An Act to permit the payment of certain trust accounts to the beneficiary on the death of the trustee by savings and loan, and similar associations in the District of Columbia
PL 83-512 (H.R.8692), enacted 07/19/1954

494 
PUBLIC LAW 512-JULY 19, 1954 
[68 ST A T . 
July 19,1954 
[H. R. 8692] 
Public Law 512 
CHAPTER 545 
AN ACT 
To i)erniit the payment of certain trust accounts to the beneficiary on the deatli 
of the trustee by savings and loan, and similar associations in the District of 
Columbia. 
D. C. t r u s t ac-
counts* 
53 Stat. 567. 
P a y m e n t on 
death of trustee. 
Be it enacted hy the Senate and House of Remesentatives 
of the 
United'States of America in Congress assembled, That section 4 of the 
Act entitled "An Act relating to banking, banks, and trust companies 
in the District of Columbia, and for other purposes", approved April 5, 
1939 (D. C. Code, sec. 26-204), is amended to read as follows: 
"SEC. 4. Whenever a deposit, savings account, or share account, 
which is in form in trust for another, shall be made or held by any 
person in any bank, trust company, savings and loan association, 
building association, building and loan association, or Federal savings 
and loan association, doing business in the District of Columbia, and 
no other or further notice of the existence and terms of a legal and 
valid trust shall have been given in writing to such bank, trust com-
pany, or other association, such deposit, savings account, or share 
account, or any part thereof, together with the dividends, or interest 
thereon, may, in the event of the death of the trustee, be paid to the 
person for whom such deposit, savings account, or share account was 
made or held, or to his legal representative." 
Approved July 19, 1954. 
July 19,1954 
[H. R. 8974] 
Public Law 513 
CHAPTER 546 
AN ACT 
To i)ernnt investment of funds of insurance companies organized within the 
District of Columbia in obligations of the International Bank for Reconstruc-
tion and Development. 
D. C. 
insurance 
c on^anie s. 
Investments. 
Life. 
F i r e , casualty, 
etc. 
Be it enacted by the Senate and House of Representatives 
of the 
United States of America in Congress assemhled, That section 35 (1) 
of chapter III of the Act of June 19, 1934 (48 Stat. 1162), as 
amended (D. C. Code, title 35, sec. 535 (1)), is amended to read as 
follows: 
"(1) Bonds, notes, or other evidences of indebtedness of the 
United States, any State, Territory, or possession of the United 
States, the District of Columbia, the Dominion of Canada, any 
Province of the Dominion of Canada, or of any administration, 
agency, authority, or instrumentality of any of the political units 
enumerated; or obligations issued or guaranteed as to principal 
and interest by International Bank for Keconstruction and De-
velopment." 
SEC. 2. Section 18 (1) of chapter II of the Act of October 9, 1940 
(54 Stat. 10Y2; D. C. Code, title 35, sec. 1321 (1)), is amended to read 
as follows: 
"(1) Bonds or other evidences of indebtedness of the United 
States, or of any State; or of the Dominion of Canada, or of any 
Province thereof; or obligations issued or guaranteed as to princi-
pal and interest by International Bank for Reconstruction and 
Development." 
Approved July 19, 1954.