Full text of Federal Reserve Bank of New York Circulars : 5368. General Regulations Governing United States Securities

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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States

r Circular N o. 5 3 6 8 "1
U
A ugust 8, 1963
J

GENERAL REGULATIONS GOVERNING UNITED STATES SECURITIES
Treasury Department Circular No. 300, Second Revision

To All Banking Institutions, and Others Concerned,
in the Second Federal Reserve D istrict:

Enclosed is a copy of the Second Revision of Treasury Department Circular
No. 300, dated April 19, 1963, containing general regulations on United States
Government securities other than savings bonds. The revision represents con­
siderable rewriting and rearrangement of material that appeared in the super­
seded circular, dated A pril 30, 1955. It also contains new provisions covering
taxpayer identifying numbers and advance refundings, and reflects minor sub­
stantive and procedural changes in almost all of its subparts.
Additional copies of the enclosure will be furnished upon request.




A

lfred

H

ayes,

President.

UNITED STATES TREASURY DEPARTMENT




G EN ER A L REGULATIONS
WITH RESPECT TO

UNITED STATES

SECURITIES
Department Circular No. 300
SECOND REVISION

April 19, 1963

U.S. GOVERNMENT PRINTING OFFICE
WASHINGTON : 1963




TABLE OF CONTENTS
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Subpart A— General Inform ation _____________________________________________________________________________________________
Sec. 300.0.— Applicability of regulations_________________________________________________________________________________
Sec. 30G.1.— Official agencies_____________________________________________________________________________________________
(a) Subscriptions— tenders— bid s___________________________________________________________________________________
(b) Transactions after issue_________________________________________________________________________________________
Sec. 306.2.— Definitions___________________________________________________________________________________________________
Sec. 30G.3.— Transportation charges and risks in the shipment of securities____________________________________________
Subpart B— Registration------------- ------------------------------------ --------------------------------------------------------------------------------------------------------Sec. 306.10.— Registration________________________________________________________________________________________________
(a) General__________________________________________________________________________________________________________
(b) Identifying num bers_____________________________________________________________________________________________
Sec. 306.11.— Forms of registration for transferable securities___________________________________________________________
(a) Natural persons in their own right______________________________________________________________________________
(1) One person__________________________________________________________________________________________________
(2) T w o or more persons— general____________________ ! ________________________________________________________
(i) W ith right of survivorship_____________________________________________________________________________
(ii) W ithout right of survivorship_________________________________________________________________________
(b) Natural guardians o f m inors____________________________________________________________________________________
(c) Incom petents not under guardianship-----------------------------------------------------------------------------------------------------------------(d) Private organizations (corporations, unincorporated associations and partnerships)----------------------------------------(1) A corporation _______________________________________________________________________________________________
(2) An unincorporated association______________________________________________________________________________
(3) A partnership_______________________________________________________________________________________________
(e) States, public bodies and corporations and public officers----------------------------------------------------------------------------------(f) States, public officers, corporations or bodies as trustees---------------------------------------------------------- ------------------------(g) Executors, administrators, guardians and similar representatives or fiduciaries________________________________
(h) Private trust estates_____________________________________________________________________________________________
Sec. 306.12.— Nontransferable securities_________________________________________________________________________________
Sec. 306.13.— Errors in registration__________________________________________________ ____________________________________
Subpart C— Transfers, Exchanges and Reissues---------------------------------------------------------------------------------------- ------------------------------Sec. 306.15.— Transfers and exchanges of securities— closed periods_____________________________________________________
(a) G eneral___________________________________________________________________________________________________________
(b) Closing of transfer b o o k s--------------------------------------------------------------------------------------------------------------------------------------Sec. 306.16.— Denom inational exchanges of registered securities________________________________________________________
Sec. 306.17.— Exchanges of registered securities for coupon securities___________________________________________________
Sec. 306.18.— Exchanges of coupon securities for registered securities___________________________________________________
Sec. 306.19.— Denom inational exchanges of coupon securities-----------------------------------------------------------------------------------------Sec. 306.20.— Reissue o f registered transferable securities_______________________________________________________________
Sec. 306.21.— Reissue o f nontransferable securities____________________ ________ _________________________________________
(a) Treasury Bonds, Investm ent Series A - 1965--------------------------------------------------------------------------------------------------------(b) Treasury Bonds, Investm ent Series B -1 9 7 5 -8 0 --------------------------------------------------------------------------------------------------Sec. 306.22.— Exchange of Treasury Bonds, Investm ent Series B -1 9 7 5 -8 0 _____________________________________________
Subpart D — Redem ption or Paym ent_________________________________________________________________________________________
Sec. 306.25.— Presentation and surrender________________________________________________________________________________
(a) G eneral___________________________________________________________________________________________________________
(b) “ Overdue” securities_____________________________________________________________________________________________
Sec. 306.26.— Redem ption of registered securities at maturity, upon prior call, or for advance refunding______________
Sec. 306.27.— R edem ption of bearer securities at maturity, upon prior call, or for advance refunding___________________
Sec. 306.28.— Optional redem ption of Treasury bonds at par (before m aturity or call redem ption date) and application
o f the proceeds in paym ent of Federal estate taxes-------------------------------------------------------------------------------------------------------(a) G eneral___________________________________________________________________________________________________________
(b) Conditions_______________________________________________________________________________________________________
(i) Coownership holdings_______________________________________________________________________________________
(ii) Partnership holdings________________________________________________________________________________________
(iii) Trust holdings______________________________________________________________________________________________
(c) Transactions permitted after ow ner’s d ea th _____________________________________________________________________

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Subpart E— Interest---------------------------------------------------------------------------------------------------------------------------------------------------------------Sec. 306.35.— Com putation of in te r e s t --_________________________________________________________________________________
Sec. 306.36.— Term ination of interest____________________________________________________________________________________
Sec. 306.37.— Interest on registered securities______________- -------------------------------------------------------------------------------------------(a) M eth od of paym en t----------------------------------------------------------------------------------------------------------------------------------------------(b) Change o f address-------------------------------------------------------------------------------------------------------------- .----------------------------------(c) Collection of interest checks---------------------------------------------------------------------------------------------------------------------------------(1) G eneral-----------------------------------------------------------------------------------------------------------------------------------------------------------(2) By voluntary guardians o f incom petents___________________________________ _______________________________
(d) N onreceipt, loss, theft or destruction of interest checks________________________________________________________
Sec. 306.38.— Interest on bearer securities---------------------------------------------------------------------------------------------------------------------- Subpart F— Assignments of Registered Securities— General----------------------------------------------------------------------------------------------------Sec. 306.40.— Execution o f assignm ents----------------------------------------------------------------------------------------------------------------------------Sec. 306.41.— Form of assignm ent________________________________________________________________________________________
Sec. 306.42.— Alterations and erasures------------------------------------------------------------------------------------------------------------------------------Sec. 306.43.— Voidance o f assignments------------------------------------------------------------------------------------------------------------------------------Sec. 306.44.— Discrepancies in nam es----------- --------------------------------------------------------------------------------------- ----------------------------Sec. 306.45.— Officers authorized to witness assignments---------------- . . _ — ---------------------------------------------------------------(a) Officers authorized generally--------------------------------------------------------------------------------------------------------------------------------(b) Authorized officers in foreign countries--------------------------------------------------------------------------------------------------------------(c) Officers having limited authority--------------------------------------------------------------------------------------------------------------------------(d) Special provisions for witnessing assignments-----------------------------------------------------------------------------------------------------Sec. 306.46.— Duties and responsibilities of witnessing officers-------------------- -------------------------------------------------------------------Sec. 306.47.— Evidence o f witnessing officer’s au th ority--------------------------------------------------------------------------------------------------Sec. 306.48.— Interested person not to act as witness or witnessing officer---------------------------------------------------------------------Sec. 306.49.— N ontransferable securities----------------------------------------------------------------------------------------------------------------------------Subpart G— Assignments by or in Behalf of Individuals---------------------------------------------------------------------------------------------------------Sec. 306.55.— Signatures, minor errors and change of nam e--------------------------------------------------------------------------------------------Sec. 306.56.— Assignment o f securities registered in the names of or assigned to tw o or more persons-------------------------(a) For transfer or exchange------------------------------------------------------------------- ------------------------------------------------------------------(b) For advance refunding exchanges------------------------------------------------------------------------------------------------------------------------(c) For redem ption or redem ption-exchange---------------------------------- --------------------------------------------------------------------------(1) Alternative registration or assignment----------------- --------------------- -----------------------------------------------------------------(2) Joint registration or assignm ent-------------------------------------------------------------------------------------------------------------------Sec. 306.57.— M inors and incom petents------------------------------------------------------------------------------------------------ -------------------------(a) Assignments o f securities registered in name of m inor---------------------------------------------------------------------------------------(1) By m inor--------------------------------------------------------------------------------------------------------------------------------------------------------(2) By natural guardian--------------------------------------------------------------------------------------------------------------------------------------(b) Assignments o f securities registered in name o f natural guardian of m inor-----------------------------------------------------(c) Assignments by voluntary guardians of incom petents--------------------------------------------------------------------------------------(d) Assignments by legal guardians o f minors or incom petents------------------------------------------------------------------------------Sec. 306.58.— Nontransferable securities---------------------------------------------------------------------------------------------------------------------------Subpart H— Assignments in Behalf of Estates of Deceased O wners--------------------------------------------- -----------------------------------------Sec. 306.65.— In course of adm inistration------------------------------------------------------------------------------------------------------------------ --------Sec. 306.66.— Tem porary or special adm inistrators----------------------------------------------------------------------------------------------------------(a) Tem porary adm inistrators-------------------------------------------------------------- - ------------------------------------- ----------------------------(b) Special adm inistrators-----------------------------------------------------------------------------------------------------------------------------------------Sec. 306.67.— After settlem ent through court proceedings------------------------------- ---------------------------------------------------------------Sec. 306.68.— W ithout adm inistration-------------------------------------------------------------------------------------------------------------------------------Sec. 306.69.— Special provisions applicable to small amounts o f securities, interest checks or redemption ch eck s-------Sec. 306.70.— N ontransferable securities----------------------------------------------------------------------------------------------------------------------------Subpart I— Assignments by or in Behalf o f Trustees and Similar Fiduciaries------------- ----------------------------------------------------------Sec. 306.75.— Individual fiduciaries---------------------------------------------------------------------------------------------------------------------------------- Sec. 306.76.— Fiduciaries acting as a unit--------------------------------------------------------------------------------------------------------------------------Sec. 306.77.— Corepresentatives and fiduciaries-------------------------- --------------------------------------------------------------------------------------Sec. 306.78— Nontransferable securities--------------------------------------------------------------------- ----------------------------------------------------Subpart J— Assignments in Behalf o f Private or Public Organizations-------------------------------------- -------------------------------------------Sec. 306.85.— Private corporations and unincorporated associations-------------------------------------------------------------------------------Sec. 306.86.— Change o f name and succession of private organizations------------------------------------------ --------------------------------Sec. 306.87.— Partnerships-------------------------------------------------------------------------------------------------------------------------------------------------Sec. 306.88.— Political entities and public corporations----------------------------------------------------------------------------------------------------Sec. 306.89.— Public officers---------------------------------------------------------------------------------------------------------------------------------------- ------Sec. 306.90.— N ontransferable securities----------------------------------------- ----------------------- ---------- ................. .......................................




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Subpart K — Attorneys in F a ct________________________________________________________________________________________________
Sec. 306.91.— A ttorneys in fa c t _____________________________________________________________________________ _____________
(a) G eneral___________________________________________________________________________________________________________
(b) For legal representatives or fiduciaries__________________________________________________________________________
(c) For corporation or unincorporated association__________________________________________________________________
(d) For public corporation s__________________________________________________________________________________________
Sec. 306.92.— N ontransferable securities__________________________________________________________________________________
Subpart L— Transfer through Judicial Proceedings___________________________ _______________________________________________
Sec. 306.95.— Transferable securities_____________________________________________________________________________________
Sec. 306.96.— Evidence required__________________________________________________________________________________________
Sec. 306.97.— Nontransferable securities----------------------------------------------------------------------------------------------------------------------------(a) Treasury Bonds, Investm ent Series A -1 96 5------------------------------------------------------------------------------------------------------- (b) Treasury Bonds, Investm ent Series B -1 9 7 5 -8 0 __---------------------------------------------------------------------------------------------Subpart M — Requests for Suspension of Transactions------------------------------------------------------------------------------------------------------------Sec. 306.100.— Requests for suspension of transactions in securities-------------------------------------------------------------------------------(a) Registered securities_____________________________________________________________________________________________
(1) Reports o f loss, theft or destruction of registered securities________________________________________________
(2) Reports of assignments affected by fra u d ----------------------------------------------------------------------------------------------------(3) Reports of forged assignments--------------------------------------------------------------------------------------------- ------------------------(b) Bearer securities or registered securities so assigned as to becom e, in effect, payable to bearer________________
(1) Securities not overdue-----------------------------------------------------------------------------------------------------------------------------------(2) Overdue securities__________________________________________________________________________________________
Subpart N— Claims on A ccount of Loss, Theft, Destruction, M utilation or D efacem ent of Securities______________________
Sec. 306.105.— Statutory authority and requirem ents-------------------------------------------------------------------------------------------------------Sec. 306.106.— Reports o f loss, theft, destruction, mutilation or defacem ent of securities----------------------------------------------(a) Loss or th eft_____________________________________________________________________________________________________
(b) D estruction, m utilation or defacem en t----------------------------------------------------------------------------------------------------------------Sec. 306.107.— Relief authorized for lost, stolen, destroyed, m utilated or defaced securities____________________________
(a) Registered securities_____________________________________________________________________________________________
(b) Bearer securities or registered securities so assigned as to becom e, in effect, payable to bearer----------------------(c) Interest coupon s_________________________________________________________________________________________________
Sec. 306.108.— T ype of relief granted_____________________________________________________________________________________
Sec. 306.109.— Nontransferable securities________________________________________________________________________________
Subpart O— Miscellaneous Provisions_________________________________________________________________________________________
Sec. 306.115.— Additional requirem ents___________________________________________________ ________________ ____________
Sec. 306.116.— W aiver of regulations_____________________________________________________________________________________
Sec. 306.117.— Preservation of existing rights____________________________________________________________________________
Sec. 306.118.— Supplements, amendments or revisions__________ ________ _______________________________________________
A P P E N D I X _______________ ____________________________________________________________________________________________________




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T IT L E 31— M O N E Y A N D F I N A N C E
Chapter II— Fiscal Service
Part 306— General Regulations
W ith Respect to
United States Securities
1963
D epartm ent C ircular N o. 300
Second R evision

T reasu ry
O f f ic e

Fiscal Service
B ureau o f the P u b lic Debt

th e

S ecretary,

Washington, April 19, 1963.

