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FE D E R A L R E SE R V E BANK O F NEW YORK Fiscal Agent of the United States I Circular N o. 4 5 7 5 1 I February 28, 1958 j UNITED STATES SAVINGS BONDS — Amendments to Treasury Department Circulars Nos. 653 and 905 — Revision of Treasury Department Circular No. 530 To A ll Qualified Issuing and P ayin g A g en ts o f Savings Bonds in the Second Federal R eserve D istrict: Late in December 1957, the Treasury Department made some changes in its regulations dealing with United States Savings Bonds. These changes have been incorporated in the First Amend ments to Treasury Department Circulars No. 653 and No. 905, and the Eighth Revision of Department Circular No. 530, all effective January 1, 1958. A copy of each of these publications is enclosed. The basic change in the regulations is the expansion of the class of eligible purchasers. These now comprise any investors other than commercial banks. In effect, anyone who could purchase the old Series J or K bonds may now purchase E or H bonds. ( Despite the expansion of the class of eligible purchasers, issuing agents are authorized to issue Series E bonds in the names of natural persons in their own right only. They are no longer permitted to issue in the names of persons under guardianship, custodianship, etc. Agents may, however, receive a p p lic a tio n s for the issuance of E bonds in the names of these and other eligible purchasers, and they may receive applications for H bonds from a n y eligible purchasers. These applications should be forwarded to the Federal Reserve Bank of New York for issuance of the bonds.) Besides the expansion of the class of eligible purchasers, the Treasury made other changes. These are set forth in the Eighth Revision of Department Circular No. 530. Briefly, the material changes are as follows: Registration (Subpart B ). — In certain circumstances, registration and reissue are now permitted in the names o f nonresident aliens. Several new forms of registration have been provided for in situa tions involving guardians, custodians or conservators. (Under the examples given, there is one mentioning the Veterans Administration specifically. W e are advised that this is the only form of registration that is likely to obtain the approval of a Veterans Administration officer supervising a custodian account.) Forms o f registration are now provided for life tenants, and for investment agents of religious, educational, charitable or nonprofit organizations. Judicial proceedings ( Subpart E ). — Creditors now have the right to receive payment of the redemp tion value that is current 60 days (instead of 30) after termination of the judicial proceeding. Trustees in bankruptcy and receivers are now entitled to receive payment at the redemption value current on the date o f payment. Interest (Subpart G ). — Notice that an interest check has not been received or is lost should now be sent to the Regional Disbursing Office, United States Treasury Department, 536 South Clark Street, Chicago 5, Illinois, rather than to the Bureau of the Public Debt, as formerly provided. Persons under legal disability ( Subpart J ). — The provisions for redemption of bonds upon request of a voluntary guardian of a mentally incompetent adult owner have been liberalized. A new form, Form PD 2513, is provided for use by such voluntary guardians in applying for redemption of the bonds. Reissue of bonds in the names of private organizations (Subpart P ). — Bonds registered in the names o f investment agents for religious, educational, charitable, or nonprofit organizations may now be reissued in the names o f the organizations themselves upon termination of the agency relationship. In addition to incorporating these changes, the Eighth Revision of Department Circular No. 530 reflects considerable rewriting and rearrangement of material. A table showing where that material appeared before and after rearrangement is printed on the reverse side of this circular. Additional copies of this circular and of the enclosures will be furnished upon request. A lfred H ayes, P r e s id e n t. (over) T R E A SU R Y D EPA R TM E NT CIRCULAR NO. 530 T able o f E quivalent Sections i n Se v e n t h a n d E i g h t h R evisions i Revision 8th Revision 7th Revision 8th Revision 315.1 — 315.0 315.33 — 315.46 315.2 — 315.5 and 315.20 315.34 — 315.45 315.3 — 315.6 315.35 — 315.47 315.-4 — 315.5, 315.6 and 315.7 315.36 — 315.2 315.5 — 315.5, 315.6, 315.7 and 315.10 315.37 — 315.45 315.6 — 315.8 315.38 — 315.50 315.7 — 315.45 315.39 — 315.51 315.8 — 315.10 315.40 — 315.52 315.9 — 315.11 315.41 — 315.53 315.10 — 315.12 315.42 — 315.54 315.11 — 315.15 315.43 — 315.55 315.12 — 315.16 315.44 — 315.56 315.13 — 315.20, 315.21 and 315.22 315.45 — 315.60, 315.61 and 315.14 — 315.23 315.46 — 315.2, 315.15 — 315.20 315.47 — 315.70 315.16 — 315.48 — 315.75, 315.77 and 315.17 — 315.25 315.49 — 315.76 315.18 — 315.26 315.50 — 315.76 and 315.77 315.19 — 315.30 315.51 — 315.80 315.20 — 315.31 315.52 — 315.81 315.21 — 315.32 — 315.84 315.22 — 315.35 and 315.37 315.53 315.54 — 315.23 315.24 — 315.55 — — 315.36 315.38 315.85 315.82 315.56 — 315.83 315.25 — 315.39 315.57 — 315.87 315.26 — 315.40 315.58 — 315.88 315.27 — 315.41 315.59 — 315.90 315.28 — 315.42 315.60 — 315.93 315.29 — 315.42 315.60a — 315.91 315.30 — 315.43 315.61 — 315.92 315.31 — 315.32 — 315.44 315.62 — 315.1 315.45, 315.48 and 315.49 315.63 — 315.94 315.65 and UNITED STATES TREASURY DEPARTMENT REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS Department Circular No. 530 EIGHTH REVISION December 26, 1957 U N ITE D STATES G OV ERN M EN T PR IN T IN G OFFICE WASHINGTON : 1958 TA B L E O F C O N T E N T S Subpart A— GENERAL IN FO R M A TIO N . Sec. 315.0— Applicability of regulations. See. 315.1— Official agencies. Sec. 315.2— Definition o f terms as used in these regulations. Subpart H — GENERAL PRO V ISIO N S FOR PA Y M E N T AND R E D E M P T IO N — Con. Sec. 315.43— Partial redemption. Sec. 315.44— Nonreceipt or loss of checks issued in payment. Subpart B— REG ISTR A TIO N . Sec. 315.5— General. Sec. 315.6— Restrictions. Sec. 315.7— Authorized forms o f registra tion. Sec. 315.8— Unauthorized registration. Subpart I— REISSUE AND D E N O M IN A TIO N AL EXCHANGE. Sec. 315.45— General. Sec. 315.46— Requests for reissue. Sec. 315.47— Effective date. Sec. 315.48— Correction of errors. Sec. 315.49— Change of name. Subpart C— LIM ITA T IO N S ON H O LD IN G S. Sec. 315.10— Am ount which may be held. Sec. 315.11— Com putation of amount. Sec. 315.12— Disposition o f excess. Subpart J— M IN O R S AND PER SO N S UNDER O TH E R LEGAL DISABILITY, AND AB SENTEES. Sec. 315.50— Payment to representative of the estate. Sec. 315.51— Payment to minors. Sec. 315.52— Payment to a parent or other person on behalf of a minor. Sec. 315.53— Payment or reinvestment upon request of voluntary guard ian of incompetent. Sec. 315.54— Reissue. Subpart D— LIM ITA TIO N ON TRAN SFER O R PLEDGE. Sec. 315.15— Lim itation on transfer or pledge. Sec. 315.16— Pledge under Department Cir culars Nos. 154 and 657. Subpart E— LIM ITA TIO N ON JUDICIAL P R O CEEDIN GS— NO STO PPA G E O R CAVEATS PE R M ITTE D . Sec. 315.20— General. Sec. 315.21— Paym ent to judgment credi tors. Sec. 315.22— Payment or reissue pursuant to judgment. Sec. 315.23— Evidence necessary. Subpart K— A NATURAL PER SO N AS SOLE OW N ER . Sec. 315.55— Payment. Sec. 315.56— Reissue for certain purposes. Subpart L —T W O NATURAL PE R SO N S AS C O O W N E RS. Sec. 315.60— During the lives o f both co owners. Sec. 315.61— After the death o f one or both coowners. Sec. 315.62— U pon death of both coowners in a com m on disaster, etc. Subpart M — T W O NATURAL PERSON S AS O W N E R AND BENEFICIARY. Sec. 315.65— During the lifetime of the registered owner. Sec. 315.66— After the death of the regis tered owner. Subpart N— DECEASED OW N ERS. Sec. 315.70— Payment or reissue on death of owner. Subpart F— LO ST , STOLEN, M U TILATED, DEFACED, O R D ESTRO YED BONDS. Sec. 315.25— Relief in case o f loss, etc., after receipt by owner. Sec. 315.26— Relief in case of nonreceipt. Subpart G — IN TEREST. Sec. 315.30— General. Sec. 315.31— Appreciation bonds. Sec. 315.32— Current income bonds. Subpart II— GENERAL PR O V ISIO N S FOR PAY M E N T AND R E D E M P T IO N . Sec. 315.35— Provisions applicable both be fore and after maturity. Sec. 315.36— Before maturity. Sec. 315.37— At or after maturity. Sec. 315.38— Requests for payment. Sec. 315.39— Certifying officers. Sec. 315.40— General instructions to certi fying officers. Sec. 315.41— Interested person not to certify. Sec. 315.42— Presentation and surrender. Subpart O— FIDUCIARIES. Sec. 315.75— Payment. Sec. 315.76— Reissue. Sec. 315.77— Requests for reissue or pay ment prior to maturity. Sec. 315.78— Requests for payment at or after maturity. (in) IV Subpart P— PAYMENT OR REISSUE OF BONDS REGISTERED IN THE NAMES OF PRIVATE ORGANIZATIONS (COR PORATIONS, ASSOCIATIONS, PARTNER SHIPS, ETC.) AND GOVERNMENTAL AGENCIES, UNITS AND OFFICERS. Sec. 315.80— Paym ent to corporations or unincorporated associations. Sec. 315.81— Payment to partnerships. Sec. 315.82— Reissue or paym ent to succes sors o f corporations, unin corporated associations or partnerships. Sec. 315.83— Reissue or paym ent on dis solution o f corporation or partnership. Sec. 315.84— P a y m e n t t o in s t it u t io n s (churches, hospitals, homes, schools, etc.). Subpart P— PAYMENT OR REISSUE OF BONDS REGISTERED IN THE NAMES OF PRIVATE ORGANIZATIONS— Con. Sec. 315.85— Reissue in name of trustee or agent for investment pur poses. Sec. 315.86— Reissue upon termination of investment agency. Sec. 315.87— P a y m en t to govern m en tal agencies and units. Sec. 315.8S— P a y m e n t to G o v e r n m e n t officers. Subpart Q— FURTHER PROVISIONS. Sec. 315.90— Regulations prescribed. Sec. 315.91— W aiver of regulations. Sec. 315.92— Additional evidence; bond of indemnity. Sec. 315.93— Preservation of rights. Sec. 315.94— Supplements, amendments, or revisions. REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS Departm ent Circular N o. 530 Eighth Revision TREASURY DEPARTM EN T, O To O w n ers o f U n ite d f f ic e o f t h e Sec re ta r y, W ashington, Decem ber 26, 1957. Fiscal Service Bureau of the P ublic D ebt S ta te s S a v in g s B onds and O th ers C on cern ed : Pursuant to Section 22 o f the Second Liberty Bond Act, as amended (49 Stat. 21, as amended; 31 U . S. C. 757c), Department Circular N o. 530, Seventh Revision, dated M ay 2 1 , 1952 (31 C F R 315), as amended, is hereby further amended and issued as an Eighth Revision effective January 1, 1958, to read as follows: Subpart A—GENERAL INFORMATION Sec. 315.0. Applicability o f regulations.— These regulations apply generally to all United States Savings Bonds o f all series o f whatever designation, bearing any issue dates whatever, except as other wise specifically provided herein. Sec. 315.1. Official agencies.— The Bureau of the Public D eb t of the Treasury Departm ent is charged with matters relating to United States Savings Bonds. Transactions in savings bonds after original issue are largely conducted by the Bureau of the Public D ebt, D ivision of Loans and Cur rency Branch, 536 South Clark Street, Chicago 5, Illinois, the Federal Reserve Banks and Branches, as fiscal agents o f the United States, and the Treasurer of the United States, Treasury Department, W ashington 25, D . C. Correspondence in regard to any such transactions and requests for appro priate form s should be addressed to the office in Chicago or the Federal Reserve Bank of the district in which the correspondent is located or the Treasurer of the United States, except that any specific instructions given elsewhere in this circular for addressing correspondence regarding particular trans actions should be observed. N otices or documents not filed in accordance with instructions in these regulations will not be recognized. The Federal Reserve Banks and Branches are located in the cities indicated by their names, as follows: Federal Reserve Bank of Boston. Federal Reserve Bank o f New York: Buffalo Branch. Federal Reserve Bank o f Philadelphia. Federal Reserve Bank of Cleveland: Cincinnati Branch, Pittsburgh Branch. Federal Reserve Bank o f Richm ond: Baltimore Branch, Charlotte Branch. Federal Reserve Bank o f Atlanta: Birmingham Branch, Jacksonville Branch, Nashville Branch, New Orleans Branch. Federal Reserve Bank o f Chicago: D etroit Branch. Federal Reserve Bank of St. Louis: Little R ock Branch, Louisville Branch, Mem phis Branch. Federal Reserve Bank of Minneapolis: Helena (M ontana) Branch. Federal Reserve Bank of Kansas City: Denver Branch, Oklahoma C ity Branch, Omaha Branch. Federal Reserve Bank of Dallas: El Paso Branch, Houston Branch, San Antonio Branch. Federal Reserve Bank of San Francisco: Los Angeles Branch, Portland (Oregon) Branch, Salt Lake C ity Branch, Seattle Branch. Sec. 315.2. Definition o f terms as used in these regulations. (а) “ An incom petent” means any person who is under legal disability for reasons other than minority and includes individuals whose estates have been placed under the administration o f a guar dian or custodian because of the age, physical disability, or wishes of the individual. ( б ) “ Authorized issuing agent” means an incorporated bank, trust com pany, savings bank, federal savings and loan association, instrumentality of the United States or other organization quali fied as an issuing agent under the provisions o f Departm ent Circular N o. 657, as amended and sup plemented. (31 C F R 317) (1) 2 (c) “ Authorized paying agent” means an incorporated bank, trust com pany, savings bank, savings and loan association, or other organization qualified as a paying agent under the provisions of D epart ment Circular N o. 750, Revised. (31 C F R 321) _ I (d ) “ C ourt” means a court which has jurisdiction over the parties and subject matter. (e) “ Federal Reserve Bank” includes any Branch of a Federal Reserve Bank. (f) “ Extended m aturity date” means the date of expiration of any period (hereinafter called “ optional extension period” ) after the “ m aturity date” during which the owner has the option of retaining bonds at further interest under the provisions of the Departm ent circular offering them for sale .1 (g ) “ Extended maturity value” means the value of a bond at the end of the optional extension period. (h ) “ M aturity date” means the date on which the bond will mature by the terms of the D epart ment circular offering it for sale without regard to any optional extension period. (i) “ M aturity value” and “ face value” of a bond are used interchangeably unless otherwise indicated. T hey refer to the value of a bond on its m aturity date. (j) “ Paym ent” and “ redem ption” are used interchangeably, unless otherwise indicated. They refer to the payment o f a savings bond in accordance with the governing regulations. ( k ) “ Personal trust estate” means a trust estate established by natural persons in their own right, for the benefit o f themselves or other such natural persons, in whole or in part, and com m on trust funds com prised in whole or in part of such trust estates. (I) “ Presented and surrendered” and “ presentation and surrender” mean the actual receipt of the bond, with an appropriate request for the particular transaction, by the Bureau of the Public D ebt, Chicago office or Washington office, the Treasurer of the United States, or a Federal Reserve Bank, or, if the transaction is one which an authorized paying agent may handle, receipt by such authorized paying agent. (m ) “ Representative o f a m inor’s estate,” “ representative of an incom petent’s estate,” or “ repre sentative o f an absentee’s estate” mean a guardian, conservator, or similar representative of the estate of a minor, incom petent, or absentee appointed by court or otherwise legally qualified, regardless of the title by which designated. These terms do not refer to a voluntary or natural guardian, such as a parent, including a parent to whom custody of a child has been awarded through divorce proceedings or a parent by adoption, or to the executor or administrator of the estate of a decedent. (n ) “ Reissue” means the cancellation and retirement of a bond and the issue of a new bond or bonds of the same series, amount (maturity value) (or the remainder thereof in case of partial redemp tion), and issue date. Subpart B—REGISTRATION Sec. 315.5. General.