

(a)
During administration. T h e le g a l
re p re se n ta tiv e o f a n e s ta te m a y re q u e st
p a y m e n t o f b o n d s , in c lu d in g i n te r e s t o r
r e d e m p tio n c h e c k s , b e lo n g in g to th e

Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations 76453
e s t a t e o r m a y h a v e th e b o n d s r e is s u e d
i n th e n a m e s o f th e p e r s o n s e n ti t le d to
s h a r e in th e e s t a t e u n d e r th e f o llo w in g
c o n d itio n s :
(1) W h e n th e r e is m o r e th a o n e le g a l
r e p r e s e n t a t i v e , a ll m u s t jo in in th e
r e q u e s t fo r p a y m e n t o r r e is s u e , u n l e s s
5 353.75(a)(1) o r (b ) a p p lie s .
(2) T h e r e q u e s t fo r p a y m e n t o r r e is s u e
m u s t b e s ig n e d in th e fo rm : “Jo h n A .
fo n e s , a d m i n i s t r a t o r o f th « e s t a t e (o r
e x e c u t o r o f th e w ill) o f H e n r y M. Jo n e s,
d e ce ased ". T he req u est m ust be
s u p p o r te d b y e v id e n c e o f th e le g a l
r e p r e s e n t a t i v e ’s a u th o r i t y in th e f o r m o f
a c o u r t c e r tif ic a te o r a c e r tif ie d c o p y o f
th e le g a l r e p r e s e n t a t i v e 's l e t t e r s o f
a p p o in t m e n t w h ic h m u s t b e d a te d
w i t h in s i x m o n th s o f th e d a te o f
p r e s e n t a t i o n o f th e b o n d , u n l e s s th e
e v id e n c e s h o w s t h a t th e a p p o in t m e n t
w a s m a d e w i t h in o n e y e a r p r i o r to th e
p r e s e n ta t io n o f th e b o n d .
(3) F o r r e is s u e , d ie le g a l
r e p r e s e n t a t i v e m u s t c e r tif y t h a t e a c h
p e r s o n in w h o s e n a m e r e is s u e is
r e q u e s te d Is e n ti t le d to th e e x te n t
s p e c if ie d a n d m u s t c e r tif y t h a t e a c h
p e r s o n h a s c o n s e n te d to th e r e is s u e . I f a
p e r s o n in w h o s e n a m e r e is s u e is
r e q u e s te d d e s i r e s to n a m e a c o o w n e r o r
b e n e f ic ia r y , th e p e r s o n m u s t e x e c u te a n
a d d it i o n a l r e q u e s t fo r r e is s u e o n th e
a p p r o p r ia t e form .
fb) Afteradministration. I f th e e s t a t e
o f th e d e c e d e n t h a s b e e n s e t tl e d th r o u g h
ju d ic ia l p ro c e e d in g s , th e b o n d a n d
i n te r e s t a n d r e d e m p tio n c h e c k s w ill b e
p a id , o r th e b o n d w ill b e r e is s u e d , u p o n
th e r e q u e s t o f th e p e r s o n s h o w n to b e
e n ti t le d b y th e c o u r t o r d e r . T h e r e q u e s t
m u s t b e s u p p o r t e d b y a c e r tif ie d c o p y o f
t h e le g a l r e p r e s e n t a t i v e 's c o u r ta p p r o v e d fin a l a c c o u n t, th e d e c r e e o f
d is tr ib u tio n , o r o th e r p e r ti n e n t c o u r t
r e c o r d s . I f tw o o r m o r e p e r s o n s h a v e a n
i n te r e s t in th e b o n d , th e y m u s t e n t e r in to
a n a g r e e m e n t c o n c e r n in g th e b o n d 's
d is p o s itio n . I f th e p e r s o n e n ti t le d d e s i r e s
to n a m e a c o o w n e r o r b e n e f ic ia r y , a
s e p a ra te re q u e s t m u st b e m a d e on a n
a p p r o p r ia t e fo rm .
(c)
Specialprovisions f rsmall
o
amounts. S p e c ia l p r o c e d u r e s a r e
a v a i l a b l e f o r e s t a b l i s h i n g e n ti t le m e n t to,
o r e f fe c tin g d is p o s itio n of, s a v in g s
b o n d s a n d in te r e s t a n d r e d e m p tio n
c h e c k s if th e a g g r e g a te f a c e a m o u n t,
e x c lu d in g in te r e s t c h e c k s , d o e s n o t
e x c e e d $1,000.

§ 353.72 Estate not administered.
(a )
SpecialState lawprovisions. A
r e q u e s t fo r p a y m e n t o r r e is s u e o f a b o n d
b y th e p e r s o n w h o h a s q u a lif ie d u n d e r
S t a te l a w to r e c e iv e o r d is t r ib u t e th e
a s s e t s o f a d e c e d e n t 's e s t a t e w ill b e
a c c e p te d , p r o v id e d e v id e n c e o f th e
p e r s o n 's a u th o r i t y is s u b m itte d .

(b ) Agreement ofpersona e t t e . If
nild
t h e r e is n o le g a l r e p r e s e n t a t i v e fo r th e
e s t a t e o f a d e c e d e n t, th e b o n d s w ill b e
p a i d to , o r r e is s u e d in th e n a m e of, th e
p e r s o n s e n title d , p u r s u a n t to a n
a g r e e m e n t a n d r e q u e s t e x e c u t e d b y a ll
p e r s o n s e n ti t le d to s h a r e in th e
d e c e d e n t 's p e r s o n a l e s t a t e . If th e
p e r s o n s e n ti t le d to s h a r e in th e
d e c e d e n t ’s p e r s o n a l e s t a t e in c lu d e
m in o r s o r in c o m p e te n ts , p a y m e n t o r
r e is s u e o f th e b o n d s m u s t b e m a d e to
th e m o r in th e ir n a m e s u n l e s s th e ir
in te r e s t in th e b o n d s is o t h e r w is e
p r o te c te d .
(c) C e i o s A n i n s t it u t i o n a l c r e d i t o r
rdtr.
o f a d e c e a s e d o w n e r 's e s t a t e is e n ti t le d
to p a y m e n t o n ly to th e e x te n t o f its
c la im .
(d ) Specialprovisionsforpayment of

small amounts— survivors ofthe
decedent. (1) If th e f a c e a m o u n t o f

th e
b o n d d o e s n o t e x c e e d $500 a n d th e r e is
n o le g a l r e p r e s e n t a t i v e o f th e d e c e a s e d
o w n e r ’s e s t a t e , th e b o n d w ill b e p a i d
u p o n th e r e q u e s t o f th e p e r s o n w h o p a i d
th e b u r i a l e x p e n s e s a n d w h o h a s n o t
b e e n r e im b u r s e d .
(2)
If t h e r e is n o le g a l r e p r e s e n t a t i v e
o f th e e s t a t e o f a d e c e d e n t w h o d ie d
w i t h o u t a w ill, a n d th e t o t a l f a c e a m o u n t
o f b o n d s in th e e s t a t e d o e s n o t e x c e e d
$1,000 ( f a c e a m o u n t) , th e b o n d s m a y b e
p a i d to th e d e c e d e n t 's s u r v iv o r s u p o n
r e q u e s t in th e fo llo w in g o r d e r o f
p re ce d en c e :
(i) S u rv iv in g sp o u s e ;
(ii) I f n o s u r v iv in g s p o u s e , to th e c h ild
o r c h il d r e n o f th e d e c e d e n t , a n d th e
d e s c e n d a n t s o f d e c e a s e d c h il d r e n b y
re p re se n ta tio n ;
(iii) If n o n e o f th e a b o v e , to th e
p a r e n t s o f th e d e c e d e n t , o r th e s u r v iv o r ,
(iv) I f n o n e o f th e a b o v e , to th e
b r o t h e r s a n d s is te r s , a n d t h e d e c e n d a n t s
o f d e c e a s e d b ro th e rs o r siste rs b y
re p re se n ta tio n ;
(v) If n o n e o f th e a b o v e , to o t h e r n e x to f-k in , a s d e te r m in e d b y t h e l a w s o f th e
o w n e r 's d o m ic ile a t d e a th ;
(vi) If n o n e o f th e a b o v e , to p e r s o n s
r e l a t e d to th e d e c e d e n t b y m a r r ia g e .
T h e p a y m e n t p u r s u a n t to th is s u b s e c t io n
s h a l l b e m a d e u p o n d ie r e q u e s t a n d
a g r e e m e n t o f th e s u r v iv o r s to r e c e iv e th e
r e d e m p t io n p r o c e e d s in d iv id u a lly a n d
fo r th e a c c o u n t o f a n y p e r s o n s e n t i t l e d
I n t e r e s t c h e c k s h e ld fo r t h e e s t a t e o f a
d e c e d e n t w ill b e d i s t r ib u t e d w i t h th e
bonds.

Subpart M—Fiduciaries
S 353.75 P a y m en t or reissue during the
existence of the fiduciary estate.
(a)
Payment orreissue before
m rity. ( )Requestfrom thefiduciary
atu
1
named i the r g s r t o . A r e q u e s t fo r
n
eitain
r e is s u e o r p a y m e n t p r io r to m a tu r ity

m u s t b e s ig n e d b y a ll o f th e f id u c ia r ie s
u n l e s s b y s t a tu t e , d e c r e e o f c o u rt, o r th e
t e r m s o f th e g o v e r n in g in s tr u m e n t, a n y
l e s s e r n u m b e r m a y p r o p e r ly e x e c u t e th e
r e q u e s t. I f th e f id u c ia r ie s n a m e d in th e
r e g is tr a t io n a r e s till a c tin g , n o f u r th e r
e v id e n c e w ill b e r e q u ir e d . In o t h e r
c a s e s , e v id e n c e to s u p p o r t th e r e q u e s t
w ill b e r e q u ir e d , a s s p e c ifie d :
(1) Fiduciaries by t t eo l . If th e
il n y
b o n d i s r e g is te r e d o n ly i n th e title s ,
w i t h o u t th e n a m e s , o f f id u c ia r ie s n o t
a c tin g a s a b o a r d , s a t is f a c t o r y e v id e n c e
o f th e ir in c u m b e n c y m u s t b e fu rn is h e d ,
e x c e p t in th e c a s e o f b o n d s r e g is te r e d in
th e title o f p u b lic o f f ic e r s a s tr u s te e s .
(ii) Boards, committees, commission,
e c If a b o n d is r e g is te r e d in th e n a m e o f
t.
a g o v e r n in g b o d y w h ic h is e m p o w e r e d
to a c t a s a u n it, a n d w h ic h h o ld s title to
th e p r o p e r ty o f a re lig io u s , e d u c a tio n a l,
c h a r i t a b l e o r n o n p r o f it o r g a n iz a tio n o r a
p u b lic c o r p o r a tio n , th e r e q u e s t s h o u ld
b e s ig n e d in th e n a m e o f th e b o d y b y a n
a u th o r i z e d p e r s o n . O r d in a r ily , a s ig n e d
a n d c e r tif ie d r e q u e s t w ill b e a c c e p t e d
w i t h o u t f u r t h e r e v id e n c e .
(iii) Corporatef d c a i s If a b o n d is
iuire.
r e g is te r e d in th e n a m e o f a p u b lic o r
p r i v a t e c o r p o r a tio n o r a g o v e r n m e n ta l
b o d y a s f id u c ia r y , t h e r e q u e s t m u s t b e
s ig n e d b y a n a u th o r i z e d o ffic e r in th e
n a m e o f th e o r g a n iz a tio n a s fid u c ia ry .
O r d in a r ily , a s ig n e d a n d c e r tif ie d
r e q u e s t w ill b e a c c e p t e d w i t h o u t f u r th e r
e v id e n c e .
(2) Trustee ofa common t u tfund. A
rs
b o n d h e l d b y a f in a n c ia l in s t it u t i o n in a
fid u c ia r y c a p a c i t y m a y b e r e is s u e d in
th e n a m e o f th e in s t it u t i o n a s t r u s t e e o f
its c o m m o n t r u s t f u n d to th e e x t e n t t h a t
p a r ti c ip a t io n in t h e c o m m o n t r u s t fu n d is
a u th o r i z e d b y l a w o r r e g u la tio n . T h e
r e q u e s t fo r r e is s u e s h o u l d b e e x e c u t e d
b y th e in s t it u t i o n a n d a n y c o f id u c ia r y .
(3) Successorf d c a y If th e
iuir.
f id u c ia r y in w h o s e n a m e th e b o n d is
r e g is te r e d h a s b e e n r e p l a c e d b y a n o th e r
fid u c ia r y , s a t is f a c t o r y e v id e n c e o f
s u c c e s s o r s h i p m u s t b e f u r n is h e d .
(b )
Payment atora t rf
f e inalmaturity.
A t o r a f t e r f in a l m a tu r ity , a r e q u e s t fo r
p a y m e n t s ig n e d b y a n y o n e o r m o r e o f
th e f id u c ia r ie s w ill b e a c c e p c e d .
P a y m e n t w ill b e m a d e b y c h e c k d r a w n
a s th e b o n d is r e g is te r e d .

§ 353.76 Payment or reissue after
termination of the fiduciary estate.
A b o n d r e g is te r e d in th e n a m e o r title
o f a f id u c ia r y m a y b e p a i d o r r e is s u e d to
th e p e r s o n w h o h a s b e c o m e e n ti t le d b y
r e a s o n o f th e t e r m in a tio n o f a f id u c ia r y
e s t a t e . R e q u e s ts fo r r e is s u e m a d e b y a
f id u c ia r y p u r s u a n t to th e t e r m in a tio n o f
a f id u c ia r y e s t a t e s h o u ld b e m a d e o n th e
a p p r o p r ia t e fo rm . R e q u e s ts fo r p a y m e n t
o r r e is s u e b y o t h e r t h a n th e f id u c ia r y
m u s t b e a c c o m p a n i e d b y e v id e n c e to

76454 Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations
s h o w t h a t th e p e r s o n h a s b e c o m e
e n ti t le d in a c c o r d a n c e w i t h a p p lic a b le
S t a te l a w o r o th e r w is e . W h e n t w o o r
m o r e p e r s o n s h a v e b e c o m e e n title d , th e
r e q u e s t fo r p a y m e n t o r r e is s u e m u s t b e
s ig n e d b y e a c h o f th e m .

§ 353.77 Exchanges by fiduciaries.
F id u c ia r ie s a r e a u th o r i z e d to r e q u e s t
a n e x c h a n g e o f b o n d s o f o n e s e r i e s fo r
th o s e o f a n o th e r , p u r s u a n t to a n y
a p p li c a b l e D e p a r t m e n t o f th e T r e a s u r y
o ffe rin g . A liv in g c o o w n e r o f b e n e f i c a r y
n a m e d o n th e b o n d s s u b m i tt e d in
e x c h a n g e m a y b e r e t a i n e d in t h e s a m e
c a p a c i t y o n th e n e w b o n d s .