D epartm ent C ircu lar N o. 300, R evised, dated A p r il
1, 1955, as am ended (31 C F I l 3 0 6 ), is hereby fu rth er
am ended and issued as the Second R evision , effective
A p r il 19,1963.
A U T H O R I T Y : Secs. 306.0 to 306.118 issued under
R .S . 3706, 40 Stat. 288, 290 and 1309, 48 Stat. 343 and
50 Stat. 481; 31 U .S .C . 738a, 739, 752, 752a, 753, 754,
754a and 754b.

securities a fte r o rigin a l issue are la rg e ly con du cted by
the B ureau o f the P u b lic D ebt, D iv isio n o f L oan s and
C u rrency, W a sh in g ton 25, D .C ., and inquiries con cern ­
in g such transactions should be directed to it. T h e
Federal R eserve B anks and B ranches are also official
agencies fo r the receipt o f securities fo r transactions
a fter issue. T h e Federal R eserve B anks and B ranches
are located in the cities indicated by th eir names, as
f o ll o w s :

SUBPART A—GENERAL INFORMATION

Federal Reserve Bank o f Bos­
ton.
Federal Reserve Bank o f New
York,
B uffalo Branch.
Federal Reserve Bank o f Phil­
adelphia.
Federal Reserve Bank
of
Cleveland,
Cincinnati Branch,
Pittsburgh Branch.
Federal R eserve Bank o f R ich ­
mond,
Baltim ore Branch,
Charlotte Branch.
Federal Reserve Bank o f At­
lanta,
Birm ingham Branch,
Jacksonville Branch,
Nashville Branch,
New Orleans Branch.
Federal Reserve Bank o f Chi­
cago,
D etroit Branch.

Sec. 306.0. Applicability o f regulations.— These
regulation s a p p ly to all U nited States transferable and
non transferable securities,1 other than U nited States
S a vin gs B onds, to the extent specified in these regu la­
tions, the offerin g circu la rs or special regulations g o v ­
ern in g such securit ies.

Sec. 306.1. Official agencies.
(a) Subscriptions—tenders-bids.— Securities sub­
je ct to these regu lation s are issued from tim e to tim e
pursuant to p u b lic offerings b y the S ecretary o f the
T reasu ry, th rou gh the F ederal R eserve B anks, fiscal
agents o f the U n ited States, and the Treasurer o f the
U n ited States. O n ly the F ederal R eserve Banks and
B ranches and the T reasury Departm ent are authorized
to act as official agencies, and subscriptions fo r securi­
ties, tenders fo r Treasu ry bills, and bids, to the extent
p ro v id ed in the regu lation s g o v e rn in g the sale o f T reas­
ury bonds th rou g h com petitive b id d in g , m ay be m ade
d irect to th em ; how ever, ban k in g institutions m ay as­
sist custom ers with their subscriptions, tenders or bids.
(b) Transactions after issue.— Tran sactions in
1 Bonds and other securities issued by certain agencies o f
the United States and the form er governm ent o f Puerto R ico
are subject to these regulations, so fa r as applicable, under
special arrangem ents with the issuing authorities. Inform a­
tion as to their application to any particular transaction in
any designated security w ill be furnished by the Bureau
o f the Public Debt, D ivision o f Loans and Currency, W ash­
ington 25, D.C., upon request.




D epartm ent,

of

(1)

Federal Reserve Bank o f St.
Louis,
Little R ock Branch,
Louisville Branch,
Memphis Branch.
Federal R eserve Bank o f Minneapolis,
Helena (M ontana)
Branch.
Federal Reserve Bank o f K an­
sas City,
Denver Branch,
Oklahoma City Branch,
Omaha Branch.
Federal Reserve Bank o f D al­
las,
El Paso Branch,
Houston Branch,
San Antonio Branch.
Federal Reserve Bank o f San
Francisco,
Los Angeles Branch,
P ortland (O regon)
Branch,
Salt Lake City Branch,
Seattle Branch.

Sec. 306.2. Definitions.— C ertain w ords and terms,
as used in these regulations, are defined as f o llo w s :
(a ) “ D ep artm en t” refers to the T reasu ry D e p a rt­
ment.
(b ) “ B u rea u ” refers to the B ureau o f the P u b lic
D ebt, D ivision o f L oan s and C u rrency, W a sh in g ton 25,
D .C .

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(c ) “ T reasu ry
securities,”
“ T reasu ry
bonds,”
“ T reasu ry notes,” “ T reasu ry certificates o f indebted­
ness,” and “ T reasu ry b ills ,” or sim p ly “ securities,”
“ b on d s,” “ notes,” “ certificates” and “ b ills,” unless
otherw ise in d icated b y the context, refer on ly to trans­
fera ble securities.
(d ) “ T ran sfera ble securities” are securities title to
w h ich m ay be tran sferred b y delivery, o r b y assign­
m ent and delivery, and w h ich m ay be sold on the
m arket.
(e ) “ R egistered securities” are either tran sferable
or nontran sferable, payable on th eir fa ce at m atu rity
o r call f o r red em p tion b efore m atu rity in accordance
w ith th eir term s to certain persons whose names and
addresses are recorded. N on transferable securities, is­
sued on ly in registered form , are payable a ccord in g to
th eir terms to the registered ow ners o r recogn ized suc­
cessors in title to the extent and in the m anner p r o ­
v id e d in the offerin g circu lars or a pp lica ble regu la ­
tions.
( f ) “ B earer securities” are those w hich are payable
on th eir fa ce at m atu rity o r call fo r redem ption b efo re
m a tu rity in a ccordance w ith th eir term s to “ bearer,”
the ow n ersh ip o f w h ich is not recorded. T itle to such
securities m ay pass b y d elivery w ith ou t endorsem ent
and w ith out notice. “ C ou p on securities” are bearer
securities w h ich are issued w ith interest coupon s at­
tached.
( g ) “ Securities assigned in b la nk ” or “ securities so
assigned as to becom e, in effect, p ayable to bearer” re­
fers to registered securities w h ich are assigned b y the
ow n er o r his authorized representative w ith ou t desig­
n atin g the assignee. R egistered securities assigned
sim p ly to “ T h e S ecretary o f the T rea su ry” o r in the
case o f T reasury B on ds, Investm ent Series B -1 9 7 5 -8 0 ,
to “ T h e Secretary o f the T reasu ry f o r exchange f o r the
cu rren t Series E A o r E O T reasu ry notes” are con sid ­
ered to be so assigned as to becom e, in effect, payable
to bearer.
(h ) “ F a ce m a tu rity date” is the paym ent date speci­
fied in the text o f a security.
( i) “ C all date” is the date on w h ich the o b lig o r m ay
make paym ent b e fore m atu rity pursuant to a call fo r
red em p tion in accordan ce w ith the term s o f the
security.
( j ) “ P a y m en t” and “ red em p tion ,” unless otherw ise
indicated b y the con text, are used interchangeably fo r
paym ent at m a tu rity o r paym ent b efore m atu rity p u r­
suant to a call f o r redem ption in accordance w ith the
term s o f the securities.
(k ) “ R edem ption -ex ch an g e” is any authorized re­
d em ption o f securities fo r the purpose o f a p p ly in g



the proceeds in paym ent f o r other securities offered
in exchange.
(1) “ A d v a n ce re fu n d in g offe r” is an offer to a h old er
o f a security, in advance o f its call o r m atu rity, to
exchange it fo r another security.
(m ) “ C oow n ersh ip ” and “ coow n er” are used fo r
convenience on ly to describe any perm itted fo r m o f
jo in t ow nership.
( n ) “ In com p eten t” refers to a person under any
legal d isability except m in ority.
(o )
“ C ou rt” means one w h ich has ju risd ictio n over
the parties and the subject m atter.
( p ) “ Id e n tify in g n u m ber” means the a p p rop riate
id e n tify in g num ber as required on tax returns and
other docum ents subm itted to the Intern al Revenue
Service, i.e., an in d iv id u a l’s social security account
num ber or an em p loyer identification num ber.
( N O T E : T h e social security account num ber is com ­
posed o f nine d igits separated b y tw o hyphens, f o r e x ­
am ple, 0 00 -0 0-00 0 0; the em p loy er identification num ­
ber is com posed o f nine d igits separated b y one h y ­
phen, f o r exam ple, 00-0000000. T h e hyphens are an
essential p art o f the num bers and m ust be in clu d ed.)

Sec. 306.3. T r a n s p o r ta tio n c h a r g e s a n d ris k s in
th e s h ip m e n t o f s e c u r it ie s .— T h e fo llo w in g rules
w ill govern tran sportation to, fro m and between the
T reasu ry D epartm en t and the F ederal Reserve B anks
and B ranches o f securities issued on o r presented fo r
authorized tra n sa ctio n s:
(a ) T h e securities m ay be presented o r received by
the ow ners o r their agents in person.
(b ) Securities issued on origin al issue, unless de­
livered in person, w ill be delivered by registered m ail
or b y oth er means at the risk and expense o f the U nited
States.
( c ) T h e U n ited States w ill assume the risk and e x ­
pense o f any tran sportation o f securities w h ich m ay be
necessary between the Federal R eserve B anks and
Branches and the T reasury.
( d ) Securities subm itted fo r any transaction a fter
o rigin a l issue, i f not presented in person, must be f o r ­
w arded at the ow n er’s risk and expense.
(e ) B ea rer secu rities issued on transactions other
than o rigin a l issue w ill be delivered b y registered m ail,
covered by insurance, at the ow n er’s risk and expense,
unless called fo r in person b y the ow n er o r his agent.
R eg istered secu rities issued on such transactions w ill
be delivered by registered m ail at the risk o f, but w ith ­
out expense to, the registered ow ner. S h ou ld d elivery
b y other means be desired, advance arrangem ents
should be m ade w ith the official agen cy to w h ich the
orig in a l securities were presented.

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SUBPART B—REGISTRATION
Sec. 306.10. Registration.
(a) General.— T h e registration used must express
the actual ow n ersh ip o f the security, and m ay not in­
clu de any restriction 011 the a uthority o f the ow ner to
dispose o f it in any m anner, except as otherw ise s p e c if­
ica lly p ro v id e d in these regulations. T h e T reasu ry
D epartm en t reserves the rig h t to treat the registration
as con clu sive o f ow nership. Requests fo r registration
sh ould be clear, accurate and com plete and con form
su bstantially w ith one o f the form s set fo rth in this
subpart. T h e registration o f all securities ow ned by
the same person, org an iza tion or fid u ciary estate should
be u n iform . T h e address must include the street
and num ber, postal zone, rural route or any other
local feature. In d iv id u a l ow ners should be designated
b y the names b y w hich they are o rd in a rily know n or
under w h ich they do business, p re fe ra b ly in clu d in g at
least one fu ll given name. T h e name o f an ind ivid u al
m ay be preceded by any applicable title, such as “ D r ."
o r “ R ev.,” or fo llo w e d by “ M .D .,” “ D .D .” or other
sim ila r designation. “ S r.” o r “ J r .” or any other sim i­
lar suffix should be used when necessary to distinguish
the ow n er from any other person. T h e name o f a
w om an must be preceded b y “ M iss” o r “ M rs.,” unless
som e other a p p lica ble title or designation is used.
A m arried w om an’s ow n given name, not that o f her
husband, must be used, fo r exam ple, “ M rs. M a ry A.
J on es,” N O T “ M rs. F ra n k B . Jones.”
(b) Identifying numbers.— Requests f o r registra­
tion and assignm ents f o r tran sfer must include iden­
t ify in g numbers. (S ee Sec. 3 0 6 .2 (p ).) Id e n tify in g
num bers are not required f o r foreig n governm ents,
nonresident aliens not engaged in trade or business
w ith in the U n ited States, o r international organ iza ­
tions and fo re ig n corp ora tion s not en gaged in trade
o r business w ithin the U n ited States and not h av in g
an office or p lace o f business or a financial or p a y in g
agent in the U n ited States.

A n individual w h o is sole p ro p rie to r o f a business
con du cted under a trade name m ay inclu d e a re fe r­
ence to the trade name, f o r e x a m p le :
John A. Doe, doing business as D oe’s Home Appliance
Store (00-0000000)
or
John A. D oe (000-00-0000), d /b /a D oe’s H om e A ppli­
ance Store

(2 )
T w o or m ore person s— gen eral.— Securities
w ill not be registered in the nam e o f one person
payable 011 death to another, o r in any fo rm w h ich
p u rp orts to authorize tran sfer b y less than all the
persons nam ed in the registration as ow ners (o r all
the su rv iv o rs).2 Securities registered in the names
o f husband and w ife should show the husband’s iden ­
tify in g num ber. Securities registered in the names
o f a m in or (w h eth er under legal o r natural g u a rd ­
ianship) and an adult should show the hitter's identify in g number.
( i ) W ith rig h t o f su rvivorsh ip .— In the names
o f tw o or m ore in dividu als w ith rig h t o f su rv iv o r­
ship, fo r e x a m p le :
John A. D oe (000-00-0000) or Mrs. M ary C. Doe or
the survivor
Mrs. M ary C. Doe and John A. D oe (000-00-0000) or
the survivor
John A. Doe (000-00-0000) or Mrs. M ary C. D oe or
Miss Mary Ann D oe or the survivors or survivor
John A. D oe (000-00-0000) or Mrs. M ary C. Doe
John A. D oe (000-00-0000) and Mrs. M ary C. D oe

( ii) W ith o u t rig h t o f su rvivorsh ip .— In the
names o f tw o 01 * m ore in d ivid u als in such m anner
as to preclu de the rig h t o f su rvivorsh ip, fo r
e x a m p le :
John A. Doe (000-00-0000) and W illiam B. D oe as
as tenants in common
John A. Jones as natural guardian o f H enry B. Jones,
a minor, or R obert C. Jones (000-00-0000), w ith ­
out right o f survivorship.

2 W A R N IN G : D IF F E R E N C E B E T W E E N T R A N S F E R ­
A B L E T R E A S U R Y SE C U R IT IE S R E G IS T E R E D IN TH E
Sec. 306.11. Forms o f registration for transfer­ NAMES O F TW O OR M ORE PERSO N S AN D U N ITED
ST A TE S SA VIN G S BONDS IN C O O W N E R SH IP FORM.
able securities.— T h e form s o f registration described
The effect o f registering transferable Treasu ry securities in
below are authorized f o r tran sferable secu rities:
the names o f tw o 0 1 * m ore persons differs decidedly from regis­
(a)
Natural persons in their own right.— In the tration o f savings bonds in coow nership form . Savings bonds
names o f natural persons w ho are not under any legal
are virtually redeemable on demand at the option o f either co­
ow ner on his signature alone. Transferable T reasury securi­
d isab ility, in their ow n righ t, substantially as fo llo w s :
(1 )
O ne p erson .— In the nam e o f one in d ivid u al, ties are redeemable only at m aturity or upon prior call by the
Secretary o f the Treasury. A ccordingly, if cash is needed be­
fo r exa m p le:
fore such time, it can be realized only by sale on the market.
T his involves a transfer o f ow nership w hich can be accom ­
John A. Doe (000-00-0000)
plished only upon proper assignment by or in behalf o f all
Mrs. M ary C. D oe (000-00-0000)
Miss Mary Ann D oe (000-00-0000)
owners.

<;84:<17° 03



4

(b) Natural guardians o f minors.— A security
m ay be registered in the nam e o f a n atural gu ardian o f
a m in or fo r those w hose estate 110 legal gu ard ian or
sim ilar representative lias leg a lly qualified, fo r
e x a m p le :
John Jones as natural guardian o f H enry Jones, a m inor
(000- 00- 0000)

E ith e r parent w ith w h om the m in or resides, or, i f he
does n ot reside w ith either parent, the person w ho fu r ­
nishes his ch ie f su pp ort, w ill be recogn ized as his nattu ral gu ard ian and w ill be considered a fiduciary.
R egistration in the nam e o f a m in or in his ow n righ t
as ow n er o r coow n er is n ot authorized. Securities so
registered, u p on qualification o f the natural gu ardian ,
w ill be treated as th ou gh registered in the nam e and
title o f the natural gu ardian.