— United States Savings Bonds are issued only in registered form. The form o f registration used must express the actual ownership of and interest in the bond and, except as otherwise specifically provided in Subpart E and Sec. 315.48 of Subpart I of these regulations, will be considered as conclusive o f such ownership and interest. N o designation of an attorney, agent, or other representative to request or receive paym ent on behalf of the owner or a coowner, nor any restric tion on the right o f the owner or a coowner to receive paym ent of the bond or interest, other than as provided in these regulations, may be made in the registration or otherwise. In order to avoid difficulty when redemption or reissue is requested or in collecting interest on current incom e bonds, and for the protection o f the persons intended to be designated as owners, coowners, or beneficiaries, it is very important that requests for registration be clear, accurate and com plete, that the registration conform with one o f the forms set forth in this subpart, and that the registration of all securities owned by the same person, organization or fiduciary estate be uniform. The post office address should include, where appropriate, the street and number, postal zone, and route or any other local feature. The owner, coowner or beneficiary should be designated by the name by which he is ordinarily known or the one under which he does business, including preferably at least one full given name. The name should be preceded by any applicable title, such as “ D r.” or “ R ev .,” or followed by “ M . D .,” “ D . D .” or other similar designation. T he designation “ Sr.” or “ Jr.” should be used whenever applicable. The name o f a woman should be preceded by “ M iss” or “ M rs.” unless some other applicable title or designation is used. A married wom an’s own given name, not that of her husband, should be used, for example, “ M rs. M ary A. Jones,” not “ M rs. Frank B. Jones.” 1 B o n d s o f Series E b ea rin g issue da tes p r io r t o M a y 1, 1957, h av e an o p tio n a l exten sion p e r io d . series d o n o t h a v e th is featu re. B o n d s o f o th e r 3 Sec. 315.6. Restrictions. (a) Restrictions as to residence. — The registration of savings bonds is restricted on original issue, but not on authorized reissue, to include only persons (whether natural persons or others) who are: ( 1 ) residents o f the United States, its territories and possessions, the Commonwealth of Puerto Rico, and the Canal Zone; (2) citizens o f the United States temporarily residing abroad; (3) civilian employees o f the United States or members of its Armed Forces, regardless of their residence or citizenship; and (4) other natural persons as coowners with, or beneficiaries on death of, natural persons of any o f the above classes; except that the registration o f savings bonds, whether on original issue or reissue, is not authorized in any form to include the name o f any alien who is a resident of any area with respect to which the Treasury Departm ent restricts or regulates the delivery of checks drawn against funds of the United States or any agency or instrumentality thereof .2 (b) R estrictions as to m inority or in com p eten cy .— (1) Bonds purchased b y another person with funds belonging to a minor should be regis tered in the name of the minor without a coowner or beneficiary. If there is a representative of the m inor’s estate, the bonds should be registered in the name of the minor, or in the name or names o f all such representatives, followed in either case b y an appropriate reference to the guard ianship. Bonds purchased b y a representative of two or more minors, even though appointed in a single proceeding, should be registered in a form to show each guardianship estate separately. If a bond is purchased as a gift to a m inor and either the donor or the minor resides in a state which b y statute authorizes the donor to designate an adult as custodian for the minor, the bond m ay be registered as provided in the statute if such registration includes a clear reference to the statute. If no reference to the statute is included in the registration set forth in the statute a parenthetical reference identifying the statute must be added. A father or mother, as such, or as natural guardian, is not considered a representative for purposes of registration. See examples of forms o f registration under Sec. 315.7 (b). A minor, whether or not under legal guardianship, m ay be named as owner, coowner, or beneficiary on bonds purchased b y another person with that person’s own funds. A minor may name a coowner or beneficiary on bonds purchased b y him from liis wages, earnings, or other funds belonging to him and under his control. (2) Bonds should not be registered in the name of an incompetent, unless there is a legal representative o f his estate, except under the provisions of Sec. 315.53. If there is a legal repre sentative the provisions of the preceding paragraph, as to registration in the name of the legal representative or in the name o f the incom petent followed b y reference to the guardianship, apply. Sec. 315.7. Authorized forms of registration.— Subject to any limitations or restrictions contained in these regulations on the right o f any person to be named as owner, coowner, or b e n e fic ia l, savings bonds m ay be registered in the following forms: 3 (a) Natural persons. — In the names o f natural persons in their own right. (1) Single owner.— Example: “ John A. Jones.” (2 ) Coownership form— two persons (only).— In the alternative as coowners. Example: “ John A. Jones or M rs. Ella S. Jones.” N o other form o f registration establishing coownership is authorized. (3) Beneficiary form — two persons (only).— Examples: “ John A. Jones payable on death to M rs. Ella S. Jones.” “ John A. Jones P. O. D . M rs. Ella S. Jones.” “ Payable on death” m ay be abbreviated to “ P. O. D .” as indicated in the last example. The first named person is hereinafter referred to as' the owner and the second named person as the beneficiary. (b) Fiduciaries and private or public organizations. — Only the single owner form of regis tration is available for bonds owned b y other than natural persons, and the registration used must conform to the forms authorized in this subsection. ( 1) Fiduciaries.— In the name o f any persons or organizations, public or private, as fidu ciaries, except where the fiduciary would Iiold the bonds merely or principally as security for the performance o f a duty, obligation or service. (i) Guardians, custodians, conservators, etc.— In the name and title of the legally appointed, designated or authorized representative or representatives of the estate of a minor, incom 2 See D e p a rtm e n t C ircu la r N o . 655, as a m e n d e d (31 C F R 2 1 1 ). 3 A n y q u e stio n as t o th e co rre c t fo r m o f registra tion sh ou ld be p r o m p tly s u b m itte d t o th e F ed era l R e serv e B a n k o f th e d is trict o r th e B u rea u o f th e P u b lic D e b t , D iv is io n o f L o a n s a n d C u rre n c y , 536 S ou th C la rk S treet, C h ica g o 5, Illin ois. 4 petent, aged, absentee, etc., or in the name of a minor, incompetent, or absentee, followed b y an appropriate reference to the guardianship. The registration should show the nature of the incom petency or refer to the statute authorizing the appointm ent of the representative. If the statute requires particular wording, as in m ost gift to minors statutes, the wording re quired b y the statute should be used. Examples: “ William C. Jones, guardian (or conservator, trustee, etc.) of the estate of James F. Brown, a m inor (or an incompetent, aged, infirm, or absentee).” “ John Smith, a minor (or incompetent, aged, infirm, or absentee), under legal guardian ship (or conservatorship or trusteeship, etc.) of Henry C. Sm ith.” “ John Smith, under legal guardianship of H enry Smith pursuant to Sec. 670.5, Code of Iowa 1950.” “ John Smith, a minor (or incompetent) under custodianship b y designation of the V et erans Administration.” “ John Smith, an incom petent for whom H enry C. Smith lias been designated trustee by the Departm ent of the Arm y pursuant to 37 U. S. C. 351-354.” “ William C. Jones, as custodian for John Smith, a minor, under the California Gifts of Securities to M inors A ct.” “ William C. Jones, as custodian for John Smith, a minor, under the laws of the State of Georgia (Chapter 4S-3, Ga. Code A n n o.).” (ii) Executors, administrators, e*c.— (a) In the name o f the representative or representatives of the estate of a decedent appointed b y a court or otherwise legally qualified. The registration should include the name o f the decedent and the name or names of all representatives. The name and title o f the representative must be followed b y adequate identifying reference to the estate. Example: “ John Smith, executor of the will (or administrator of the estate) of H enry J. Smith, deceased.” (b) In the name o f an executor authorized to administer a trust under the terms o f a will although he is not named as trustee. Example: “ John Smith, executor of the will o f Henry J. Smith, deceased, in trust for Mrs. Jane Smith, with remainder over.” (iii) Trustees.— In the name and title (or title alone where hereinafter provided) of the trustee or trustees o f a single duly constituted trust estate (which will be considered as an entity), substantially in accordance with the examples set forth in this paragraph. Unless otherwise indicated, an adequate identifying reference should be made to the trust instru ment or other authority creating the trust. A com m on trust fund established and m ain tained according to law b y a financial institution duly authorized to act as a fiduciary will be considered as a single duly constituted trust estate within the meaning of these regulations. (a) Will, deed o f trust, agreement, or similar instrument.— Examples: “ John Smith and the First National Bank, trustees under the will of H enry J. Smith, deceased.” “ The Second N ational Bank, trustee under an agreement with George E. W hite, dated February 1, 1935.” I f the authority creating the trust designates b y title only an officer of a board or an organization as trustee, only the title of the officer should be used in the registration. Example: “ Chairman, Board o f Trustees, First Church of Christ, Scientist, of Chicago, Illinois, in trust under the will of H enry J. Smith, deceased.” If the trustees are too numerous to be designated in the inscription b y names and title, the names or some o f the names m ay be om itted. Examples: “ John Smith, H enry Jones, et al., trustees under the will of H enry J. Smith, deceased.” “ Trustees under the will of H enry J. Smith, deceased.” (b) P ension, retirement or similar fund, or Employees' savings plan.— In the name and title (or title alone) of the trustee or trustees of a pension, retirement or similar fund, or an em ployees’ savings plan. If the instrument creating the trust provides that the trustees shall serve for a limited term, the names of the trustees m ay be omitted. Examples: “ First National Bank and Trust Com pany, trustee of the Em ployees’ Savings Plan o f Jones Com pany, Inc., U /A d a t e d _____________ , 195. “ Trustees o f the E m ployees’ Savings Plan of Johnson C om panv, Inc., U /A dated _____________ , 195. 5 “ First National Bank, trustee of pension fund of Industrial M anufacturing Com pany, under agreement with said com pany dated M arch 31, 1949.” “ Trustees o f Retirem ent Fund of Industrial M anufacturing Com pan}’ , under resolution adopted b y its board of directors on M arch 31, 1949.” (c) Funds o f a lodge, church, society, or similar organization.— If the funds of a lodge, church, society, or similar organization, whether incorporated or not, are held in trust b y a trustee or trustees or a board of trustees, only the title should be used in the regis tration. Examples: “ Trustees o f the First Baptist Church, Akron, Ohio, acting as a Board under Section 15 of its by-law s.” “ Trustees o f Jamestown L odge N o. 1,000 Benevolent and Protective Order of Elks, under Section 10 o f its by-laws.” “ Board o f Trustees of the Lotus Club, W ashington, Indiana, under Article X of its constitution.” (d) Public officers, corporations, or bodies.— If a public officer, public corporation, or public body acts as trustee under express authority of law, 011I3’ the title should be used in the registration. Examples: “ Sinking Fund Commission, trustee of State H ighway Certificates of Indebtedness Sinking Fund, under Section 5972, Code of South Carolina.” “ Warden, Illinois State Penitentiary, Joliet Branch, Trustee of Inm ates’ Amusement Fund, under Chapter 23, Sections 34a and 34b, Illinois Revised Statutes, 1941.” (e) School, class, or activity fu nd .— If the principal or other officer of a public, private, or parochial school acts as trustee for the benefit of the student body or a class, group, or activity thereof, only the title should be used in the registration, and if the amount purchased for any one fund does not exceed $500 (maturity value), no reference- need be made to a trust instrument. Examples: “ Principal, W estern H igh School, in trust for Class o f 1955 Library Fund.” “ D irector o f Athletics, Western High School, in trust for Student Activities Asso ciation under resolution adopted M ay 12, 1955.” (iv) Life tenants.— In the name o f a life tenant, followed b y adequate identifying reference to the instrument creating the life tenancy. Example: “ M rs. Jane Smith, life tenant under the will of Henry J. Smith, deceased.” (v) Investment agents.— In the name of a bank, trust com pany, or other financial insti tution, or individual, holding funds of a religious, educational, charitable, or nonprofit organization, whether or not incorporated, as agent under an agreement with the organization for the sole purpose of investing and reinvesting the fimds and paying the incom e to the organization. T he name and designation of the agent should be followed b y an adequate identifying reference to the agreement. Examples: “ Black C ounty National Bank, fiscal agent, under agreement with the Evangelical Luthern Church o f T he H oly Trinity, dated D ecem ber 28, 1949.” “ First National Bank and Trust Com pany, investment agent, under agreement with Central C ity Post N o. 1000, Departm ent o f Illinois, American Legion.” (2) Private organizations (Corporations, associations, and partnerships, etc.).— In the name of an 3T private organization, but not in the names of commercial banks, which are defined for this purpose as those accepting demand deposits. The full legal name of the organization, without mention of any officer or member by name or title, should be used, as follows: (i) A corporation.— A business, fraternal, religious, or other private corporation, followed preferably b y the words “ a corporation” (unless the fact of incorporation is shown in the name). Examples: “ Smith M anufacturing Com pany, a corporation.” “ Jones and Brown, In c.” (ii) A n unincorporated association.— An unincorporated lodge, society, or similar selfgoverning association, followed preferably b y the words “ an unincorporated association.” T he term “ an unincorporated association” should not be used to describe a trust fund, a board o f trustees, a partnership, or a business conducted under a trade name or as a sole proprietorship. If the association is chartered by or affiliated with a parent organization, the name or designation o f the subordinate or local organization should be given first, followed by the name o f the parent organization. The name of the parent or national organization m ay be placed in parentheses and, if it is well known, m ay be abbreviated. Examples: “ T he Lotus Club, an unincorporated association.” “ Local 447, Brotherhood o f Railroad Trainmen, an unincorporated association.” “ Eureka Lodge No. 317 (A. F. & A. M .), an unincorporated association.” 4 5 1 6 4 2 ° — 5S--------2 G (iii) A partnership.— A partnership (which will be considered as an entity), followed b y the words “ a partnership.” Examples: a “ Smith and Brown, a partnership.” f “ Acm e N ovelty Com pany, a partnership.” (iv) Institutions (churches, hospitals, homes, schools, etc.).— In the name o f a church, hospital, home, school, or similar institution conducted b y a private organization or b y private trustees, regardless o f the manner in which it is organized or governed or title to its property is held. Examples: “ Shriners’ Hospital for Crippled Children, St. Louis, M issouri.” “ St. M a ry ’s R om an C atholic Church, Albany, N ew Y o rk .” “ Rodeph Shalom Sunday School, Philadelphia, Pennsylvania.” (3) Governmental units, agencies, and officers.