Subpart N—Private Organizations
(Corporations, Associations,
Partnerships, et cetera) and
Governmental Agencies, Units and
Officers
§ 353.80 Payment to corporations or
unincorporated associations.
A b o n d r e g is te r e d in t h e n a m e o f a
p riv a te c o rp o ra tio n o r a n
u n i n c o r p o r a t e d a s s o c i a t i o n w ill b e p a i d
to th e c o r p o r a t i o n o r u n in c o r p o r a t e d
a s so c ia tio n u p o n a re q u e s t fo r p a y m e n t
o n its b e h a l f b y a n a u th o r i z e d o ffic e r.
T h e s ig n a tu r e to th e r e q u e s t s h o u ld b e in
th e fo rm , f o r e x a m p le , “T h e J o n e s C o a l
C o m p a n y , a c o r p o r a tio n , b y J o h n J o n e s ,
P r e s i d e n t ” , o r “T h e L o tu s C lu b , a n
u n i n c o r p o r a t e d a s s o c ia tio n , b y W illia m
A . S m ith , T r e a s u r e r ” . A r e q u e s t fo r
p a y m e n t s o s ig n e d a n d c e r tif ie d w ill
o r d in a r ily b e a c c e p t e d w i t h o u t f u r th e r
e v id e n c e o f th e o ffic e r’s a u th o r ity .

§ 353.81 Payment to partnerships.
A b o n d r e g is te r e d in t h e n a m e o f a n
e x is tin g p a r tn e r s h i p w ill b e p a i d u p o n a
r e q u e s t fo r p a y m e n t s ig n e d b y a g e n e r a l
p a r tn e r . T h e s ig n a tu r e to th e r e q u e s t
s h o u ld b e in th e fo rm , f o r e x a m p le ,
“ S m ith a n d Jo n e s , a p a r tn e r s h i p , b y Jo h n
Jo n e s , a g e n e r a l p a r t n e r ” . A r e q u e s t f o r
p a y m e n t s o s ig n e d a n d c e r tif ie d w ill
o r d in a r ily b e a c c e p t e d a s s u ffic ie n t
e v id e n c e t h a t th e p a r tn e r s h i p is s till in
e x is te n c e a n d t h a t th e p e r s o n sig n in g
th e r e q u e s t is a u th o r iz e d .

§ 353.82 Reissue or payment to
successors of corporations,
unincorporated associations, or
partnerships.
A b o n d r e g is te r e d in th e n a m e o f a
p r i v a t e c o r p o r a tio n , a n u n in c o r p o r a t e d
a s s o c ia tio n , o r a p a r tn e r s h i p w h ic h h a s
b e e n s u c c e e d e d b y a n o t h e r c o r p o r a tio n ,
u n i n c o r p o r a t e d a s s o c ia tio n , o r
p a r tn e r s h i p b y o p e r a t i o n o f l a w o r
o th e r w is e , in a n y m a n n e r w h e r e b y th e
b u s i n e s s o r a c tiv itie s o f t h e o rig in a l
o r g a n iz a t i o n a r e c o n tin u e d w i th o u t
s u b s t a n t i a l c h a n g e , w ill b e p a id to o r
r e is s u e d in th e n a m e o f th e s u c c e e d in g

o r g a n iz a tio n u p o n a p p r o p r ia t e r e q u e s t
o n its b e h a lf , s u p p o r t e d b y s a t is f a c t o r y
e v id e n c e o f s u c c e s s o r s h ip . T h e
a p p r o p r ia t e fo rm s h o u ld b e u s e d .

§ 353.83 Reissue or payment on
dissolution of corporation or partnership.
(a ) Corporations. A b o n d r e g is te r e d in
th e n a m e o f a p r i v a t e c o r p o r a t i o n w h i c h
is in th e p r o c e s s o f d is s o lu tio n w ill b e
p a i d to t h e a u th o r i z e d r e p r e s e n t a t i v e o f
th e c o r p o r a t i o n u p o n a r e q u e s t f o r
p a y m e n t, s u p p o r t e d b y s a t is f a c t o r y
e v id e n c e o f th e r e p r e s e n t a t i v e ’s
a u th o r ity . A t t h e te r m i n a t i o n o f
d is s o lu tio n p r o c e e d in g s , th e b o n d m a y
b e r e is s u e d u p o n t h e r e q u e s t o f th e
a u th o r i z e d r e p r e s e n t a t i v e in th e n a m e s
o f th o s e p e r s o n s , o t h e r t h a n c r e d ito r s ,
e n ti t le d to t h e a s s e t s o f th e c o r p o r a tio n ,
to th e e x t e n t o f t h e i r r e s p e c t i v e
in te r e s t s . P r o o f w ill b e r e q u ir e d t h a t a ll
s t a t u t o r y p r o v is io n s g o v e r n in g th e
d is s o lu tio n o f th e c o r p o r a t i o n h a v e b e e n
c o m p lie d w i t h a n d t h a t th e p e r s o n s in
w h o s e n a m e s r e is s u e is r e q u e s t e d a r e
e n ti t le d a n d h a v e a g r e e d to th e r e is s u e .
If th e d is s o lu tio n p r o c e e d in g s a r e u n d e r
t h e d ir e c tio n o f a c o u rt, a c e r tif ie d c o p y
o f a n o r d e r o f th e c o u rt, s h o w in g th e
a u th o r i t y o f th e r e p r e s e n t a t i v e to m a k e
th e d is t r ib u t i o n r e q u e s t e d m u s t b e
f u r n is h e d .
(b ) Partnerships. A b o n d r e g is te r e d in
th e n a m e o f a p a r tn e r s h i p w h i c h h a s
b e e n d isso lv e d b y d e a th o r w ith d ra w a l
o f a p a r tn e r , o r in a n y o t h e r m a n n e r :
(1) W ill b e p a i d u p o n a r e q u e s t f o r
p a y m e n t b y a n y p a r tn e r o r p a rtn e rs
a u th o r i z e d b y l a w to a c t o n b e h a l f o f th e
d i s s o l v e d p a r tn e r s h i p , o r
(2) W ill b e p a i d to o r r e is s u e d i n th e
n a m e s o f th e p e r s o n s e n ti t le d a s th e
r e s u l t o f s u c h d is s o lu tio n to t h e e x t e n t o f
th e ir r e s p e c t i v e i n te r e s t s , e x c e p t t h a t
r e is s u e w ill n o t b e m a d e in t h e n a m e s o f
c r e d ito r s . T h e r e q u e s t m u s t b e
s u p p o r t e d b y s a t is f a c t o r y e v id e n c e o f
e n title m e n t, in c lu d in g p r o o f t h a t th e
d e b ts o f th e p a r t n e r s h i p h a v e b e e n p a id
o r p r o p e r ly p r o v i d e d fo r. T h e
a p p r o p r ia t e fo rm s h o u ld b e u s e d .

§ 353.84 Payment to certain institutions.
A b o n d r e g is te r e d in t h e n a m e o f a
c h u r c h , h o s p ita l, h o m e , s c h o o l, o r
s im ila r in s titu tio n , w i t h o u t r e f e r e n c e in
th e r e g is tr a t io n to th e m a n n e r in w h ic h
it is o r g a n iz e d o r g o v e r n e d o r to th e
m a n n e r in w h i c h title to its p r o p e r ty is
h e ld , w ill b e p a i d u p o n a r e q u e s t fo r
p a y m e n t s ig n e d o n b e h a l f o f s u c h
in s t it u t i o n b y a n a u th o r i z e d
r e p r e s e n t a t i v e . A r e q u e s t fo r p a y m e n t
s ig n e d b y a p a s t o r o f a c h u rc h ,
s u p e r i n te n d e n t o f a h o s p ita l, p r e s i d e n t
o f a c o lle g e , o r b y a n y o ffic ia l g e n e r a lly
r e c o g n iz e d a s h a v in g a u th o r i t y to
c o n d u c t th e f in a n c ia l a f f a ir s o f th e

p a r ti c u la r in s t it u t i o n w ill o r d in a r ily b e
a c c e p t e d w i t h o u t f u r th e r p r o o f o f
a u th o r ity . T h e s ig n a tu r e to th e r e q u e s t
s h o u ld b e in th e fo rm , fo r e x a m p le ,
" S h rin e rs* H o s p it a l f o r C r ip p le d
C h ild r e n , St. L o u is, M is s o u ri, b y W illia m
A . S m ith , S u p e r i n te n d e n t ” , o r “St.
M a r y 's R o m a n C a th o lic C h u rc h , A lb a n y ,
N e w Y o rk , b y th e R e v . J o h n S m y th ,
P a sto r” .

§ 353.85 Reissue in name of trustee or
agent for reinvestment purposes.
A b o n d r e g is te r e d in t h e n a m e o f a
re lig io u s , e d u c a t io n a l , c h a r i t a b l e o r
n o n p r o f it o r g a n iz a tio n , w h e t h e r o r n o t
in c o r p o r a t e d , m a y b e r e is s u e d in th e
n a m e o f a f in a n c ia l in s titu tio n , o r a n
in d iv id u a l, a s t r u s t e e o r a g e n t. T h e r e
m u s t b e a n a g r e e m e n t b e t w e e n th e
o r g a n iz a t i o n a n d th e t r u s t e e o r a g e n t
h o ld in g f u n d s o f th e o r g a n iz a tio n , in
w h o le o r in p a r t, fo r th e p u r p o s e o f
in v e s tin g a n d r e in v e s tin g th e p r in c ip a l
a n d p a y in g th e in c o m e to th e
o r g a n iz a tio n . R e is s u e s h o u ld b e
r e q u e s t e d o n b e h a l f o f th e o r g a n iz a t i o n
b y a n a u th o r i z e d o ff ic e r u s in g th e
a p p r o p r ia t e fo rm .

‘*1
-

§ 353.86 Reissue upon termination of
investment agency.
A b o n d r e g is te r e d in t h e n a m e o f a
f i n a n c i a l in s titu tio n , o r i n d iv id u a l, a s
a g e n t f o r i n v e s tm e n t p u r p o s e s o n ly ,
u n d e r a n a g r e e m e n t w i t h a re lig io u s , a n
e d u c a t io n a l , a c h a r i t a b l e , o r a n o n p r o f it
o r g a n iz a tio n , m a y b e r e is s u e d in th e
n a m e o f th e o r g a n iz a tio n u p o n
t e r m i n a t i o n o f th e a g e n c y . T h e f o r m e r
a g e n t s h o u ld r e q u e s t S u ch r e is s u e a n d
s h o u l d c e r tif y t h a t th e o r g a n iz a t i o n is
e n ti t le d b y r e a s o n o f th e t e r m i n a t i o n o f
th e ag en cy . If su c h re q u e s t a n d
c e r tif ic a tio n a r e n o t o b t a i n a b le , th e
b o n d w ill b e r e is s u e d i n th e n a m e o f th e
o r g a n iz a t i o n u p o n its o w n r e q u e s t,
s u p p o r t e d b y s a t is f a c t o r y e v id e n c e o f
t h e t e r m i n a t i o n o f th e a g e n c y . T h e
a p p r o p r ia t e fo rm s h o u ld b e u s e d .

§ 353.87 Payment to governmental
agencies, units, or their officers.
(a ) Agencies and units. A b o n d
r e g is te r e d in th e n a m e o f a S ta te ,
c o u n ty , c ity , to w n , v illa g e , o r in th e
n a m e o f a F e d e r a l, S ta te , o r lo c a l
g o v e r n m e n ta l a g e n c y , s u c h a s a b o a r d ,
c o m m is s io n , o r c o r p o r a tio n , w ill b e p a id
u p o n a r e q u e s t s ig n e d in th e n a m e o f th e
g o v e r n m e n t a l a g e n c y o r u n it o r b y a n
a u th o r i z e d o ffic e r. A r e q u e s t fo r
p a y m e n t s o s ig n e d a n d c e r tif ie d w ill
o r d i n a r i l y b e a c c e p t e d w i t h o u t f u r th e r
p r o o f o f th e o ffic e r’s a u th o r ity .
(b ) Officers. A b o n d r e g is te r e d in th e
o ffic ia l title o f a n o f f ic e r o f a
g o v e r n m e n ta l a g e n c y o r u n it w ill b e
p a i d u p o n a r e q u e s t fo r p a y m e n t s ig n e d

Federal Register / Vol. 44, No. 248 / W ednesday, December 26, 1979 / Rules and Regulations 76455
b y th e o ffic e r. T h e r e q u e s t fo r p a y m e n t
s o s ig n e d a n d c e r tif ie d w ill o r d in a r ily b e
a c c e p t e d a s p r o o f t h a t th e p e r s o n
sig n in g is th e in c u m b e n t o f th e o ffice .

Subpart O—Miscellaneous Provisions
S 353.90 Waiver of regulations.
T h e C o m m is s io n e r o f th e P u b lic D e b t,
a s d e s ig n e e o f th e S e c r e t a r y o f th e
T r e a s u r y , m a y w a i v e o r m o d if y a n y
p r o v is io n o r p r o v is io n s o f th e s e
r e g u la tio n s . H e m a y d o s o in a n y
p a r ti c u la r c a s e o r c la s s o f c a s e s fo r th e
c o n v e n ie n c e o f th e U n ite d S t a te s o r in
o r d e r to r e lie v e a n y p e r s o n o r p e r s o n s o f
u n n e c e s s a r y h a r d s h ip , (a) if s u c h a c tio n
w o u l d n o t b e in c o n s is te n t w i t h l a w o r
e q u ity , (b) if it d o e s n o t im p a ir a n y
e x is tin g rig h ts , a n d (c] if h e is s a t is f ie d
t h a t s u c h a c t i o n w o u l d n o t s u b j e c t th e
U n ite d S t a te s to a n y s u b s ta n t ia l
e x p e n s e o r lia b ility .

S 353.91 Additional requirements; bond of
indemnity.
T h e C o m m is s io n e r o f th e P u b lic D e b t,
a s d e s ig n e e o f th e S e c r e t a r y o f th e
T r e a s u r y , m a y r e q u ir e (a] s u c h
a d d it i o n a l e v id e n c e a s h e m a y c o n s id e r
n e c e s s a r y o r a d v is a b le , o r (b ) a b o n d o f
in d e m n ity , w i t h o r w i t h o u t s u r e ty , in
a n y c a s e in w h ic h h e m a y c o n s i d e r s u c h
a b o n d n e c e s s a r y fo r th e p r o t e c t io n o f
th e i n t e r e s t s o f th e U n ite d S ta te s .

