Source: https://www.ecfr.gov/cgi-bin/retrieveECFR?gp=&mc=true&r=PART&n=pt31.2.332
Timestamp: 2020-02-17 14:20:03
Document Index: 775590054

Matched Legal Cases: ['ART 332', '§332', 'art 315', 'art 315', 'art 339', 'art 339', '§332']

PART 332—OFFERING OF UNITED STATES SAVINGS BONDS, SERIES H
§332.1 Offering of bonds.
Source: 57 FR 14281, Apr. 17, 1992, unless otherwise noted.
(a) General. Series H bonds bear a facsimile of the signature of the Secretary of the Treasury and of the Seal of the Department of the Treasury. They were issued only in registered form and are nontransferable.
(b) Denominations and prices. Series H bonds were issued at face (par) amount and were available in denominations of $500, $1,000, $5,000 and $10,000.
(c) Inscription and issue. A bond is valid only if an authorized issuing agent received payment therefore and duly inscribed, dated, and imprinted validated indicia on the bond. The face of each bond was to be inscribed as set forth below:
(1) The name, social security account number and address of the owner, and the name of the beneficiary, if any, or the name, social security account number, and address of the first-named coowner and the name of the other coowner. The inscription of the social security number was required for bonds issued on or after January 29, 1963.
(2) The issue date in the upper right-hand portion of the bond; and
(3) The imprint of the agent's validation indicia in the lower right-hand portion to show the date the bond was actually inscribed.
Series H bonds are subject to the regulations of the Department of the Treasury, now or hereafter prescribed, governing United States Savings bonds of Series A, B, C, D, E, F, G, H, J and K, contained in 31 CFR part 315, also published as Department of the Treasury Circular No. 530, current revisions, except as otherwise specifically provided herein.
Series H bonds were permitted to be registered as set forth in subpart B of 31 CFR part 315, also published as Department of the Treasury Circular No. 530.
(a) General limitation. From $5,000 to $30,000 depending upon the issue date.
(b) Special limitation for gifts to exempt organizations under 26 CFR 1.501(c)(3)-1. $200,000 for bonds received as gifts by an organization which at the time of purchase was an exempt organization under the terms of 26 CFR 1.501(c)(3)-1.
(c) Exchange pursuant to 31 CFR part 339. Series H bonds issued in an exchange pursuant to the provisions of 31 CFR part 339, also published as Department of the Treasury Circular No. 1036, were exempt from the annual limitation.
(a) Issuing agents. Only Federal Reserve Banks and Branches, as fiscal agents of the United States, and the Department of the Treasury were authorized to issue Series H bonds. However, financial institutions were permitted to forward applications for purchase of the bonds to the Federal Reserve Bank of their district. The date of receipt, by the Reserve Bank or the Department of the Treasury, of the application and payment governed the issue date of the bond purchased.
(b) Application for purchase and remittance. (1) The applicant for purchase of Series H Bonds furnished.
Authorized issuing agents delivered Series H bonds, either over-the-counter in person or by mail, at the risk and expense of the United States, to the address given by the purchaser, but only within the United States, its territories and possessions, and the Commonwealth of Puerto Rico. No mail deliveries elsewhere were made. If purchased by citizens of the United States temporarily residing abroad, the bonds were delivered at such address in the United States as the purchaser directed.
(a) Extended maturity period—(1) General. The terms extended maturity period, and second extended maturity period, when used herein, refer to 10-year intervals after the original maturity dates during which owners may retain their bonds and continue to earn interest thereon. No special action is required of owners desiring to take advantage of any extensions heretofore or herein granted.
(2) Two extensions. All Series H bonds may be retained for two extended maturity periods of 10 years each. All Series H bonds cease to earn interest upon reaching final maturity. Final maturities are shown below:
Jun. 1952-Jan. 1957 29 8 Feb. 1982-Sep. 1986.
Feb. 1957-Dec. 1979 30 Feb. 1987-Dec. 2009.
(b) Investment yields for outstanding bonds—General—interest rates. The investment yields on outstanding Series H bonds are as set out below:
Nov. 1962-Oct. 1966 2nd (final) Nov. 1982-Oct. 1986.
Nov. 1972-Oct. 1976 1st Nov. 1982-Oct. 1986.
Nov. 1966-Feb. 1973 2nd (final) Nov. 1986-Feb. 1993.
Nov. 1976-Dec. 1979 1st Nov. 1986-Dec. 1989.
Mar. 1973-Dec. 1979 2nd (final) Mar. 1993-Dec. 1999.
(c) Tables of interest payments and investment yields. Tables of interest payments and investment yields are available from the Bureau of Fiscal Service and Federal Reserve Banks and Branches.
A Series H bond became eligible for redemption at par at any time after six months from its issue date. To be redeemed, the bond must be presented and surrendered, with a duly executed request for payment, to a Federal Reserve Bank or Branch referred to in §332.12, or the Bureau of the Fiscal Service, Parkersburg, WV 26106-1328. In any case where bonds are surrendered for redemption in the month prior to an interest payment date, redemption will not be deferred but will be made in regular course, unless the presenter specifically requests that the transaction be delayed until that date. A request to defer redemption made more than one month preceding the interest payment date will not be accepted.
The Secretary of the Treasury reserved the right to reject any application for Series H bonds, in whole or part, and to refuse to issue or permit to be issued hereunder any such bonds in any case or any class or classes of cases, if such action was deemed to be in the public interest. Any action in any such respect was final.
Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867, Pittsburgh, PA 15230 Cleveland, Philadelphia DE, KY, (eastern half), NJ (southern half), OH, PA, WV (northern panhandle).