The Skyland post. [volume] (West Jefferson, N.C.) 193?-1988, 1936-02-06
PROVISIONS
OF ADJUSTED
BONUS ACT

On January q there was enacted
a law providing for immediate pay
Tnent of Adjusted Compensation Cor
<:Bonus" as it is commonly called).
The provisions of the new Act are
as follows:
/. The face value of Adjusted
Service certificates, minus the prin-
cipal and unpaid interest accrued
prior to October l, 1881, with re-
spect to any loan which has not
been repaid, will be paid.
2. All interest subsequent to Sep
TENDER 80, 1881 on unpaid loans
will be cancelled. The Veterans Ad-
ministration will, however, reim-
burse banks and trust companies
for any interest due. such institu-
tions on loans heretofore made by
them to veterans, charging the
principal and interest accrued prior
to October l, 1881 against the GER
tiicate.
8. Certificates must be surrendered
with application (unless they have
already been surrendered to the
Veterans Administration or to a
: bank as security for loan). In the
latter event, the Veterans Admin
istration will notify the bank to
present the note and certificate for
payment. If the bank SHOULD fail to
return these within Is days after
the mailing of the notice, interest
will be paid only up to the 18th day
after notice.
4. Veteran may secure his pay
ment without the consent of the
beneficiary.
5. Applications. The Act author
ICES the Administrator of Veterans
Affairs to issue rules, regulations
and forms for filing applications
for cash payments. Such rules and
application forms have not yet been
issued. Chapters will be promptly
advised when these are available.
Meanwhile it is suggested that each
Chapter file request with regional
Offices of the Veterans Administra-
ton for the number of applications
which it is anticipated will be re-
quired.
With respect to applications, the
law specifies as follows:
(a) Application may be fled at
any time before maturity of the
certifcate-(I by the veteran, or
(2) in case of physical or mental
incapacity, "Then by such repre-
sentative Of the veteran and in such
manner as may be by regulations
prescribed. An application made by
a person other than representa-
tive authorized by such regulations
shall be held void''.
(b) If veteran dies after applica-
ton has been made and before it is
filed it may be filed by an person,
and shall be valid if it bears the
bona fide signature of the applicant,
discloses an intention to claim the
. benefit of this Act on behalf of the
veteran, and is filed before payment
is made to the beneficiary.
(c) IF death occurs after the ap-
Z plication is filed but before receipt
of the payment under this Act, or if
application is fled after death oc-
ours but before mailing of check in
payment to the beneficiary under
Sec. sol of The Adjusted Compen-
sation ACT, payment shall be made
to the estate of the veteran, ire
spective of any beneficiary designa-
i ton.
1d) # veteran dies without max
ing a valid application under this
Act, no payment under this Act
shall be made. (That is, payment
will be made under the previous
Act, but interest accrued since Sep
TENDER 80, 1881 on any unpaid loan
will be canceled.)
(e) Where Veterans Administra-
ton records show that an applica-
ton disclosing an intention to claim
benefits under this Act has been fill
ed but it cannot be found, such ap-
plication shall be presumed Tin the