§ 353.92 Supplements, amendments, or
revisions.
T h e S e c r e t a r y o f th e T r e a s u r y m a y a t
a n y tim e , o r fro m tim e to tim e, p r e s c r ib e
a d d itio n a l, s u p p le m e n ta l, a m e n d a to r y ,
o r r e v is e d r u le s a n d r e g u la tio n s
g o v e r n in g U n ite d S t a te s S a v in g s B o n d s
o f S e r ie s E E a n d H H .
(FR D oc. 79-39046 P iled 12-21-791 6:45 am]

BILLING CODE 4810-40-M

would you
like to know
if any changes have been made in
certain titles of the CODE OF
FEDERAL REGULATIONS without
reading the Federal Register every
day? If so, you may wish to subscribe
to the LSA (List of CFR
Sections Affected), the “ Federal
Register Index," or both.
LSA (List of CFR Sections Affected)

$ 10.00
per year

*
v

The LSA (List of CFR Sections
Affected) is designed to lead users of
the Code of Federal Regulations to
^ amendatory actions published in the
Federal Register, and is issued
monthly in cumulative form. Entries
indicate the nature of the changes.
Federal Register Index

$8.00
per year

Indexes covering the
contents of the daily Federal Register are
issued monthly, quarterly, and annually.
Entries are carried primarily underthe
names of the issuing agencies. Significant
subjects are carried as cross-references.
A finding aid is included in each publication which lists
Federal Register page numbers with the date of publication
in the Federal Register.
Note to FR Subscribers: FR Indexes and the
LSA (List of CFR Sections Affected) will continue
to be mailed free of charge to regular FR subscribers.

■ ■ i i ■ ■ ■ ■ m i l l m i i i i n 11 i t i i i n m i i i i i i i
Mail order form to:
Superintendent of Documents, U.S. Government Printing Office, Washington, D.C.
There Is enclosed $_

- l.fo r .

20402

. subscriptions) to the publications checked below:

......... LSA (LIST OF CFR SECTIONS AFFECTED) ($ 1 0 .0 0 a year domestic; $ 1 2 .5 0 foreign)
......... FEDERAL REGISTER INDEX ($8.00 a year domestic; $10.00 foreign)

:
E

N am e.

E

street Address.

E
C ity__________
»

State

Make check payable to the Superintendent o f Documents

w iR ii i i i i H i m i m m m i

v iir m

in iu m

iiiiii iii

Z P

^ ■■lllJ M I I I I llU im ilM I I I I I H I I I I I I I I I U

" N

Friday
December 14, 1979

Part V

Department of the
Treasury
Fiscal Service, Bureau of Public Debt
Offering of United States Savings Bonds;
Series HH
Dept. Circular, Public Debt Series No. 2-80

72832

Federal Register / Vol. 44, No. 242 / Friday, December 14, 1979 / Rules and Regulations

DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 352

t h e y a r e n o t s u b j e c t to a n y i n te r e s t
a d ju s tm e n t.
T h e r e g is tr a tio n r e q u ir e m e n ts fo r a
ta x - d e f e r r e d e x c h a n g e w ill b e th e s a m e
Offering of U.S. Savings Bonds, Series
fo r S e r ie s H H b o n d s a s fo r S e r ie s H
HH
b o n d s . T h e r u le s a r e d e s ig n e d to p r e v e n t
th e s h iftin g o f t a x l ia b ility in c i d e n t to a n
AGENCY: F is c a l S e rv ic e , D e p a r t m e n t o f
th e T r e a s u r y .
e x c h a n g e . T h e s a m e r e q u ir e m e n ts a p p ly
to n o n - ta x - d e f e r r e d e x c h a n g e s fo r S e r ie s
ACTION: Final rule.
H H b o n d s , e v e n th o u g h n o t a x lia b ility
SUMMARY: T h is P a rt, w h ic h c o n ta i n s th e
is in v o lv e d , s in c e th e n e w b o n d s a r e n o t
te r m s a n d c o n d itio n s o f th e o ffe rin g o f
s u b je c t to a n in te r e s t a d ju s tm e n t fo r
U n ite d S t a te s S a v in g s B o n d s o f S e r ie s
e a r ly r e d e m p tio n .
H H , is b e in g p u b l is h e d in fin a l form .
A s S e r ie s H b o n d s p u r c h a s e d fo r c a s h
T h e s e b o n d s w ill b e o f f e re d fo r s a le , a s
r e a c h fin a l m a tu r ity , th e ir p r o c e e d s m a y
o f J a n u a r y 1 ,1 9 8 0 . U n ite d S ta te s S a v in g s
b e r e in v e s t e d in S e r ie s H H b o n d s . F in a l
B o n d s o f S e r ie s H a r e b e in g w i t h d r a w n
m a tu r ity d a t e s h a v e b e e n a n n o u n c e d fo r
fro m s a l e a s o f D e c e m b e r 31 ,1 9 7 9 .
th e S e r ie s H b o n d s i s s u e d fro m J u n e
EFFECTIVE DATE: J a n u a r y 1 ,1 9 8 0 .
1952 th ro u g h M a y 1959, w h ic h w ill
b e c o m e e lig ib le fo r r e in v e s t m e n t a s th e y
FOR FURTHER INFORMATION CONTACT:
M r. C h a r le s A . G u e rin , A s s i s t a n t C h ie f
m a tu r e . A ll o f th e s e b o n d s w e r e
C o u n s e l, B u r e a u o f th e P u b lic D e b t, 202­
p u r c h a s e d fo r c a s h . T h e r e in v e s tm e n t
o p tio n w ill n o t b e a v a i l a b l e fo r a n y
376-0243.
S e r ie s H b o n d i s s u e d o n e x c h a n g e . T h e
SUPPLEMENTARY INFORMATION: F o r th e
S e r ie s H H b o n d s a c q u i r e d th ro u g h
m o s t p a r t, S e r ie s H H b o n d s r e s e m b le
r e in v e s t m e n t w ill n o t b e s u b je c t to a n
a n d a r e p a t t e r n e d a f te r S e r ie s H b o n d s .
in te r e s t a d ju s tm e n t.
T h e r e a re , h o w e v e r, s e v e r a l s ig n ific a n t
T h e a n n u a l lim ita tio n o n c a s h
d if f e r e n c e s b e t w e e n th e tw o s e r ie s .
p u r c h a s e s o f S e r ie s H H b o n d s is $20,000
A s w ith S e r ie s H b o n d s . S e r ie s H H
(fa c e a m o u n t), a n i n c r e a s e o v e r th e
b o n d s c a n b e p u r c h a s e d fo r c a s h a n d in
$ 10,000 lim ita tio n f o r S e r ie s H b o n d s .
e x c h a n g e fo r a c c r u a l- ty p e s a v in g s b o n d s
B onds issu e d on e x ch a n g e or
a n d n o te s . P r o v is io n is a ls o m a d e fo r
p u r c h a s in g S e r ie s H H b o n d s th r o u g h th e ' r e in v e s t m e n t a r e n o t s u b je c t to th e
a n n u a l lim ita tio n .
r e in v e s t m e n t o f c e r t a i n m a t u r e d S e r ie s
T h e r e g u la tio n s ( D e p a r tm e n t o f th e
H b o n d s . T h e r e w ill b e tw o s e p a r a t e ,
T r e a s u r y C irc u la r, P u b lic D e b t s e r i e s
d i s tin g u is h a b le t y p e s o f S e r ie s H H
N o . 3 -8 0 (31 C F R P a r t 353)) p r o v id e t h a t
b o n d s , o n e to id e n tif y b o n d s s o ld fo r
th e c o n s e n t o f th e b e n e f i c i a r y is n o t
c a s h a n d th e o t h e r to id e n tif y b o n d s
r e q u ir e d fo r t h e r e is s u e o f S e r ie s H H
i s s u e d o n e x c h a n g e o r th ro u g h
b o n d s in b e n e f ic ia r y form .
r e in v e s tm e n t.
T h e S e c r e t a r y o f th e T r e a s u r y h e r e b y
U n d e r th e o ffe rin g , s e c u r itie s e lig ib le
m a k e s th e fo llo w in g o ffe rin g o f U n ite d
fo r e x c h a n g e f o r S e r ie s H H b o n d s a re:
S t a t e s S a v in g s B o n d s o f S e r ie s H H ,
S e r ie s E b o n d s , u n til o n e y e a r a f te r th e ir
w h ic h is P a r t 352 o f T itle 31, C o d e o f
fin a l m a tu r itie s ; S e r ie s EE b o n d s ,
F e d e r a l R e g u la tio n s .
b e g in n in g s ix m o n th s a f te r th e ir issu e ;
S in c e th is o ffe rin g i n v o lv e s th e f is c a l
a n d U n ite d S t a te s S a v in g s N o te s
p o lic y o f th e U n ite d S t a te s a n d d o e s n o t
( F re e d o m S h a r e s ) . T h e e x c h a n g e o ffe r is
m a d e a p a r t o f th e o ffe rin g c irc u la r,
m e e t th e D e p a r t m e n t ’s c r ite r ia fo r
r a t h e r th a n b e in g s e t o u t in a s e p a r a t e
s ig n if ic a n t r e g u la tio n s , it h a s b e e n
d o c u m e n t.
d e te r m in e d t h a t n o tic e a n d p u b lic
S e m ia n n u a l i n te r e s t p a y m e n t s o n
p ro c ed u re s a re u n n e ce ssary .
Dated: Decem ber 7,1979.
S e r ie s H H b o n d s a r e s e t a t u n ifo rm
a m o u n ts fo r th e te r m to m a tu r ity , to
Paul H. Taylor,
e lim in a te th e c o n f u s io n c r e a te d b y th e
Fiscal A ssistant Secretary.
g r a d u a t e d s c a le o f p a y m e n t s o n S e r ie s
A n e w p a r t 352 is a d d e d to r e a d a s
H bonds.
fo llo w s:
T h e r e d e m p tio n v a lu e o f S e r ie s H H
b o n d s p u r c h a s e d fo r c a s h w ill b e le s s
t h a n th e f a c e a m o u n t, if th e b o n d s a r e
r e d e e m e d w ith in fiv e y e a r s o f is s u e . T h e
d if f e r e n c e b e tw e e n th e f a c e a m o u n t a n d
r e d e m p t io n v a lu e r e p r e s e n t s a p i n te r e s t
a d ju s tm e n t. T h e y ie ld is c o n s i s t e n t w ith
t h a t o f th e c o m p a n io n S e r ie s EE b o n d s ,
w h ic h m u s t b e h e ld f o r a t l e a s t fiv e
y e a r s to p r o v id e a r e tu r n o f 6 V2 p e r c e n t.
S e r ie s H H b o n d s is s u e d o n e x c h a n g e
c o n s titu te a c o n tin u a tio n o f lo n g -te rm
h o ld in g s o f s a v in g s b o n d s a n d n o te s ;

PART 352—OFFERING OF UNITED
STATES SAVINGS BONDS, SERIES HH
Sec.

352.0
352.1
352.2
352.3
352.4
352.5
352.6
352.7

Offering of bonds.
Governing regulations.
Description of bonds.
Registration a n d issue.
Limitation on purchases.
Authorized issuing and paying agents.
C ash purchases.
Issues on exchange.

Sec.
352.8 Reinvestm ent of m atured Series H
bonds.
352.9 Delivery of bonds.
352.10 Taxation.
352.11 R eservation a s to issue of bonds.
352.12 W aiver.
352.13 Fiscal agents.
352.14 R eservation a s to terms of offer.
Authority: Sec. 22, Second Liberty Bond
Act, as am ended, 49 Stat. 21, as am ended (31
U S C 757c); sec. 18, 40 Stat. 1309. as
...
am ended; sec. 20, 48 Stat. 343, as am ended
(31 U.S.C. 753, 754b); (5 U.S.C. 301).
Source: D epartm ent of the T reasury
Circular, Public Debt Series No. 2-80.

PART 352—OFFERING OF UNITED
STATES SAVINGS BONDS, SERIES HH
§ 352.0 Offering of bonds.
(a) Cash o f r n . T h e S e c r e t a r y o f th e
feig
T r e a s u r y o ffe rs fo r s a le to th e p e o p le o f
th e U n ite d S ta te s , U n ite d S t a te s S a v in g s
B o n d s o f S e r ie s H H , h e r e i n a f t e r r e f e r r e d
to a s “ S e r ie s H H b o n d s ” o r “b o n d s .”
T h is o ffe r w ill c o n tin u e u n til te r m i n a t e d
b y th e S e c r e ta r y o f th e T r e a s u r y .
(b) Exchange o f r n . T h e S e c r e ta r y
feig
o f th e T r e a s u r y a ls o o f fe rs to th e p e o p le
o f th e U n ite d S ta te s , U n ite d S ta te s
S a v in g s B o n d s o f S e r ie s H H in e x c h a n g e
f o r o u ts ta n d in g U n ite d S t a te s S a v in g s
B o n d s o f S e r ie s E a n d EE a n d U n ite d
S t a te s S a v in g s N o te s ( F re e d o m S h a re s ).
T h is o f fe r w ill c o n tin u e u n til t e r m in a te d
b y th e S e c r e t a r y o f th e T r e a s u r y .
(c) E f c i e d t . T h e s e o ffe rs a r e
f e t v aa
e f f e c tiv e a s o f J a n u a r y 1 ,1980. T h e y
s u p e r s e d e p r e v io u s o ffe rs o f U n ite d
S t a te s S a v in g s B o n d s o f S e r ie s H ,
c o n ta i n e d in D e p a r tm e n t o f th e T r e a s u r y
C ir c u la r N o. 905 (31 C F R P a r t 332) a n d
D e p a r t m e n t o f th e T r e a s u r y C ir c u la r N o.
1036 (31 C FR P a r t 339).

§ 352.1

Governing regulations.

S e r ie s H H b o n d s a r e s u b j e c t to th e
r e g u la tio n s o f th e D e p a r t m e n t o f th e
T r e a s u r y , n o w o r h e r e a f te r p r e s c rib e d ,
g o v e r n in g U n ite d S t a te s S a v in g s B o n d s
o f S e r ie s EE a n d H H , c o n ta i n e d in
D e p a r t m e n t o f th e T r e a s u r y C irc u la r,
P u b lic D e b t S e r ie s N o . 3 -8 0 (31 C F R P a r t
353), h e r e i n a f t e r r e f e r r e d to a s C ir c u la r
N o. 3-80.