(c)

Incompetents not under guardianship.—

R egistra tion in the nam e o f an incom petent is n ot au­
th orized, except to the extent p ro v id e d in Sec. 306.57
(c )(2 ).

(d) Private organizations (corporations, unin­
corporated associations and partnerships) .— A se­
cu rity m ay be registered in the name o f any p rivate
corp ora tion , u n in corp ora ted association or partn er­
ship. T h e fu ll legal nam e o f the organ ization , as set
fo r th in its charter, articles o f in corp ora tion , con stitu ­
tion , partn ership agreem ent o r other a uthority fro m
w h ich its pow ers are derived, must be inclu ded in the
registration , and m ay be fo llo w e d , i f desired, b y a
p arenthetical reference to a p articu la r account or fu n d
oth er than a trust fu n d , in accordance w ith the rules
and exam ples given b e lo w :
(1 ) A corp ora tion .— T h e nam e o f a business, fr a ­
ternal, religiou s or other p rivate corp ora tio n must
be fo llo w e d by d escriptive w ords in d ica tin g the co r­
p orate status unless the term “ co rp ora tion ” or the
abbreviation “ In c .” is p art o f the nam e or the nam e
is that o f a corp ora tion or association organ ized
un der F ed era l law , such as a N ation al bank o r a
F ed era l savings and loan association, f o r exa m p le:
Smith M anufacturing Company, a corp. (00-0000000)
The Standard M anufacturing Corp. (00-0000000)
Jones & B row n, Inc. (00-0000000) (D epreciation
A cct.)
First National Bank o f ------------------------(00-0000000)

(2 ) A n u n in corp ora ted association.— T h e name o f
a lodge, club, la b or union, veterans’ organ ization,
religiou s society o r sim ilar self-g overn in g organ iza ­
tion w hich is not incorp ora ted (w heth er or not it is
chartered by o r affiliated w ith a parent organ ization
w hich is in corp ora ted ) must be fo llo w e d by the
w ords “ an u n in corp ora ted association,” fo r e x a m p le :



Am erican Legion Post N o .____ , Departm ent o f the D.C.,
an unincorporated assn. (00-0000000)
Local Union No. 100, Brotherhood o f Locom otive En­
gineers, an unincorporated association (00-0000000)

Securities sh ould not be registered in the nam e o f an
u n in corp orated association i f the legal title to its p r o p ­
erty in general, or the legal title to the fu n d s w ith
w h ich the securities are to be purchased, is h eld b y
trustees. In such a case the securities should be reg is­
tered in the title o f the trustees in a ccordan ce w ith
( h ) o f this section. T h e term “ u n in corp orated asso­
cia tion ” should n o t be used to describe a trust fu n d ,
a partn ersh ip or a business con du cted under a trade
name.
(3 )
A p a rtn ersh ip .— T h e nam e o f a partnership
m ust be fo llo w e d b y the w ords “ a partn ersh ip ,” fo r
e x a m p le :
Sm ith & Brow n, a partnership (00-0000000)
Acm e N ovelty Co., a lim ited partnership (00-0000000)

(e) States, public bodies and corporations and
public officers.— A security m ay be registered in the
nam e o f a State 0 1 * county, city, tow n , village, school
d istrict or other p olitica l en tity, p u b lic b o d y 0 1 * c o r ­
p ora tion established by law (in clu d in g a board, com ­
m ission, adm inistration, a uthority o r a gen cy) w hich
is the ow n er or official custodian o f p u b lic fun ds, o th er
than tru st fu n d s, or in the fu ll legal title o f the p u b lic
officer h a v in g custody, fo r e x a m p le :
State o f M aine (00-0000000)
Tow n o f Rye, N.Y. (00-0000000)
M aryland State H ighw ay Com mission (00-0000000)
Treasurer, City o f Springfield, 111. (00-0000000)
T reasurer o f R hode Island as Custodian o f the State For­
estry Fund (00-0000000)

(f) States, public officers, corporations or bodies
o f trustees.— A security m ay be registered in the
title o f a p u b lic officer or in the name o f a State or
cou n ty, a p u b lic corp ora tion or p u b lic b o d y actin g as
trustee under express a uthority o f law , fo llo w e d b y
a p p rop ria te reference to the statute creatin g the trust,
fo r e x a m p le :
State Sinking Fund Commission, trustee o f State H ighw ay
Certificates o f Indebtedness Sinking Fund under Sec.
____ , Code o f S.C. (00-0000000)
Insurance Com missioner o f Pennsylvania, trustee fo r the
benefit o f the policyholders o f the Blank Insurance Co.
(00-0000000), under S e c .____ , Penna. Stats.

( g ) Executors, administrators, guardians and
similar representatives or fiduciaries.— A security
m ay be registered in the names o f leg a lly qualified
executor's, adm inistrators, gu ardians, conservators or
sim ilar representatives or fiduciaries o f a single estate.
T h e nam es o f all the representatives or fiduciaries, in

5

the fo rm shown in th eir letters o f appointm ent, must be
inclu d ed in the registration and must be fo llo w e d by an
adequate id e n tify in g reference to the estate, fo r
e x a m p le :
John Smith, executor o f the w ill (o r adm inistrator o f the
estate) o f Henry J. Jones, deceased (00-0000000)
W illiam C. Jones, guardian (or conservator, etc.) o f the
estate o f James I). Brow n, a m inor (o r an incom pet­
ent) (000-00-0000)
W illiam C. Jones, as custodian for John Smith, a minor
(000-00-0000), under the C alifornia G ifts o f Securities
to M inors Act

fu ll particu lars con cern in g the error and requested to
fu rn ish instructions.

SUBPART C— TRANSFERS, EXCHANGES
AND REISSUES
Sec. 306.15. Transfers and exchanges o f securi­
ties—closed periods.

(a) General.— T h e tran sfer o f registered secu ri­
ties should be m ade b y assignm ent in accordance w ith
S u bp a rt F. T ran sfera ble registered securities are
eligible
fo r denom inational exch an ge and exchange
(h)
Private trust estates.— A security m ay be
fo
r
bearer
securities. B earer securities are eligible
registered in the nam e and title o f the trustee or trus­
fo
r
denom
inational
exchange, and when so p rovid ed in
tees o f a single duly constituted p rivate trust, fo llo w e d
the
offerin
g
circu
la
r,
are eligible f o r exch an ge fo r re g ­
by an adequate id e n tify in g reference to the authority
istered
securities.
S
pecific
instructions f o r the issu­
g o v e rn in g the trust, fo r exam ple :
ance and delivery o f the new securities, signed b y the
John Jones and Blank Trust Company, Albany, N.Y.. trus­
ow n er or his authorized representative, must accom ­
tees under the w ill o f Sarah Jones, deceased (0 0 pany the securities presented. (F o r m P D 1642, 1643,
0000000)
John D oe and R ichard Roe, trustees under agreement with
1644, or 1827, as a pp rop riate, m ay be used.) S ecu ri­
H enry Jones dated 2 /9 /5 0 ( 00-0000000)
ties presented fo r tran sfer or fo r exchange fo r bearer
securities o f the same issue must be received by an
T h e names o f all trustees, in the fo rm used in the trust
instrum ent, must be included in the registration , ex­
official agency not less than one fu ll m onth b efo re the
cept as fo llo w s :
date on w h ich the securities m ature or becom e redeem ­
(1 ) I f there are several trustees designated as a
able pursuant to a call fo r redem ption b efo re m atu rity,
and any security so presented w h ich is recei ved too late
b oard or authorized to act as a unit, their names
to co m p ly w ith this p rovision w ill be accepted fo r p a y ­
should be om itted and the w ords “ B oard o f T r u s t­
ment only.
ees” should be substituted fo r the w ord “ trustees,"
(b) Closing of transfer hooks.— T h e tran sfer
fo r e x a m p le :
books are closed fo r one full m onth p re ce d in g interest
B oard o f Trustees o f Blank Company Retirement Fund
paym ent dates. I f the date set f o r the clo sin g o f the
under collective bargaining agreement dated 6 /3 0 /5 0
( 00- 0000000)
tran sfer books fa lls on Satu rday, S u n da y o r a legal
h olid ay, the books w ill be closed as o f the close o f busi­
(2 ) I f the trustees d o not constitute a board or
ness on the last business day p recedin g that date. I f
otherw ise act as a unit, and are either too num erous
registered securities forw a rd ed fo r tran sfer, fo r re­
to be designated in the inscription by names and title,
issue, or fo r exchange fo r cou p on securities, or cou p on
o r serve fo r lim ited terms, som e or all o f the names
securities
fo rw a rd ed fo r exchange f o r registered se­
m ay be om itted, fo r e x a m p le :
curities are received by the B ureau d u rin g the tim e the
John Smith, Ilenry Jones, et al., trustees under the
books are closed, the transaction w ill not be com pleted
w ill o f H enry J. Smith, deceased (OO-O(KKK)OO)
until the first business day fo llo w in g the date on w hich
T m stees under the w ill o f Henry J. Smith, deceased
interest fa lls due, when the books are reopened fo r all
(00-0000000)
Trustees o f Retirem ent Fund o f Industrial M anufac­
purposes. H ow ever, denom inational exchanges, ex­
turing Co., under directors’ resolution o f 6 /3 0 /5 0 ( 00changes o f Treasu ry Bonds, Investm ent Series B (XXKMMX))
1975-80, fo r the current series o f E A or E O i y 2 p e r­
Sec. 306.12. Nontransferable securities.— U pon
cent. 5-year T reasu ry notes, and op tion a l redem ption
authorized reissue, T reasu ry B onds, Investm ent Series
o f bonds at p a r as p rovid ed in Sec. o06.28, m ay be m ade
B -1 9 7 5 -8 0 , m ay be registered in the form s set forth
at any time.
in Sec. 306.11.
Sec. 306.16. Denominational exchanges o f regis­
Sec. 306.13. Errors in registration.— I f an e rro­
neously inscribed security is received it should not be
altered in any respect but the Bureau or a Federal R e­
serve Bank or B ran ch should be p rom p tly furnished




tered securities.— N o assignm ent w ill be required fo r
the authorized exchange o f registered securities fo r
like securities in the same names in other authorized
denom inations.

6

Sec. 308.17. E x c h a n g e s o f registered securities
f o r coupon s e c u r it i e s .— R egistered securities sub­
m itted f o r exchange f o r cou p on securities should be
assigned to “ T h e S ecretary o f the T reasu ry f o r ex­
change fo r cou p on securities to be delivered to (in sert­
in g the name and address o f the person to w hom d e­
liv e ry o f the cou p on securities is to be m a d e ).” A s ­
signm ents to “ T h e Secretary o f the T rea su ry f o r e x ­
change f o r cou p on securities,’ ’ or assignm ents in blank
w ill also bo accepted. T h e cou p on securities issued
u p on exchange w ill have all unm atured cou pon s at­
tached.
Sec. 306.18. Exchanges o f coupon securities for
registered securities.— C ou p on securities presented

change o f nam e, as app rop riate, m ust be furnished.
N o evidence w ill be required to su p p ort assignm ents
fo r redem ption f o r the account o f the registered o w n ­
er (s) or assignee ( s ) , or fo r redem p tion -exch an ge or
pursuant to an advance re fu n d in g offer i f the securities
offered in exchange are to be registered in substantially
the same fo rm . T h e a p p rop riate id e n tify in g num ber
must be furnished i f the registration o f the secu rity
subm itted does not include such num ber fo r the person
or org an iza tion to be nam ed on the reissued o r new
bonds.
S e c. 306.21. Reissue of nontransferable securi­
ties.

(a) Treasury Bonds, Investment Series A-1965.—

f o r exchange fo r registered securities should have all
m atu red interest coupon s detached. A l l unm atured
cou p on s should be attached, except that i f presented
w hen the tran sfer books are closed (in w h ich case the
exchange w ill be effected on o r a fter the date on w h ich
the books are reop en ed ), the next m atu rin g cou pon s
sh ou ld be detached and held f o r collection in ord in a ry
course when due. I f any cou pon s w h ich should be at­
tach ed are m issing, the securities m ust be accom panied
b y a rem ittance in an am ount equal to the face am ount
o f the m issing coupons. T h e new registered securities
wTill bear interest fro m the interest paym ent date next
p reced in g the date on w h ich the exchange is made.

B on ds o f this series m ay be reissued on ly when (1 )
the nam e o f an ow n er has been changed, (2 ) the trus­
tees in whose names the bonds are registered have been
suceeded b y other trustees, and (3) the corp ora tion ,
u n in corp orated association or fu n d in whose name the
bonds are registered has been succeeded by another c o r ­
p ora tion o r u n in corporated association o r fu n d , by
operation o f law o r otherw ise, whereby the business
or activities o f the o rigin a l organ ization or fu n d are
continued w ith ou t substantial change in the successor.
B on ds presented fo r reissue must be accom pan ied by
pertin ent evidence and an a p p rop ria te request fo r re­
issue. (F o r m P D 2168 should be used.)

Sec. 306.19. Denominational exchanges o f coupon
securities.— A l l m atured interest cou pon s and all u n ­
m atu red coupon s lik ely to m ature b efore an exchange
can be com pleted should be detached fr o m securities
presented fo r denom in ation al exchange. A ll unm a­
tu red coupons sh ould be attached. I f any are m issing,
the securities must be accom pan ied b y a rem ittance in
an am ount equal to the face am ount o f the m issing
coupons. T h e new cou p on securities w ill have all un­
m atured cou pon s attached.

( b ) Treasury Bonds, Investment Series B - l 97580.— B on ds o f this series m ay be reissued on ly in the
names o f (1 ) la w fu l successors in title, (2 ) the legal
representatives o r distributees o f a deceased o w n er’s
estate, or the distributees o f a trust estate, and (3 )
State su pervisory authorities in pursuance o f any
p led ge required o f the ow n er under State law, or u p on
term ination o f the p led ge in the names o f the p led gors
o r their successors. B on ds presented fo r reissue m ust
be accom panied b y evidence o f entitlem ent.

Sec. 306.20. Reissue o f registered transferable
securities. — A ssignm ents are n ot required f o r reissue

Sec. 306.22. Exchange o f Treasury Bonds, In­
vestment Series B-1975-80.— B on ds o f this series

o f registered transferable securities in the n a m e (s ) o f
(1 ) the su rvivin g coow n er o r coowmers o f securities
registered in the names o f or assigned to tw o o r m ore
persons, unless the registration o r assignm ent includes
w ords w hich preclu de the rig h t o f su rvivorsh ip, or
the w ords “ o r either o f them ,” (2 ) a succeeding fidu ci­
ary or other la w fu l successor, (3) an in d ivid u al, c o r ­
pora tion , o r u n in corp ora ted association whose name
has been legally ch an ged, (4 ) a corp ora tion o r un ­
in corp ora ted association w h ich is the la w fu l succes­
sor to another co rp ora tion or u n in corp ora ted asso­
ciation , and (5 ) a successor in title to a p u b lic officer
or b o d y . E vid en ce o f su rvivorsh ip, succession, or

presented fo r exchange fo r 1y 2 percent 5-year T reas­
u ry notes must bear d u ly executed assignm ents to
“ T h e S ecretary o f the T reasu ry fo r exchange f o r the
current series o f E A o r E O T reasu ry notes to be de­
livered to (in sertin g the nam e and address o f the p e r­
son to w hom the notes are to be del ivered ) . ” T h e notes
w ill bear the A p r il 1 o r O ctober 1 date n ext p recedin g
the date the bonds, d u ly assigned w ith su p p ortin g evi­
dence, i f necessary, are received b y the B ureau o r a
F ed eral R eserve B ank o r B ran ch . Interest accrued
at the rate o f 2 % percent on the bonds surrendered
from the next p reced in g interest paym ent date to the
date o f exchange w ill be credited, and interest ;it the




7
rate o f i y 2 percent on the notes fo r the same period
w ill be charged and the difference w ill be p aid to the
ow ner.

