Montpelier examiner. [volume] (Montpelier, Idaho) 1895-1937, 1908-01-10

total of 81, and shall cease on the
first day of the calendar month in
which such deposit is wlthdrawn:
Provided, That If any deposit shall
exceed $500 in any one year, no in
terest shall be allowed on that part
of the deposit in excess of the $500,
exclusive of accumulated interest,
and that interest shall never be al
lowed on any amount to the credit
Of any one person in excess of$l0Oo,
exclusive of accumulated interest.
Section provides that every de-
positor shall have his pass book
balanced once a year, and the
amount of the interest added there
on, and section s provides a method
and regulation for the repayment of
deposits.
Section 8 provides that such de-
posits shall not be liable to demand.
attachment or seizure under any
legal process against the depositor.
Postal employees must maintain
secrecy regarding the deposits.
Section IL provides that all mon
eys received tor deposit under this
act shall be forwarded to the post
master general, or to such United
States depository as he may desig
nate, as often as once each week,
and daily from such offices as he
may designate and all moneys so
forwal ded shall be paid into the
treasury and shall be credited to the
account to be known as ''the postal
savings account, "and all sums with
drawn on account of depositors or
for any other purposes shall be
charged to such account. The post
master general may, with the ad-
vice and approval of the secretary
of the treasury, designate such
United States repositories as may
be convenient for the postal savings
bank Offices and for the treasury,
whore deposits provided for by this
act may be forwarded by post
: masters.
Section IL. That the secretary
of the treasury is hereby authorized
r and directed to invest such postal
I savings bank funds, in excess of
7 what shall be deemed by him and
] the postmaster general necessary to
keep on hand as reserve for re-
It demption purposes and for expenses
n of administering this act, in United
= States bonds, as far as possible to
d do so, and realize a profit for the
=, postal savings bank fund; and he is
e further authorized to invest any
\ funds that he may not be able to IN.
vest in state bonds, under same
limitations, or to loan to banks OF
,proved repositories within the
-. tes where such postal deposits
made, upon such security and
80. such rules and regulations al
-, prescribe, at rate of inter
- will yield profit for tht
1Ings bank fund, and al
u savings deposits art
larger ,ga ms, Jared t,5t' preferred elslm'
nts, in. md agaiaI" ""'u'"S Tue same
- my persons who hav'
gs become bound security therefor
cb provided, that the secretary of tn
an treasury, instead of investing o
At loaning such funds in the manne
nv provided above, may turn the same
he or any part Of the same, into tin
ay general fund of the treasury when
oh IN his judgment, the condition o
ii, the treasury demands it.
al Section l3 provides rules for tn
IDS banks Receiving such deposits, am
section IA relates to the duty Of tn
for postmaster general in designatin
re- sub-depositories.
IN Section 8 provides that any d.
:. positor having standing to his cree
~ it for three months the sum of 81
al or more may take application to th
um postmaster general that Unite
md States bonds be issued to him in lie
the of such deposits; thereupon tt
~ amount specified by the applican