— In the full legal name or title of the owner or official custodian o f public funds, other than trust funds, as follows: (i) A ny governm ental unit, as a state, county, city, town, village, or school district. Examples: “ State o f M aine.” “ Town o f R ye, N ew Y ork (Street Im provem ent F u n d).” (ii) A ny board, commission, government owned corporation, or other public b od y duly constituted b y law. Example: “ M aryland State H ighw ay Comm ission.” (iii) Ax\y public officer designated bjT title only. Example: “ Treasurer, C ity o f C hicago.” (c) T reasurer o f th e U nited S tates as c o o u n e r or ben eficiary. — Those who desire to do so m ay make gifts to the U nited States b y designating the Treasurer of the United States as coowner or beneficiary. Bonds so registered may not be reissued to change the designation. Examples: “ John A . Jones or the Treasurer o f the United States of Am erica.” “ John A. Jones P. O. I), the Treasurer of the United States of A m erica.” Sec. 315.8. Unauthorized registration.— A savings bond inscribed in a form not substantially in agreement with one o f those authorized by this subpart will not be considered as validly issued, except that once it is established that the bond can be reissued in a form of registration which is valid under these regulations it will be considered as having been validly issued from the date of original issue. Subpart C—LIMITATIONS ON HOLDINGS Sec. 315.10. Amount which may be held.— The amounts of savings bonds of each series, issued in anj^ one calendar year, which may be held by any one person at any one time, com puted in accord ance with the provisions o f Sec. 315.11, are limited as follows: 4 (a) S eries E.— $5,000 (m aturity value) for each calendar year up to and including the calendar year 1947; $10,000 (m aturity value) for the calendar years 1948 to 1951, inclusive; $20,000 (maturity value) for the calendar years 1952 to 1956, inclusive; $10,000 (maturity value) for the calendar year 1957 5 and each calendar year thereafter; except that trustees of an em ployees’ savings plan (as de fined in Sec. 316.8 o f Department Circular No. 653, Fourth Revision, as amended) m ay purchase $ 2,000 (maturity value) multiplied by the highest number of employees participating in the plan at any time during the calendar year in which the bonds are issued. (b) Series H . — $20,000 (m aturity value) for each calendar year up to and including the calendar year 1956, and $10,000 (m aturity value) for the calendar year 1957 5 and each calendar year thereafter. Sec. 315.11. (a) Computation o f amount. D efin ition o f “ p er so n ” .— The term “ person” for purposes of this section shall mean any legal entity and shall include but not be limited to natural persons, corporations (public or private), partnerships, unincorporated associations, and trust estates. The holdings of each person individually and his holdings in any fiduciary capacity authorized by these regulations, such as, for example, his holdings as a guardian o f the estate o f a minor, as a life tenant, or as trustee under a will or deed of trust, shall be com puted separately. A pension or retirement fund or an investment, insurance, an nuity or similar fund or trust will be regarded as an entity regardless of the number of beneficiaries or 4 B o n d s o f Series F , G , J, a n d K , w h ich are n o lon ger a v a ila b le fo r pu rch a se, are s u b je c t t o th e lim ita tion s o n h o ld in gs a n d rules f o r c o m p u ta tio n o f h oldin gs set fo r th in Secs. 3 15.8 a n d 3 1 5 .9 o f D e p a rtm e n t C ircu la r N o . 530, S e v e n th R e v is io n . 5 E ffe c tiv e M a y 1, 1957. A c c o r d in g ly in v estors w h o p u rch a sed $ 2 0 ,0 0 0 (m a tu rity v a lu e) o f b o n d s o f Series E b e a r in g issue d a te s o f J a n u a ry 1 th rou g h A p ril 1 w ere n ot en title d t o pu rch a se a d d ition a l b o n d s o f th a t series d u rin g 1957. T h e sa m e lim ita tio n a p p lies t o b o n d s o f Series H b ea rin g th ose issue d a tes. In v e s to rs w h o p u rch a sed less th a n §1 0 ,0 0 0 (m a tu rity valu e) o f b o n d s o f e ith e r series p rior t o M a y 1 w ere en title d o n ly t o p u rch a se e n ou g h o f eith er series t o b rin g th e ir to t a l fo r th a t series f o r 1957 to $ 1 0 ,0 0 0 (m a tu rity v a lu e ). 7 the manner in which their respective interests are established or determined. Segregation of individual shares as a matter o f bookkeeping or as a result of individual agreements with beneficiaries or the ex press designation o f individual shares as separate trusts will not operate to constitute separate trusts under these regulations. (6 ) Bonds th at m ust be included in com pu ta tion . — E xcept as provided in paragraph (c) o f this section, there must be taken into account in com puting the holdings of each person: ( 1 ) all bonds registered in the name o f that person alone; (2 ) all bonds registered in the name o f the representative o f the estate of that person; (3) all bonds originally registered in the name o f that person as coowner or reissued at the request o f the original owner to add the name of that person as coowner or to designate him as co owner instead o f as beneficiary. However, the amount of bonds of Series E and II held in coownership form m ay be applied to the holdings o f either o f the coowners but will not be applied _ to both, or the am ount m ay be apportioned between them. (c) Bonds th a t may be excluded from com pu ta tion . — There need not be taken into account: ( 1) bonds on which that person is named beneficiary; ( 2 ) bonds in which his interest is only that of a beneficiary under a trust; (3) bonds to which he has becom e entitled under Sec. 315.66 as surviving beneficiary upon the death o f the registered owner, as an heir or legatee of the deceased owner, or by virtue o f the termination o f a trust or the happening o f any other event; (4) bonds o f Series E purchased with the proceeds of matured bonds of Series A, Series C -1 938, and Series D , where such matured bonds were presented for that purpose; (5) bonds of Series E bearing issue dates from M ay 1 , 1941, to Decem ber 1 , 1945, inclusive, held by individuals in their own right which are not m ore than $5,000 (maturity value) in excess of the prescribed lim it; (6 ) bonds o f Series E or Series H reissued under Sec. 315.60 (b) (1); (7) bonds o f Series E or Series II reissued in the name of a trustee of a personal trust estate which did not represent excess holdings prior to such reissue. Sec. 315.12. Disposition o f excess.— If any person at any time acquires savings bonds issued during any one calendar year in excess o f the prescribed amount, the excess must be immediately sur rendered for refund o f the purchase price, less (in the case of current income bonds) anj^ interest which m ay have been paid tliereon, or for such other adjustment as may be possible. F or good cause found the Secretary o f the Treasury m ay permit excess holdings to stand in any particular case or class of cases. Subpart D—LIMITATION ON TRANSFER OR PLEDGE Sec. 315.15. Limitation on transfer or pledge.— Savings bonds are not transferable and are payable only to the owners named thereon, except as specifically provided in these regulations, and then only in the manner and to the extent so provided. A savings bond may not be hypothecated, pledged as collateral, or used as security for the performance of an obligation, except as provided in Sec. 315.16. Sec. 315.16. Pledge under Department Circulars Nos. 154 and 657.— A savings bond may be pledged b y the registered owner in lieu o f surety under the provisions of Departm ent Circular N o. 154, Revised, if the bond approving officer is the Secretary of the Treasury, in which case an irrevocable power of attorney shall be executed authorizing the Secretary of the Treasury to request payment. A savings bond may also be deposited as security with a Federal Reserve Bank under the provisions of Depart ment Circular N o. 657, as amended and supplemented, by an institution certified under that circular as an issuing agent for savings bonds o f Series E. Subpart E—LIMITATION ON JUDICIAL PROCEEDINGS—NO STOPPAGE OR CAVEATS PERMITTED Sec. 315.20. General.— N o judicial determination will be recognized which would give effect to an attempted voluntary transfer inter vivos of a bond or would defeat or impair the rights o f sur vivorship conferred by these regulations upon a surviving coowner or beneficiary, and all other provi sions o f this subpart are subject to this restriction. Otherwise, a claim against an owner or coowncr o f a savings bond and conflicting claims as to ownership of, or interest in, such bond as between co owners or between the registered owner and beneficiary will be recognized, when established b y valid judicial proceedings, upon presentation and surrender of the bond, but only as specifically provided in this subpart. Neither the Treasury Departm ent nor any agency for the issue, reissue, or redemption o f savings bonds will accept notices o f adverse claims or of pending judicial proceedings or undertake to protect the interests of litigants who do not have possession of a bond. 8 S ec. 315.21. Payment to judgm ent creditors. (a) C reditors. — Paym ent (but not reissue) o f a savings bond registered in single ownership^ coownership, or beneficiary form will be made to the purchaser at a sale under a levy or to the officeij authorized to levy upon the property of the registered owner or coowner under appropriate process to satisfy a m oney judgm ent. Paym ent will be made to such purchaser or officer only to the extent necessary to satisfy the judgm ent and will be limited to the redemption value current sixty days after the termination of judicial proceedings or current at the time the bond is received, whichever is smaller. Paym ent o f a bond registered in coownership form pursuant to a judgm ent or levy against only one of the coowners will be limited to the extent of that coow ner’s interest in the bond; this interest m ay be established b y an agreement between the coowners or by a judgm ent, decree, or order o f court entered in a proceeding to which both coowners are parties. (b) T ru stees in b a n k ru p tcy and receivers. — Payment of a savings bond will be made to a trus tee in bankruptcy, a receiver o f an insolvent’s estate, a receiver in equity, or a similar officer of the court, under the applicable provisions of subsection (a) of this section, except that payment will be made at the redemption value current 011 the date of payment. Sec. 315.22. Payment or reissue pursuant to judgm ent. (а) D ivorce. — A decree of divorce ratifying or confirming a property settlement agreement or otherwise settling the respective interests of the parties in a bond will not be regarded as a proceeding giving effect to an attem pted voluntary transfer under the provisions of Sec. 315.20. Consequently, reissue o f a savings bond m ay be made to eliminate the name of one spouse as owner, coow ner 01* bene ficiary, or to substitute the nam e o f one spouse for that of the other as owner, coowner 01* beneficiary pursuant to such a decree. T he evidence required under Sec. 315.23 must be subm itted in any case. In cases where the decree does not set out the terms of the property settlement agreement a certified copy o f the agreement must also be submitted, and in any case where the bonds are presently registered with a person other than one of the spouses as owner or coowner there must be submitted either a re quest for the reissue by such person or a judgm ent, decree, or order of court entered in a proceeding to which he was a party, determining the extent of the interest in the bond held by the spouse whose name is to be eliminated, and reissue will be permitted only to the extent of the spouse’s interest in the bonds. Paym ent rather than reissue will be made if requested. (б) G ifts causa m ortis. — A bond belonging solely to one person will be paid or reissued on the request o f the person found by a court to be entitled thereto by reason of a gift causa mortis by the sole owner. (c ) D ate for d eterm in in g righ ts. — For the purpose of determining whether or not reissue shall be made under this section pursuant to judicial proceedings, the rights of all parties involved shall be those existing under these regulations at the time of the entry of the final judgm ent, decree, 01* order. Sec. 315.23. Evidence necessary.— T o establish the validity of judicial proceedings, there must be subm itted certified copies o f a final judgm ent, decree, or order o f coiu-t and of any necessary supple mentary proceedings. I f the judgm ent, decree, or order of court was rendered more than six months prior to the presentation o f the bond, there must also be submitted a certificate from the clerk of the court, under its seal, dated within six months o f the presentation of the bond showing that the judg ment, decree, or order o f court is in full force. A request for paym ent b y a trustee in bankruptcy must be supported by duly certified evidence o f his appointm ent and qualification. A request for paym ent by a receiver o f an insolvent’s estate must be supported by a cop y of the order appointing him, certified by the clerk o f the court, under its seal, as being in full force on a date not more than six months prior to the date o f the presentation o f the bond. A request for payment by a receiver in equity or a similar officer of the court, other than a receiver of an insolvent’s estate, must be supported b.y a cop y of an order authorizing him to present the bond for redemption, certified by the clerk o f the court, under its seal, as being in full force on a date not more than six months prior to the presentation of the bond. Subpart F - LOST, STOLEN, MUTILATED, DEFACED, OR DESTROYED BONDS Sec. 315.25. R elief in case o f loss, etc., after receipt by owner.— Relief either by the issue o f a substitute bond marked “ D U P L IC A T E ” or by payment may be given in case o f the loss, theft, destruc tion, mutilation, or defacement o f a savings bond after receipt b y the owner or his representative. Such relief will be granted only after com pliance with the provisions of this section, and in cases of loss or theft relief will n ot ordinarily be granted until six months after the date of receipt by the Treasury D epartm ent o f the notice o f such loss or theft .6 (a) P roced u re to be follow ed in applying for relief. — In any such case immediate notice of the facts, together with a com plete description of the bond (including series, year o f issue, serial num ber, and name and address o f the registered owner or coowners) should be given to the Bureau of the 6 See Sec. 8, 50 S ta t. 481, as a m en d ed (31 U . S. C . 7 3 8 a). 9 Public D ebt, Division o f Loans and Currency Branch, 536 South Clark Street, Chicago 5, Illinois. T h at office will furnish the proper application form and instructions. In case of mutilation or deface ment, all available fragments o f the bond in any form whatsoever should be submitted. In all cases the bond must be identified and the applicant must subm it satisfactory evidence of loss, theft, or destruction or a satisfactory explanation o f the mutilation or defacement. The application must be m ade by the person or persons (including both coowners, if living) authorized under these regulations to request paym ent of the bond, except as follows: (1) If the bond is in beneficiary form and the owner and beneficiary are both living, both will ordinarily be required to join in the application. (2 ) If a minor who is not o f sufficient com petency and understanding to request paym ent on his own behalf is named as owner, coowner, or beneficiary, both parents will ordinarily be required to join in the application. (6 ) Bond o f In d em n ity .— The Treasury Department reserves the right to require a bond of indem nity, in accordance with Sec. 8 (b), 50 Stat. 481, as amended (31 U . S. C. 738a). (c) R ecovery o f savings bonds reported lost , stolen , or destroyed. — I f a bond reported lost, stolen, or destroyed is recovered before relief is granted, the Bureau o f the Public D ebt, Division of Loans and Currency Branch, should be notified prom ptly. I f the original bond is recovered after relief is granted, it should be surrendered prom ptly to the same office for cancellation. Sec. 315.26. R elief in case o f nonreceipt.