SUBPART D—REDEMPTION OR PAYMENT
Sec. 306.25. Presentation and surrender.
(a) General.— Securities, whether in registered or
bearer form , are payable in due course at m aturity
unless called fo r redem ption b efore m atu rity, in w hich
case they will be payable on the redem ption date fixed
in the call. T h e S ecretary o f the T reasu ry m ay p r o ­
vide fo r the exch an ge o f m aturing or called securities,
or pursuant to an advance refu n d in g offer, m ay afford
ow ners the op p ortu n ity o f exch an gin g a security, in
advance o f call or m atu rity, fo r another security.
R egistered securities should be presented and sur­
rendered fo r redem ption to a F ederal Reserve B ank or
'B ran ch or to the B ureau, and bearer securities to a
Federal R eserve B an k or B ran ch o r to the Treasurer
o f the U n ited States, W a sh in g ton 25, D .C .3

(b) “ Overdue ” securities.— I f a bearer security or
a registered security assigned in blank, or to bearer or
so assigned as to becom e, in effect, payable to bearer,
is presented and surrendered fo r redem ption a fte r it
has becom e overdue, the S ecretary o f the Treasu ry m ay
require satisfa ctory p r o o f o f ow nership. A security
shall be considered overdue a fter the lapse o f the f o l ­
lo w in g p eriods o f tim e from its fa ce m aturity d a t e :
(1 ) One year f o r Treasury bonds.
(2 ) S ix m onths fo r T reasu ry notes and certifi­
cates o f indebtedness.
(3 ) T h ree m onths fo r T reasu ry bills.
(4 ) O th er securities:
(i) One yea r f o r securities issued fo r a term
o f five years or longer.
( ii) S ix m onths f o r securities issued fo r a term
o f one year o r m ore but less than five years.
( iii) Three m onths f o r securities issued fo r a
term o f less than one year.

Sec. 306.26. Redemption o f registered securities
at maturity, upon prior call, or for advance re­
funding.— R egistered securities presented and sur­
rendered f o r redem ption at m aturity o r pursuant to
a call fo r redem ption b efore m aturity should be as­
signed to “ T h e Secretary o f the T reasu ry f o r redem p­
tio n ,” unless the assignor desires that paym ent be made
to some other person, in w hich case the assignments
should be m ade to “ T h e Secretary o f the T reasu ry fo r

redem ption fo r the account o f (in se rtin g the name,
id e n tify in g num ber and address o f the person to w hom
paym ent is to be m a d e ).” A ssignm ents in blank or
other assignm ents h av in g a sim ilar effect w ill be ac­
cepted but specific instructions f o r the issuance and
delivery o f the redem ption check, signed by the ow n er
or his authorized representative, m ust accom pan y the
securities, unless included in the assignm ent. (F o rm
P I ) 1705 m ay be used.)
Paym en t w ill be m ade by
check draw n on the Treasurer o f the U n ited States to
the ord er o f the person entitled and m ailed in a cco rd ­
ance w ith the instructions received. Interest payable
on the m atu rity date, or call redem ption date, unless
otherw ise p rovid ed in the notice o f call, w ill be paid
w ith the p rin cip a l. Securities presented fo r advance
re fu n d in g should be assigned as p ro v id e d in the a d ­
vance re fu n d in g offer. A dju stm en t o f interest w ill be
made as p ro v id e d in the offer.

Sec. 306.27. Redemption o f bearer securities at
maturity, upon prior call, or for advance refund­
ing.— xlll interest cou pon s due and p aya b le on or
b efore the date o f m aturity or date fixed in the call
fo r redem ption before m atu rity sh ould be detached
fro m coupon securities presented fo r redem ption and
should be collected separately in regu lar course. A ll
cou pon s b earin g dates subsequent to a date fixed in a
call f o r redem ption, or an offer o f advance refu n d in g,
should be left attached to the securities. I f any such
cou pon s are m issing the full face am ount th ereof will
be deducted fro m the paym ent to be m ade u pon re­
dem ption or the advance re fu n d in g adjustm ent unless
satisfa ctory evidence o f their destruction is subm itted.
A n y am ounts so deducted w ill be held in the D e p a rt­
ment to p ro v id e fo r adjustm ents or refu n ds in the
event that the m issing cou pon s should be subsequently
presented or their destruction is later sa tisfa ctorily
established. In the absence o f other instructions, p a y ­
ment o f bearer securities w ill be made b y check draw n
to the ord er o f the person presenting and surren derin g
the securities and m ailed to him at his address, as given
in the advice w hich should accom pan y the securities.
(F o r m P D 1704 m ay be used.)
A Federal Reserve
Bank, upon ap p rop riate request, m ay make paym ent
to a m em ber bank from w hich bearer securities are
received b y cred itin g the am ount in the m em ber
bank's account.

Sec. 306.28. Optional redemption of Treasury
bonds at par (before maturity or call redemption
date) and application of the proceeds in payment
of Federal estate taxes.
(a)
General.— A ll T reasu ry bonds to be redeemed

3 See Sec. 3(M>.2S fo r presentation and surrender o f securities
at p ar fo r the p urpose o f a p p ly in g the proceeds to
eligible for use in payment o f Federal estate taxes.




8

paym ent o f F ed era l estate taxes on a decedent’s estate 4
must be presented and surrendered to a Federal R e ­
serve B an k o r B ra n ch or the B ureau. T h ey sh ould be
a ccom pan ied by F o rm P D 1782, fu lly com pleted and
d u ly executed in accordance w ith the instructions on
the fo rm , and evidence as described therein. R ed em p ­
tion w ill be m ade at p a r plus accrued interest fro m the
last p recedin g interest paym ent date to the date o f
redem ption, except that i f registered bonds are re­
ceived by a F ed eral R eserve B an k o r B ra n ch or the
B ureau w ith in one m onth p reced in g an interest p a y ­
ment date f o r redem ption b efore that date a dedu ction
w ill be m ade f o r interest fro m the date o f redem ption
to the interest paym ent date, and a check fo r the fu ll
six m on th s’ interest w ill be p aid in due course. T he
p roceeds o f redem ption w ill be deposited to the credit
o f the D istrict D irector, In tern al R evenue Service,
designated in F o rm P D 1782, the representative o f the
estate w ill be notified o f the deposit, and the D istrict
D irector w ill fo rw a rd a form a l receipt.

m et the above con d ition s to the extent o f his fr a c ­
tion al share o f the bonds so held p rop ortion ate to his
interest in the assets o f the partnership.
(iii)
T ru st h old in gs.— B on ds held in trust at the
tim e o f the decedent’s death w ill be deem ed to have
met the above con d ition s in an am ount n ot to ex­
ce e d : the am ount o f the F ed era l estate taxes w h ich
the trustee as such is required to p ay under the
term s o f the trust instrum ent or oth e rw ise ; or, i f the
trust actu ally term inated in fa v o r o f the decedent’s
estate, the am ount o f such estate taxes.

(c)
T ransactions p erm itted a ft e r ow ner's
death.— I f the bon d or bonds are in excess o f the

am ount o f the taxes and are n ot in the lowest author­
ized denom inations, they m ay be exchanged fo r bonds
o f low er denom inations.
O th er transactions, in ­
v o lv in g n o change o f ow nership, w h ich m ay be
con du ced a fter the death o f the ow ner w ith ou t
affectin g the e lig ib ility o f the bonds fo r redem ption
at par, inclu de (1 ) exchange o f registered bonds fo r
cou
p on bonds, (2 ) tran sfer to the names o f the rep ­
(b)
Conditions.— T h e bonds presented fo r red em p ­
resentative
o f his estate, and (3 ) exchange o f cou p on
tion under this section m ust have (1 ) been ow ned by
bonds
f
o
r
bonds
registered in the nam e o f the rep ­
the decedent at the tim e o f his death and (2 ) thereupon
resentative
o
f
the
estate; but such transactions must
constituted part o f his estate, as determ ined b y the f o l ­
be
explained
on
F
o
rm PD 1782 or in a supplem ental
lo w in g rules in the case o f coow n ersh ip, partnership
statement.
and trust h o ld in g s :
( i ) Coow'tiership h old in gs.— B on ds held b y the
decedent at the tim e o f liis death in coow n ersh ip
w ith another person or persons w ill be deemed to
have met the above con d ition s either (1 ) to the
extent to w hich the bonds actu ally becam e the p r o p ­
erty o f the decedent’s estate, o r (2 ) in an am ount
not to exceed the am ount o f the Federal estate taxes
w hich the su rvivin g coow n er or coow ners are re­
quired to p ay on account o f such bonds and other
jo in tly -h e ld p ro p e rty .5

SUBPART E—INTEREST

Sec. 306.35. Computation o f interest.— T h e inter­
est on T reasu ry securities accrues and is payable on a
semiannual basis unless otherw ise p ro v id e d in the cir ­
cu lar offerin g them fo r sale or exchange. I f the p eriod
o f accru al is an exact six m onths, the interest accrual is
an exact o n e -h a lf ye a r’s interest, w ithout regard to the
num ber o f days in the p eriod. I f the p eriod o f accrual
is less than an exact six months, the accrued interest
is com pu ted b y determ in in g the d a ily rate o f accrual
( ii) P a rtn ersh ip holdings.— B on ds held at the
on the basis o f the exact num ber o f days in the fu ll
tim e o f the decedent’s death b y a partn ersh ip in
interest p eriod and m u ltip ly in g the d a ily rate by the
w h ich he had an interest w ill be deem ed to have
exact num ber o f days in the fra ctio n a l p eriod f o r w h ich
4 Certain issues o f Treasury bonds are redeemable at par and interest has actu ally accrued. A fu ll interest period
accrued interest upon the death o f the owner, at the option
does not include the day as o f w h ich the securities
o f the representative of, or if none, the persons entitled to,
were issued or the day on w hich the last p recedin g in ­
his estate, fo r the purpose o f having the entire proceeds applied
terest becam e due, but does include the day on w hich
in payment o f the Federal estate taxes on the decedent’s estate,
the next succeeding interest paym ent is due. A fr a c ­
in accordance w ith the terms o f the offering circulars cited on
tion al p art o f an interest p eriod does not include the
the face o f the bonds. A current list o f eligible issues may be
obtained from any Federal Reserve Bank or Branch or the
day as o f w hich the securities were issued or the d ay
Bureau o f the Public Debt.
on w h ich the last p recedin g interest paym ent becam e
= Substantially the same rule applies to com m unity property
due, but does include the d ay as o f w hich the transac­
except that upon the death o f either spouse bonds w hich con­
tion
term in atin g the accrual o f interest is effected. T h e
stitute part o f the com m unity estate are deemed to meet the
29th
o f F ebru ary in a leap yea r is included whenever
required conditions to the extent o f one-half of each bond.




9

it fa lls w ith in either a fu ll interest p eriod or a fr a c ­
tion al part th ereof.6
S e c. 306.36. Termination o f interest .— Securities
w ill cease to bear interest on the date o f their m aturity
unless th ey have been called f o r redem ption p r io r to
m atu rity in accordan ce w ith th eir terms, in w h ich
case they w ill cease to bear interest on the date fixed
f o r redem ption in the call.
S ec. 306.37. Interest on registered securities.
( a ) Method o f payment.— T h e interest on regis­
tered securities is payable b y checks draw n on the
T reasu rer o f the U n ited States to the ord er o f the
registered ow ners, except as otherw ise p rovid ed herein.
Interest checks are prepared b y the D epartm ent in
advance o f the interest paym ent date and are o r d i­
n arily m ailed in tim e to reach the addressees on that
date. U p o n receipt o f notice o f the death or incom petency o f an in d ivid u al nam ed as registered ow ner,
a change in the nam e or in the status o f a partnership,
corp ora tion or u n in corp ora ted association, the re­
m oval, resignation, succession or death o f a fiduciary
or trustee, d elivery o f interest checks w ill be w ithheld
p en d in g receipt and a p p rov al o f evidence show in g who
is en titled to receive the interest checks. I f the in­
scriptions on securities do not clearly id en tify the
ow ners, d elivery o f interest checks w ill be w ith h eld
p en d in g reissue o f the securities in the correct registra­
tion. T h e final installm ent o f interest will be p aid
w ith the p rin cip a l at m aturity, o r u pon call, unless
otherw ise p rovid ed in the notice o f ca ll.7

(b) Change of address.— T o assure tim ely d e liv ­
ery o f interest checks, ow ners should p rom p tly n o tify
the B ureau o f any change o f address. (F o r m P I ) 345
m ay be used.) T h e notification must be signed by the
registered ow n er or a coow n er or an authorized re p ­
resentative, and should show* the old and new a d ­
dresses, the serial num ber and denom ination o f each
security, the title o f the securities ( f o r exam ple, 3^4
percent T reasu ry B on ds o f 1978-83, dated M ay 1,
1953), and the registration o f each security. N otifica­
tions b y attorneys in fa ct or b y legal representatives o f
the estates o f deceased, incom petent o r m in or owners
should be su pp orted by p r o o f o f their appointm ent
unless, in the case o f legal representatives, they are
nam ed in the registration.

( c ) Collection o f interest checks.
(1 ) G en era l.— Interest checks m ay be collected
in a ccordan ce w ith the regulations g o v e rn in g the
endorsem ent and paym ent o f G overn m en t w arrants
and checks, w h ich are contained in D epartm ent C ir­
cu lar N o. 21, R evised, as am ended.
(2 ) B y v o lu n ta ry guardians o f in com p eten ts.—Interest checks draw n to the ord er o f an incom petent
fo r whose estate no legal gu ard ian or sim ilar rep re­
sentative has been app oin ted should be returned to
the B ureau w ith a fu ll exp lan ation o f the circu m ­
stances. F o r collection o f interest, the D epartm en t
w ill recognize the relative responsible f o r the in ­
com petent's care and su pport o r some oth er person as
v olu n ta ry gu ard ian fo r the incom petent.
( A p p li ­
cation m ay be m ade on F o rm P D 1461.)

