The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1922-03-09

WdsninBton, AiaTcn t-ifefe IL tne
text OF the bank loan provision OF
the compromise soldiers bonus bill:
"a. That loan may be made to
any veteran prior TO September 30.
1925. upon HIS adjusted service Ger.
tificate only In accordance with the
provisions Of this section.
'b. Any national bank or any
bank or trust company Incorporated
under the laws Of any state. terri
tory. possession or District of Co
lumbia hereinafter in this section
called 'bank) Is authorized TO loan
TO any veteran upon his promissory
note, secured by his adjusted serv-
ice certificate with or without the
consent of the beneficiary thereof
any amount not In excess of so per
centum Of its loan basis (as defined
in subdivision + OF this section).
such loan to mature on or before
Sept. 30. 1925. The rate OF interest
charged upon the loan by the bank
shall not exceed by more than 2
per Gel per annum the rate
charged at she date Of the loan for
the discount Of commercial paper
under Section 13 of the Federal Re
serve Act, by the Federal Reserve
Bank for the Rederal Reserve Dis.
trlct in which the bank is located
&c. If the veteran does not pay
the principal and interest of the loan
within six months after its maturity
or in any event by Sept. 30, 1925,
the bank shall present the certifi-
cate and the note to the Secretary
of the Treasury not earlier than
May 80, 1898, and not later than
Oct. Is, 1925. The Secretary shall
thereupon cancel the note and the
certificate and pay to the bank the
amount of the unpaid principal due
it and the unpaid interest accrued,
at the rate fixed by the note, up to
the date of he check issued to the
bank. The difference between so
per centum of the loan basis of the
certificate at the time of its receipt
by the Secretary and the amount SO
paid to the bank shall be Immediate
ly paid by the Secretary to the vet
eran If living. In case of the vet
eran's death after the expiration Of
the six months after the maturity of
the loan or in the case of his death
after Sept 80, 1925, such difference
shall be paid to the beneficiary un-
der the certificate except that II
such beneficiary In the first instance
has not yet been named, then the
payment shall be made to the estate
of the veteran.
In Casc Of Death.
I'd. If the veteran dies before the
is due. the amount of the
unpaid principal and the unpaid in
terest accrued up to the date of his
death shall be Immediately due and
payable. In such case or If the vet
Gran dies after the principal is, but
before the expiration Of the six
months after the principal is due or
before Oct /, 1925, the bank shall
upon notice of death, present the
and note to the Secretary
who shall then cancel the note and
pay the bank in full satisfaction of
it's claim the amount of the unpaid
principal and interest at the rate
fixed in the note accrued up to the
date Of the check issued to the bank;
except that if prior to the payment
the bank is notified of the death by
The Secretary Of the Treasury and
fails to present the certificate and
note to the Secretary within fifteen
days after notice such interest shall
be only up to the fifteenth day after
such notice. The secretary shall de-
duct the amount SO paid from the
face value Gas determined under
Sec. SOD of the certificate.
"e. When any loan is in default
the bank shall within thirty days
thereafter notify tie Secretary of
the Treasury Of the facts relative to
the note, the name Of the veteran
and the number of his certificate. |
Continued on page two.) -