— If a savings bond, on original issue or on reissue, is not received from the issuing agent or agency b y the registered owner or other person to whom delivery of the bond was directed, the issuing agent or agency should be notified as prom ptly as possible and given all the information available about the transaction. If necessary, appropriate instructions and forms will then be furnished. Subpart G—INTEREST Sec. 315.30. General.— United States Sa vings Bonds are issued in one o f two forms: (1) apprecia tion bonds, issued on a discount basis and redeemable before m aturity at increasing fixed redemption values; and ( 2 ) eurrcnt incom e bonds, issued at par, bearing interest payable semiannually 7 and re deemable before m aturity at par or at fixed redemption values less than par .8 The D epartm ent circular offering bonds o f a particular series to the public designates the form in which bonds o f that series will be available. Sec. 315.31. Appreciation bonds.— Savings bonds issued on a discount basis increase in redemp tion value at the end o f the first year or half-year from issue date and at the end o f each successive half-year period thereafter until their m aturity date, when the full face amount becom es payable .9 Bonds o f Series E bearing issue dates from M a y 1, 1941, through April 1, 1957, will continue to increase in redem ption value after m aturity for ten years in accordance with the provisions of Sec. 316.13 of Departm ent Circular N o. 653, Fourth Revision, dated April 22, 1957.'° The increment in value on appreciation bonds is payable only on redem ption of the bonds, whether before, at, or after maturity. Sec. 315.32. Current incom e bonds. (a) In terest rates .— The interest payable on a current income bond is fixed by the provisions of the Departm ent circular offering the particular series of bonds to the public .11 (b) M ethod o f in terest paym ents. — Interest due on a current incom e bond is payable semi annually beginning six months from its issue date and will be paid on each interest payment date by check drawn to the order o f the person or persons in whose names the bond is inscribed, in the same form as their names appear in the inscription on the bond, and mailed to the address of record (that given for the delivery o f interest checks in the application for purchase or the request for reissue or, if no 7 T h e final in terest on b o n d s o f Series H b ea rin g issue d a tes p r io r t o M a rch 1, 1957, co v e rs a p eriod o f tw o m on th s, fr o m 9'4 ye a rs t o m a tu rity . S in ce M a y 1, 1957, th e o n ly cu rren t in com e sa v in g s b o n d s on sale are th ose o f Series H . 8 T h e sale o f sa vin g s b o n d s o f Series J a n d K w a s te r m in a te d a t th e close o f b usin ess A p ril 30, 1957. T h e term s o f th ese b o n d s are set fo rth in D e p a rtm e n t C ircu la r N o . 906, as a m en d ed . • Series E b o n d s issued on o r b e fo re A p ril 30, 1952, a n d Series F b on d s, th e sale o f w h ich w as term in a ted A p r il 30, 1952, in crea se in re d e m p tio n v a lu e a t th e en d o f th e first y e a r fro m issue d a t e ; Series E b o n d s issued on a n d a fte r M a y 1, 1952, a n d Series J b o n d s, th e sale o f w h ich b ega n on M a y 1, 1952, in crea se in re d e m p tio n v a lu e a t th e en d o f th e first h a lf y e a r fro m issue d a te. T h e last in crea se in red em p tion v a lu e o f Series E b o n d s issued on o r a fter M a y 1, 1952, p r io r t o th e sta rt o f th e te n -y e a r ex te n s io n p e r io d , co v e rs a p eriod of tw o m on th s, fr o m 9% yea rs th rou g h 9 3rears a n d 8 m o n th s. T h e last in crease in re d e m p tio n va lu e o f Series E b o n d s issued on or a fte r F eb ru a ry 1, 1957, co v e rs a p e r io d o f fiv e m on th s, fr o m 8% yea rs th ro u g h 8 y e a rs a n d 11 m on th s. 10 See th e T a b le s o f R e d e m p tio n V a lu es a t th e e n d o f th a t circu la r fo r e x te n d e d m a tu rity values, a n d fo o t n o t e 5 on p a g e 4 w ith re sp e ct t o th e e x te n d e d m a tu rity o f b o n d s b e a rin g issue d a tes o f F eb ru a rv 1 th rou gh A p ril 1, 1957. 11 See D e p a rtm e n t C ircu la r N o . 654, T h ir d R e v is io n , as a m en d ed , for Series G , D e p a r tm e n t C ircu la r N o . 905, R e v is e d , fo r Series H , a n d D e p a rtm e n t C ircu la r N o . 906, as a m en d ed , fo r Series K . 10 instruction is given as to the delivery of interest checks, the address given for the owner or the firstnamed coow ner), except that: ( 1 ) In the case o f a bond registered in the form “ A payable on death to B ” the check will be drawn to the order o f “ A ” alone until the Bureau of the Public D ebt, D ivision of Loans and Cur rency Branch, receives notice o f A ’s death (see paragraph (c) of this section), from which time the paym ent o f interest will be suspended until the bond is presented for paym ent or reissue. Interest so withheld will be paid to the person found to be entitled to the bond. (2) U pon receipt o f notice o f the death of the coowner to whom interest is being mailed (see paragraph (c) o f this section), payment of interest will be suspended until a request for change of address is received from the other coowner, if living, or, if not, until satisfactory evidence is sub m itted as to who is authorized to endorse and collect such checks on behalf of the estate of the last deceased coowner in accordance with the provisions of Subpart N. (3) Upon receipt o f notice of the death of the owner of a bond (see paragraph (c) of this section), paym ent of interest on the bond will be suspended until satisfactory evidence is sub m itted as to who is authorized to endorse and collect such checks on behalf of the estate of the decedent, in accordance with the provisions of Subpart N . (4) W henever practicable the accounts for all current income bonds of the same series, with the same inscription, on which interest is payable on the same dates, will be consolidated and a single check will be issued on each interest payment date for interest on all such bonds. The check inscription m ay vary from the inscriptions on the bonds in cases of very long inscriptions or where there is lack of uniform ity in the inscriptions on the bonds. (5) The interest due at m aturity will be paid with the principal and in the same manner. H ow ever, if the registered owner of a bond in beneficiary form dies on or after the due date with out having presented and surrendered the bond for paym ent or authorized reissue, and is sur vived by the benefieiaiy, the interest may be paid to the legal representative of or the person entitled to the registered owner’s estate. T o obtain such payment, the bonds with a request therefor b y the beneficiary should be submitted together with the evidence required in Sec. 315.70. (c ) N otice affecting in terest ch eck delivery. — A notice which would affect the delivery of an interest check will be acted upon as rapidly as possible, but if the notice is n ot received at least one month before an interest paym ent date, no assurance can be given that action can be taken in time to change or suspend the mailing of the interest due on that date. Such notice should be sent to the Bureau o f the Public D ebt, D ivision of Loans and Currency Branch, 536 South Clark Street, Chicago 5, Illinois. (d) Change o f address. — An owner or coowner of current incom e bonds should prom ptly notify the Bureau o f the Public D ebt, D ivision of Loans and Currency Branch (see paragraph (c) of this section), o f any change in the address for delivery of interest checks. A notice o f change o f address given on behalf of a minor or incompetent owner or coow ner under the conditions and in accordance with the provisions of Subpart J relating to the paym ent of bonds belonging to a minor or incom petent ordinarily will be accepted. Each bond should be described in the notice by issue date, serial number, series (including year o f issue), and inscription appearing on the face of the bond. The bonds should not be submitted. (e) Representative appointed for th e esta te o f a m inor , in com p eten t , a bsentee, e tc .— Interest on current incom e bonds will be paid to the representative appointed for the estate of the owner of such bonds who is a minor, incom petent, absentee, etc., in accordance with the provisions o f Sec. 315.50 relating to pa 3?inent o f the bonds. H owever, if the registration of the bonds does not include reference to the ow ner’s status, they should be submitted (to the Bureau of the Public D ebt, Division o f Loans and Currency Branch, 536 South Clark Street, Chicago 5, Illinois, or a Federal Reserve Bank) for appropriate reissue so that interest checks may be properly drawn and delivered. T h ey must be accom panied b y the proof of appointm ent required by Sec. 315.50. ( /) No representative o f an adult incom petent*s esta te appointed. — If an adult owner of a current incom e bond is mentally incom petent to endorse and collect the interest checks, if no other person is legally qualified to do so, and if the interest is needed for the support of the incom petent or that o f a person legally dependent upon him for support, the relative responsible for his support, or some other person, m ay be recognized by the Treasury Departm ent as voluntary guardian for the purpose of receiving, endorsing, and collecting the checks. Form P D 2513 should be used in making application for this purpose. ( g ) Reissue during interest period. — Physical reissue of a bond will be made as soon as prac ticable without regard to interest payment dates. If a current incom e bond is reissued between inter est paym ent dates, interest for the entire period will ordinarily be paid on the next interest payment date, by check drawn to the order o f the person in whose name the bond is reissued. H ow ever, if reissue is made during the m onth preceding an interest payment date, the interest due on the first day o f the next month m ay in some cases be paid to the former owner or the representative of his estate. ( h ) Term ination o f in terest. — Interest on current incom e bonds will cease at m aturity or in 11 case o f redemption prior to m aturity on the last day of the interest period im mediately preceding the date o f redemption, except that, if the date o f redemption falls on an interest payment date, interest will cease on that date. For example, if a bond on which interest is payable on January 1 and July 1 is redeemed on September 1 , interest will cease on the preceding July 1, and no adjustment of interest will be made for the period from July 1 to September 1. The same rules shall apply in case o f partial redemption with respect to the am ount redeemed. (i) E n d orsem en t o f ch eck s. — Interest checks m ay be collected upon the endorsement o f the payee or his authorized representative in accordance with the regulations governing the endorsement and paym ent o f Governm ent warrants and checks, which are contained in Departm ent Circular N o. 21 (31 C F R 360). A form for the appointment of an attorney in fact for this purpose m ay be obtained from the Treasurer o f the United States or from any Federal Reserve Bank. If no legal representative has been or will be appointed, the Bureau o f the Public D ebt, Division of Loans and Currency Branch, 536 South Clark Street, Chicago 5, Illinois, or a Federal Reserve Bank will furnish instructions upon request. (j) N o n receip t o r loss o f c h e c k . — If an interest check is n ot received or is lost after receipt, the Regional Disbursing Office, U. S. Treasury Departm ent, 536 South Clark Street, C hicago 5, Illinois, should be notified o f the facts and should be given information concerning the am ount, number, and inscription o f the bonds, as well as a description of the check, if possible. Subpart H—GENERAL PROVISIONS FOR PAYMENT AND REDEMPTION S ec. 315.35. Provisions applicable both before and after maturity.— Paym ent o f a savings bond will be made to the person or persons entitled thereto under the provisions of these regulations upon presentation o f the bond with an appropriate request for paym ent. Such paym ent will be made w ithout regard to any notice o f adverse claims to a savings bond and no stoppage or caveat against paym ent in accordance with the registration o f the bond will be entered. Sec. 315.36. Before maturity. (а) A t o p tio n o f ow n er. — Pursuant to its terms, a savings bond may not be called for redemption b y the Secretary o f the Treasury prior to m aturity, but m ay be redeemed in whole or in part at the option o f the owner prior to maturity, under the terms and conditions set forth in the offering circular for each series and in accordance with the provisions o f these regulations, following presentation and surrender as provided in this subpart. ( б ) Series E.— A bond o f Series E will be redeemed at any time after two months from the issue date without advance notice, at the appropriate redemption value as shown in the revision of D epart m ent Circular N o. 653 current at the time o f redemption. (c ) Series F, G, H, J, and K . — A bond of Series F, G , II, J, or K will be redeemed after six m onths from the issue date, on one m onth’s notice in writing to the Bureau of the Public D ebt, D ivision o f Loans and Currency Branch, a Federal Reserve Bank, or the Treasurer of the United States, W ash ington 25, D . C . Such notice m ay be given separately or by presenting and surrendering the bond with a duly executed request for payment. Paym ent will be made as of the first day of the first month following t>3T at least one full calendar month the date of receipt of notice. For example, if the notice is received on June 1 , pajmient will be m ade as of July 1 , but if notice is received between June 2 and July 1, inclusive, paym ent ordinarily will be made as of August 1. If notice is given separately, the bond must be presented and surrendered with a duly executed request for paym ent to the same agency to which the notice is given, not less than twenty days before the date on which payment is to be made. For example, if the notice is received on June 15, the bond should be received not later than July 12 . (See Sec. 315.32 (h) for provisions as to interest in case current incom e bonds are redeemed prior to m aturity.) A bond o f Series II will be redeemed at P A R . A bond of Series F, G , J, or K will be re deem ed at the appropriate redem ption value as shown in the table printed on the bond, except as provided in subparagraph (d) of this section. (d) Series G and K : R ed e m p tio n a t par .— ( 1 ) A bond o f Series G or K issued in exchange for matured bonds of Series E under the provisions o f Departm ent Circulars Nos. 885 and 906 is payable at par. (2) A bond o f Series G or Iv registered in the name of a natural person or persons in their own right will be paid at par upon the request of the person entitled to the bond upon the death o f the owner or either coowner. (3) A bond o f Series G or Iv held b y a trustee, life tenant, or other fiduciary (exclusive of trustees o f a pension, retirement, investment, insurance, annuity or similar fund, or em ployees’ savings plan) will be paid at par upon appropriate request upon the termination, in whole or in part, o f a trust, life tenancy, or other fiduciary estate b y reason of the death of a natural person, but in the case o f partial termination, redemption at par will be made to the extent of n ot more than the pro rata portion o f the trust or fiduciary estate so terminated. Bonds of Series G or K 12 held b y a financial institution in its name as trustee of its com m on trust fund will be paid at par upon the request o f the fiduciary upon the termination, in whole or in part, of a participating trust b y reason o f the death o f a natural person, to the extent of not more than the pro rata portion o f the com m on trust fund so terminated. T h e option to receive paym ent at par under subparagraph (d) (2) and (3) o f this section m ay be exercised b y a signed request for paym ent or bv express written notice, in either case specifying that redem ption at par is desired. Paym ent m ay be postponed to the second interest payment date following the date o f death, if so requested; otherwise, payment will be m ade in regular course. A death certificate or other acceptable evidence o f death must be submitted. In no case o f redemption at par before maturity under subparagraph (d) (2) and (5) will interest be payable beyond the second interest payment date following the date o f death. (e) Withdrawal o f requ est for redem ption. — An owner who has presented and surrendered a savings bond to the Treasury Department or a Federal Reserve Bank, or an authorized paying agent, for paym ent, with an appropriate request for payment, m ay withdraw such request if notice o f intent to withdraw is given to and received by the same agency to which the bond was presented prior to the issuance o f a check in paym ent b y the Treasury Departm ent or a Federal Reserve Bank, or payment b y the authorized paying agent. Such request m ay be withdrawn under the same conditions b y the executor or administrator o f the estate of a deceased owner, or b y the person or persons entitled to the bond under Sec. 315.70 (d), or b y the representative of the estate o f a person under legal disability, unless the presentation and surrender of the bond has cut off the rights of survivorship under the provisions o f Subpart L or Subpart M . Sec. 315.37. At or after maturity.