(d) Nonreceipt, loss, th eft or destruction o f in­
terest checks.— I f an interest check is n ot received
w ith in a reasonable p eriod a fter an interest-paym ent
date, or i f a ch cck is lost, stolen o r destroyed a fter re­
ceipt, the B ureau should be notified. T h e n otification
should include the nam e and address o f the ow ner,
the serial num ber, denom ination, and titles o f the
securities upon w h ich the interest was payable. I f the
check is subsequently received or recovered, the T reas­
urer o f the U n ited States, W a sh in g ton 25, D .C ., should
be advised.
S ec. 306.38. Interest on bearer securities.—
U nless the term s o f the securities p ro v id e that final
interest is payable w ith the p rin cip a l at m atu rity, in ­
terest on cou p on securities is payable u pon presenta­
tion and surrender o f the interest cou p on s as they
mature. Interest cou pon s are p ayable at the Office o f
the Treasu rer o f the U n ited States and at any F ed eral
Reserve B a n k or B ranch.8 T h e interest on some is­
sues is payable w ith the p rin cip a l at m aturity, and n o
coupons are attached. T h e interest on T reasu ry bills,
w h ich are sold on a discount basis and are payable at
p ar at m atu rity, is represented by the difference be­
tween the purchase price and the p a r value, and no
cou pon s are attached.
S U B P A R T F — A S S IG N M E N T S O F R E G IS ­
T E R E D S E C U R IT IE S — G E N E R A L

S ec. 306.40. Execution o f assignments.— T h e as­
signm
ent o f a registered security should be executed b y
0 The Appendix to these regulations contains a complete ex­
the
ow
n er o r his authorized representative in the pres­
planation as to the method o f com puting interest on Treasury
ence o f an officer authorized to witness the assignm ent.
bonds, notes and certificates o f indebtedness in any given
situation. The Appendix also outlines the method o f com ­
A ll assignm ents must be m ade on the backs o f the seputing the discount rate on Treasury bills.
7 See Sec. 306.15(b) fo r presentation o f securities during
8 Banking institutions w ill usually cash the coupons w ithout
periods transfer books are closed.
charge as an accom m odation to their customers.




10
curities, unless otherw ise authorized by the D e p a rt­
ment or a F ed era l Reserve B an k o r B ran ch . A n as­
signm ent b y m ark ( X ) must be witnessed n ot on ly by
a w itnessing officer but also by at least one oth er p e r­
son, w h o sh ould add an endorsem ent substantially as
fo llo w s : “ W itn ess to signature b y m ark,” fo llo w e d by
his signature and address.
Sec. 306.41. F o r m o f a s s ig n m e n t.— R egistered se­
curities m ay be assigned in blank, to bearer, to a speci­
fied transferee, to the S ecretary o f the T reasu ry fo r
exchange f o r cou p on securities, or to the Secretary o f
the T reasu ry fo r redem ption or f o r exchange f o r other
securities offered at m atu rity, u pon call o r pursuant to
an advan ce refu n d in g offer. A ssign m en ts to “ Th e
S ecretary o f the T reasu ry ,” “ T h e S ecretary o f the
T reasu ry f o r tran sfer,” or “ T h e Secretary o f the
T reasu ry f o r exch an ge” w ill not be accepted, unless
supplem ented by specific instructions.
Sec. 306.42. A lt e r a t io n s a n d e r a s u r e s .— I f an a l­
teration or erasure has been m ade in an assignm ent, an
exp la n ation satisfa ctory to the T reasu ry D epartm ent,
usually in the form o f an affidavit b y the person re­
sponsible, w ill be required.
Sec. 306.43. V o id a n c e o f a s s ig n m e n ts .— A n as­
signm ent o f a security to or fo r the account o f another
person, not com pleted b y d elivery , m ay be voided b y a
disclaim er o f interest fro m that person. T h e d is­
claim er should be executed in the presence o f an offi­
cer authorized to witness assignm ents o f securities.
U nless otherw ise authorized b y the T reasu ry D e p a rt­
m ent or a Federal R eserve B an k o r B ra n ch the d is­
claim er m ust be w ritten, typ ed , or stam ped on the back
o f the security, in su bstantially the fo llo w in g f o r m :
T h e u ndersigned as assignee o f this security hereby
d isclaim s any interest herein.
(S ig n a t u r e )

I ce rtify that the above-nam ed person as described,
whose iden tity is w ell k n ow n or p roved to me, person ­
ally appeared l>efore me t h e ____ day o f _______________
(M o n th and y e a r )

a t ___________________________ and signed the above dis­
place)
claim er o f interest.
(

se a l

)

_______________________________________________
(S ig n a tu r e a n d official d e sig n a tio n
o f w itn e s sin g officer)

In the absence o f a disclaim er, an affidavit o r affidavits
should be subm itted fo r consideration exp la in in g w hy
a disclaim er cannot be obtained, recitin g all other m a­
terial facts and circum stances relatin g to the transac­
tion, in clu d in g w hether or not the security was d eliv­
ered to the person nam ed as assignee and w hether or




not the affiants know o f any basis fo r the assignee
cla im in g any righ t, title or interest in the security.
S ec. 306.44. Discrepancies in names.— T h e D e­
partm ent w ill ord in a rily require an explanation o f dis­
crepancies in the names w hich appear in inscriptions,
assignments, su p p ortin g evidence or in the signatures
to any assignments. (F o rm P D 385 may be used fo r
this purpose.)
H ow ever, where the variations in the
name o f the registered ow ner, as inscribed on securities
o f the same o r different issues, are such that both may
p rop erly represent the same person, fo r exam ple, “ J. T.
S m ith ” and “ John T . S m ith ,” no p r o o f o f identity w ill
be required i f the assignm ents are signed ex a ctly as the
securities are inscribed and are d u ly certified b y the
same w itnessing officer.
S ec. 306.45. Officers authorized to witness as­
signments.
(a) Officers authorized generally.— Officers au­
thorized to witness assignments in c lu d e :
(1 ) Officers and em ployees o f banks and trust
com panies chartered by or incorporated under the
law s o f the U nited States or those o f any State, C om ­
m onwealth or T e rrito ry o f the U nited States, and
F ederal Savin gs and Loan A ssociations or other o r­
ganizations w hich are members o f the F ederal H om e
L oa n B ank System , w ho have been authorized gen­
erally to bin d their respective institutions by their
acts.
(2 ) Officers o f F ederal Reserve Banks and
Branches.
(3 ) Officers o f Federal L a n d Banks, F ederal I n ­
term ediate Credit Banks and Banks fo r C oopera­
tives, the Central B ank fo r C ooperatives, and F e d ­
eral H om e Loan Banks.
(4 ) U nited States A ttorneys, C ollectors o f Cus­
toms, and R egional Com m issioners and D istrict D i­
rectors, Internal Revenue Service.
(5 ) Judges and Clerks o f U nited States Courts.
(b) Authorized officers in foreign countries.—
T h e fo llo w in g officers are authorized to witness assign­
ments in foreign cou ntries:
(1 ) U nited States d ip lom a tic o r consular repre­
sentatives.
(2 ) M anagers, assistant m anagers and other offi­
cers o f fo re ig n branches o f banks o r trust com panies
chartered by or incorporated under the laws o f the
U nited States o r any State, C om m onw ealth or T e r­
ritory o f the U n ited States.
(3 ) N otaries p ublic and other officers authorized
to adm inister oaths. T h e official position and au­
th ority o f any such officer must be certified by a

11
U n ited States d ip lom a tic or consular representative
under seal o f his office.
( c ) Officers having limited autkority.— The f o l ­
lo w in g officers are authorized to witness assignments to
the extent set fo r th in con nection w ith each class o f
officers:
(1 ) Postm asters, actin g postm asters, assistant
postm asters, inspectors-in-charge, ch ie f and assist­
ant ch ie f accountants, and superintendents o f sta­
tions o f any post office, notaries p u b lic and justices
o f the peace in the U n ited States, its territories and
possessions, the C om m on w ealth o f P u erto R ic o and
the Canal Zone, b u t on ly f o r assignm ent o f securities
fo r redem ption fo r the account o f the assignor, or
fo r redem ption-exch ange, or pursuant to an advance
re fu n d in g offer f o r oth er securities to be registered
in his name, o r in his nam e w ith a coow ner. T h e
signature o f any post office official, other than a p ost­
m aster, m ust be in the fo llo w in g fo r m : “ J oh n A .
D oe, Postm aster, b y R ich a rd B . R oe, S u p erintend ­
ent o f S tation .”
(2 ) C om m issioned officers and w arrant officers o f
the A rm ed F orces o f the U n ited States fo r assign­
ments o f securities o f any class fo r any authorized
transaction, but on ly w ith respect to assignments
executed by ( i) A rm ed F orces personnel and civilian
field em ployees, and ( ii) m em bers o f the fam ilies o f
such personnel o r civilian em ployees.

(d) Special provisions for witnessing assign­
ments.— T h e C om m issioner o f the P u b lic D ebt, the
C h ie f o f the D ivision o f L oan s and C u rrency, or any
F ed era l Reserve B an k o r B ran ch is authorized to make
special provision s fo r any case or class o f cases.
S e c. 308.46. Duties and responsibilities of wit­
nessing officers.— T h e w itnessing officer must require
execu tion o f the assignm ent in his presence a fte r he
has established the iden tity o f the assignor. l i e must
then com plete the certification and im press or im prin t
the official seal o r stam p, i f any. T h e w itnessing o f ­
ficer and, i f he is an officer or em ployee o f an org an iza ­
tion , the organ iza tion w ill be held responsible fo r any
loss w hich the U n ited States m ay suffer as the result
o f his fa u lt or negligence.
S e c. 306.47. Evidence o f witnessing officer’s au­
thority. — T h e a uthority o f a w itnessing officer m ay
be established by his affixing the seal o f his org a n iza ­
tion to his certification o f an assignm ent. I f such o f ­
ficer does not have access to the seal, his signature and
authority must bo certified to the D epartm ent, under
seal, by an officer h av in g access to the records and w ill
be recogn ized un til notice is received that his authority




has been term inated. ( F o rm P D 8 3 5 -B m ay be used.)
A n y p ost office official m ust use the official stam p o f
his office. A com m issioned or w arrant officer o f any o f
the arm ed forces o f the U n ited States sh ould indicate
his rank and state th a t the person execu tin g the as­
signm ent is one o f the class whose signature he is au­
th orized to witness. A ju d g e or clerk o f cou rt m ust
use the seal o f the court. A n y other w itnessing officer
must use his official seal o r stam p, i f any, but, i f he has
neither, his official position and a specim en o f his
signature m ust be certified b y some oth er authorized
officer under official seal o r stam p or oth erw ise p ro v e d
to the satisfa ction o f the D epartm ent.
S ec. 306.48. Interested person not to act as wit­
ness or witnessing officer.— N either the assignor,
the assignee, n or any person h av in g an interest in a
security m ay act as w itnessing officer or as witness to
an assignm ent b y m ark. H ow ever, a bank officer m ay
witness an assignm ent to the bank, o r an assignm ent
executed by another officer in its b eh a lf.
S e c. 306.49. Nontransferable securities.— T h e p r o ­
visions o f this subpart, so fa r as a pp licable, govern
transactions in T reasu ry B on ds, In vestm ent Series
B -1 9 7 5 -8 0 .
S U B P A R T G— A S S I G N M E N T S B Y OR IN
B E H A L F O F IN D IV ID U A L S
S e c. 306.55 Signatures, minor errors and change
o f name.— T h e o w n er’s signature to an assignm ent
sh ould be in the form in w hich the security is inscribed
or assigned, unless such in scription o r assignm ent is
in correct o r the nam e has since been changed. In case
o f a ch an ge o f name, the signature to the assignm ent
sh ould show both nam es and the m anner in w h ich the
change was m ade, f o r exam ple, “ J oh n Y o u n g , f o r ­
m erly J o h n J u n g (ch an ged by cou rt o r d e r ).” E v i­
dence o f the ch an ge w ill be required. H ow ever, no
evidence is required to su p p ort an assignm ent i f the
change resulted fro m m arriage and the signature,
w h ich must be d u ly witnessed by an authorized officer,
is w ritten to show that fa ct, fo r exam ple, “ M rs. M a ry
J . B row n , b efore m arriage M iss M ary J o n e s.”
S e c. 306.56. Assignment o f securities registered

in the names o f or assigned to two or more persons.
(a )
For transfer or exchange. — T h e tran sfer or
exchange fo r cou p on securities o f securities registered
in the nam es o f o r assigned to tw o o r m ore persons
m ay be m ade d u rin g the lives o f all the coow n ers on ly
u pon assignments b y all or in th eir b e h a lf b y au th or­
ized representatives. U p o n p r o o f o f the death o f one,
the D ep artm en t w ill accept an assignm ent by o r in be­
h a lf o f the su rvivor or su rvivors, unless the registra-

12
tio n o r assignm ent includes w ords w h ich preclude
the rig h t o f su rvivorsh ip, o r the w ords “ or either o f
th em .” In such cases, in a d d ition to assignment by or
in b e h a lf o f the su rvivor o r survivors, an assignm ent in
b e h a lf o f the deceden t’s estate w ill be required.
(b) For advance refunding exchanges.— S ecu ri­
ties registered in the nam es o f or assigned to tw o or
m ore persons, 'whether jo in tly or in the alternative,
m a y be assigned b y one where the securities offered
in exchange are to be inscribed in their nam es in sub­
stan tially the same form . I f bearer securities or securi­
ties in a differen t form are to be issued, all persons
nam ed must assign, except that in case o f deatli p ara­
g r a p h (a ) o f this section shall a p p ly .

(c) For redemption or redemption-exchange.
(1 ) A lte rn a tiv e registra tion o r assignm ent.— S e­
curities registered in the nam es o f o r assigned to tw o
o r m ore persons in th e a ltern a tive, fo r exam ple,
“ J o h n S m ith or M rs. M a ry S m ith ” or “ J oh n Sm ith
o r M rs. M a ry S m ith or the su rvivor,” m ay be as­
signed by one coow n er at m a tu rity or upon call, fo r
redem ption or redem p tion -exch an ge (as defined in
Sec. 306.2 ( k ) ) , f o r his ow n account or otherw ise,
'whether or not the other coow n er or coow ners are
deceased. T h is p rov ision also a pplies to securities
registered in or assigned to the fo r m “ J oh n Sm ith
and M rs. M ary S m ith or either o f them ."
(2 ) J oin t reg istra tion o r assignm ent.— S ecurities
registered in the names o f or assigned to tw o or m ore
persons jo in tly , f o r exam ple, “ J oh n S m ith and M rs.
M a ry S m ith ,” “ J oh n Sm ith and M rs. M a ry Sm ith
o r the su rv iv or,” o r “ J o h n Sm ith and M rs. M a ry
S m ith as tenants in com m on ,” m ay be assigned by
one coow n er d u rin g the lives o f all on ly (i) f o r re­
dem ption at m a tu rity o r upon call, and then on ly
f o r red em p tion f o r the account o f all, or ( ii) fo r
exchange fo r oth er securities to be registered in th eir
names in substantially the same fo r m as appears in
the registration or assignm ent o f the securities sur­
rendered. U p o n p r o o f o f the death o f one coow ner,
the su rvivor or su rvivors m ay assign securities so
registered o r assigned fo r redem ption or redem ptionexchange fo r any account, except that, if the w ords

(1 ) B y m inor.— Securities registered in the nam e
o f a m in or f o r whose estate no gu ardian or sim ilar
representative is legally qualified, m ay be assigned
b y the m in or at m aturity o r call fo r redem ption if
the total face am ount o f the m atured or called se­
curities so registered does not exceed $500, and if the
m in or, in the o p in ion o f the w itnessing officer, is o f
sufficient com peten cy to execute the assignm ents and
understand the nature o f the transaction.
(2 ) B y n atural guardian.— Securities registered
in the nam e o f a m in or fo r whose estate no legal
gu ardian or sim ilar representative has qualified may
be assigned by the natural gu ard ian upon qualifica­
tion. F o rm P I ) 2481 m ay be used f o r this purpose.
( b ) Assignments o f securities registered in
name o f natural guardian o f minor.— Securities
registered in the name o f a natural gu ard ian o f a m in or
m ay be assigned by the natural gu a rd ia n f o r any au­
th orized transaction except one f o r the apparent bene­
fit o f the natural gu ardian. I f the natural gu ardian
in whose name the securities are registered is deceased
or is no lon g er qualified to act as natural gu ard ian ,
the securities m ay be assigned by the person then act­
ing as natural guardian. T h e assignm ent b y the new
natural gu ardian should be su pported b y p r o o f o f the
deatli or disqualification o f the fo rm er natural g u a rd ­
ian and by evidence o f his ow n status as natural g u a rd ­
ian. (F o rm P I ) 2481 m ay be used fo r this purpose.)
N o assignm ent by a natural gu ardian w ill be accepted
a fter receipt o f notice o f the m in or’s attainm ent o f
m a jo rity , rem oval o f his disability o f m in ority, dis­
qualification o f the natural gu ardian to act as such,
qualification o f a legal gu a rd ia n or sim ilar representa­
tive, or the death o f the m inor.