§ 352.2 Description of bonds.
(a ) General. S e r ie s H H b o n d s a re
i s s u e d o n ly in r e g is te r e d fo rm a n d a r e
n o n t r a n s f e r a b le . B o n d s s o ld fo r c a s h
a n d b o n d s issu e d on e x ch a n g e a re
d i s tin g u is h a b le b y : (1) T h e p o r tr a its ,
c o lo r a n d b o r d e r d e sig n ; (2) th e ta x d e f e r r a l le g e n d o n th e b o n d s i s s u e d o n
e x c h a n g e ; (3) th e w o r d “ C A S H ” o r
“E X C H A N G E ,” a s a p p r o p r ia te , o n th e
b a c k o f th e b o n d ; a n d (4) th e te x t
m a te r ia l.
•
(b) Denominations andp i e . S e r ie s
rcs
H H b o n d s a re issu e d a t fa c e am o u n t

Federal Register /. Vol. 44, No. 242 / Friday, December 14, 1979 / Rules and Regulations
a n d a r e in d e n o m in a tio n s o f $500, $1,000,
$5,000 a n d $10,000.
(c) Term. E a c h b o n d b e a r s a n is s u e
d a te , w h ic h is th e d a te fro m w h ic h
in te r e s t is e a r n e d . T h e d a te is
e s t a b l i s h e d , a s p r o v i d e d in § 352.7(d) fo r
c a s h p u r c h a s e s a n d in § 352.8(e) fo r
e x c h a n g e is s u e s . T h e b o n d m a t u r e s 10
y e a r s fro m its is s u e d a te .
(d) Redemption— (1 ) General A S e r ie s
H H b o n d m a y b e r e d e e m e d a f te r six
m o n th s fro m its is s u e d a te . T h e
S e c r e ta r y o f th e T r e a s u r y m a y n o t c a ll
S e r ie s H H b o n d s f o r r e d e m p tio n p r io r to
m a tu r ity . A b o n d r e c e iv e d fo r
r e d e m p tio n b y a n a g e n t d u r in g th e
c a l e n d a r m o n th p r e c e d in g a n y i n te r e s t
p a y m e n t d a t e w ill n o t o r d in a r ily b e p a id
u n til t h a t d a te .
(2) Bonds purchasedfor c s . D u rin g
ah
th e f irs t fiv e y e a r s fro m is s u e , th e
r e d e m p tio n v a lu e o f a b o n d p u r c h a s e d
fo r c a s h is le s s t h a n its f a c e a m o u n t. S e e
T a b le 1 . T h e d if f e r e n c e b e t w e e n th e fa c e
a m o u n t a n d r e d e m p tio n v a lu e
r e p r e s e n t s a n a d ju s tm e n t o f in te r e s t.
A f te r fiv e y e a r s , th e b o n d w ill b e p a id a t
fa c e a m o u n t.
(3) Bonds issued on exchange. B o n d s
i s s u e d o n e x c h a n g e , in c lu d in g
a u th o r iz e d r e in v e s tm e n t, a r e n o t s u b je c t
to a n i n te r e s t a d ju s tm e n t a n d w ill b e
r e d e e m e d a t f a c e a m o u n t a t a n y tim e
a f t e r six m o n th s fro m th e ir is s u e d a te s .
(e) I t r s (investmenty e d . T h e
neet
il)
i n te r e s t o n a S e r ie s H H b o n d is p a id
s e m ia n n u a lly b y c h e c k d r a w n to th e
o r d e r o f th e r e g is te r e d o w n e r o r c o ­
o w n e r s , b e g in n in g six m o n th s fro m th e
th e is s u e d a te . T h e le v e l i n te r e s t
p a y m e n t s w ill p r o d u c e a y ie ld o f 6 Vi
p e rce n t p e r annum , com p o u n d ed
s e m ia n n u a lly , o n a ll b o n d s is s u e d o n
e x c h a n g e a n d o n b o n d s s o ld fo r c a s h
t h a t a r e h e ld fo r a t l e a s t fiv e y e a r s fro m
th e ir is s u e . I n t e r e s t c e a s e s a t fin a l
m a tu r ity or, if th e b o n d is r e d e e m e d
b e f o r e fin a l m a tu r ity , a s o f th e e n d o f th e
i n te r e s t p e r io d n e x t p r e c e d in g th e d a te
o f r e d e m p tio n . H o w e v e r , if th e d a te o f
r e d e m p t io n f a lls o n a n i n t e r e s t p a y m e n t
d a te , i n te r e s t c e a s e s o n t h a t d a te .

§ 352.3 Registration and issue.
(a) R g s r t o . B o n d s m a y b e
eitain
r e g is te r e d in th e n a m e s o f n a tu r a l
p e r s o n s in sin g le o w n e r s h ip ,
c o o w n e r s h ip o r b e n e f ic ia r y fo rm s.
B o n d s m a y a ls o b e r e g is te r e d in th e
n a m e s o f o r g a n iz a tio n s a n d fid u c ia r ie s .
S p e c ific r u le s a n d e x a m p le s a re
c o n ta i n e d in S u b p a r t B o f C ir c u la r N o.
3-80.
(b) V lidityofi s e A b o n d is v a lid ly
a
su.
i s s u e d w h e n it (1 ) is r e g is te r e d a s
p r o v i d e d in C ir c u la r N o . 3 -8 0 a n d in th is
c irc u la r; a n d ( 2 ) b e a r s a n is s u e d a te a n d
t h e v a li d a ti o n in d ic ia o f a n a u th o r iz e d
is s u in g a g e n t.

(c)
Taxpayer i e t f i gnumber. T h e
dniyn
in s c r ip tio n o f a b o n d m u s t in c lu d e th e
t a x p a y e r id e n tif y in g n u m b e r o f th e
o w n e r o r f i r s t- n a m e d c o - o w n e r . T h e
t a x p a y e r id e n tif y in g n u m b e r o f th e
s e c o n d - n a m e d c o - o w n e r o r b e n e f ic ia r y
is n o t r e q u ir e d b u t its in c lu s io n is
d e s ir a b le .

§ 352.4 Limitation on purchases.
T h e a m o u n t o f S e r ie s H H b o n d s t h a t
m a y b e p u r c h a s e d fo r c a s h a n d h e ld in
th e n a m e o f a n y o n e p e r s o n in a n y o n e
c a l e n d a r y e a r is lim ite d to $20,000 (fa ce
a m o u n t). B o n d s i s s u e d o n a u th o r iz e d
e x c h a n g e o r r e in v e s t m e n t a r e n o t
s u b je c t to th is lim ita tio n . S u b p a r t C o f
C ir c u la r N o. 3 -8 0 c o n ta in s th e r u le s
g o v e r n in g th e c o m p u ta tio n o f a m o u n ts
a n d th e s p e c ia l lim ita tio n fo r e x e m p t
o r g a n iz a tio n s .

§ 352.5 Authorized issuing and paying
agents.
S e r ie s H H b o n d s m a y b e i s s u e d o r
r e d e e m e d o n ly b y (a) a F e d e r a l R e s e r v e
B a n k o r B ra n c h , (b) th e B u r e a u o f th e
P u b lic D e b t, W a s h in g to n , D .C . 20226, o r
(c) th e B u r e a u o f th e P u b lic D e b t, 200
T h ir d S tr e e t, P a r k e r s b u r g , W e s t V irg in ia
26101.

§ 352.6 Cash purchases.
(a) Basisfori s e S e r ie s H H b o n d s
su.
w ill b e i s s u e d b y a n a u th o r i z e d is s u in g
a g e n t u p o n r e c e ip t o f a p r o p e r ly
e x e c u t e d a p p li c a t i o n a n d p a y m e n t in th e
fo rm o f (1) c a s h ; (2) a c h e c k d r a w n to
th e o r d e r o f th e F e d e r a l R e s e r v e B a n k o r
B r a n c h o r th e B u r e a u o f th e P u b lic D e b t;
o r (3) s a v in g s s ta m p s .
(b) Role offinanciali s i u i n .
ntttos
F in a n c ia l in s tit u t i o n s m a y s u b m it
p u r c h a s e a p p li c a t i o n s a n d p a y m e n t to a
F e d e ral R eserv e B ank or B ran ch on
b e h a l f o f c u s to m e r s .
(c) R g s r t o . B o n d s m a y b e
eitain
r e g is te r e d in a n y a u th o r i z e d fo rm in
a c c o r d a n c e w ith S u b p a r t B o f C ir c u la r
N o . 3 -80.
(d) Dating. B o n d s w ill b e d a t e d a s o f
th e f ir s t d a y o f th e m o n th in w h ic h a n
a u th o r i z e d is s u in g a g e n t r e c e iv e s a
p r o p e r ly e x e c u t e d p u r c h a s e a p p li c a t i o n
a n d p a y m e n t in im m e d ia te ly a v a i l a b l e
f u n d s , or, if p a y m e n t is m a d e b y a
f in a n c ia l i n s titu tio n th r o u g h th e
T r e a s u r y t a x a n d lo a n a c c o u n t, th e f irs t
d a y o f th e m o n th in w h ic h th a t a c c o u n t
is c r e d ite d .

§ 352.7 Issues on exchange.
(a)
Sc
e urities e i i l forexchange.
lgbe
O w n e r s m a y e x c h a n g e U n ite d S ta te s
S a v in g s B o n d s o f S e r ie s E a n d E E a n d
U n ite d S t a te s S a v in g s N o te s (F re e d o m
S h a r e s ) a t th e ir c u r r e n t r e d e m p tio n
v a lu e s fo r S e r ie s H H b o n d s . S e r ie s E
b o n d s a r e e lig ib le fo r e x c h a n g e u n til o n e
y e a r a f t e r t h e ir f in a l m a t u r i ty d a te s .
S e r ie s E E b o n d s b e c o m e e lig ib le fo r

72833

e x c h a n g e s ix m o n th s a f te r t h e i r i s s u e
d a te s .
(b) Basisfori s e S e r ie s H H b o n d s
su.
w ill b e i s s u e d o n e x c h a n g e b y a n
a u th o r i z e d is s u in g a g e n t u p o n r e c e ip t o f
a p r o p e r ly e x e c u t e d e x c h a n g e
s u b s c r i p t io n w ith e lig ib le s e c u r itie s a n d
a d d it i o n a l c a s h , if a n y , a n d a n y
s u p p o r tin g e v id e n c e t h a t m a y b e
r e q u ir e d u n d e r th e r e g u la tio n s . I f e lig ib le
s e c u r itie s a r e s u b m itte d d ir e c tly to a
F e d e r a l R e s e r v e B a n k o r B r a n c h o r th e
B u r e a u o f th e P u b lic D e b t, e a c h m u s t
b e a r a p r o p e r ly s ig n e d a n d c e r tif ie d
r e q u e s t fo r p a y m e n t. C h e c k s in p a y m e n t
o f a n y c a s h d if f e r e n c e ( s e e p a r a g r a p h
(d) o f t h is s e c tio n ) m u s t b e d r a w n to th e
o r d e r o f th e F e d e r a l R e s e r v e B a n k o r
B r a n c h o r B u r e a u o f th e P u b lic D e b t.
(c) Role offinanciali s i u i n .
ntttos
D e p a r t m e n t o f th e T r e a s u r y C ir c u la r N o.
750, c u r r e n t r e v is io n (31 C F R P a r t 321),
a u th o r i z e s f in a n c ia l in s titu tio n s
q u a lif ie d a s p a y in g a g e n t s fo r s a v in g s
b o n d s a n d n o t e s to r e d e e m e lig ib le
s e c u r itie s p r e s e n t e d fo r e x c h a n g e a n d to
f o r w a r d a n e x c h a n g e s u b s c r ip tio n a n d
fu ll p a y m e n t to a F e d e r a l R e s e r v e B a n k
o r B r a n c h fo r th e is s u e o f S e r ie s H H
b o n d s . T h e s e c u r itie s r e d e e m e d o n
e x c h a n g e b y s u c h a n i n s titu tio n m u s t b e
s e c u r it i e s w h ic h it is a u th o r i z e d to
r e d e e m fo r c a s h .
(d) Computation ofissuep i e T h e
rc.
t o ta l c u r r e n t r e d e m p t io n v a lu e o f th e
e lig ib le s e c u r itie s s u b m itte d h i e x c h a n g e
in a n y o n e t r a n s a c t i o n m u s t b e $500 o r
m o re . If th e c u r r e n t r e d e m p t io n v a lu e is
a n e v e n m u ltip le p f $500, S e r ie s H H
b o n d s m u s t b e r e q u e s te d in t h a t e x a c t
a m o u n t. I f th e t o ta l c u r r e n t r e d e m p tio n
v a lu e e x c e e d s , b u t is n o t a n e v e n
m u ltip le of, $500, t h e o w n e r h a s th e
o p tio n e it h e r o f fu rn is h in g th e c a s h
n e c e s s a r y to o b t a i n S e rie s -H H b o n d s a t
th e n e x t h ig h e s t $500 m u ltip le , o r o f
r e c e iv in g p a y m e n t o f th e d if f e r e n c e
b e t w e e n th e to ta l c u r r e n t r e d e m p tio n
v a lu e a n d th e n e x t l o w e r $500 m u ltip le .
F o r e x a m p le , if th e e lig ib le s e c u r itie s
p r e s e n te d fo r e x c h a n g e in o n e
t r a n s a c t io n h a v e a to ta l c u r r e n t
r e d e m p t io n v a lu e o f $4,253.33, t h e o w n e r
m a y e le c t to:
(1 ) R e c e iv e $4,000 in S e r ie s H H b o n d s
a n d th e a m o u n t o f th e d if fe re n c e ,
$253.33; o r
(2) P a y th e d if f e r e n c e , $246.67,
n e c e s s a r y to o b t a i n $4,500 in S e r ie s H H
b o n d s.
(e) Re i t a i n A S e r ie s H H b o n d
gsrto.
i s s u e d o n e x c h a n g e m a y b e r e g is te r e d in
a n y a u th o r i z e d fo rm (s e e S u b p a r t B o f
C ir c u la r N o. 3-80 ), s u b je c t to th e
fo llo w in g r e s tr ic tio n s :
(1)
If th e s e c u r itie s s u b m itte d in
e x c h a n g e a r e in s in g le o w n e r s h i p fo rm ,
th e o w n e r m u st b e n a m e d a s o w n e r or
f i r s t- n a m e d c o - o w n e r o n th e S e r ie s H H
b o n d s. A c o -o w n e r o r b e n e fic ia ry m a y
be nam ed.