— Pursuant to its terms, a savings bond o f any series will be paid at or after m aturity at its full face or m aturity value, and in no greater amount, except that bonds o f Series E retained under an extended m aturity option under the terms of Departm ent Circular No. 653 (31 C F R 316), current at the time of redemption, will be paid at the redemption values provided in that circular .12 Sec. 315.38. Requests for payment. (а) Form and execu tion o f requests. — A request for payment o f a savings bond must be executed on the form appearing on the back o f the bond unless ( 1) the bond is accepted by an authorized paying agent for paym ent or for presentation to a Federal Reserve Bank for paym ent without the owner’s signature to the request for payment under the provisions of D epartm ent Circular N o. 888 , Revised, or (2) authority is given for the execution of a separate or detached request. (б ) Date o f requ est. — Ordinarily, requests executed more than six months before the date of receipt o f a bond for paym ent will not be accepted; nor will a bond, ordinarily, be accepted for redemp tion more than three calendar months prior to the date redemption is requested under these regulations. (c) Identification and signature o f owner. — Unless the bond is presented under the provisions o f paragraph (a) o f this section or section 315.42 (b), an owner in whose name the bond is inscribed or other person entitled to payment under the provisions of these regulations must appear before one of the officers authorized to certify requests for payment (see Sec. 315.39), establish his identity, and in the presence o f such officer sign the request for payment in ink, adding in the space provided the address to which the check issued in paym ent is to be mailed. A signature made by mark (X ) must be witnessed b}r at least one disinterested person in addition to the certifying officer and must be attested b y endorse ment in the blank space, substantially as follows: “ Witness to the above signature b y m ark,” followed b y the signature and address o f the witness. If the name of the owner or other person entitled to pay ment as it appears in the registration or in evidence on file in the Bureau of the Public D ebt, Division o f Loans and Currency Branch, has been changed by marriage or in any other legal manner, the sig nature to the request for paym ent should show both names and the manner in which the change was made, for example, “ Miss M ary T . Jones, now b y marriage M rs. M ary T . Jones Smith (M rs. M ary T . J. Smith, or M rs. M ary T . Sm ith),” or “ John D oe, now by court order Richard R oe.” In case o f a change o f name other than b y marriage, the request should be supported by satisfactory evidence o f the change. N o request signed in behalf o f the owner or person entitled to payment b y an agent or a person acting under a power o f attorney will be recognized by the Treasury Department, except as pro vided in Sec. 315.16, when pledged in lieu of surety under Departm ent Circular N o. 154, Revised. (d) Certification o f request. — After the request for payment has been signed b y the owner, the certifying officer should com plete and sign the certificate following the request for paym ent, and the bond should then be presented and surrendered as provided in Sec. 315.42 (a). 12 N o e x ten d ed m a tu rity o p tio n fo r Series E b o n d s w ith issue d a tes a fter A pril 1, 1957, is p r o v id e d in D e p a rtm e n t C ircu la r N o . 653, F o u rth R e v is io n , d a te d A p ril 22, 1957. 13 Sec. 315.39. paym ent: Certifying officers.— 1 T he following officers are authorized to certify requests for (a) At United States p ost offices. — A ny postmaster, acting postmaster, or inspector in charge or other post office official or clerk designated for that purpose. One or more of these officials will be found at every United States post office, classified branch, or station. A post office official or clerk other than a postmaster, acting postmaster, or inspector in charge should certify in the name o f the post master or acting postmaster, followed b y bis own signature and official title, for example, “ John Doe, postmaster, b y Richard Roe, postal cashier.” Signatures o f these officers should be authenticated by a legible im print o f the post office dating stamp. ( b) A t banks, trust com panies, and branches. — A ny officer of any bank or trust com pany incorporated in the United States (including for this purpose its territories and possessions and the Com m onwealth o f Puerto R ico) or domestic or foreign branch of such bank or trust com pany; any officer o f a Federal Reserve Bank, Federal Land Bank, and Federal Hom e Loan B ank; any employee o f any such bank or trust com pany expressly authorized by the corporation for that purpose, who should sign over the title “ Designated E m ployee” ; and Federal Reserve Agents and Assistant Federal Reserve Agents located at the several Federal Reserve Banks. Certifications by any of these officers or desig nated em ployees should be authenticated b v either a legible impression of the corporate seal of the bank or trust com pany or, in the case o f banks or trust companies and their branches which are author ized issuing agents for bonds o f Series E, by a legible imprint of the issuing agent's dating stamp. (c) Issuing agents n ot banks or trust com panies. — Any officer of a corporation n ot a bank or trust com pany and o f any other organization which is an authorized issuing agent for bonds o f Series E. All certifications by such officers must be authenticated by a legible imprint of the issuing agent’s dating stamp. (d) Com m issioned and warrant officers o f arm ed forces. — Commissioned and warrant officers o f any o f the armed forces o f the United States, but only for members and the families of mem bers o f their respective services and civilian employees at Posts or Bases or Stations. Such certifying officer should indicate his rank and state that the person signing the request is one o f the class whose request he is authorized to certify. ( e ) United States officials.— Judges, clerks, and deputy clerks o f United States courts, including U nited States courts for the territories, possessions, the Commonwealth of Puerto R ico, and the Canal Z on e; United States Commissioners; United States Attorneys; United States Collectors o f customs and their deputies; Regional Commissioners and D istrict Directors of Internal Revenue and Internal Revenue agents; the officer in charge o f any home, hospital, or other facilit}' of the Veterans Adminis tration, but only for patients and employees o f such facilities; certain officers of Federal penal institu tions designated for that purpose by the Secretary of the Treasury; certain officers of the United States Public Health Service Hospitals at Lexington, K entucky, and Fort W orth, Texas, and o f United States M arine Hospitals at Fort Stanton, New M exico, and Carville, Louisiana, designated for that purpose b y the Secretary o f the Treasury (in each case, however, only for inmates or employees of the institution involved). (f) Officers authorized in particular localities. — Certain designated officers in the Treasury D epartm ent; the Governors and Treasurers o f Hawaii, Puerto R ico, and Alaska; the G overnor and Commissioner o f Finance o f the Virgin Islands; the Governor and D irector of Finance o f G uam ; the G overnor and D irector o f Adm inistrative Services of American Sam oa; the Governor, paymaster, or acting paymaster and collector or acting collector of the Panama Canal; and postmasters and acting postmasters in the Bureau o f Posts o f the Canal Zone. (g) In foreign countries. — In a foreign country requests for payment may be signed in the presence o f and be certified by any United States diplom atic or consular representative, or the manager or other officer o f a foreign branch of a bank or trust com pany incorporated in the United States whose signature is attested by an impression o f the corporate seal or is certified to the Treasury Departm ent. I f such an officer is not available, requests for payment may be signed in the presence of and be certified b y a notary or other officer authorized to administer oaths, but his official character and jurisdiction should be certified b y a United States diplom atic or consular officer under seal o f his office. ( h ) Special provisions. — In the event none of the officers authorized to certify requests for pay ment o f savings bonds is readily accessible, the Commissioner of the Public D ebt, the D eputy Com m is sioner o f the Public D ebt in Charge o f the Chicago Office, or any Federal Reserve Bank is authorized to make special provision for any particular case. Sec. 315.40. General instructions to certifying officers.— Certifying officers should require posi tive identification o f the person signing a request for payment and will be held fully responsible therefor. In all cases a certifying officer must affix to the certification his official signature, title, seal or dating stam p, address (if not shown in seal or stam p), and the date of execution. Officers o f Veterans Adminis tration Facilities, Public Health Service Hospitals, M arine Hospitals, and Federal penal institutions 14 should use the seal o f the particular institution or service, where such seal is available. If a certifying officer other than a post office official, officer of a bank or trust com pany, or officer of an issuing agent does not possess an official seal, a statement to that effect should be added to the certification by such officer. Sec. 315.41. Interested person not to certify.— N o person authorized to certify requests for pay m ent m ay certify a request for paym ent o f a bond of which Tie is the owner or in which he has an interest, either in his own right or in any representative capacity. Sec. 315.42. Presentation and surrender. (а) All s e r ie s .— E xcept for cases coming within the provisions of paragraph (b) of this section, after the request for paym ent has been duly signed by the owner and certified as above provided the bond should be presented and surrendered to (1) a Federal Reserve Bank, (2) the Bureau o f the Public D ebt, D ivision o f Loans and Currency Branch, or (3) the Treasurer o f the United States, Washington 25, D . C . Usually paym ent will be expedited by surrender to a Federal Reserve Bank. In all cases presentation will be at the expense and risk of the owner. Paym ent will be made b y check drawn to the order o f the registered owner or other person entitled and mailed to the address given in the request for paym ent, or if no address is given in the request for paym ent, to the address given in the instructions accom panying the bond. ( б ) Optional procedure lim ited to bonds o f Series A to E, inclusive , in nam es o f indi vidual owners or coowners only. — Notwithstanding the provisions of any D epartm ent circulars offering the bonds for sale and notwithstanding any instructions which may be printed on the bond, a natural person whose name is inscribed on the face of a bond of Series A, B , C, D , or E, either as owner or coowner in his own right, may present such bond for redemption (unless marked “ D U P L I C A T E ” ) to an authorized paying agent. The owner or coowner must establish his identity to the satisfaction o f the paying agent, sign the request for payment, and add his home or business address. E ven though the request for paym ent has been signed, or signed and certified, before the presentation o f the bond, the representative o f the pajTing agent must be satisfied that the person presenting the bond for payment is the owner or coowner and m ay require him to sign the request for payment again. I f the bond is in order for paym ent, the paying agent will make immediate payment at the appropriate redem ption value without charge to the owner. This procedure is not applicable to partial redemption cases, or to deceased owner cases, or other cases in which documentary evidence is required. Sec. 315.43. Partial redemption.— A savings bond of any series in a denomination greater than $25 (m aturity value) m ay be redeemed in part at current redemption value but only in amounts cor responding to authorized denominations, upon presentation and surrender of the bond in accordance with paragraph (a) o f Sec. 315.42. In any case in which partial redemption is authorized, before the request for payment is signed the phrase “ to the extent of $ ________ (maturity value) and reissue of the remainder” should be added to the first sentence of the request. U pon partial redemption of the savings bond, the remainder will be reissued as of the original issue date, as provided in Subpart I. F or payment o f interest on current income bonds in case of partial redemption, see Subpart G. Sec. 315.44. Nonreceipt or loss o f checks issued in payment.— In case a check in paym ent of a bond surrendered for redem ption is not received within a reasonable time or in case such check is lost after receipt, notice should be given to the same agency to which the bond was surrendered for payment, accompanied b y a description o f the bond by series, denomination, serial number, and registration. The notice should state whether or not the check was received and should give the date upon which the bond was surrendered for payment. Instructions will be given as to the necessary procedure to obtain a duplicate. Paym ent o f unmaturcd bonds of Series F, G , H, J, and K is ordinarily made on the first day o f the first month following by at least one full calendar month the date of receipt of notice o f intention to redeem, and a check should not be expected until that time. Subpart I—REISSUE AND DENOMINATIONAL EXCHANGE Sec. 315.45. General.— Reissue o f a savings bond m ay be made only under the conditions speci fied in these regulations. Reissue is not authorized solely for the purpose of effecting an exchange as between authorized denominations, but in case of authorized reissue the new bond or bonds m ay be issued in any authorized denomination or denominations. Consistent with other provisions of these regulations, a savings bond m ay be reissued in a form of registration authorized by the regulations in effect on the original issue date or on the date of reissue. Reissue will not be made if the request therefor is received less than one full calendar m onth before the m aturity date, except for bonds o f Series E for which an optional extension period has been pro vided in Departm ent Circular N o. 653, Fourth Revision .13 In the case of such bonds reissue will not 13 O n ly b o n d s o f Series E w ith issue da tes p r io r to M a y 1, 1957, h a v e th is o p tio n a l exten sion p eriod. 15 he made if the request is received less than one full month before the extended m aturity date. H ow ever, a request for reissue o f a bond received prior to its m aturity, or extended m aturity date (in case o f a bond for which an extended m aturity period has been provided), will be effective to establish own ership as though the requested reissue had been made. A request (or reissue o f a bond received on or after its maturity, or extended m aturity date (in case of a bond for which an extended m aturity period has been provided), will not be effective to name a coowner or beneficiary or to prom ote a beneficiary to a coowner, but requests for reissue in the names o f persons who have becom e entitled by operation of law will be recognized as establishing the right of those persons to receive pa}7ment. Reissues under the provisions o f this subpart may be made only at ( 1) a Federal Reserve Bank, (2) the Bureau o f the Public D ebt, D ivision o f Loans and Currency Branch, or (3) the Office of the Treasurer o f the United States, W ashington 25, D . C. S ec. 315.46. Requests for reissue.