(c) Assignments by voluntary guardians o f incom petents— R egistered securities b elon gin g to an

incom petent fo r whose estate no legal gu ard ian or sim i­
lar representative is legally qualified m ay be assigned
by the relative responsible fo r his care and su pport or
some other person as volu n tary gu a rd ia n :
(1 ) F o r redem ption or exchange f o r bearer secu­
rities, i f the proceeds o f the securities are necessary
and w ill be used f o r the care and support o f the
incom petent o r that o f his legal dependents and the
“ as tenants in com m on ” o r other w ords h a v in g the
total face amount o f such securities fo r w hich re­
same effect app ear in the registration or assignm ent,
dem ption or exchange is requested in any 90-day
assignm ent in b e h a lf o f the decedent’s estate also
p eriod does n ot exceed $1,000.
■will be required.
(2 ) F o r redem ption-exchange, if the securities
Sec. 306.57. Minors and incompetents.
are m atured o r have been called, o r pursuant to an
(a)
Assignments o f securities registered in advance re fu n d in g offer, fo r reinvestment in other
securities to be registered in the fo rm “ A , an incom name o f minor.




petent (0 0 0 -0 0 -0 0 0 0 ), under volu n tary gu a rd ia n ­
sh ip .”
A n a p p lica tion on F o r m P D 1461 b y the person seek­
in g a u th ority to a ct as volu n tary guardian w ill be
required.

Sec. 306.66. Temporary or special administra­
tors.— T e m p o ra ry or special adm inistrators m ay as­
sign securities fo r any authorized transaction w ith in
the scope o f th eir authority. T h e assignm ents m ust be
su pported b y :

(d)
Assignments by legal guardians o f minors (a) Temporary administrators.—A certificate,
or incompetents.— Securities registered in the nam e under cou rt seal, sh ow in g the app oin tm en t in fu ll fo rce
and title o f the legal gu ard ian o r sim ilar representa­
tive o f the estate o f a m in or or incom petent m ay be
assigned b y the representative f o r any authorized
transaction w ith ou t p r o o f o f his qualification. A s ­
signm ents b y a representative o f any other securities
b e lo n g in g to a m in or or incom petent must be supported
b y p ro p e rly certified evidence o f qualification. T h e
evidence must be dated not m ore than one year b efore
the date o f the assignm ents and must contain a state­
m ent sh ow in g the appointm ent is in fu ll fo rc e unless it
shows the appoin tm en t was m ade not m ore than one
year b efore the date o f the assignm ent or the represen­
tative o r a corepresentative is a corp ora tion . A n as­
signm ent b y the representative w ill n ot be accepted
a fte r receipt o f notice o f term ination o f the gu a rd ia n ­
ship, except f o r tran sfer to the form er w ard.
Sec. 306.58. Nontransferable securities.— T h e
p rovision s o f this subpart, so fa r as applicable, govern
transactions in T reasu ry B on ds, Investm ent Series
B -1 9 7 5 -8 0 .

SUBPART H—ASSIGNMENTS IN BEHALF
OF ESTATES OF DECEASED OWNERS
Sec. 306.65. In course o f administration.— A se­
cu rity b elon g in g to the estate o f a decedent w h ich is
b ein g adm inistered b y a d u ly qualified executor or gen ­
eral adm in istrator w ill be accepted fo r any authorized
transaction u pon assignm ent by such representative.
I f the security is n ot registered in the name and title
o f the representative, the assignm ent must be sup­
p orted by a certificate o r a co p y o f the letters o f a p ­
pointm ent, under cou rt seal. T h e certificate or cer­
tification, i f required, must be dated not m ore than
six m onths b efore the date o f the assignm ent and must
contain a statement that the appoin tm en t is in fu ll
force, unless (a ) it shows the a ppoin tm en t was m ade
not m ore than one yea r b e fore the date o f the assign­
ment, or (b ) the representative or a corepresentative is
a corp ora tion , o r ( c ) redem ption is b ein g m ade f o r a p ­
p lica tion o f the proceeds in paym ent o f Federal estate
taxes as p rov id ed by Sec. 300.28.




w ithin th irty days p reced in g the date o f receip t o f the
securities.

(b) Special administrators.— A certificate, under
cou rt seal, sh ow in g the a pp oin tm en t in fu ll fo rc e
w ith in six m onths p recedin g the date o f receip t o f the
securities. A u th o rity f o r assignm ents f o r transac­
tions n ot w ith in the scope o f a ppoin tm en t m ust be
established b y a d u ly certified co p y o f a special ord er
o f court.
Sec. 306.67. A fter settlement through court pro­
ceedings.— Securities b elon gin g to the estate o f a de­
cedent w h ich has been settled w ill be accepted f o r any
authorized transaction upon assignm ents by the person
o r persons entitled, as determ ined b y the court. T h e
assignm ents sh ould be su pported b y a co p y , certified
under cou rt seal, o f the decree o f d istribu tion , the rep ­
resentative’s final account as a p p rov ed b y the cou rt, or
sim ilar cou rt records.

Sec. 306.68. Without administration.— W h en it
appears that no legal representative o f an estate to
w h ich securities belon g has been o r is to be a p p oin ted ,
the securities m ay be d u ly disposed o f pursuant to an
agreem ent and assignm ent by all persons entitled to
share in the securities under the law s o f the State
o f the deceden t’s dom icile. (F o r m P D 1646 m ay be
used.)
H ow ever, all debts o f the decedent and his
estate m ust be p aid o r p ro v id e d fo r and the interests
o f any m inors or incom petents in the estate m ust be
protected.
Sec. 306.69. Special provisions applicable to
small amounts o f securities, interest checks or
redemption checks .— E n titlem en t to, o r the author­
ity to dispose o f, a small am ount o f p u b lic debt secu­
rities and checks issued in paym ent th e re o f or in p a y ­
m ent o f interest thereon, b elon gin g to the estate o f a
decedent, m ay be established th rou g h the use o f certain
short form s, a ccord in g to the aggregate am ount o f
securities and checks in volved (e x clu d in g checks rep re­
senting interest on the secu rities), as in d icated b y the
fo llo w in g ta ble:

14

A m ou nt

Circumstances

$100

N o adm inistration__

$500

Estate being ad­
ministered.
Estate settled______

$500

Sec.

Form

PD
2216
PD
2488
PD
2458A

306.70. Nontransfer able

T o be executed b y —

Person who paid
burial expenses.
E xecutor or ad­
ministrator.
Former executor
or administrator,
attorney or other
qualified person.

securities.—Tlie

p rovision s o f this subpart, so fa r as a p p licable, govern
transactions in T reasu ry B on d s, Investm ent Series
B -1 9 7 5 -8 0 .

SUBPART I—ASSIGNMENTS BY OR IN BE­
HALF OF TRUSTEES AND SIMILAR FI­
DUCIARIES
Sec. 306.75. Individual fiduciaries.— Securities
registered in, o r assigned to, the names and titles o f
ind ivid u al fiduciaries w ill be accepted fo r any author­
ized transaction u pon assignm ent b y the designated
fiduciaries w ith ou t p r o o f o f their qualification. I f the
fiduciaries in whose names the securities are registered,
o r to w h om they have been assigned, have been suc­
ceeded b y oth er fiduciaries, evidence o f successorship
must be furn ish ed. I f the app ointm ent o f a successor
is not requ ired under the term s o f the trust instrum ent
or otherw ise and is n ot contem plated, assignm ents by
the su rv iv in g o r rem ain in g fid u ciary o r fiduciaries
must be su pp orted b y a p p rop ria te p ro o f. T h is re­
quires (a ) p r o o f o f the death, resignation, rem oval or
disqu alification o f the fo rm e r fidu ciary and (b ) e vi­
dence that the su rv iv in g o r rem ain in g fidu ciary or fidu­
ciaries are fu lly qualified to adm inister the fidu ciary
estate, w h ich m ay be in the form o f a certificate by
them sh ow in g the appoin tm en t o f a successor has not
been a p p lied fo r, is not con tem plated and is n ot neces­
sary under the terms o f the trust instrum ent o r oth er­
wise. A ssign m en ts o f securities registered in the
titles, w ithout the names o f the fiduciaries, fo r exam ple,
“ Trustees o f the G eorge E . "White M em orial S ch o la r­
ship F u n d under deed o f trust dated 1 1 /1 0 /4 0 , ex­
ecuted b y J oh n W . W h ite ,'5 must be su pp orted by
p r o o f that the assignors are the qualified and actin g
trustees o f the designated trust estate, unless they are
em pow ered to act as a unit in w hich case the p rovision s
o f Sec. 306.76 shall app ly. (F o r m P I ) 2446 m ay be
used to fu rn ish p r o o f o f incum bency o f fiduciaries.)




A ssign m en ts by fiduciaries o f securities n ot registered
o r assigned in such m anner as to show that they b elon g
to the estate fo r w hich the assignors are a ctin g must
also be su pp orted by evidence that the estate is entitled
to the securities.
Sec. 306.76. Fiduciaries acting as a unit.— I f the
fiduciaries o f any trust estate, p u b lic or private, con sti­
tute a board, com m ittee o r other b o d y em pow ered to
act as a unit, securities registered in its name, o r as­
signed to it, m ay be assigned fo r any authorized trans­
action b y anyone authorized to act in its beh alf. E x ­
cept as otherw ise p ro v id e d in this section, the assign­
ments must be su pp orted by a co p y o f a resolution
a dopted by the b od y, p ro p e rly certified under its seal,
or, i f none, sw orn to by a m em ber o f the b o d y h av in g
access to its records. (F o r m P D 2495 m a y be used.)
I f the person assigning is designated in the resolution
by title on ly, his incum bency must be duly certified by
another m ember o f the body.
(F o r m P D 2446 m ay be
used.)
I f the fiduciaries o f any trust estate are em ­
pow ered to act as a unit, alth ou gh n ot designated as a
board, com m ittee o r oth er b o d y , securities registered
in th eir names o r assigned to them as such, o r in their
titles w ith ou t th eir names, m ay be assigned by anyone
authorized by the g ro u p to act in its beh alf. Such
assignm ents m ay be su pported by a sw orn co p y o f a
resolution adopted by the g ro u p in a ccordan ce w ith the
terms o f the trust instrum ent, and p r o o f o f th eir au­
th ority to act as a unit m ay be required. A s an alter­
native, assignm ents by all the fiduciaries, su pported by
p ro o f o f th eir incum bency if not nam ed on the securi­
ties, w ill be accepted.

Sec. 306.77. Corepresentatives and fiduciaries.—
I f there are tw o or m ore executors, adm inistrators,
guardians or sim ilar representatives, o r trustees o f an
estate, all must unite in the assignm ent o f any securi­
ties b e lo n g in g to the estate. H ow ever, when a statute,
a decree o f cou rt, or the instrum ent under w hich the
representatives or fiduciaries are a ctin g provides oth er­
wise, assignm ents in accordan ce with their authority
w ill be accepted. I f the securities have m atured or
been called and are subm itted fo r redem ption fo r the
account o f all, or fo r redem ption-exch an ge o r pursuant
to an advance re fu n d in g offer and the securities offered
in exchange are to be registered in the names o f all,
on ly one representative o r fiduciary need execute the
assignment.
Sec. 306.78. Nontransfer able securities.— T h e
p rovision s o f this subpart, so fa r as applicable, govern
assignm ents o f T reasu ry B on ds, Investm ent Series
B -1 9 7 5 -8 0 .

15

S U B P A R T J — A S S I G N M E N T S IN B E H A L F O F
P R IV A T E O R P U B L IC O R G A N IZ A T IO N S
S e c. 306.85. Private corporations and unincor­
porated associations.— Securities registered in the
nam e o f, or assigned to, an u n in corp ora ted association,
or a p rivate corp ora tion in its ow n righ t or in a repre­
sentative or fidu ciary ca p acity , m ay be assigned in its
b e h a lf fo r any authorized transaction b y any d u ly
authorized officer or officers. E vidence, in the form o f
a resolution o f the gov ern in g b od y, a uthorizing the
a ssign ing officer to assign, or to sell, o r to otherw ise
dispose o f the securities w ill ord in a rily be required to
su pp ort assignments. R esolutions m ay relate to any
or all registered securities ow ned b y the organ ization
or h eld b y it in a representative or fiduciary capacity.
(F o r m P D 1009 or 1010, or any substantially sim ilar
fo rm , m ay be used fo r securities ow n ed by an org an iza ­
tion in its ow n r ig h t; F o rm P D 1011 or 1012, o r any
substantially sim ilar form , m ay be used fo r securities
held in a representative or fidu ciary ca p a city .)
If
the officer o r officers derive th eir authority from the
charter, constitu tion or byla w s, a cop y or a pertinent
extract th erefrom , p rop erly certified, w ill be required
in lieu o f a resolution. I f the resolution or other su p­
p o rtin g docum ent shows on ly the title o f the authorized
officer, w ith out his name, it m ust be supplem ented by a
certificate o f incum bency. (F o r m P D 1014 m ay be
u sed.)
S e c. 306.86. Change o f name and succession o f
private organizations.— I f a p rivate corp ora tion or
u n in corporated association changes its name or is la w ­
fu lly succeeded by another corp ora tion or u n in corp o­
rated association, its securities m ay be assigned in be­
h a lf o f the organ ization in its new name or that o f its
successor b y an authorized officer in accordance w ith
Sec. 306.85. T h e assignm ent must be su pported by
evidence o f the change o f nam e or successorship.
S e c. 306.87. Partnerships. — A n assignm ent o f a
security registered in the name o f o r assigned to a p a rt­
nership must be executed by a general partner. U p o n
dissolu tion o f a partn ersh ip, assignm ent b y all liv in g
partners and by the persons entitled to assign in beh a lf
o f any deceased p artn er’s estate w ill be required unless
the law s o f the ju risd iction authorize a general partner
to b in d the partnership b y any act a pp rop riate fo r
w in d in g u p partnership affairs. In those cases where
assignm ents by o r in b eh a lf o f all partners are required
this fa c t must be shown in the assignm ent; otherw ise,
an affidavit b y a form er general partn er must be fu r ­
nished id e n tify in g all the persons w ho had been p a rt­
ners im m ediately p rio r to dissolution. U p on volu n ­




tary dissolution, f o r any ju risd ictio n where a general
partn er m ay n ot act in w in d in g up partn ersh ip affairs,
an assignm ent b y a liq u id a tin g partner, as such, must
be su pported b y a d u ly executed agreem ent am on g the
partners a p p o in tin g the liq u id a tin g partner.
S e c. 306.88. Political entities and public corpo­
rations.— Securities registered in the nam e o f , o r as­
signed to, a State, cou n ty, city , tow n , villag e, school
d istrict or oth er p olitica l entity, p u b lic b o d y o r co r­
poration , m ay be assigned b y a d u ly authorized officer,
su pp orted b y evidence o f his authority.
S ec. 306.89. Public officers.— S ecurities registered
in the name o f, or assigned to, a p u b lic officer, d esig­
nated b y title, m ay be assigned b y sucli officer, sup­
p orted b y evidence o f incum bency. A ssign m en ts fo r
the officer's ow n apparent ind ivid u al benefit w ill n ot be
recognized.
S ec. 306.90. Nontransferable securities. — T h e
p rovision s o f this subpart a p p ly to T reasu ry B on ds,
Investm ent Series B -1 9 7 5 -8 0 .
S U B P A R T K — A T T O R N E Y S IN F A C T
S e c. 306.91. Attorneys in fact.
(a )
General.— A ssignm ents b y an attorn ey in fa ct
w ill be recogn ized if su pported b y an adequate p ow er
o f attorney. E v e ry p ow er m ust be executed in the
presence o f an authorized w itnessing officer. T h e
origin al pow er, or a p h o to co p y certified b y an au th or­
ized w itnessing officer, must be filed w ith the T reasu ry
D epartm ent. A n assignment b y a substituted attorney
in fa ct m ust be su pported by an au th orizin g p ow er o f
attorney and p ow er o f substitution. A n assignm ent
by an attorney in fact or a substituted attorney in fa ct
fo r the apparent benefit o f either w ill not be accepted
unless expressly authorized. (F o r m P D 1001, 1002,
1003 o r 1004, as a pp rop riate, m ay be used to ap p oin t
an attorney in fact. A n attorney in fa ct m ay use F o rm
P D 100G o r 1008 to ap p oin t a substitute. H ow ever,
any fo rm sufficient in substance m ay be used.)
If
there are tw o o r m ore jo in t attorneys in fa c t or substi­
tutes, less than all m ay assign fo r redem ption f o r the
account o f the ow ner, or fo r redem ption-exch an ge, or
pursuant to an advance re fu n d in g offer p rovid ed the
new securities are to be registered in the ow n er’s name.
Otherw ise, all must unite in the assignm ent unless the
p ow er authorizes less than all to act.