72834

Federal Register / Vol. 44, No. 242 /. Friday, December 14, 1979 / Rules and Regulations

(2) If th e s e c u r itie s s u b m itte d in
e x c h a n g e a r e in c o o w n e r s h ip form , a n d
o n e c o o w n e r is th e " p r in c ip a l c o o w n e r,"
th e " p r in c ip a l c o o w n e r " m u s t b e n a m e d
a s o w n e r o r f ir s t- n a m e d c o o w n e r. A
b e n e f ic ia r y o r c o o w n e r m a y a ls o b e
n a m e d . T h e “ p r in c ip a l c o o w n e r ” is a
c o o w n e r w h o (i) p u r c h a s e d th e
s e c u r itie s s u b m itte d fo r e x c h a n g e w ith
h is o r h e r o w n fu n d s , o r (ii) r e c e iv e d
t h e m a s a gift, i n h e r ita n c e o r le g a c y , o r
a s a r e s u lt o f ju d ic ia l p r o c e e d in g s , a n d
h a d th e m r e is s u e d in c o o w n e r s h ip form ,
p r o v id e d h e o r s h e h a s r e c e iv e d n o
c o n tr ib u tio n in m o n e y o r m o n e y ’s w o r th
f o r d e s ig n a tin g th e o t h e r c o o w n e r o n th e
s e c u r itie s .
(3) If th e s e c u r it i e s s u b m itte d in
e x c h a n g e a r e in c o o w n e r s h ip fo rm a n d
b o t h c o o w n e r s s h a r e d in th e p u r c h a s e o f
th e s e c u r itie s o r r e c e iv e d th e m jo in tly a s
a gift, in h e r ita n c e o r le g a c y , o r a s a
r e s u lt o f ju d ic ia l p ro c e e d in g s , b o th
p e rs o n s m u st b e n a m e d a s c o o w n e rs on
th e S e r ie s H H b o n d s .
‘ (4) If th e s e c u r itie s s u b m itte d in
e x c h a n g e a r e in b e n e f ic ia r y fo rm , th e
o w n e r m u s t b e n a m e d o n th e S e r ie s H H
b o n d s a s o w n e r o r f ir s t- n a m e d c o o w n e r.
If th e o w n e r is d e c e a s e d , a su rv iv in g
b e n e f ic ia r y m u s t b e n a m e d a s o w n e r o r
f ir s t- n a m e d c o o w n e r. In e ith e r c a s e , a
c o o w n e r o r b e n e f ic ia r y m a y b e n a m e d .
A r e is s u e t h a t a f f e c ts th e rig h ts o f a n y o f
th e p e r s o n s r e q u ir e d to b e n a m e d o n th e
S e r ie s H H b o n d m a y h a v e a t a x
consequence.
(f) Dating. S e r ie s H H b o n d s i s s u e d o n
e x c h a n g e w ill b e d a t e d a s o f th e f irs t
d a y o f th e m o n th in w h ic h th e e lig ib le
s e c u r itie s p r e s e n te d fo r e x c h a n g e a r e
re d e e m e d b y a F e d e ra l R e se rv e B ank,
th e B u r e a u o f th e P u b lic D e b t, o r a
q u a lif ie d p a y in g a g e n t, a s e v id e n c e d b y
t h e p a y m e n t s ta m p o n th e b o n d s a n d
s u b s c r ip tio n fo rm .
(g) Tax-deferredexchanges. (1)
—
Continuation oftax-deferral P u r s u a n t to
t h e p r o v is io n s o f S e c tio n 1037(a) o f th e
I n t e r n a l R e v e n u e C o d e o f 1954, a s
am ended, an ow ner w ho has not been
r e p o r tin g th e in te r e s t o n h is o r h e r S e r ie s
E o r EE s a v in g s b o n d s a n d s a v in g s n o te s
o n a n a c c r u a l b a s is , fo r F e d e r a l in c o m e
t a x p u r p o s e s , a n d w h o e x c h a n g e s th o s e
s e c u r it i e s fo r S e r ie s H H b o n d s , m a y
c o n tin u e to d e f e r r e p o r tin g th e i n te r e s t
o n th e s e c u r itie s e x c h a n g e d u n til th e
t a x a b l e y e a r in w h ic h th e S e r ie s H H
b o n d s r e c e iv e d in th e e x c h a n g e r e a c h
f in a l m a tu r ity , a r e r e d e e m e d , o r a r e
o th e r w is e d i s p o s e d of, w h ic h e v e r is
e a r lie r .
(2)
Tax-deferrall g
e end. E a c h b o n d
i s s u e d o n a ta x - d e f e r r e d e x c h a n g e sh a ll
b e a r a le g e n d s h o w in g h o w m u c h o f its
is s u e p r ic e r e p r e s e n t s in te r e s t o n th e
s e c u r itie s e x c h a n g e d . T h is in te r e s t m u s t

b e t r e a t e d a s in c o m e fo r F e d e r a l in c o m e
t a x p u r p o s e s a n d r e p o r te d in
a c c o r d a n c e w ith p a r a g r a p h ( g ) ( l) o f th is
s e c tio n .
(3)
Reporting ofi t r s forany
neet
di ferencepaid on exchange. T h e
f
a m o u n t o f a n y d if f e r e n c e p a id to th e
o w n e r (s e e p a r a g r a p h (d)(1) o f th is
s e c tio n ) m u s t b e t r e a t e d a s in c o m e fo r
F e d e r a l in c o m e t a x r e p o r tin g p u r p o s e s
f o r th e y e a r in w h ic h it is re c e iv e d , u p to
th e a m o u n t o f th e t o ta l i n te r e s t o n th e
s e c u r itie s e x c h a n g e d .
(h)
Exchanges without t x d f r a .
a-eerl
T h e r u le s p r e s c r i b e d fo r e x c h a n g e s
u n d e r p a r a g r a p h s (a) th ro u g h (f) o f th is
s e c tio n a ls o a p p ly to e x c h a n g e s b y
o w n e r s w h o (1) r e p o r t th e in te r e s t on
t h e ir b o n d s o f S e r ie s E a n d EE a n d
s a v in g s n o te s a n n u a l l y fo r F e d e r a l
in c o m e t a x p u r p o s e s ; (2) e le c t to r e p o r t
a ll s u c h i n te r e s t in th e y e a r o f th e
e x c h a n g e , r e g a r d l e s s o f w h e t h e r o r n o t it
e x c e e d s th e a m o u n t o f a n y c a s h
d if f e r e n c e r e c e iv e d (se e p a r a g r a p h (d)(1)
o f th is s e c tio n ); o r (3) a r e t a x - e x e m p t
u n d e r th e p r o v is io n s o f th e I n te r n a l
R e v e n u e C o d e o f 1954, a s a m e n d e d .
H o w e v e r , n o a m o u n t w ill a p p e a r in th e
ta x - d e f e r r a l le g e n d p r i n te d o n th e b o n d ,
a n d a n y p a r t o f th e c a s h d if f e r e n c e
r e c e iv e d (s e e p a r a g r a p h (d)(1) o f th is
s e c tio n ) w h ic h r e p r e s e n t s in te r e s t
p r e v io u s ly r e p o r te d fo r F e d e r a l in c o m e
ta x p u rp o se s n e e d n o t b e tre a te d a s
in c o m e .

§ 352.8 Reinvestment of matured Series H
bonds.
(a) General. T h e f a c e a m o u n t o f S e r ie s
H b o n d s p u r c h a s e d fo r c a s h t h a t h a v e
r e a c h e d fin a l m a t u r i ty m a y b e
r e in v e s t e d in S e r ie s H H b o n d s . T h e
S e r ie s H b o n d s , b e a r i n g p r o p e r ly s ig n e d
a n d c e r tif ie d r e q u e s ts fo r p a y m e n t, m u s t
b e s u b m itte d to a F e d e r a l R e s e r v e B a n k
o r B r a n c h o r th e B u r e a u o f th e P u b lic
D e b t w ith a r e in v e s t m e n t a p p lic a tio n .
(b) Rules. T h e r e in v e s t m e n t
tr a n s a c t io n w ill b e s u b je c t to th e r u le s
g o v e r n in g e x c h a n g e s , a s s e t f o r th in
§ 352.7, a n d th e S e r ie s H H b o n d s i s s u e d
o n r e in v e s t m e n t w ill b e id e n tic a l in a ll
r e s p e c t s w i t h t h o s e i s s u e d o n a n o n - ta x d e ferre d e x ch an g e.

§ 352.9 Delivery of bonds.
A u th o r iz e d is s u in g a g e n ts w ill d e liv e r
S e r ie s H H b o n d s e it h e r (a) o v e r-th e c o u n te r , o r (b) b y m a il. M a il d e liv e r ie s
a r e m a d e a t th e r is k a n d e x p e n s e o f th e
U n ite d S t a te s to th e a d d r e s s g iv e n b y
th e p u r c h a s e r , if it is w ith in th e U n ite d
S t a te s , o n e o f its t e r r ito r ie s o r
p o s s e s s io n s , o r th e C o m m o n w e a lth o f
P u e r to R ico . N o m a il d e liv e r ie s
e ls e w h e r e w ill b e m a d e . B o n d s
p u r c h a s e d b y a c itiz e n o f th e U n ite d
S t a t e s r e s id in g a b r o a d w ill b e d e liv e r e d

o n ly to s u c h a d d r e s s in th e U n ite d
S t a te s a s th e p u r c h a s e r d ire c ts .

§ 352.10 Taxation.
T h e in te r e s t p a id o n S e r ie s H H b o n d s
is s u b je c t to a ll t a x e s im p o s e d u n d e r th e
I n te r n a l R e v e n u e C o d e o f 1954, a s
a m e n d e d . T h e b o n d s a r e s u b je c t to
e s t a t e , i n h e r ita n c e , gift, o r o th e r e x c is e
ta x e s , w h e t h e r F e d e r a l o r S ta te , b u t a r e
e x e m p t fro m a ll t a x a t io n n o w or
h e r e a f te r im p o s e d o n th e p r in c ip a l o r
i n te r e s t b y a n y S ta te , a n y o f th e
p o s s e s s i o n s o f th e U n ite d S ta te s , o r a n y
lo c a l t a x in g a u th o r ity .

§ 352.11

Reservation as to issue of bonds.

T h e C o m m is s io n e r o f th e P u b lic D e b t,
a s d e le g a te o f th e S e c r e t a r y o f th e
T r e a s u r y , is a u th o r i z e d to r e je c t a n y
a p p lic a tio n fo r S e r ie s H H b o n d s , in
w h o le o r in p a r t, a n d to r e f u s e to is s u e
o r p e r m it to b e i s s u e d a n y b o n d s in a n y
c a s e o r c la s s o f c a s e s , if h e d e e m s th e
a c tio n to b e in t h e p u b lic in te r e s t, a n d
h is a c tio n in s u c h r e s p e c t is fin al.

§352.12 Waiver.
T h e C o m m is s io n e r o f th e P u b lic D e b t,
a s d e le g a te o f th e S e c r e t a r y o f th e
T r e a s u r y , m a y w a iv e o r m o d ify a n y
p r o v is io n o f th is c ir c u la r in a n y
p a r ti c u la r c a s e o r c la s s o f c a s e s fo r th e
c o n v e n ie n c e o f th e U n ite d S t a te s o r in
o r d e r to r e lie v e a n y p e r s o n o r p e r s o n s o f
u n n e c e s s a r y h a r d s h i p (a) if s u c h a c tio n
w o u ld n o t b e i n c o n s is te n t w ith l a w o r
e q u ity , (b) if it d o e s n o t im p a ir a n y
e x is tin g rig h ts , a n d (c) if h e is s a tis f ie d
t h a t s u c h a c tio n w o u ld n o t s u b je c t th e
U n ite d S t a te s to a n y s u b s ta n t ia l
e x p e n s e o r lia b ility .

§ 352.13 Fiscal agents.
F e d e r a l R e s e r v e B a n k s a n d B ra n c h e s ,
a s f is c a l a g e n ts o f th e U n ite d S t a t e s , a r e
a u th o r iz e d to p e r f o rm s u c h s e r v ic e s a s
m a y b e r e q u e s te d o f th e m b y th e
S e c r e t a r y o f th e T r e a s u r y , o r h is
d e le g a te , in c o n n e c tio n w ith th e issu e ,
s e r v ic in g a n d r e d e m p tio n o f S e r ie s H H
b onds.

§ 352.14 Reservation as to term s of offer.
T h e S e c r e t a r y o f th e T r e a s u r y m a y a t
a n y tim e o r fro m tim e to tim e
s u p p le m e n t o r a m e n d th e te r m s o f th is
o ffe rin g o f b o n d s .
BILUNG CODE M10-40-M

would you
like to know
if any changes have been made in
certain titles of the CODE OF
FEDERAL REGULATIONS without
reading the Federal Register every
day? If so, you may wish to subscribe
to the LSA (List of CFR
Sections Affected), the "Federal
Register Index,” or both.
LSA (List of CFR Sections Affected)

$10.00
per year

The LSA (List of CFR Sections
Affected) is designed to lead users of
the Code of Federal-Regulations to
amendatory actions published in the
Federal Register, and is issued
monthly in cumulative form. Entries
indicate the nature of the changes.
Federal Register Index

$8.00
per year.

Indexes covering the
contents of the daily Federal Register are
issued monthly, quarterly, and annually.
Entries are carried primarily under the
names of the issuing agencies. Significant
subjects are carried as cross references.
A finding aid is included in each publication which lists
Federal Register page numbers with the date of publication
in the Federal Register.
Note to FR Subscribers: FR Indexes and the
LSA (List of CFR Sections Affected) will continue
to be mailed free o f charge to regular FR subscribers.