— A request for reissue should be made on the prescribed form b y the person authorized under these regulations to make such request. Appropriate forms m ay be obtained from any Federal Reserve Bank, the Office of the Treasurer of the United States, or from the Bureau o f the Public D ebt, D ivision o f Loans and Currency Branch. S ec. 315.47. Effective date.— In any case of authorized reissue, the Treasury Department will treat the receipt by a Federal Reserve Bank or the Treasury Departm ent of a bond and an appropriate request for reissue thereof as determining the date upon which the reissue is effective. Sec. 315.48. Correction o f errors.— Reissue of a bond may be made to correct an error in the orig inal issue, upon appropriate request supported by satisfactory proof of the error. Sec. 315.49. Change o f name.— An owner, coowner, or beneficiary whose name is changed by marriage, divorce, annulment, order o f court, or in any other legal manner after the issue of the bond m ay submit the bond with a request on Form P D 1474 for reissue to substitute the new name for the name inscribed on the bond. This action is recommended in case of a change of name o f the owner or coowner o f a current income bond. The signature to the request for reissue should show both names and the manner in which the change was made, as, for example, “ John D oe, now b y order of court Richard R o e ” or “ M iss M arv T. Jones, now by marriage M rs. M ary T . Jones Smith (Mrs. M ary T. J. Smith or M rs. M ary T . Sm ith).” If the change of name was made other than by marriage, the request must be supported by satisfactory proof o f the change. Subpart J—MINORS AND PERSONS UNDER OTHER LEGAL DISABILITY, AND ABSENTEES Sec. 315.50. Payment to representative o f an estate.— If the form of registration of a savings bond indicates that the owner is a minor, an incom petent, or an absentee and there is a representative of his estate, paym ent will be made to such representative. The request for payment appearing on the back o f the bond should be signed b y the representative as such, for example, “ John A. Jones, guardian (com m ittee) o f the estate o f Henry W . Smith, a minor (an incompetent, an absentee).” Unless the form o f registration gives the name o f the representative requesting paym ent, a certificate or a certified cop y o f the letters o f appointm ent from the court making the appointment, under the seal o f the court, or other proof o f qualification if not appointed by a court, should be submitted. Except in the case of corporate fiduciaries, such evidence should state that the appointm ent is in full force and should be dated not more than one year prior to presentation of the bond for payment. Where the form o f regis tration does not indicate that there is a representative o f the estate of a minor owner, a notice that there is such a representative will not be accepted bv the Treasury Department for the purpose of preventing paj'm ent to the minor or to a parent or other person on behalf of the minor, as provided in Secs. 315.51 and 315.52. H ow ever, if such representative presents for paym ent a bond registered in the name of his ward accom panied by proof o f his qualification, payment will be made to such representative. (See Subpart N .) S ec. 315.51. Payment to minors.— If the owner o f a savings bond is a minor and the form o f regis tration does not indicate that there is a representative o f his estate, payment will be made to him upon his request, provided that he is o f sufficient com petency to sign his name to the request for payment and to understand the nature o f the transaction. In general, the fact that the request for payment has been signed b y a m inor and duly certified will be accepted as sufficient proof of com petency and understand ing. S ec. 315.52. Payment to a parent or other person on behalf o f a minor.— If the owner of a savings bond is a minor and the form o f registration does not indicate that there is a representative o f his estate, and if such minor owner is not o f sufficient com petency to sign his name to the request for paym ent and 16 to understand the nature o f the transaction, paym ent will be made to either parent o f the minor with w hom he resides or, if the minor does not reside with either parent, then to the person who furnishes his chief support. His parent or the person furnishing his chief support should execute the request for paym ent and furnish a certificate, which m ay be typed or written on the back o f the bond, as to his right to act for the minor. If a parent signs the request, the certificate and signature thereto should be in substantially the following form: “ I certify that I am the m other (or father) of John C . Jones and the person with whom he resides. He i s ______ years o f age and is not of sufficient com petency and understanding to make this request. “ M rs. M ary Jones on behalf o f John C. Jones.” I f a person other than a parent signs the request, the certificate and signature thereto, including a refer ence to the person’s relationship, if any, to the minor, should be in substantially the following form: “ I certify that John C. Jones does not reside with either parent and that I furnish his chief support. H e i s ______ years o f age and is not of sufficient com petency and understanding to make this request. “ M rs. Alice Brown, grandmother, on behalf o f John C. Jones.” T he Treasury Department may in any case require further proof that the minor is not o f sufficient com petency and understanding to execute the request for paym ent and o f the right o f the person executing the request to act on behalf o f the minor. S ec. 315.53. Payment or reinvestment upon request o f voluntary guardian o f incompetent.— If the adult owner o f a bond is mentally incom petent to request and receive paym ent thereof and no other person is legally qualified to do so, the relative responsible for his support or some other person may subm it an application as voluntary guardian for redemption o f the bond in the following cases: (а) Where the proceeds o f the bond are needed for the support of the incom petent or that of a per son legally dependent upon him for support, and the total face amount of United States Savings Bonds belonging to the incom petent for which redemption is requested in any ninety-day period does not exceed $ 1 ,0 0 0 ; ( б ) W here the bond has matured and it is desired to redeem it and reinvest the proceeds in United States Savings Bonds. The entire proceeds must be invested, so far as possible, in bonds of Series E, except that: ( 1 ) An 3^ part o f the proceeds which m ay not be invested therein because of the limitation on holdings may be invested in Series II bonds so long as the limitation on holdings for that series is not exceeded; ( 2 ) If the matured bonds are current income bonds, the proceeds m ay be invested in Scries II bonds so long as the limitation on holdings for that series is not exceeded. The new bonds m ust be registered in the same form of registration as the matured bonds, with the words “ an incom petent” following the incom petent’s name, unless an owner, beneficiary, or coowner named in the registration o f the matured bond is dead or unless such owner, beneficiary or coow ner disclaims interest in the bond and consents to the elimination of his name. If the m aturity value o f the matured bond does not correspond to the purchase price of an authorized denomination o f savings bonds o f any series, or a m ultiple thereof, the odd amount remaining after the reinvestment will be paid to the voluntary guardian for the use and benefit of the incompetent. Form P D 2513 should be used in applying for payment under this section and should be accom panied by the evidence required by the instructions on the form. Sec. 315.54. Reissue.— A savings bond of which a minor or other person under legal disability is the owner or in which he has an interest may be reissued upon an authorized reissue transaction under the following conditions: (1) Reissue will be restricted to a form o f registration which does not adversely affect the exist ing ownership or interest o f the minor or such other person, except that a m inor of sufficient compe tency to sign his name to the request and to understand the nature o f the transaction shall have the right to request reissue to add a coowner or beneficiary to a bond registered in his name alone or to which he is entitled in his own right. (2 ) Requests for reissue under this section should be executed by the person authorized to request paym ent under Secs. 315.50, 315.51, 315.52, and 315.53 o f this subpart, and in the same manner. Subpart K—A NATURAL PERSON AS SOLE OWNER Sec. 315.55. Payment.— A savings bond registered in the name o f a natural person in his own right, without a coowner or beneficiary, will be paid to him during his lifetime under Subpart H. Upon the death o f the owner such bond will be considered as belonging to his estate and w ill be paid under Subpart N , except as otherwise provided in these regulations. 17 Sec. 315.56. Reissue for certain purposes.— A savings bond registered in the name of a natural person in his own right m ay be reissued upon appropriate request by him (subject to the provisions of Sec. 315.54), upon presentation and surrender during his lifetime, for the following purposes: (а) Addition o f a coow ner or beneficiary .— T o name another natural person as coowner or as beneficiary. Form P D 1787 should be used. ( б ) A tru stee o f a personal trust esta te. — T o name the trustee of a personal trust estate created by the owner. Form P I) 1851 should be used. (c ) Upon divorce or a nnulm ent. — T o name as registered owner the other party to a divorce or annulment, occurring after issue o f the bond. Form P D 1938 should be used. (d) Certain degrees o f relationship. — T o name as registered owner a person related to the owner in any o f the degrees o f relationship set forth in Sec. 315.60 (b) ( 1 ) (i), provided, however, that the Treasury reserves the right to reject any application for reissue hereunder as provided in that section. Form P D 1938 should be used. Subpart L—TWO NATURAL PERSONS AS COOWNERS S ec. 315.60. During the lives o f both coowners.— A savings bond registered in coownership form, for example, “ John A. Jones or M rs. M ary C. Jones,” will be paid or reissued during the lives o f both, as follows: (а) Paym ent. — T he bond will be paid to either upon his separate request, and upon paym ent to him the other shall cease to have any interest in the bond. If both request payment jointly, payment will be m ade by check drawn to their order jointly, for example, “ John A. Jones A N D Mrs. M ary C. Jones.” (б ) Reissue. — The bond may be reissued upon the request of both if presented and surrendered during the lifetime o f both, as follows: (1) In the name o f either, alone or with a new coowner or beneficiary: (i) if the coowner whose name is to remain on the bond and the coowner whose name is to be eliminated are related to each other as: husband and w ife; parent and child (including stepchild); brother and sister (including the half blood, stepbrother and stepsister, and brother and sister through adoption); grand parent and grandchild; great grandparent and great grandchild; uncle or aunt and nephew or niece, including as nephew or niece the children of a brother or sister o f the present spouse; granduncle or grandaunt and grandniece or grandnephew; mother-in-law or father-in-law and daughter-in-law or son-in-law; sister-in-law or brother-in-law; provided, however, that the Treasury reserves the right to reject any application for reissue hereunder, in whole or in part, upon a determination that the transaction would tend to evade or defeat the purposes o f the limitation on holdings or the restriction against the trans ferability o f savings bonds; (ii) if one o f them marries after the issue o f the bon d; and (iii) if they are divorced or legally separated from each other, or their marriage is annulled, after the issue o f the bond. Form P D 1938 should be used to request reissue in any o f the above three classes of cases. The representative o f the estate o f a minor or incom petent coowner m ay request reissue under this paragraph on behalf o f the ward to eliminate the other, but a request to eliminate the name of the minor or incom petent will not be recognized unless supported by evidence that a court has ordered the representative to request such reissue (see Sec. 315.23). When no representative has been appointed for a minor coowner who is not of sufficient com petency to sign his name to the request for reissue and to understand the nature o f the transaction, the person authorized to request paym ent for the minor under Sec. 315.52 may sign the request for the minor, but only for reissue to prom ote the minor to sole owner. If no representative has been appointed for the estate o f a minor coowner who is o f sufficient com petency to sign his name to the request for reissue and to understand the nature o f the transaction, and if all of the bonds are to be reissued in his name alone or, if he so requests, with a new coowner or a beneficiary, he m ay sign the request. Reissue will not be made if one coowner is incom petent and a representative o f the incom petent’s estate has n ot been appointed, except to add the words “ an incom petent” after his name or to eliminate the other coowner from the registration. (2) In the name o f a trustee o f a personal trust estate created b y both coowners. Requests for reissue should be made on Form P D 1851 and will not be approved unless both coowners are o f full age and legally com petent. N o other reissue will be permitted in any form during the lives of both coowners, except as specifically provided in these regulations. 18 S ec. 315.61. After the death o f one or both coow ners.— I f either coowner dies w ithout the bond having been presented and surrendered for paym ent or authorized reissue, the survivor will be recog nized as the sole and absolute owner. Thereafter, paym ent or reissue will be made as though the bond were registered in the name o f the survivor alone (see Subpart K ), except that a request for reissue by him must be supported b y proof o f death of the other coowner, and except further that after the death o f the survivor proof o f death o f both coowners and of the order in which they died will be required. T he presentation and surrender of a bond by one coowner for paym ent establishes his right to receive the proceeds o f the bond, and if he should die before the transaction is com pleted, paym ent will be m ade to the legal representative of, or persons entitled to, his estate in accordance with the provisions o f Subpart N . If either coowner dies after the bond has been presented and surrendered for authorized reissue (see Sec. 315.47), the bond will be regarded as though reissued during his lifetime. Sec. 315.62. Upon death o f both coow ners in a com m on disaster, etc.— If both coowners die under such conditions that it cannot be established either by presumption of law or otherwise which died first, the bond will be considered as belonging to the estates o f both equally, and paym ent or reissue will be made accordingly. (See Subpart N .) Subpart M —TWO NATURAL PERSONS AS OWNER AND BENEFICIARY Sec. 315.65. During the lifetime o f the registered owner.— A savings bond registered in beneficiary form , for example, “ John A. Jones payable on death to M rs. M ary C. Jones,” will be paid or reissued upon presentation and surrender during the lifetime of the registered owner, as follows: (a) P a y m e n t . The bond will be paid to the registered owner during his lifetime upon his properly executed request as though no beneficiary had been named in the registration. The presentation and surrender of the bond by the registered owner for paym ent establishes his exclusive right to the proceeds o f the bond, and if he should die before the transaction is com pleted, paym ent will be made to the legal representative of, or the persons entitled to, his estate upon receipt o f proof of the appointm ent and qualification o f the representative or the identity of the persons entitled, in accordance with the provi sions o f Subpart N. (b ) R e is s u e . T he bond will be reissued on the duly certified request of the registered owner: (1) T o name the beneficiary designated on the i>ond as coowner. Form P D 1787 should be used. (2) T o eliminate the beneficiary, to substitute another person as beneficiary, or to name another person as coowner, if the request o f the registered owner is supported b y the duly certified consent o f the beneficiary to the elimination o f his name or proof o f the death o f the beneficiary. Form P D 1787 should be used .14 (3) In the name o f a trustee o f a personal trust estate created by the owner, if the request of the owner is supported b y the duly certified consent of the beneficiary to the elimination of his name or proof o f the death o f the beneficiary. Form P D 1851 should be used b y the owner and Form P D 1849 by the beneficiary .14 I f the registered owner dies after the bond has been presented and surrendered for authorized reissue, the bond will be regarded as though reissued during his lifetime. S ec. 315.66. After the death o f the registered owner.