A p o w e r o f at­

torney or o f substitution not cou p led w ith an interest
w ill be recogn ized un til the B ureau receives p r o o f o f
revocation or p r o o f o f the g ra n to r’s death or in com ­
petency.

16
(b) For legal representatives or fiduciaries.—
A ssignm en ts by an attorney in fa ct o r substitute at­
torney in fa c t f o r a legal representative o r fidu ciary,
in a d d ition to the p ow er o f attorney and o f substitu­
tion , m ust be su pp orted by evidence, i f any, as re­
q uired b y Secs. 3 0 6 .5 7 (d ), 306.65, 306.75 and 306.76.
P ow ers must specifically designate tlie securities to be
assigned.

(c) For corporation or unincorporated associa­
tion.— A ssign m ents b y an attorney in fa ct o r a sub­
stitute attorney in fa ct in b eh a lf o f a corp ora tion or
u n in corp ora ted association, in a d d ition to the p ow er
o f attorn ey and p ow er o f substitution, must be su p­
p orted b y one o f the fo llo w in g docum ents certified
u n der seal o f the organ iza tion , or, i f it has no seal,
sw orn to b y an officer w ho has access to the r e c o r d s :
(1 ) A co p y o f the resolution o f the gov e rn in g
b o d y a u th orizin g an officer to a ppoint an attorney
in fact, w ith p ow er o f substitution i f pertinent, to
assign, or to sell, o r to otherw ise dispose o f, the
securities, or
(2 ) A co p y o f the charter, constitution o r bylaw s,
o r a pertinent extract th erefrom , sh ow in g the author­
ity o f an officer to a p p oin t an attorn ey in fa ct, or
(3 ) A co p y o f the resolution o f the g ov e rn in g
b o d y d irectly a p p oin tin g an attorney in fact.
I f the resolution or oth er s u p p o rtin g docum ent shows
on ly the title o f the a uthorized officer, w ith ou t his
nam e, a certificate o f incum bency must also be fu r ­
nished.
(F o r m P D 1014 m ay be used.)
T h e p ow er
m a y n ot be b roa der than the resolution or other
au th ority.

(d) For public corporations.— A general p ow er
o f attorney in b eh a lf o f a p u b lic corp ora tion w ill be
recogn ized on ly i f it is authorized by statute.
Sec.

306.92.

Nontransferable

securities.—The

p rovision s o f this subpart shall a p p ly to n on tra n sfer­
able securities, subject on ly to the lim itation s im posed
by the term s o f the p a rticu la r issues.

SUBPART L—TRANSFER THROUGH
JUDICIAL PROCEEDINGS
Sec. 306.95. Transferable securities.— T h e D e­
partm ent w ill recogn ize va lid ju d icia l p roceedin gs a f ­
fe ctin g the ow n ersh ip o f o r interest in tran sferable
securities, u p on p resen ta tion o f the secu rities to g eth er
w ith evid en ce o f the p roceed in gs. In the case o f se­
cu rities registered in the names o f tw o or m ore persons,
the extent o f th eir respective interests in the securities
must be determ ined by the cou rt in p roceedin gs to




w h ich they are parties o r m ust otherw ise be v a lid ly
established.9
Sec. 306.96. Evidence required.— C opies o f a final
ju d gm en t, decree o r ord er o f court and o f any neces­
sary supplem en tary p roceedin gs m ust be subm itted.
A ssignm ents b y a trustee in ban k ru p tcy o r a receiver
o f an insolven t’s estate must be su pported b y evidence
o f his qualification. A ssignm ents b y a receiver in
equity or a sim ilar cou rt officer must be su pported by a
co p y o f an ord er au th orizin g him to assign, o r to sell,
or to otherw ise dispose o f, the securities. W h ere the
docum ents are dated m ore than six m onths p rio r to
presentation o f the securities, there must also be sub­
m itted a certificate dated w ith in six m onths o f presen­
tation o f the securities, sh ow in g the ju dgm en t, decree
or order, or evidence o f qualification, is in fu ll force.
A n y such evidence must be certified under court seal.

Sec. 306.97. Nontransferable securities.
(a) Treasury Bonds, Investment Series A-1965.—
T h e p rovision s o f this subpart shall a p p ly to bon d s o f
this series, except that reference to assignments shall be
deem ed on ly to refer to requests f o r paym ent. W ith
the exception o f a trustee in b an k ru p tcy or a receiver
o f an insolvent's estate, paym ent w ill be lim ited to the
redem ption value current th irty days a fte r term ination
o f the ju d icia l p roceedin gs or current at the tim e the
bonds are surrendered fo r redem ption, w hichever is
less. N o ju d icia l proceedin gs w ill be recogn ized i f
they w ou ld give effect to an attem pted volu n tary tran s­
fer inter vivos o f the bonds.

(b) Treasury Bonds, Investment Series B-197580.— T h e p rovision s o f this subpart shall a p p ly to
bonds o f this series, except that p rio r to m atu rity any
reference to assignm ents shall be deem ed to re fe r to
assignm ents o f the bonds f o r exchange f o r the current
series o f 1y 2 percent 5-year E A or E O T reasu ry notes.

SUBPART M—REQUESTS FOR SUSPENSION
OF TRANSACTIONS
Sec. 306.100. Requests for suspension o f trans­
actions in securities.
(a) Registered securities.
(1 )
R ep o r ts o f loss, th e ft o r d estru ction o f reg is­
tered securities.— R ep orts o f lost, stolen or destroyed
registered securities not so assigned as to becom e, in
8 A finder claim ing the ownership o f a bearer security or a
registered security assigned in blank or so assigned as to be­
come, in effect, payable to bearer, must perfect his title in
accordance with the provisions o f State law. I f there are no
such provisions, the Departm ent will not recognize his title to
the security.

17

effect, payable to bearer, will be accepted fro m the
ow n er or his authorized agent at any tim e and rec­
ords w ill be m aintained o f the reports. I f such a
registered security is presented to the D epartm ent,
the ow n er w ill be duly advised and given all avail­
able in form ation .
(2 ) R ep o r ts o f assignm ents affected b y fra u d .—
T h e D epartm ent reserves the righ t to suspend any
tran saction in a registered security b earin g an a p ­
p aren tly va lid assignm ent, if p rio r to the tim e it is
received in the D epartm ent a report is received from
and a claim is filed b y an assignor that his assign­
ment was affected by fra u d . T he interested parties
w ill be notified o f the suspension and given a reason­
able p eriod o f tim e w ithin w hich to effect settlement
by agreem ent or institute ju d icia l proceedings. I f
subsequent to the tim e the D epartm ent has trans­
ferred, exchanged or redeem ed a registered security
in reliance 011 an ap p aren tly valid assignment, a re­
p o rt or claim is received that the assignm ent was
affected by fra u d , the D epartm ent w ill undertake
on ly to fu rn ish all available inform ation .
(3 ) R ep o r ts o f fo r g e d assignm ents.— I f it is
claim ed that the assignm ent o f a registered security
is a fo rg e ry , the D epartm ent w ill investigate the
m atter and i f it is established that the assignment
was fo rg e d and the ow n er d id not authorize 01 * ra tify
the assignm ent, or receive any benefits therefrom ,
the D epartm en t w ill recognize his ow nership and
g ran t a p p rop ria te relief.

the D epartm en t w ill undertake to n o tify persons
w ho appear to be entitled to any available in fo rm a ­
tion con cern in g the source fro m w h ich the securities
were received.
(2 )
O verd u e secu rities.— R ep orts that bearer seccurities, o r registered securities so assigned as to b e­
com e, in effect, payable to bearer, w ere lost, stolen or
possibly destroyed a fte r they becam e overdu e as
defined in Sec. 306.25 w ill be accepted b y the B ureau
fo r the purpose o f suspen din g red em p tion o f the
securities if the person cla im in g ow n ersh ip th e re o f
establishes his interest. I f the securities are p re ­
sented, th eir redem ption w ill be suspended and the
presenter and the claim ant w ill each be given an
o p p o rtu n ity to establish ow nership.

SUBPART N—CLAIMS ON ACCOUNT OF
LOSS, THEFT, DESTRUCTION, M UTILA­
TION OR DEFACEMENT OF SECURITIES
Sec. 306.105. Statutory authority and require­
ments.— S ection 8 o f the A ct o f J u ly 8 ,10 37 (50 Stat.

4 8 1 ), as am ended (31 LT.S.C. 7 3 8 a ), p rovid es fo r relief,
under certain con dition s, on account o f the loss, th eft,
destru ction , m u tilation or defacem ent o f U n ited States
interest-bearing securities. T o obtain re lie f the se­
cu rity must be fu lly identified and the pertinent facts
proved to the satisfaction o f the S ecretary o f the
T reasu ry, and gen erally, a bond o f in d em n ity in such
fo rm and w ith such surety, sureties o r security as m ay
be required to protect the interests o f the U n ited
Bearer securities or registered securities so States, m ust be filed.

(b)
assigned as to become, in effect, payable to bearer.

Sec. 306.106. Reports o f loss, theft, destruction,

(1 )
S ecu rities n ot overd u e.— N either the D e p a rt­ mutilation or defacement o f securities.
ment nor any o f its agents w ill accept notice o f any
(a)
Loss or theft. — R ep ort o f the loss or th e ft o f
claim or o f p en d in g ju d icial proceedin gs b}r any
a security sh ould be m ade p ro m p tly to the B ureau.
person fo r the purpose o f suspending transactions
T h e rep ort should in c lu d e :
in bearer securities, or registered securities so as­
(1 ) T h e name and present address o f the ow ner,
signed as to becom e, in effect, payable to bearer
and his address at the tim e the security was issued,
w hich are not overdue as defined in Sec. 306.25.10
and, i f the report is m ade by any other person, the
H ow ever, if the securities are received and retired,
ca p acity in w h ich he represents the o w n e r ;
10 It. lias beeu tlie longstanding policy of the Departm ent to

assume no responsibility fo r the protection o f bearer securi­
ties not in tlie possession o f persons claim ing rights therein
and to give no effect to any notice o f such claims. This policy
w as form alized 011 April 27, 18(57 when the Secretary o f the
Treasury issued the follow in g statem ent:
“ In consequence o f the increasing trouble, w holly w ithout
practical benefit, arising from notices w hich are constantly
received at the Departm ent respecting the loss o f coupon
bonds, w hich are payable to bearer, and o f Treasury notes
issued and remaining in blank at the time o f loss, it becomes
necessary to give this public notice, that the Government can
not protect and w ill not undertake to protect the owners of




(2 ) T h e identification o f the secu rity b y title o f
loan, issue date, interest rate, serial num ber and de­
n om ination, and in the case o f a registered security,
the exact fo r m o f in scription and a fu ll description
such bonds and notes against the consequences o f their own
fau lt 01* m isfortune.
“ H ereafter all bonds, notes, and coupons, payable to bearer,
and Treasury notes issued and rem aining in blank, w ill be
paid to the party presenting them in pursuance o f the regula­
tions o f the Department, in the course o f regular bu siness; and
110 attention w ill be paid to caveats w hich may be filed fo r the
purpose o f preventing such payment.”