Mail order form to:
Superintendent of Documents, U.S. Government Printing Office, Washington, D.C.
There is enclosed 5 -

20402

. subscription(s) to the publications checked below:

LSA (LIST OF CFR SECTIONS AFFECTED) ($10.00 a year domestic;' $1 2.50 foreign)
FEDERAL REGISTER INDEX ($8.00 a year domestic; $10.00 foreign)
N am e_

Street Address _
5

City__________
C i t y -------------------------------------------------------------------------- S t a t e _________________ ________

g

Make check payable to the S u p e rin te n d e n t o f D ocum ents

ZIP

■

S i i i i H i i M m m m i m i m m m i i i iu im m ii im i iiii iiiii iiii iiii iiiii iiii iiii im m ii iiiii iiS

W tf)

P 'P O iA S S r)

B
y

CAS

i

72838

Federal Register / VoL 44, No> 242 / Friday, December 14, 1979 / Rules and Regulations
1
1
1
M *
^ 1
j 7 1
j
^ 'uO ’
. 1
•< 1
—
< h 1
r1
h;va 1
" |
T
fMm j
u!
1 <n
f 0 fj 1
—. * 1
t*r
' HD 1
L*7LT
1
> f> 1
11
—< f>- " 1
C
I •I
U<
•ICl J I
L
J
tH
* *? 1
r _O 1
_
“■< r 1
» r*
•*— •—1 l
—
■
x ? i
0 ? 0
i
D < D1
TC
I
J.W
\
Cl < 1
<
r
1
1

«
r
O
o
-

V
L1
—
tH C>
D
L ' *«H«
US - —
C J* c
r■J r
.
T 'Jtt rur
J . D
OH >H H
-<
< r
r
V
w L1* a O y
L —» -

r O
r
* ^H
<
H
— C PfH
sr C
L
U
tu c
>a
u »c L a U
.
U :’
U2 U
'-< C L t L rz ^
- v Ju
1
_ S - I—. fJJ
1
r C L*
o I
-r■ a
* <
w r c a * CL O
c_ h
» 0
r
ft
OH cF
otj^
i
c
c
V U
i,n f L
li
r x *1i L
- 1
U
—
(>c - V r4
/ :f
a ^.! 2 < <
<
j
m

I Q

I

CL

re f
c n

^ r-^ m ^ 'C T f(M (tO O O O C 'O C O O O

c o o r v j ^ i r . r-r o c L ^ tn tO L T iL r > in ir iifV L f\in
if> S ' X] L T i ^ L n p ^ O ^ O ' O ' O ^ ' C ' O ' O ' O O ' C
--------

2 0 - 0 ^ lf i^ f \f \J O C O O O C O O O O C O

L L i o i T ' T r ^ c r o o ^ o r m m in ir> in t r cr. to in tn tn

■c^^-'f'tM-Ti-iriLniri'n'C'Cvo'C'C'^'O'O'C'C

LU
CL

n o c
o o c

d r C n C w t f n T O O O O O O O O O O C

o o s\
O O rv

o o c o o
i n X <\J f - I-- r \ J -------- lO O O O C O
l"'}(\ic ^'C O 'J, T ' T t ' C O O C O C O O O O e

o o o c o o o c o o o o c c o c o o o o
•

C O n

t,

• • • • • • • • • • • • • • • • • a *

x r - i1 c m in ^ ^ - ' o o o c o o o c o o
"

• •

vo

o o o o a o o o ' o ' o o o c ' o o o o o c o

o c

o
c o o
c o lr.

cc
'J,

O O rv
O O 'C

o o

o o c o o o c c o o c o o c c o c o o o

i --c r t — r~x
n<
t ~ r -

0

0

0

0

0

0

0

0

0

0

0

0

P - O — Xf"! — 0 0 < M - 0 0 0 0 0 0 0 0 0 0 0
nCKj - 'rin (M T tfM 0 0 0 0 0 0 C 0 0 0 0

—

o

i r x x r ~ f ~ - r - r ' - x r ~ C 0 0 0 0 C 0 0 C 0

R fc^rJN I

J
G

JA'JUArtY

2: 3 D C ^ O ' O f V - O a O O O O O O O O O O

L u .'o c o o — f N i T r ' C i n r v L o m i n i n i P L n t n t r t i r s L n J
o • • • • •
« • « • • # • • • • • • • • ■
f v ,0 < , ’r ^ r ^ » ^ . r ^ f ^ r ^ . ' 0 ' C > r ‘ 0 ,C < ' C ' 0 ,C' C I
-tu
•

o.oo
C O l
O

CL

o o

o t o ■? r M < t « J ' r o o c o o c o c n c
P X <\i r~ ?" <\J-------l o o c o o o c c o o c
T.
•

r - o

x

C O o

L
U

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

a

*

*

r \r - , v C O r f X ^ t O C O O O C O O O O O

r -m i
- c n

tt' C O O O o o o o o o o c

O’ O O O ' O ' O O ' O O C C O O O O C C O O C

cr

»
lD

c o un
C O M

in ^ o i^ -n — r - x o o o o o c c o o o c o
r - u — tr n — c c < O o c o o o o o c o o
m

o o <
c o -

roO' C — X i n r V ' t f M O C O O O O O O O C f r

tr

c- i X ' r f r p ' ' ' p ' t ^ 3 o o o o o o o c o c c o

:rs

V
O

-io n s

Hi£ A^I Vrs

ISSUE

DATES

C o rv

H

«■

^

^ ft
3

*t >t in m i t in m xi n n n in m
s

H
U

D.

LU

fjj r™
r? O
•J «r

*u < lu

O >
-L.
^
O
CL <
—

rU ^ 7
co H o
10 <r 2T

vH

•t
T

c

rL
O

<o
tr

—•'U15
- 7/
^
H ■
C < h
23
*
T
c£ LU «
• C
UO
trt
r o
(<•4<
—— 1
£ t
Vo
l , lu cr
l
CJ <
—« T
Ll. LU
O -«*>c1 v«
H
c
r
L
U
a
.

H
U
J

H H H h H h h h h h h h h h h H N h h
'C O 'C O 'C O 'C O 'O C 'C O 'O O 'O O 'C O 'O O

I I I I I I I I I I I t I I I I I I I I

O ------fM<Mc-> f ) * t ' ^ - i n L n ' 0 ' C r ‘~ f - - c r r ! 0 ' 0 ' 0

cr
co
—

I

^

O 'C O -C O 'C O 'C O 'O O 'C C 'O O 'C O 'C O
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
- - r v a tn n 't ^ ^ i p < i > C N M : T ! > o o

do

rc
x
n

8
i
i

“

£

_
1
0
tf

1

£

P
*

* » T- -<
—

/

^Federal Register / Vol. 44, No. 242 / Friday. December 14,1979 / Rules and Regulations_____ 72835

UOf/SCM*

Cr
<r

l l * t - M '-Ll

?dAJ-nvr,£X'V

r ^ Q
(— <" (ti
(T H ac
> 1U >~
^ O -J
►— "f /‘ 4
N
*

^
C

ll
-n

I

LL •-*

uI

w I T h
C J J ?

O LU ^ LU
' 1}t- , S­

cr•? «r *'

w ^ i a M d n

’JJ
t-.

C
!>
2H

L:J
>- Q

a 'U

<" *J ©
r«C ♦
D

r J -lO.-Vhlx- M
(

© H
tr h
Cr
!U ?
'j.1 cr m
DXUSUJ
^ tr o ^ > h
(\
< 7 < <
^ m I Uh H Q

x ar &

ll

cr *C O
')
h v ,tr
a
<.

c © o
c c o
• • •
c © ir

6
6
6
6
6
6

z - o o o o c o o o o o o o o o o o o o o o
in in m in in in in in i r in m in tn. m m in in in m

li m
l
(J

•

a

(

*

i

»

i

«

«

«

a

«

i

a

a

i

*

a

a

a

a'C'C'C'C'C'C'O'CC'O 'O'C'OCC'C'O 'O'C'O
ru
C
L

^ 0 0 © © 0 0 © © 0 0 0 © 0 0 0 0 0 0 0 ©
LUl l iP L P I P L P iP iP iP iP iP l iP L P iPLPLP m t P l P
P P
P
cj
rr

«
• # • • • • • • • •
N • s#r ' C ' r♦ ' C ' C ' C ' C ' O ' C ' C ' C ' C ' C ' • ' •C ' •C ' O • O ' C
C
C
' • •

L
U
C
L

' O Q C O
!c o o o

O O O O O C O Q O Q C O Q Q C C _

_

c c c o o o o e o e o o S o o o S o . Q8S
. , o c c o o c c o o c c o o o o c o o o c
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 °

© c ro

e ©
<r

(PUSS I t«el

5?
P

£ O i°
C 2 T
•

M
2 0 0 0 0 0 0 0 0 o o o
[jj tn lp ip lp ip tn tp lp in in m
o • • • • • • •
• • • •
o o ■c
LU
a .

O O C Q O C O O O O Q C O O O
O O O O O O C O O O O O O O O

r r w

«

1
1
I
1
1
i
I

H
6
6

•-T
o
cr

L-.
>to H 3 H
UJ f— H
H
cr
c
* . 1 '-L cr. U!
7: li * r- i u cc
— ^ 1
*
■ OH>-HH
li *
nr I
m 'j I C | ’ n <■ rr < <■ •<
.
V r—
1
'U — C ©
« L
-s' .
1
1
1

C
o
•
o
o
o
in

LL

a

c o <\(
© © <*
c o —

UJ

LP Ip
<
A

C O
c o
• •
o o
o o
c c
in x

O C
c o
■ •
c o
o o
o c
in t r

O O Q O O
o o c c c
• • • • •
o o o o o
o o o o o
o o o o e
m m in in n

O O O O O O O O Q O
o o c o c o o o o o
• • • • • • ■ • • I
o o o o o o o c o c
o o o o o o o o o o
o c o o e c o c o o
i n i n i n in in x. m in i n in

>

►J

«r

‘ I AHVflNVr

© © ©

c o m
a

•

O O O O O Q O O O O O Q O O O O O O O O
o o o o c e o c c O o o o o c o o c o o

H
a
L
U
©
'JJ

•

C © <
\J
c o n
c c

o c c c c o o c o c o o o c o o c o C
O C O C C O O C Q O O O O C O O C O O
o o c c o c o o o c o o c o o o c o c o

B

OMNkIOHE* S. 1 C P . S I OMHVFB
3V
fS

>
-•
in

© © sT
©

©
•

•

o o o c o o c c o c o o c o o c o o o o
o o o o c o o o c o o c c c o o o c o c

CV
a

•

© © 'C

r ir

s l

i

»

*

a

a

a

a

a

i

«

»

a

a

i

»

a

a

a

° I

S'C« n
GNi

fU

H IU
H

H
1
11

^

<-H ~

a < h
g a g
o5 a ! 9?

•

o >
.
*
""•
C >- i^ I
r
•
a. H
l
H
LU CC
=? =5 s i
W HO I
to < ■? |
*-• 3- « * *
*

O ' C O ' C O ' C O ' O O ' O O ' O O ' C O ’C O ' O O

i J i j i i i i i iin ic i -oi r -t i cn tTo jo ic
i
in

tu in q
’ 10 7
►-H 1-4

H
a:
U.!U
C h
U.
n «r
tn
a.

>H

c

(/>

I l iX ,
r?o »
u < i

■ir

H

a
-i
L
U

ft
LU
C
E
Ui
H

LU <

t

o c o o o c c c o o o o o o o o o o o o
c c o c c o o c o o o o o c c o c o o o
t n i n in i n i n i n i n i n i p i n i n i p i n i n ip i p t n i n i n i n

© © -

H h H H r-H h H H h h t-'H H I-'H H I-'H
tf>
cc
<
UJ
v

' C O ' C O ' C O ' O O ' C O ' O O ’C O ' O O ' O O ' O O

' I I I I I I I I I I I I I I I I I I I I
o ------ ( M r v j n r o - ^ - ^ - ' n i P ' O ' O r ' h - O O f D O O ' O

(P
IT
;

cr
u.

Q
-4
m
LU
3[-<
*

Friday
December 14, 1979

Part IV

Department of the
T reasury
Fiscal Service, Bureau of Public Debt
Offering of United States Savings Bond's,
Series EE
D e p t . G lr o u l o f i P u p H o P e b t S e r i e s

N o T d -ftd

Dept. Circular, Public Debt Series No. 1-80

72826

Federal Register / Vol. 44, No. 242 / Friday, December 14, 1979 / Rules and Regulations

DEPARTMENT OF THE TREASURY
Bureau of the Public Debt
31 CFR Pari 351
Offering of United States Savings
Bonds, Series EE
a g e n c y : F is c a l S e rv ic e , D e p a r tm e n t o f
th e T r e a s u r y .

ACTION: F in a l ru le .

,_______________

SUMMARY: T h is p a r t, w h ic h c o n ta i n s th e

te r m s a n d c o n d it i o n s o f th e o ffe rin g o f
U n ite d S ta te s S a v in g s B o n d s o f S e r ie s
EE, is b e in g p u b l is h e d in fin a l form .
T h e s e b o n d s w ill b e o ffe re d fo r s a le a s
o f J a n u a r y 1 ,1 9 8 0 . U n ite d S t a te s S a v in g s
B o n d s o f S e r ie s E a r e b e in g w i t h d r a w n
fro m s a le . T h e ir o v e r - th e - c o u n te r s a le
w ill b e t e r m in a te d a s o f D e c e m b e r 31,
1979, a n d i s s u e s u n d e r p a y r o ll s a v in g s
p l a n s w ill b e te r m i n a t e d a s o f Ju n e 30,
1980.
EFFECTIVE d a te : J a n u a r y 1 ,1 9 8 0
FOR FURTHER INFORMATION CONTACT:

M r. C h a r le s A . G u e rin , A s s i s t a n t C h ie f
C o u n s e l, B u r e a u o f th e P u b lic D e b t, 202 ­
376-0243.

