The Alaska daily empire. [volume] (Juneau, Alaska) 1912-1926, 1922-03-13
CLAIMS BONUS
CERTIFICATES
misunderstood
Representative CT Iowa Says
Bank Loan Plans Being
Misrepresented.
Continued From Page One)

tory. possession or District o, Co
nmbia Hereinafter in this section
called b .nko, is authorized to loan
20 any veteran uDon his promissOry
note, secured by his adjusted service
certificate with or without the con-
sent Of She beneficiary thereof ANY
AMOUNT not in excess Of % per cent
OF its loan basis (as defined in 5@J-
division T of this s"C.ion), such loan
70 mature on or before September 80
1925. The rate Of interest charged
Ipon the loan by the bank shall 1t
excel by more than' per cent Pc
nanum the rate charged at the date
of loan for the discount OF ccmmer-
cial parar under Section 13 of the
Federal Reserve act by the Federal
Reserve Bank for the Federal Re-
serve district in which the bank is
located
"(c) If the veteran does not pay
the principal and interest of the loal
wi hin six months after its maturity.
or IN any event by September 50
1925. the bank shall present the GER
tif!cate and the note to the secretary
Ct tho treasury not earlier than MAY
80, 1925, and not later than Ooto
Der Is, 1925. The secretary Shall
thereu7on clncel the note anl the
certificate and pay to the bank the
amount CT the urpaid rrincipal d
Il, ard TIE unpaid interest accrue
AZ tie rate fixed by the note, up TO
he date Of the check issued to the
bank. The difference between SO
rer ce-t Of the loan basis Of che cor
tiicate at the time of its receipt by
the bank shall be Immediately pai2
Nv the secretary to the veteran If
living. In case of the veterans deata
otter the expiration of the six month
after the maturity of the loan, or in
the case OF his death after September
80. 1925, such difference shall he
paid TO the beneficiary under the
certificate, except that if such bene-
ficiary dies before the veteran and
no new beneficiary is named, or if
ithe beneficiary in the first instance
/ has not yet been named, then the pay
ment shall be made to the estate of
/ the veteran.
ed II the veteran dies before
the principal is due, the amount or
I the unpaid principal and the unpaid
interest accrued up TO the date Of
his death shall be Immediately due
and paya he In such case, or If the
veteran dies after the principal IS
lua, but before the expiration Of tAs
six months after the principal is due
or before October I. 1925. the bank
shall. uoon notice of death presen
the certificate and note to the sec
rotary, who shall theraupoa cancel
the note and pay to the bank in fuh
satisfaction Of its 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 II prior 20
the payment the bank is notified OF
the death by the secretary of the
Treasury and fails to present the Ger
tificate and note to the secretary
within Il days after notice. such In.
terest shall be only up to the 18th
day after such notice. The secretary
shall deduct the amount go paid from
the face value las determined under
section 5O1) of the certificate.
Notification by Banks
"(e) When any loan is in default
the bank shall within 30 days there
after. rotlfy the secretary OF the
Treasury of the facts relative to the
note, the name of the veteran and
the number of his certificate
40 The loan basis OF any certlfi-
cate at any time shall, for the pur-
pose of this section. be the amount
OF the adjusted service credit. plus
interest thereon from October 1.
1922. TO such time, at the rate OF
Az per cent per aanum compounded
annually.
"(g) No payment upon any note
shall be made under this section by
the secretary OF the treasury to any
bank, unless the note, when present
ed to him. is accompanied by an az
fidavst made by an officer Of the
bank before notary pub,'c or other
public officer DESIGNATED for the pur-
pose by the regulation of the secre-
tary. and stating that the bank has
not charged or collected or attempt