— If the registered owner dies without the bond having been presented and surrendered for paym ent or authorized reissue and is survived b y the beneficiary, upon proof o f death o f the owner the beneficiary will be recognized as the sole and absolute owner, and paym ent or reissue will be made as though the bond were registered in his name alone (see Subpart K ). Subpart N—DECEASED OWNERS Sec. 315.70. Payment or reissue on death o f owner. (a) G e n e r a l. U pon the death o f the owner of a savings bond who is not survived b y a coowner or designated beneficiary and who had not during his lifetime presented and surrendered the bond for paym ent or an authorized reissue, the bond will be considered as belonging to his estate and will be paid or reissued accordingly as hereinafter provided, except that reissue under this subpart will n ot be permitted if otherwise in conflict with these regulations. In such exceptional case the person entitled to the bond will have the right only: ( 1 ) to hold the bond without change in registration; (2 ) to receive paym ent o f the redem ption value o f the bond at any time and, if the bond is a current incom e bond, to receive the interest as it becom es due, but if the person entitled is an alien who is a resident of an area with respect to which the Treasury Departm ent restricts or regulates the delivery o f checks drawn against funds o f the United States or any agency or instrumentality thereof, paym ent of the principal 14 T h e p r o v is io n s o f th is s u b section d o n o t a p p ly t o b o n d s on w h ich th e T reasu rer o f th e U n ited S ta tes is n am ed as b e n eficia ry . 19 o f and interest on the bond will not be made to such person until the restriction is rem oved. A creditor m ay obtain payment o f a bond but not reissue. The provisions o f this section shall also apply to savings bonds registered in the names o f executors or administrators, except that proof o f their appointment and qualification may not be required under (b) and (c). ( b) In course o f adm inistration. If the estate o f a decedent is being administered in court, the bond will be paid to the duly qualified representative of the estate or will be reissued in the names o f the persons entitled to share in the estate, upon the request o f the representative and compliance with the following requirements: (1) W here there are tw o or more legal representatives, all must join in the request for pajmient or reissue, except as provided in Secs. 315.77 and 315.78. (2) The request for paym ent or reissue should be signed in the form, for example, “ John A. Jones, administrator o f the estate (or executor of the w’ill) of Henry W . Jones, deceased,” and must be supported by proof o f the representative’s authority in the form of a court certificate or a certified copy of the representative’s letters of appointment. The certificate or the certification to the letters must be under seal o f the court and, except in the case of a corporate representative, must contain a statement that the appointm ent is in full force and should be dated within six months o f the date o f presentation o f the bond, unless the certificate or letters show that the ap pointm ent was made within one year immediately prior to such presentation. (3) In case o f reissue the legal representative of the estate should certify that each person in whose name reissue is requested is entitled to the extent specified for each and has consented to such reissue. A request for reissue by the legal representative should be made on Form P D 1455. If a person in whose name reissue is requested desires to name a coow ncr or beneficiary, such person should execute an additional request for that purpose, using Form P D 1787. (c ) A fter settlem en t through cou rt proceedings. — I f the estate of the decedent has been settled in court, the bond will be paid to, or reissued in the name of, the person entitled thereto as determined by the court. T he request for paym ent or reissue should be made b y the person shown to be entitled, supported by a duly certified copy of the representative’s final account as approved by the court, decree o f distribution, or other pertinent court records, supplemented, if there are two or more persons having an apparent interest in the bond, bjT an agreement executed b y them concerning the disposition o f the bond. Form P D 1787 should be used. ( d) W ithout adm inistration. — When it appears that no legal representative of the decedent’s estate has been or will be appointed, the bond will be paid to, or reissued in the name of, the person or persons entitled, including those entitled as donees of a gift causa mortis, pursuant to an agreement and request by all persons entitled to share in the decedent’s estate. A short form of agreement for settlement without administration (Form P D 194G) may be used for cases in which the total amount of savings bonds (m aturity value) and redem ption and interest checks (face amount) relating to savings bonds which belong to the decedent’s estate is not in excess of $500. A longer form (Form P D 1946-A ) is prescribed for other cases o f settlement without administration. Request for the appropriate form to be used hereunder m ay be made to any Federal Reserve Bank, the Office of the Treasurer o f the U nited States, or to the Bureau o f the Public D ebt, D ivision o f Loans and Currency Branch. If the persons entitled to share in the estate include minors or incompetents, payment or reissue of the bond will not be permitted without administration except to them or in their names unless their interests are otherwise protected to the satisfaction o f the Treasury Department. Subpart O—FIDUCIARIES S ec. 315.75. Payment.— A savings bond registered in the name o f a fiduciary or otherwise belong ing to a fiduciary estate will be paid to the fiduciary or fiduciaries in accordance with the provisions of Secs. 315.77 and 315.78. S ec. 315.76. Reissue. (a) In th e nam e o f person en titled .— ( 1) Distribution o f trust estate in kind.— A bond to which a beneficiary of a trust estate has becom e lawfully entitled in his own right or in a fiduciary capacity, in whole or in part, under the terms o f a trust instrument, will be reissued in his name to the extent of his interest, upon the request o f the trustee or trustees and their certification that such person is entitled and has agreed to reissue in his name. (2) A fter termination o f trust estate.— If the person who wrould be lawfully entitled to a bond upon the termination o f a trust does not desire to have distribution made to him in kind, as pro vided in prargrapli ( 1 ) above, the trustee or trustees should present the bond for payment before the estate is terminated. If, however, the estate is terminated without such paym ent or reissue having been made, the bond will thereafter be paid to or reissued in the name of the person lawfully entitled upon his request and satisfactory proof of ownership, supplemented, if there are two or 20 more persons having any apparent interest in the bond, b y an agreement executed by all such persons concerning the disposition of the bond. (3) Upon termination o f guardianship estate.— If the estate of a minor or incom petent or of an absentee is terminated, during the ward’s lifetime, a bond registered to show that there is a representative o f the estate will be reissued in the name of the former ward upon the representa tive’s request and certification that the former ward is entitled and has agreed to reissue in his name (Form P D 1455 should be used), or will be paid to or reissued in the name of the former ward upon his own request, supported in either case by satisfactory evidence that his disability has been removed or that an absentee has returned to claim his property. Certification b v the representative that a former minor has attained his m ajority, that a former incom petent has been legally restored to com petency, that a legal disability of a female ward has been removed by marriage, if the state law so provides, or that an absentee has appeared to claim his property, will ordinarily be accepted as sufficient (see Sec. 315.77 if the representative’s name is not shown in the registration). U pon the termination of the estate as the result o f the death of the ward, a bond registered to show that there is a representative of his estate will be reissued in accordance with the provisions o f Subpart N as though it were registered in the name of the ward alone. (4) Upon termination o f life estate.— U pon the death of a life tenant, a bond registered in his name as life tenant m ay be reissued in the name of the person or persons entitled pursuant to an agreement and request o f all o f the persons having an interest in the remainder. (b) In th e nam e o f a succeeding fiduciary.— If a fiduciary in whose name a bond is registered has been succeeded by another, the bond will be reissued in the name of the succeeding fiduciary upon appropriate request and satisfactory evidence of successorship. Form P D 1455 should be used. (c ) In th e nam e o f financial in stitu tion as trustee o f com m on trust fund. — A bond held b y a bank, trust com pany, or other financial institution as a trustee, guardian or similar representative, executor or administrator m ay be reissued in its name as trustee of its com m on trust fund to the extent that participation therein b y the institution in such capacitj 7 is authorized b y law or applicable regu lations. A request for reissue to the institution as trustee of its com m on trust fund should be executed on its behalf in the capacity in which the bond is held and b y the co-fiduciary, if any. Form P D 1455 should be used. Sec. 315.77. Requests for reissue or payment prior to maturity.— E xcept as specifically provided, the following rules apply to both requests for paym ent and reissue b y fiduciaries. A request for reissue or for payment prior to maturity, or extended maturity for those Series E bonds for which an optional extension period has been provided13, must be signed b y all acting fiduciaries unless b y express statute, decree o f court, or the terms of the instrument under which the fiduciaries are acting, some one or more o f them may properly execute the request. If the fiduciaries named in the registration of the bond are still acting, no further evidence of authority will be required. In other cases a request must be sup ported by evidence as specified below: (a) Fiduciaries by title on ly .— If the bond is registered in the titles, without the names, of fiduciaries not acting as a board, satisfactory evidence of their incum bency must be furnished, except in the case of bonds registered in the title of public officers as trustees. (b) Succeeding fiduciaries.— If the fiduciaries in whose names the bond is registered have been succeeded by other fiduciaries, satisfactory evidence of successorship must be furnished. (c) Boards, com m ittees, etc. — A savings bond registered in the name of a board, com m ittee, com mission, or other body, empowered to act as a unit and to hold title to the property o f a religious, educational, charitable, or non-profit organization or public corporation will be paid upon a request for paym ent signed in the name o f the board or other body by an authorized officer thereof. A request so signed and duly certified will ordinarily be accepted without further evidence of the officer’s au thority. The check in paym ent of the bond will be drawn in the name of the board or other body as fiduciary for the organization named in the registration or shown by satisfactory evidence to be en titled as successor thereto. ( d ) Corporate fiduciaries.— If a public or private corporation or a political body, such as a state or county, is acting as a fiduciary, a request must be signed in the name of the corporation or other b od y in the fiduciary capacity in which it is acting, by an authorized officer thereof. A request so signed and duly certified will ordinarily be accepted without further evidence of the officer’s authority. (e) Registration not disclosing trust or oth er fiduciary esta te. — If the registration of the bond does n ot show that it belongs to a trust or other fiduciary estate or does not identify the estate to which it belongs, satisfactory evidence of ownership must be furnished in addition to any other evidence required by this section. S ec. 315.78. Requests for payment at or after maturity.— A request for paym ent at or after ma turity, or extended m aturity for those Series E bonds for which an optional extension period has been provided ,13 signed by any one or more acting fiduciaries, will be accepted. Paym ent will ordinarily be made by check drawn as the bond is inscribed. 21 Subpart P—PAYMENT OR REISSUE OF BONDS REGISTERED IN THE NAMES OF PRIVATE ORGANIZATIONS (CORPORATIONS, ASSOCIATIONS, PART NERSHIPS, ETC.) AND GOVERNMENTAL AGENCIES, UNITS AND OFFICERS Sec. 315.80. Payment to corporations or unincorporated associations.— A savings bond regis tered in the name o f a private corporation or an unincorporated association will be paid to the cor poration or unincorporated association upon request for payment on its behalf b y a duly authorized officer thereof. T he signature to the request should be in the form, for example, “ The Jones Coal C om pany, a corporation, b}r John Jones, President,” or “ The Lotus Club, an unincorporated association, by W illiam A. Smith, Treasurer.” A request for payment so signed and duly certified will ordinarily be accepted without further evidence o f the officer’s authority. S ec. 315.81. Payment to partnerships.— A savings bond registered in the name o f an existing partnership will be paid upon a request for payment signed b_v a general partner. The signature to the request should be in the form , for example, “ Smith and Jones, a partnership, by John Jones, a general partner.” A request for paym ent so signed and duly certified will ordinarily be accepted as sufficient evidence that the partnership is still in existence and that the person signing the request is duly authorized. Sec. 315.82. Reissue or payment to successors o f corporations, unincorporated associations, or partnerships.— A savings bond registered in the name of a private corporation, an unincorporated association, or a partnership which has been succeeded by another corporation, unincorporated associa tion, or partnership by operation o f law or otherwise, as the result of merger, consolidation, incor poration, reincorporation, conversion, or reorganization, or which has been lawfully succeeded in any manner whereby the business or activities o f the original organization are continued without sub stantial change, will be paid to or reissued in the name of the succeeding organization upon appropriate request on its behalf, supported by satisfactory evidence o f successorsliip. Form P D 1540 should be used. Sec. 315.83.— Reissue or payment on dissolution o f corporation or partnership. (a) C o r p o r a tio n s .— A savings bond registered in the name of a private corporation which is in the process o f dissolution will be paid to the authorized representative of the corporation upon a duly executed request for payment, supported by satisfactory evidence of the representative’s authority. U pon the termination of dissolution proceedings, the bond may be reissued in the names of those persons, other than creditors, entitled to the assets of the corporation, to the extent of their respective interests. Reissue under this subsection will be made upon the duly executed request of the authorized representative of the corporation and upon proof that all statutory provisions governing the dissolution of the corporation have been com plied with and that the persons in whose names reissue is requested are entitled and have agreed to the reissue. If the dissolution proceedings are under the direction of a court, a certified copy o f an order o f the court, showing the authority of the representative to make the distribution requested, must be furnished. (6 ) P a r tn e r s h ip s .