Series EE bonds may be exchanged
f r Series H H bonds at any time a t r
o
fe
s months from i s e
ix
su.
The annual l mi at n on purchases of
i t io
Series EE bonds i $30,000 ( a e
s
fc
amount), an increase over the annual
l mi t n f r Series E bonds.
i ta io o
The regulations (Department of the
Treasury C r u a , Public Debt Series
iclr
No. 3 -8 0 (31 CFR, Part 353)) provide t t
ha
the consent of the beneficiary i not
s
required f r the reissue ofSeries EE
o
bonds i beneficiary form.
n
The Secretary of the Treasury hereby
makes the following o f r g of the
f e in
United States Savings Bonds of Series
EE, which i Part 351 ofT t e 31, Code of
s
il
Federal Regulations.
Since t i o f r n involves the f s a
hs f e i g
icl
policy of the United States and does not
meet the Department's c i e i f r
rtra o
si n f c n re l io , i has been
g i i a t gu at ns t
determined that notice and public
procedures are unnecessary.
D ated: D ecem ber 7,1979.
Paul H. Taylor,

Fiscal Assistant Secretary.
A new Part 351 i added t read as s t
s
o
e
f th below:
or

SUPPLEMENTARY INFORMATION: F o r th e

m o s t p a r t, S e r ie s E E b o n d s r e s e m b le
a n d a r e p a tt e r n e d a f te r b o n d s o f S e r ie s
E. T h e r e a r e , h o w e v e r, s e v e r a l
s ig n if ic a n t d if f e r e n c e s b e tw e e n th e tw o
s e r ie s .
S e r ie s EE b o n d s w ill b e id e n tif ie d a s
E n e r g y S a v in g s B o n d s. A n e n e r g y b o n u s
o f o n e - h a lf o f o n e p e r c e n t is b e in g
o f f e re d o n e a c h S e r ie s E E b o n d t h a t is
h e ld u n til m a tu r ity . T h is b o n u s b e c o m e s
f ix e d a s a p a s t o f th e m a tu r ity v a lu e a n d
is p a y a b l e u p o n r e d e m p tio n a t o r a f te r
m a tu r ity . It i n c r e a s e s th e e ffe c tiv e y ie ld
o n b o n d s h e ld to m a tu r ity to 7 p e r c e n t.
T h e is s u e p r ic e o f a S e r ie s EE b o n d is
50 p e r c e n t o f th e f a c e a m o u n t, w h e r e a s
th e S e r ie s E b o n d B o ld a t 75 p e r c e n t o f
f a c e a m o u n t.
T h e te r m o f th e S e r ie s EE b o n d is 11
y e a r s , in c o n t r a s t to th e 5 - y e a r te rm o f
S e r ie s E b o n d s . H o w e v e r , th e y ie ld o n
b o th s e r ie s is GYz p e r c e n t, c o m p o u n d e d
s e m ia n n u a lly , if th e b o n d s a r e h e ld f o r a
m in im u m o f 5 y e a r s . T h e e n e r g y b o n u s
r a i s e s th e y ie ld o n b o n d s h e ld fo r 11
y e ars.
H i e S e r ie s E E b o n d d e n o m in a tio n s d o
n o t in c lu d e a $25 b o n d . T h e s m a ll e s t
d e n o m in a tio n is $50, fo r w h ic h th e is s u e
p r ic e is $25.
S e r ie s EE b o n d s a r e e lig ib le fo r
r e d e m p tio n a f te r s ix m o n th s , w h e r e a s
S e r ie s E b o n d s a r e e lig ib le a f te r tw o
m o n th s . T h is c h a n g e w ill im p ro v e th e
c o s t e f f e c tiv e n e s s o f th e S a v in g s B o n d
P ro g ra m .

PART 351—OFFERING OF UNITED
STATES SAVINGS BONDS, SERIES EE
Sec.

351.0 Offering of bonds.
351.1 Governing regulations,
351.2 D escription of bonds.
351.3 Registration and issue.
351.4 Lim itation on purchases.
351.5 Purchase of bonds.
351.6 Delivery of bonds.
351.7 Paym ent or redem ption.
351.8 T axation.
351.9 R eservation a s to issue of bonds.
351.10 W aiver.
351.11 Fiscal agents.
351.12 R eservation as to term s of offer.
Authority: Sec. 22, Second Liberty Bond
Act, a s am ended, 49 Stat. 21, as am ended (31
U.S.C. 757c); (5 U.S.C. 301.)
Source: Departm ent of the T reasury
Circular, Public D ebt Series No. 1-80.

PART 351—OFFERING OF UNITED
STATES SAVINGS BONDS, SERIES EE
S 351.0 Offering of bonds.

The Secretary of the Treasury o f r
fes
fo sale t the people of the United
r
o
S a e , United States Savings Bonds of
tts
Series EE, hereinafter referred t as
o
“Series EE bonds” or “bonds.” This
o f r e f ct ve as ofJanuary 1 ,1 9 8 0 , w l
fe, f e i
il
continue u t l terminated by the
ni
Secretary of the Treasury.
§ 351.1 Governing regulations.

Series EE bonds are subject t the
o
regulations of the Department of the
Treasury, now or hereafter prescribed.

g o v e r n in g U n ite d S ta te s S a v in g s B o n d s
o f S e r ie s EE a n d H H , c o n ta i n e d in ;
D e p a r tm e n t o f th e T r e a s u r y C irc u la r,
P u b lic D e b t S e r ie s N o. 3 -8 0 (31 C F R P a r t
353), h e r e i n a f t e r r e f e r r e d to a s C ir c u la r
N o . 3-80.
§ 351.2

Description o f bonds.

(a) General. S e r ie s EE b o n d s a r e
i s s u e d o n ly in r e g is te r e d fo rm a n d a re
n o n tr a n s f e r a b le .
(b) Denominations and prices. S e r ie s
E E b o n d s a r e i s s u e d o n a d is c o u n t b a s is .
T h e d e n o m i n a ti o n s a n d is s u e p r ic e s a re:
D e n o m in a tio n :

$50...............................................................
$75...............................................................
>100............................................................
$200.............................................................
$500------------------------------------ --------------$1,000__________________ __________
$5.000_____________________________
$10,000_______-___ ________ ____ ___

issue
price

$25.00
$37.50
$50.00
$10000
$250.00
$500.00
$2,500.00
$5.00000

(c) Term. T h e is s u e d a te o f a S e r ie s EE
b o n d is th e f ir s t d a y o f th e m o n th in ''
w h ic h p a y m e n t o f th e is s u e p r ic e is
r e c e iv e d b y a n a u th o r i z e d is s u in g a g e n t.
T h e b o n d m a t u r e s 11 y e a r s fro m its ,
i s s u e d a te .
(d ) Redemption. A S e r ie s E E b o n d
m a y b e r e d e e m e d a f te r s ix m o n th s fro m
is s u e d a t e a t f ix e d r e d e m p tio n v a lu e s .
S e e T a b l e 1. T h e S e c r e t a r y o f th e
T r e a s u r y m a y n o t c a ll S e r ie s EE b o n d s
fo r r e d e m p t io n p r io r to m a tu r ity .
(e) Interest (investment yield).— (1)
Rate o f interest. T h e in v e s tm e n t y ie ld
( in te r e s t) is a p p r o x im a te ly 6 V p e r c e n t
2
p e r a n n u m , c o m p o u n d e d s e m ia n n u a lly ,
if th e b o n d is h e ld fo r a m in im u m o f five
y e a r s . T h e y ie ld is le s s if th e b o n d is
r e d e e m e d e a r lie r .
( 2 ) Energy bonus. A n e n e r g y b o n u s o f
o n e - h a lf o f o n e p e r c e n t w ill b e a d d e d to
th e r e d e m p t io n v a lu e o f a n y S e r ie s EE
b o n d h e ld to m a tu r ity . W ith th e b o n u s ,
th e o v e r a ll in v e s tm e n t y ie ld w ill b e
a p p r o x im a te l y 7 p e r c e n t p e r a n n u m ,
c o m p o u n d e d s e m ia n n u a lly .
(3)

Accrual and paym ent o f interest.

I n t e r e s t a c c r u e s o n a S e r ie s E E b o n d
a n d b e c o m e s a p a r t o f th e r e d e m p t io n
v a lu e w h ic h is p a id w h e n th e b o n d is
c a s h e d . T h e r e d e m p tio n v a lu e o f a b o n d
i n c r e a s e s o n th e f irs t d a y o f e a c h m o n th
fro m t h e t h ir d th r o u g h th e th ir tie th
m o n th a f te r is s u e , a n d th e r e a f t e r o n th e
f ir s t d a y .o f e a c h s u c c e s s iv e s ix - m o n th
p e r io d . H i e in te r e s t o n o u ts ta n d in g
b o n d s c e a s e s to a c c r u e a f te r fin a l
m a tu r ity .
$35 1.3

Registration and issue.

(a )
Registration. B o n d s m a y b e
r e g is te r e d in th e n a m e s o f n a tu r a l
p e r s o n s in sin g le o w n e r s h ip , c o ­
o w n e r s h ip , o r b e n e f ic ia r y fo rm . B o n d s
m a y a ls o b e r e g is te r e d in th e n a m e s o f
o r g a n iz a tio n s a n d f id u c ia r ie s . S p e c ific

Federal Register / Vol. 44, No. 242 / Friday, December 14, 1979 / Rales and Regulations
r u le s a n d e x a m p le s a r e c o n ta i n e d in
S u b p a r t B o f C ir c u la r N o . 3-80.
(b) Validity o f issue. A b o n d is v a lid ly
i s s u e d w h e n it (1) is r e g is te r e d a s
p r o v id e d in C ir c u la r N o. 3-80; a n d (2)
b e a r s a n is s u e d a te a n d th e v a lid a tio n
in d ic ia o f a n a u th o r iz e d is s u in g a g e n t.
(c) Taxpayer identifying number. T h e
in s c r ip tio n o f a b o n d m u s t in c lu d e th e
t a x p a y e r id e n tif y in g n u m b e r o f th e
o w n e r o r f ir s t- n a m e d c o -o w n e r . T h e
t a x p a y e r id e n tif y in g n u m b e r o f th e
s e c o n d - n a m e d c o - o w n e r o r b e n e f ic ia r y
is n o t r e q u ir e d b u t its in c lu s io n is
d e s ir a b le . If th e b o n d is b e in g p u r c h a s e d
a s a gift o r a w a r d a n d th e o w n e r ’s
ta x p a y e r id e n tify in g n u m b e r is n o t
k n o w n , th e t a x p a y e r id e n tif y in g n u m b e r
o f th e p u r c h a s e r a n d th e w o r d “ G IF T ”
m u s t b e in c lu d e d in th e in sc r ip tio n .
(d) Restrictions on chain letters. T h e
is s u a n c e o f b o n d s in th e f u r th e r a n c e o f a
c h a in le tte r o r p y r a m id s c h e m e is
c o n s id e r e d to b e a g a i n s t th e p u b lic
i n te r e s t a n d is p r o h ib ite d . A n is s u in g
a g e n t is a u th o r iz e d to r e f u s e to is s u e a
b o n d if th e r e is r e a s o n to b e lie v e t h a t
th e p u r c h a s e is in c o n n e c tio n w ith a
c h a in le t t e r a n d its d e c is io n is fin al.

§ 351.4 Limitation on purchases.
T h e a m o u n t o f S e r ie s EE b o n d s w h ic h
m a y b e p u r c h a s e d a n d h e ld in th e n a m e
o f a n y o n e p e r s o n in a n y o n e c a l e n d a r
y e a r is lim ite d to $30,000 (fa c e a m o u n t).
S u b p a r t C o f C ir c u la r N o. 3 -8 0 c o n ta i n s
th e ru le s g o v e rn in g th e c o m p u ta tio n o f
a m o u n ts a n d th e s p e c ia l lim ita tio n fo r
e m p lo y e e p la n s .

§ 351.5 Purchase of bonds.
(a) Payroll plans. B o n d s m a y b e
p u r c h a s e d th ro u g h d e d u c tio n s fro m th e
p a y o f e m p lo y e e s o f o r g a n iz a tio n s
w h ic h m a in ta in p a y r o ll s a v in g s p la n s .
T h e b o n d s m u s t b e is s u e d b y a n
a u th o r iz e d is s u in g a g e n t, w h ic h m a y b e
th e e m p lo y e r o r g a n iz a tio n o r a f in a n c ia l
in s titu tio n o r th e F e d e r a l R e s e r v e B a n k
o r B ra n c h s e rv ic in g t h a t o rg a n iz a tio n .
(b) Over-the-counter/mail. (1) A t
—
financial institutions. B o n d s r e g is te r e d
in th e n a m e s o f in d iv id u a ls in th e ir o w n
rig h t m a y b e p u r c h a s e d o v e r - th e - c o u n te r
o r b y m a il fro m a n y f in a n c ia l in s titu tio n ,
i.e., b a n k , s a v in g s a n d lo a n a s s o c ia tio n ,
e tc ., q u a lif ie d a s a n is s u in g a g e n t.
(2)
A t Federal Reserve Banks or

Branches and the Bureau o f the Public
Debt.— (i) General. B o n d s r e g is te r e d in
a n y a u th o r iz e d fo rm m a y b e p u r c h a s e d
o v e r - th e - c o u n te r o r b y m a il fro m a
F e d e r a l R e s e r v e B a n k o r B ra n c h , a n d
fro m th e B u r e a u o f th e P u b lic D e b t,
W a s h in g to n , D C. 20226.
(ii)
Remittance. T h e a p p lic a tio n fo r
p u r c h a s e o f a b o n d fro m a F e d e r a l
R e s e r v e B a n k o r B r a n c h o r fro m th e
B u r e a u o f th e P u b lic D e b t, W a s h in g to n ,

D.C. 20226, m u s t b e a c c o m p a n ie d b y th e
r e m i t ta n c e to c o v e r th e is s u e p ric e .
C h e c k s o r o th e r fo rm s o f e x c h a n g e ,
w h ic h w ill b e a c c e p t e d s u b je c t to
c o lle c tio n , s h o u ld b e d r a w n to th e o r d e r
o f th e F e d e r a l R e s e r v e B a n k o r th e
B u r e a u o f th e P u b lic D e b t, a s th e c a s e
m a y be. C h eck s p a y a b le b y e n d o rem en t
a r e n o t a c c e p ta b le .
(3)
Payment with savings stamps.
S a v in g s s t a m p s w ill b e a c c e p t e d in
p a y m e n t fo r S e r ie s EE b o n d s p u r c h a s e d
o v e r - th e - c o u n te r o r b y m ail.
(c) Bond-a-month plan. A d e p o s ito r o f
a f in a n c ia l in s titu tio n q u a lif e d a s a n
is s u in g a g e n t m a y p u r c h a s e b o n d s
th ro u g h a s y s te m o f r e g u la r m o n th ly
w i t h d r a w a l s fro m th e d e p o s i to r ’s
a c c o u n t.
(d) Employee thrift, savings, vacation,
and similar plans. B o n d s r e g is te r e d in
th e n a m e s o f t r u s t e e s o f e m p lo y e e p la n s
m a y b e p u r c h a s e d e it h e r (1) fro m a
F e d e r a l R e s e r v e B a n k o r B ra n c h , o r (2)
fro m a f in a n c ia l i n s titu tio n w h ic h :
(i) Is a q u a lif e d is s u in g a g e n t;
(ii) H a s b e e n d e s i g n a t e d tr u s t e e o f a n
a p p r o v e d e m p lo y e e p la n e lig ib le fo r th e
s p e c ia l lim ita tio n u n d e r § 353.13 o f
C ir c u la r N o . 3-80; a n d
(iii) H a s o b t a i n e d p r io r a p p r o v a l to
is s u e th e b o n d s fro m th e F e d e r a l
R e s e r v e B a n k o f th e a g e n t's d is tric t.