18

pursuant lo a call, or (b ) paym ent, if the security has
o f an}' assignm ent, endorsem ent o r oth er w ritin g
m atured or becom e redeem able pursuant to a call.
th e re o n ; and
W h en a substitute is issued to replace a destroyed,
(3 ) xV statement o f the circum stances.
(b)
Destruction, mutilation or defacement.— I f . m utilated or d efa ced cou p on security it w ill have at­
tached all cou pon s corresp on d in g to those p roved to
a security is destroyed, o r becom es so m utilated or d e­
have been attached thereto at the tim e o f the m ishap,
fa ce d as to im p a ir its value to the ow ner, a report o f the
except that any m atured cou p on s w ill not be attached
circum stances, as ou tlin ed in p a ra g ra p h ( a ) , m ust be
but w ill be p aid b y check. R e lie f w ill not be gran ted in
m ade to the Bureau. A ll available p ortion s o f the
m u tilated or d efa ced security m ust also be subm itted.
any case b efo re the exp iration o f six m onths fro m date
o f loss or theft.
In any a p p rop ria te case, a fo rm f o r use in a p p ly in g f o r
Sec. 306.109. Nontransferable securities.— The
re lie f w ill be furn ish ed.
Sec. 306.107. R elief authorized for lost, stolen,
p rovision s o f this subpart shall a p p ly to all non tran s­
ferable securities, other than U n ited States Savin gs
destroyed, mutilated or defaced securities.
B onds, subject on ly to the lim itations im posed b y the
(a) Registered securities. — R e lie f w ill be gran ted
term s o f the p a rticu la r issues.
f o r a registered security not assigned in blank o r not
so assigned as to becom e, in effect, payable to bearer,
SUBPART O—MISCELLANEOUS
w hen it has been established that the security has been
PROVISIONS
lost, stolen, destroyed, m utilated o r d efaced. B e lie f
w ill be gran ted in the same m anner f o r bearer secu­
Sec. 306.115. Additional requirements.— In any
rities restrictively endorsed in accordance w ith the p r o ­
case or any class o f cases arisin g under these regu la­
visions o f the cu rren t revision o f D epartm ent C ircu lar
tions the S ecretary o f the T reasu ry m ay require such
N o. 853.
a dd ition al evidence and a b on d o f indem nity w ith or
(b) Bearer securities or registered securities so
w ith ou t surety, as m ay in his ju dgm ent be necessary
assigned as to become, in effect, payable to bearer.—
fo r the p rotection o f the interests o f the U nited States.
R e lie f w ill be gran ted f o r bearer securities and reg­
Sec. 306.116. Waiver o f regulations.— T h e S ecre­
istered securities so assigned as to becom e, in effect,
ta ry o f the T reasu ry reserves the righ t, in his discre­
p ayable to bearer, p roved to have been destroyed, m u ti­
tion, to w aive or m o d ify any p rovision o r p rovision s o f
lated o r defaced . R e lie f w ill also be gran ted fo r such
these regu lation s in any p articu la r case o r class o f
securities i f they were lost or stolen under such circu m ­
cases fo r the convenience o f the U n ited States o r in
stances and have been m issing f o r such p eriod o f time
ord er to relieve any person or persons o f unnecessary
a fte r they have m atu red or becom e redeem able p u r­
h ardsh ip, i f such action is not inconsistent w ith law,
suant to a call f o r redem ption as in the ju d gm en t o f
does not im pair any existin g righ ts, and he is satisfied
the S ecretary o f the T reasu ry establishes that they (1 )
that such action w ou ld not subject the U n ited States
have been destroyed o r have becom e irretrievab ly lost,
to any substantial expense or liability.
(2 ) are n ot held b y any person as his ow n p rop erty
Sec. 306.117. Preservation o f existing rights.—
and (S ) w ill never becom e the basis o f a v a lid claim
N oth in g contained in. this circu la r shall lim it o r re­
against the U n ited States.
strict any existin g righ ts w h ich holders o f securities

(c) Interest coupons.— R e lie f w ill be gran ted fo r
interest cou pon s on ly when it is established they were
attached to a secu rity at the tim e they were destroyed,
m u tilated or defaced.
Sec. 306.108. Type o f relief granted.— W h e n re­
lie f is authorized fo r a lost, stolen, destroyed, m utilated
o r d efa ced security, it w ill be gran ted b y either (a ) the
issue o f a substitute m arked “ D u p lica te,” b earin g the
same issue date and sh ow in g the serial num ber o f the
o rig in a l security, i f the security fo r w h ich re lief is
b ein g gran ted has not m atured or becom e redeem able




h eretofore issued m ay have acquired under the circu ­
lars offerin g such securities fo r sale or under the reg­
ulations in fo rc e at the tim e o f acquisition.

Sec. 306.118. Supplements, amendments or revi­
sions.— T h e S ecretary o f the T reasu ry m ay at any
tim e, or fro m tim e to tim e, prescribe add ition al, su p­
plem ental, am endatory or revised regulations w ith re­
spect to U n ited States securities.
(S ig n e d )
D ouglas D il l o n ,
S ecreta ry o f the T reasu ry.

19

Appendix.—Computation of Interest on Treasury
Bonds, Treasury Notes, and Treasury Certifi­
cates of Indebtedness, and Computation of Dis­
count on Treasury Bills
T re a s u ry B on ds, T re a s u ry N otes, a n d T re a su ry
C e r tific a te s o f

In d e b t e d n k s s

C O M P U T A T IO N OF IN T E R E S T ON A S E M IA N N U A L BASIS
ONE D A Y S IN T E R E S T IS 1/1 8 1 , 1/1 8 2 , Vi83 OR 1/l S 4 OF %
y e a r 's

IN T E R E S T

C om p u tation o f interest w ill be m ade on a sem ian­
nual basis in all cases where interest is payable f o r one
or m ore fu ll h a lf-y e a r (6 m onths) periods, or fo r one
or m ore fu ll h a lf-y e a r p eriods and a fractional part o f
a h a lf-y ea r p eriod. A sem iannual interest p eriod is an
exact h a lf-y e a r or 6 m onths, fo r com putation purposes,
and m ay com prise 181,182,183 or 184 actual days.
A n exact h a lf-y e a r’s interest at the specified rate is
com pu ted f o r each fu ll p eriod o f exactly 6 months, ir­
respective o f the actual num ber o f days in the h alfyear.
I f the initial interest covers a fra ction al part o f a
h a lf-y e a r, com pu ta tion is m ade on the basis o f the
actual num ber o f days in the h a lf-y ea r (exactly 6
m on th s) en din g on the day such initial interest becom es
due. I f the initial interest covers a p eriod in excess o f
6 m onths, com pu ta tion is m ade on the basis o f one full
h a lf-y e a r period, en din g w ith the interest due date,
and a fra ction a l p art o f the p recedin g fu ll h alf-yea r
p eriod.
Interest fo r any fraction al part o f a full h a lf-yea r
p e rio d is com pu ted on the basis o f the exact num ber o f
days in the fu ll p eriod , in clu d in g F eb ru a ry 29 when­
ever it fa lls w ithin such a period.
T h e num ber o f days in any h a lf-y ea r period is shown
in the fo llo w in g ta b le:
For the half-year
Beginning fron: the 1st or
Ending on the 1st or 15th
day of—
15th day of—

Number of dfrys
Leap
■Regular
year
year

J u ly ------ --- ----------August
____
September
___
O cto b e r ______ _
N ovem ber
Decem ber _
January_____
____
February_______
M a rch ____
April_ _
M av~- -June

181
181
184
183
184
183
184
184
181
182
181
182

182
182
184
183
184
183
184
184
182
183
182
183

One year (any 2 consecutive h alf-years)------

365

366

January. _____ __ .
February
M a r ch ____
AprilM a y ----------------June
- J u ly -----------------August September _
O ctob er- .
Novem ber
___
D ecem ber___




Use of Interest Table
In the attached table decim als are set fo rth f o r use in
co m p u tin g interest fo r fra ctio n a l parts o f interest
periods. T h e decim als cover interest on $1,000 fo r
one day in each possible sem iannual interest p eriod, at
all rates o f interest, in steps o f i/8 percent, fro m y 8 to
6 percent. T h e am ount o f interest accru in g on any
date ( f o r a fra ctio n a l part o f an interest p e rio d ) on
$1,000 face am ount o f any issue o f T reasu ry bonds,
Treasu ry notes, or T reasu ry certificates o f indebtedness
m ay be ascertained in the fo llo w in g w a y :
(1 ) T h e date o f issue, the dates fo r the paym ent o f
interest, and the rate o f interest (percen t per annum )
m ay be determ ined fro m the text o f the security, or
fro m the official circu la r g o v e rn in g the issue.
(2 ) Determ ine the interest p eriod o f w hich the
fra ction is a part, and calculate the num ber o f days in
the full p eriod to determ ine the p ro p e r colum n to be
used in selecting the decim al fo r one d a y ’s interest.
(3 ) C alculate the actual num ber o f days in the fr a c ­
tional p eriod fro m but not in clu d in g the date o f issue
or the day on w hich the last p reced in g interest paym ent
was made, to and in clu d in g the day on w h ich the next
succeeding interest paym ent is due o r the d ay as o f
w hich the transaction w hich term inates the accrual
o f add ition al interest is effected.
(4 ) M u ltip ly the a pp rop riate decim al (on e d a y ’s in­
terest. on $1,000) by the num ber o f days in the fr a c ­
tional part o f the interest period.

T h e a p p rop ria te

decim al w ill be fou n d in the attached table op p osite the
rate borne by the security, and in the colu m n sh ow in g
the full interest p eriod o f w hich the fra ctio n a l p eriod
is a part.

( F o r interest on any oth er am ount, m u ltip ly

the am ount o f interest on $1,000 b y the oth er am ount
expressed as a decim al o f $1,000.)
T R E A S U R Y B IL L S
T h e m ethods o f co m p u tin g discou n t rates on T reas­
ury bills are given b e lo w :
C om p u tation w ill be made on an annual basis in all
cases.

T h e annual p eriod fo r bank discou n t is a year

o f 360 days, and all com pu tation s o f such discount fo r
a fra ction a l part o f a yea r w ill be made on that basis.
T h e annual p eriod f o r true discou n t is one fu ll year
fro m but not in clu d in g the date o f issue to and in clu d ­
ing the anniversary o f such date.

C om p u tation o f

true d iscou n t fo r a fra ction al part o f a year w ill be
m ade on the basis o f 365 days in the year, o r 366 days
if F eb ru a ry 29 fa lls w ithin the year.

20
BANK

T R U E D IS C O U N T

D IS C O U N T

T lie bank discount rate on a T reasu ry b ill m ay be
ascertained by (1 ) su btractin g the sale p rice o f the
b ill fro m its fa ce value to obtain the am ount o f d is­
co u n t; (2 ) d iv id in g the am ount o f discou n t b y the
n um ber o f days the b ill is to run to obtain the amount
o f discou n t p er d a y ; (3 ) m u ltip ly in g the am ount o f
d iscou n t p er d ay by 360 (th e num ber o f days in a co m ­
m ercial yea r o f 12 m on th s o f 30 days each) to obtain
the am ount o f d iscou n t p er y e a r; and (4 ) d iv id in g
the am ount o f discount p er yea r by the face value o f
the b ill to obtain the bank discount rate.

T h e true discount rate on a T reasu ry b ill m ay be
ascertained by (1 and 2) ob tain in g the am ount o f d is­
count p er day by fo llo w in g the first tw o steps described
under “ B an k D iscou n t” ; (3 ) m u ltip ly in g the am ount
o f discount per d ay b y the actual num ber o f days in
the year fro m date o f issue (365 o rd in a rily, but 366 if
F eb ru a ry 29th o f a leap yea r fa lls w ith in the year
fr o m date o f issue) to obtain the am ount o f discount
p er y e a r ; and (4 ) d iv id in g the am ount o f discount
per yea r by the sale p rice o f the b ill to obtain the true
discou n t rate.

F or ex a m p le:
91-day bill— dated A pril 1, 1954— due July 1, 1954 :
P rincipal amount— m aturity valu e--------------- $100. 00
P rice at issue— amount received------------------99. 50

F or ex a m p le:
91-day bill— dated A pril 1,1954— due July 1 , 1954:
Principal amount— m aturity value___________ $100. 00
P rice at issue— amount received_____________
99. 50

Am ount o f discount_______________________
$0.50 h-91 X 360- h $1 0 0 = 1.978 percent.




Am ount o f discount_________________________
$0.50-f-91 X 365- h $99.50=2.016 percent.

. 50

♦

. 50

21
Decimal fo r 1 day’ s interest on $1,000 at various rates of interest, 'payable semiannually or on a sem i­
annual basis, in regular years of 365 days and in leap years of 366 days
Interest period ending on the 1st or 15th o fHalf-year of 184 days

Half-year of 183 days

Regular year: January,
February, September,
N ovem ber

Regular year: October,
December
Leap year: April, June

Half-year of 182 days

Half-year of 181 days

Rate per annum

Percent
Vs---------------------------------

K—

-------------------------------

%---------------------X --------------------------------^8 --------------------------------------------------------3
/ 4 ------------------------- -------------------------------

%---------------------1

________________________________

1%

-----------------------------------------------------

--------------------i%____________

i y

4

i y

2 -----------------------------------------------------

i%____________
VA------ ------------i%..------------------2___________ ____ _
2H_______________
2/4----------------------2 %____________
--------------------2 %____________

______________
______________

2%
2%

3 ________________ _____
3K ____________________
3% ------------------------------3% — _______ ________________
3% ____________
3 %____________________
4
4 X ____________________
4 X ____________________
4%~— _____ __________
4K ____________
4 % . . . . _____ __________
4% ____________
4% ____________
5
5 X ____________
5%------------------------------5%________ _________
5 /2- _______ ____________
5%____________________
5%____________________
5%-------------------------------

6




$0. 003
. 006
. 010
. 013
. 016
. 020
. 023
. 027
. 030
. 033
. 037
. 040
. 044
. 047
. 050
. 054
. 057
. 061
. 064
. 067
. 071
. 074
. 078
. 081
. 084
. 088
. 091
. 095
. 098
. 101
. 105
. 108
. 112
. 115
. 118
122
! 125
. 129
. 132
. 135
. 139
. 142
. 146
. 149
. 152
. 156
. 159
. 163

396
793
190
586
983
380
777
173
570
967
364
760
157
554
951
347
744
141
538
934
331
728
125
521
918
315
711
108
505
902
298
695
092
489
885
282
679
076
472
869
266
663
059
456
853
250
646
043

739
478
217
957
696
435
174
913
652
391
130
870
609
348
087
826
565
304
043
783
522
261
000
739
478
217
957
696
435
171
913
652
391
130
870
609
348
087
826
565
304
043
783
522
261
000
739
478

$0. 003
. 006
. 010
. 013
. 017
. 020
. 023
. 027
. 030
. 034
. 037
. 040
. 044
. 047
. 051
. 054
. 058
. 061
. 064
. 068
. 071
. 075
. 078
. 081
. 085
. 088
. 092
. 095
. 099
. 102
. 105
. 109
. 112
. 116
. 119
. 122
. 126
. 129
. 133
. 136
. 140
. 143
. 146
. 150
. 153
. 157
. 160
. 163

415
830
245
661
076
491
907
322
737
153
568
983
398
814
229
644
060
475
890
306
721
136
551
967
382
797
213
628
043
459
874
289
704
120
535
950
366
781
196
612
027
442
857
273
688
103
519
934

301
601
902
202
503
803
104
404
705
005
306
607
907
208
508
809
109
410
710
011
311
612
913
213
514
814
115
415
716
016
317
617
918
219
519
820
120
421
721
022
322
623
923
224
525
825
126
426

Regular year: April,
June
Leap year: M arch,
M a y, July, August

$0.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

003
006
010
013
017
020
024
027
030
034
037
041
044
048
051
054
058
061
065
068
072
075
078
082
085
089
092
096
099
103
106
109
113
116
120
123
127
130
133
137
140
144
147
151
154
157
161
164

434
868
302
736
170
604
038
472
906
340
774
208
642
076
510
945
379
813
247
681
115
549
983
417
851
285
719
153
587
021
456
890
324
758
192
626
060
494
928
362
796
230
664
098
532
967
401
S35

066
132
198
264
330
396
462
527
593
659
725
791
857
923
989
055
121
187
253
319
385
451
516
582
648
714
780
846
912
978
044
110
176
242
308
374
440
505
571
637
703
769
835
901
967
033
099
165

Regular year: March,
M a y, July, August

$0. 003
. 006
. 010
. 013
. 017
. 020
. 024
. 027
. 031
. 034
. 037
. 041
. 044
. 048
. 051
. 055
. 058
. 062
. 065
. 069
. 072
. 075
. 079
. 082
.0 8 6
. 089
. 093
. 096
. 100
. 103
. 107
. 110
. 113
. 117
. 120
. 124
. 127
. 131
. 134
. 138
. 141
. 145
. 148
. 151
. 155
. 158
. 162
. 165

453
906
359
812
265
718
171
624
077
530
983
436
889
342
795
248
701
154
607
060
513
966
419
872
325
779
232
685
138
591
044
497
950
403
856
309
762
215
668
121
574
027
480
933
386
839
292
745

039
077
116
155
193
232
271
309
348
387
425
464
503
541
580
619
657
696
735
773
812
851
890
928
967
006
044
083
122
160
199
238
276
315
354
392
431
470
508
547
586
624
663
702
740
779
818
856

U.S . GOV ERN MENT PR INTING 0F F1 C E :I9 6 S