— A savings bond registered in the name of a partnership which has been dis solved by death or withdrawal o f a partner, or in any other manner, will be paid upon a request for paym ent by any partner or partners authorized by law to act on behalf of the dissolved partnership, or will be paid to or reissued in the names o f the persons, other than creditors, entitled thereto as the result o f such dissolution to the extent o f their respective interests, upon their request supported by satisfactory evidence o f their title, including proof that the debts of the partnership have been paid or properly provided for. Sec. 315.84. Payment to institutions (churches, hospitals, hom es, schools, etc.).— A savings bond registered in the name o f a church, hospital, home, school, or similar institution without reference in the registration to the manner in which it is organized or governed or to the manner in which title to its property is held will be paid upon a request for paym ent signed on behalf of such institution by an authorized representative. For the purpose of this section, a request for payment signed by a pastor o f a church, superintendent o f a hospital, president of a college, or by any official generally recognized as having authority to conduct the financial affairs of the particular institution will ordinarily be accepted without further proof o f his authority. The signature to the request should be in the form, for example, “ Shriners’ Hospital for Crippled Children, St. Louis, Missouri, b y W illiam A . Smith, superintendent,” or “ St. M a ry ’s Rom an Catholic Church, Albany, New Y ork, b y John Jones, pastor.” S ec. 315.85. Reissue in name o f trustee or agent for investment purposes.— A savings bond registered in the name o f a religious, educational, charitable or nonprofit organization, w'hether or not incorporated, m ay be reissued in the name o f a bank, trust com pany or other financial institution, or an individual, as trustee or agent under an agreement with the organization under which the trustee 22 or agent tolds funds o f the organization, in whole or in part, for the purpose o f investing and rein vesting the principal and paying the income to the organization. Form P D 2177 should be used and should be signed on behalf o f the organization by an authorized officer. Sec. 315.86. Reissue upon termination o f investment agency.— A savings bond registered in the name o f a bank, trust com pany, or other financial institution, or individual, as agent for investment purposes only, under an agreement with a religious, educational, charitable, or nonprofit organization, m ay be reissued in the name o f the organization upon termination of the agency. The former agent should request such reissue and should certify that the organization is entitled by reason o f the ter mination o f the agency, using Form P D 1455. If such request and certification are not obtainable, the bond will be reissued in the name o f the organization upon its own request, supported by satis factory evidence o f the termination o f the agency. S ec. 315.87. Payment to governmental agencies and units.— A savings bond registered in the name o f a state, county, city, town, or village, or in the name of a federal, state, or local governmental agency such as a board, commission, or corporation, will be paid upon a request signed in the name o f the governmental agency or unit by a duly authorized officer thereof. A request for paym ent so signed and duly certified will ordinarily be accepted without further proof of the officer’s authority. Sec. 315.88. Payment to Government officers.— A savings bond registered in the official title of an officer o f a governmental agency or unit will be paid upon a request for paym ent signed b y the designated officer. T he fact that the request for payment is so signed and duly certified will ordi narily be accepted as proof that the person signing is the incumbent of the designated office. Subpart Q—FURTHER PROVISIONS Sec. 315.90. Regulations prescribed.— These regulations are prescribed by the Secretary of the Treasury as governing United States Savings Bonds issued under the authority of Sec. 22 of the Second Liberty Bond A ct, as amended, and pursuant to the various Department circulars offering such bonds for sale. T he provisions of these regulations with respect to bonds registered in the names o f certain classes o f individuals, fiduciaries, and organizations are equally applicable to bonds to which such individuals, fiduciaries, and organizations are otherwise shown to be entitled under these regulations. T he provisions o f D epartm ent Circular N o. 300, Revised, have no application to savings bonds. Sec. 315.91. W aiver o f regulations.—The Secretary of the Treasury reserves the right, in his discretion, to waive or modify any provision or provisions of these regulations in any particular case or class of cases for the convenience of the United States or in order to relieve any person or persons o f unnecessary hardship, if such action would not be inconsistent with law and would not impair any existing rights, and if he is satisfied that such action would not subject the United States to any substantial expense or liability. Sec. 315.92. Additional evid en ce; bond o f indemnity.— The Secretary of the Treasury, in any case arising under these regulations, may require such additional evidence as he m ay consider neces sary or advisable, and m ay require a bond of indemnity, with or without surety, or an agreement of indem nity in any case where he m ay consider such a bond or agreement necessary for the protection o f the interests o f the United States. Sec. 315.93. Preservation o f rights.— N othing contained in these regulations shall be construed to lim it or restrict any existing rights which holders of savings bonds heretofore issued m ay have acquired under the circulars offering the bonds for sale or under the regulations in force at the time o f purchase. S ec. 315.94. Supplements, amendments, or revisions.—The Secretary of the Treasury may at any time, or from time to time, prescribe additional, supplemental, amendatory, or revised rules and regulations governing United States Savings Bonds. JULIAN B. BAIRD , Acting Secretary of the Treasury. o UNITED STATES SAVINGS BONDS SERIES E 1957 First Amendment to Department Circular No. 653 Fourth Revision, dated April 22, 1957 T reasury O f f ic e D epartm ent, of th e S ecretary, Washington, Decem ber 23,1957. Fiscal Service Bureau of the Public Debt Sections 316.7, 316.8, and 316.11 (a) o f Depart ment Circular No. 653, Fourth Revision, dated A p ril 22,1957 (31 C F R 316), are hereby amended effective January 1, 1958, to read as follow s: Sec. 316.7. Registration.— (a) General.— Gen erally, only residents (whether natural persons or others) o f the United States, its territories and possessions, the Commonwealth o f Puerto Rico, the Canal Zone and citizens o f the United States temporarily residing abroad are eligible to invest in bonds o f Series E. Full inform ation regarding eligibility to invest in savings bonds, and author ized form s o f registration and rights thereunder, will be found in the regulations currently in force governing United States Savings Bonds .1 (b ) Individuals.— The bonds may be registered in the names o f natural persons (whether adults or minors) in their own right, in single ownership, coownership, and beneficiary form. (c ) Others (only in single ownership fo rm ).— The bonds may also be registered as fo llo w s: (1) Fiduciaries.— In the name o f any per sons or organizations, public or private, as fiduciaries, except where the fiduciary would hold the bonds merely or principally as secu rity fo r the perform ance o f a duty, obliga tion or service. (2) P rivate and -public organizations.— In the names o f private or public organizations (including private corporations, partnerships and unincorporated associations, and states, counties, public corporations, and other public bodies) in their own right, but not in the names o f commercial banks, which are defined fo r this purpose as those accepting demand deposits. Sec. 316.8. Lim itation on holdings.— The limits on the amount o f bonds o f Series E originally issued during any one calendar year that may be 1 Department Circular No. 530. 451641— 58 held by any one person at any one time (which will be computed in accordance with the regulations currently in force governing United States Savings Bonds) are: (a ) General limitation.—$10,000 (maturity value) for the calendar year 1958 and each calen dar year thereafter. (b ) Special limitation applicable to employees' savings plans.— $ 2,000 (maturity value) multi plied by the highest number o f participants in an employees’ savings plan (as defined below ) 2 at any time during the year in which the bonds are issued. 1. Definition o f plan and conditions o f eligi bility.— (i) The employees’ savings plan must have been established by the employer fo r the ex clusive and irrevocable benefit o f his employ ees or their beneficiaries, afford employees the means o f making regular savings from their wages through payroll deductions, and pro vide fo r employer contributions to be added to such savings. (ii) The entire assets thereof must be credited to the individual accounts o f partici pating employees and assets credited to the account o f an employee may be distributed only to him or his beneficiary, except as otherwise provided herein. (iii) Bonds o f Series E may be purchased only with assets credited to the accounts o f participating employees and only i f the amount taken from any account at any time fo r that purpose is equal to the purchase price o f a bond or bonds in an authorized denomina tion or denominations, and shares therein are credited to the accounts o f the individuals from which the purchase price thereof was derived, in amounts corresponding with their 2 No other investor Is authorized to hold bonds In excess o f the general lim itation. 2 shares. F or example, i f $37.50 credited to the account o f John Jones is commingled with funds credited to the accounts o f other em ployees to make a total o f $7,500, with which a bond o f Series E in the denomination of $10,000 (m aturity value) is purchased in June 1958 and registered in the name and title of the trustee or trustees, the plan must provide, in effect, that John Jones’ account shall be credited to show that he is the owner o f a bond o f Series E in the denomination o f $50 (m a turity value) bearing issue date o f June 1, 1958. (iv ) Each participating employee shall have an irrevocable right at any time to de mand and receive from the trustee or trustees all assets credited to his account or the value thereof, if he so prefers, without regard to any condition other than the loss or suspension of the privilege o f participating further in the plan, except that a plan will not be deemed to be inconsistent herewith, if it limits or modi fies the exercise o f any such right by providing that the employer’s contribution does not vest absolutely until the employee shall have made contributions under the plan in each o f not more than sixty calendar months succeeding the month for which the employer’s contribu tion is made. (v ) U pon the death o f an employee, his beneficiary shall have the absolute and un conditional right to demand and receive from the trustee or trustees all the assets credited to the account o f the employee, or the value thereof, if he so prefers. (v i) W hen settlement is made with an em ployee or his beneficiary with respect to any bond o f Series E registered in the name and title o f the trustee or trustees in which the employee has a share (see (ii) h ereof), the bond must be submitted fo r redemption or reissue tq the extent o f such share; i f an employee or his beneficiary is to receive dis tribution in kind, bonds bearing the same issue dates as those credited to the employee’s ac count will be reissued in the name o f the distributee to the extent to which he is en titled, in authorized denominations, in any authorized form o f registration, upon the request and certification o f the trustee or trustees in accordance with the provisions o f the regulations governing United States Savings Bonds. 2. Definitions o f terms used in this section and related provisions.— (i) The term “ savings plan” includes any regulations issued under the plan with regard to bonds o f Series E ; a copy o f the plan and any such regulations, together with a copy o f the trust agreement certified by a trustee to be true copies, must be submitted to the Federal Reserve Bank o f the District in order to es tablish the eligibility o f the trustee or trustees to purchase bonds in excess o f the general limitation in any calendar year. (ii) The term “ assets” means all funds, including the employees’ contributions and the employer’s contributions and assets pur chased therewith as well as accretions thereto, such as dividends on stock, the increment in value on bonds and all other income; but, notwithstanding any other provision o f this section, the right to demand and receive “ all assets” credited to the account o f an employee shall not be construed to require the distribu tion o f assets in kind when it would not be possible or practicable to make such distribu tion ; fo r example, bonds o f Series E may not be reissued in unauthorized denominations, and fractional shares o f stock are not readily distributable in kind. (iii) The term “ beneficiary” means the per son or persons, if any, designated by the em ployee in accordance with the terms o f the plan to receive the benefits o f thq trust upon his death or the estate o f the employee, and the term “ distributee” means the employee or his beneficiary. Sec. 316.11. Purchase o f bonds.— (a ) Over-the-counter f o r cash: (1 ) F or natural persons in their own right only ( i) at suqh in corporated banks, trust companies, and other agencies as have been duly qualified as issuing agents; and (ii) at selected United States post offices; and ( 2 ) for all eligible purchasers, at Federal Reserve Banks and Branches and at the Treasury Department, W ashington 25, D. C. * * * * * J U L IA N B. B A IR D , Acting Secretary o f the Treasury. U . S . G O V E R N M E N T P R IN T IN G O F F I C E : 1 9 5 3 UNITED STATES SAVINGS BONDS 1957 First Amendment to Department Circular No. 905 Revised, dated April 22, 1957 Fiscal Service Bureau of the Public Debt S E R IE S H — — TREASURY D EPARTM EN T, O F F IC E O F T H E SECRETARY, W ashington, Decem ber 23,1957. Section 332.8 o f Department Circular No. 905, (c ) Others (only in single ownership fo rm ).— Revised, dated A p ril 22, 1957 (31 C F R 332), is The bonds may also be registered as follow s: hereby amended effective January 1, 1958, to read as follo w s: (1) Fiduciaries.— In the names o f any per Sec. 332.8. Registration.— (a ) General.— Gen sons or organizations, public or private, as erally, only residents ( whether natural persons or fiduciaries, except where the fiduciary would others) o f the United States, its territories and hold the bonds merely or principally as secur possessions, the Commonwealth o f Puerto Rico, ity fo r the performance o f a duty, obligation the Canal Zone and citizens o f the United States or service. temporarily residing abroad are eligible to invest in bonds o f Series H . Full inform ation regard (2 ) Private and public organizations.— In ing eligibility to invest in savings bonds, and au the names o f private or public organizations (including private corporations, partner thorized form s o f registration and rights there under, will be found in the regulations currently ships and unincorporated associations, and in force governing United States Savings Bonds.* states, counties, public corporations, and (b ) Individuals.— The bonds may be registered other public bodies) in their own right, but in the names o f natural persons (whether adults not in the names o f commercial banks, which or minors) in their own right, in single owner are defined fo r this purpose as those accept ship, coownership, and beneficiary form. ing demand deposits. • D ep a rtm en t C ir cu la r N o. 530. J U L IA N B. B A IR D , A cting Secretary o f the Treasury. 451643— 58
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