§351.6 Delivery of bonds.
Is s u in g a g e n t s a r e a u th o r i z e d to
d e liv e r S e r ie s E E b o n d s e it h e r o v e r - th e c o u n te r o r b y m a il. M a il d e liv e r ie s a r e
m a d e a t th e r is k a n d e x p e n s e o f th e
U n ite d S t a te s to th e a d d r e s s g iv e n b y
th e p u r c h a s e r , if it is w ith in th e U n ite d
S ta te s , its t e r r ito r ie s o r p o s s e s s i o n s , or
th e C o m m o n w e a lth o f P u e r to R ico. N o
m a il d e liv e r ie s e ls e w h e r e w ill b e m a d e ,
e x c e p t to r e s i d e n t s o f M e x ic o a n d
C a n a d a w h o p a r ti c ip a t e in p a y r o ll
s a v in g s p l a n s a n d to r e s i d e n t s o f w h a t
w a s fo r m e r ly th e P a n a m a C a n a l Z o n e .
B o n d s p u r c h a s e d b y a c itiz e n o f th e
U n ite d S t a te s r e s id in g a b r o a d w ill b e
d e liv e r e d o n ly to s u c h a d d r e s s in th e
U n ite d S t a te s a s th e p u r c h a s e r d ire c ts .

§ 351.7 Payment or redemption.
(a)
Incorporated banks, savings and
loan associations, and other financial
institutions. A f in a n c ia l i n s titu tio n
q u a lif ie d a s a p a y in g a g e n t u n d e r th e
p r o v is io n s o f D e p a r t m e n t o f th e
T r e a s u r y C ir c u la r N o . 750 (31 C FR P a r t
321), w ill p a y th e c u r r e n t r e d e m p tio n
v a lu e o f a S e r ie s EE b o n d p r e s e n te d fo r
p a y m e n t b y a n i n d iv id u a l w h o s e n a m e
is i n s c r ib e d o n th e b o n d a s o w n e r o r c o ­
o w n e r , p r o v id e d : (1) T h e b o n d is in
o r d e r fo r p a y m e n t a n d (2) th e p r e s e n te r
e s t a b l i s h e s h i s o r h e r id e n tity to th e
s a t is f a c t io n o f th e a g e n t, in a c c o r d a n c e
w ith T r e a s u r y in s tr u c tio n s a n d

72827

id e n tif ic a tio n g u id e lin e s , a n d s ig n s a n d
c o m p le te s th e r e q u e s t fo r p a y m e n t.
(b)
Federal Reserve Bank and

Branches and the Bureau o f the Public
Debt. A F e d e r a l R e s e r v e B a n k o r B r a n c h
o r th e B u r e a u o f th e P u b lic D e b t w ill p a y
th e c u r r e n t r e d e m p tio n v a lu e o f a S e r ie s
EE b o n d p r e s e n te d f o r p a y m e n t,
p r o v id e d t h e b o n d is in o r d e r fo r
p a y m e n t a n d th e r e q u e s t fo r p a y m e n t is
p r o p e r ly s ig n e d a n d c e r tif ie d in
a c c o r d a n c e w ith C ir c u la r N o. 3-80.
§ 351.8

Taxation.

(a) General. T h e in c r e m e n t in v a lu e ,
r e p r e s e n t e d b y th e d if f e r e n c e b e tw e e n
th e p r ic e p a id fo r a S e r ie s E E b o n d a n d
th e r e d e m p t io n v a lu e r e c e iv e d fo r it, is
in te r e s t. T h is i n te r e s t is s u b je c t to a ll
t a x e s im p o s e d u n d e r th e I n te r n a l
R e v e n u e C o d e o f 1954, a s a m e n d e d . T h e
b o n d s a r e s u b je c t to e s t a t e , in h e r ita n c e ,
gift, o r o t h e r e x c is e ta x e s , w h e t h e r
F e d e r a l o r S ta te , b u t a r e e x e m p t fro m aU
o th e r t a x a t i o n n o w o r h e r e a f te r im p o s e d
o n th e p r in c ip a l o r in te r e s t b y a n y S ta te ,
a n y p o s s e s s i o n o f th e U n ite d S t a te s o r
a n y lo c a l t a x in g a u th o r ity .
(b) Federal income tax on bonds. T h e
o w n e r o f a S e r ie s E E b o n d m a y u s e
e it h e r o f th e fo llo w in g tw o m e th o d s fo r
r e p o r tin g th e i n c r e a s e in th e r e d e m p tio n
v a lu e o f th e b o n d f o r F e d e r a l in c o m e t a x
p u rp o se s:
( ) Cash basis. D e f e r r e p o r tin g th e
1
in c r e a s e to th e y e a r o f fin a l m a tu r ity ,
r e d e m p tio n , o r o th e r d is p o s itio n ,
w h ic h e v e r is e a r lie r ; o r
(2) Accrual basis. E le c t to r e p o r t th e
in c r e a s e e a c h y e a r a s it a c c r u e s , in
w h ic h c a s e th e e le c tio n a p p lie s to a ll
S e r ie s EE b o n d s t h e n o w n e d b y th e
t a x p a y e r a n d t h o s e s u b s e q u e n t ly
'
a c q u ir e d , a s w e ll a s to a n y o th e r
o b lig a tio n s p u r c h a s e d o n a d is c o u n t
b a s is , s u c h a s t h o s e o f S e r ie s E.
I f th e m e th o d in p a r a g r a p h (b)(1) o f
th is s e c tio n is u s e d , th e t a x p a y e r m a y
c h a n g e to th e m e th o d in p a r a g r a p h (b)(2)
o f th is s e c tio n w i th o u t o b ta in in g
p e r m is s io n fro m th e I n te r n a l R e v e n u e
S e rv ic e . H o w e v e r , o n c e th e e le c tio n to
u s e th e m e th o d in p a r a g r a p h (b)(2) o f
th is s e c tio n is m a d e , th e t a x p a y e r m a y
n o t c h a n g e th e m e th o d o f re p o r tin g
u n le s s h e o r s h e o b t a i n s p e r m is s io n
fro m th e I n te r n a l R e v e n u e S e rv ic e . F o r
f u r th e r in fo rm a tio n , th e D is tr ic t D ir e c to r
o f th e t a x p a y e r ’s d is tr ic t, o r th e I n te r n a l
R e v e n u e S e rv ic e , W a s h in g to n , D.C.
20224, s h o u ld b e c o n s u lte d .
(c) Tax-deferred exchanges.
D e p a r tm e n t o f th e T r e a s u r y C irc u la r,
P u b lic D e b t S e r ie s N o . 2 -8 0 (31 C F R P a r t
352), a u th o r iz e s th e e x c h a n g e o f S e r ie s
EE b o n d s f o r S e r ie s H H b o n d s w i t h a
c o n ti n u a ti o n o f th e ta x - d e f e r r a l
p riv ile g e . T h e r u le s g o v e r n in g ta x -

7282ft

Federal Register /• Vol. 41, No. 242 / Friday, December 14, 197S / Rules and Regulations

deferred exchanges are contained i
n
t Crua.
hat i c l r
( ) Reissue. A reissue t a f c s t
d
hat f e t he
r g t of any of the persons named on a
ihs
Series EE bond may have a tax
consequence.
S 351.9 Reservation as to Issue of bonds.

The Commissioner of the Public Debt,
as delegate of the Secretary of the
Treasury, i authorized t r j c any
s
o eet
application f r Series EE bonds, i
o
n
whole.or i p r , and t refuse t issue
n at
o
o
or permit t be issued any bonds i any
o
n
case or classof cases, i he deems the
f
action t | ei the public i t r s , and
o> n
neet
h s action i any such respect i f n l
i
n
s ia.
§ 35110 Waiver.

The Commissioner of the Public Debt,
as delegate of the Secretary ofthe
Treasury, may waive or modify any
provision of t i c r u a i any
hs iclr n
particular case or class of cases f r the
o
convenience of the United States or i
n
order t rel v any person or persons of
o ie e
unnecessary hardship ( ) i such action
a f
would not be inconsistent with law or
e it ( ) i i does not impair any
qu y, b f t
existing r g t , and ( ) i he i s t s i d
ihs
c f s aife
that such action would not subject the
United States t any substantial
o
expense or l a i i y
iblt.
§35111 Fiscal agents.
Federal Reserve Banks and Branches,
as f s a agents ofthe United S t s are
icl
ta e ,
authorized t perform such services as
o
may be requested of them by the
Secretary of the Treasury, or h s
i
delegate, i connection with the i s e
n
su,
servicing and redemption of Series EE
bonds.
§ 351.12 , Reservation as to term s of offer.

The Secretary of the Treasury may a
t
any time or from time t time
o
supplement- ramend the terms of t i
o
hs
o f ri g ofbonds.
fe n
[FR Doc. 79-38211 Filed 12-13-79; 8:45 am]
BILLING CODE 4*10-40-M

«

would you
like to know
if any changes have been made in
certain titles of the CODE OF
FEDERAL REGULATIONS without
reading the Federal Register every
day? If so, you may wish to subscribe
to the LSA (List of CFR
Sections Affected), the "Federal
Register Index,” or both.

LSA ( i to CFR Sections Affected)
Ls f
$ 10.00
per year

^

The LSA (List of CFR Sections
Affected) is designed to lead users of
the Code of Federal Regulations to
N amendatory actions published in the
Federal Register, and is issued
monthly in cumulative form. Entries
indicate the nature of the changes.

Federal Register Index

$8.00
per year

Indexes covering the
contents of the daily Federal Register are
issued monthly, quarterly, and annually.
Entries are carried primarily under the
names of the issuing agencies. Significant
subjects are carried as cross-references.
A finding aid is included in each publication which lists
Federal Register page numbers with the date of publication
in the Federal Register.
Note to FR Subscribers: FR Indexes and the
LSA (List of CFR Sections Affected) will continue
to be mailed free of charge to regular FR subscribers.

^

. v

Mail order form to:
S u p e rin te n d e n t o f Docum ents, U.S. G overnm ent P rin tin g O ffice, W ash in g to n , D.C.
There is enclosed $_

_ fo r .

20402

. su bscrip tlon (s) to th e p u b lic a tio n s checked below:

LSA (LIST OF CFR SECTIONS AFFECTED) ($ 10.0 0 a year domestic; $ 1 2.50 foreign)
FEDERAL REGISTER INDEX ($8.00 a year domestic; $10.00 foreign)

Name.
£

S tre e t A ddress _

5
5

City_________

State .

Z IP _
_

im iiiiiiv u iiiitn m m im iim iu u iiiiiiiiii

i

fj-.
..1

Make check payable to the Su pe rin te nd e nt o f D ocum ents

^Federal Register
LU . 1
— UJ

>• H
<
f- tt.

o
u. f->3 O H
o a ~
fcf-* O a:

U_ CE

—

- '< 0 r h

U) Uf

3? O
(OH
uj ■*
*
> ui
o
m a
uj

LU CL

H

.

/

Vol. 44, No. 242 / Friday. December 14, 1979 / Rules.and Regulations

m o o o o ------—-------N f 'j i N r M i M ^ n o n r K tT f ^ ' t u n riri/'i/i'O 'O f 'O a o o ' t i f v O P - D O n r ' t v —o r ~

o . . . ..................................... .... ..........................................................................................................................
Q- r - r - r - r - i ^ i ^ i ^ i ^ r - - r - - i '- p - r - r - r - r ^ r 'r - ~ r ~ t ~ r ~ r - r ^ r - - r ~ i ^ r '~ i ‘' r ' r' - i ^ r'r - - r '- ^ r 'r > i ~ - r - < £ c D M C > o r v f uj

O
Z
•
~
Q
c rrc
=: u —
•

a -c cr
~ LU 'U

m

a.

72829

** ”

“■

f^

2 i r ^ ^ o i - i n < * ) r ^ ' t h > i r f i“ —O O fiD ,t M - 0 ‘ 'C ,* M O © ' 0 ^ - * 0 ‘O<¥» 0 n ' 0 —
ujr*->craDcrxr,,»^“ ^ ^ ,c ^ i n < , ’C « o ^ t o t o ^ r n ^ r n i< ,''f< >rdrv<Noj—
■miO'Vf'-ocioiOTrtf'io^iOio^i-tOior0 • • r i I I • ....................................................................................... ................................... * • '
rt
^ to to ^ ^ to ^ ^ to to ^ f ^ i o t o ^ ' t o ^ ’io io io io io io io to r -o OJ,0 ,0 ,C'C' 0 ,C ,0 ,0 o o 'C r—
Ui
—
—
a
•
L ,
t

i iM o ^ o -o > ir(r)0 -« > o o ^ o ^ a o o jio ^ c ir^ o -N tin ^ o j< M o o Q C O o o o o o o o c c

a 2

uj I f o - o o o - ' - f ' i ^ LOiOLO!OiO'Or,-'C<2 r*-rf*- r--p,- r'''r,' r ,*aoQD0330oo*,' ''io3iOiOiOiointotoi^ioioiOioc

CL

ui

a.«
Q. w

0 1

• • • • • • • • •

•••r«

• • • # • ■ • • • • • • • • • • • • • •

• • • • • • • •

* * * • *

88
• •
8S

oo

ir c

r c*
c c

■ •

o r
c rv

rv x>
c c
c <r
• •
c
V—
)

10

UJ

cr
C
J
T

-J
«c
>

w A

a d

c r

CH
H
*•o
- r

o
ip r*
*

Ui cl
o.

OO

• •

rO
v

Or LL'

o

S~

• •

82

—c
y

« r VLU

O
o
sr. h
cs 2 :
=3 H
H

h- C
« O

a u.

8

tn
at
=
>

c ™

7
O

t• o■
o
r- O'

m r—
v
>
O T
O C
M

NH

&
t£
UJ
o
UJ
C
E

lO PO

eg in

tn
ir
or

pi
u.
<■
3
M tn
J
OS H

UI £
Ol 5

( N n ^ ^ ' C M l O O - O - f N J n ^ ^ ' C M OC -C- fM n^ ^'O C' OO' OO 'O OOO 'C O' CC' OO CO

3?

a>

o
<

a.H

t<
n
7H
*

a
«r
UJ
>-

•

.................. i i i i T T OJCM irv i( Mf t li ( M( M< n r (i ^ in ii Pi ^ i « i' Ci M i X « 0i i0 > Ci
i i
i
i i i
i ^ i i
i
X J L i * O O O• O■ O CI —
JL •
I
O O C O

C -

7.

tn

HHhhhhHhhhf-'hhHhhhhhhhHh^f-'hhhhhhHHHhhhHhHhHf-hHH

n' Mf nt MO' C^ x^o - o - f v n ^ i o o x ' J o - o - f v j n ^ i o o o ' C o o o ^ n o c ’ o o o c o o o
C
JlXJ.XJLJLJLJLJ.JLJL — — — — — — — — — — — 7 r1 o irigtr w r s j< M r1in•f n•^ ,v i O i t '1 < r 11 x a oi< j> < > 6i o —
1 ■ 1 • • > ■ • n 7 — w1
1 11 \
1 1 O 0 1 -r- 1
j i
1
O O O O O O CO O C O