An Act to amend section 223 of the Revenue Act of 1950, relating to the use of corporation property by a shareholder
PL 84-370 (H.R.2553), enacted 08/11/1955

69 
S T A T . ] 
PUBLIC LAW 371-AUG. 11, 1955 
693 
"(C) one and one-half per centum of such average annual basic 
salary, pay, or compensation multiplied by the years of his allowable 
service, other than service used in computing annuity under clauses 
(A) and (B), performed prior to his separation from service as a 
Member of Congress, and other than any such service which he may 
elect to exclude. 
In no case shall an annuity computed under this paragraph exceed 
an amount equal to three-fourths of the basic salary, pay, or com-
pensation that he is receiving at the time of his separation from service 
as a Member of Congress." 
(b) Paragraph (8) of such section is amended by striking out 
"service as a Member of Congress shall not be credited", and inserting 
in lieu thereof "service used in the computation of an annuity under 
this section shall not be credited". 
(c) The amendments made by this section shall be effective only 
in the case of a person separated from service as a Member of Congress 
on or after July 1, 1955. 
Approved August 11, 1955. 
Applicability 
section. 
of 
Public Law 370 
CHAPTER 808 
AN ACT 
To amend section 223 of the Revenue Act of 1950, relating to the use of 
corporation property by a shareholder. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assemhled^ That section 223 
of the Kevenue Act of 1950 (relating to use of corporation property 
by a shareholder) is hereby amended by striking out "January 1, 
1950" and inserting in lieu thereof "January 1,1954". 
SEC. 2. No interest shall be allowed or paid on any overpayment 
resulting from the amendment made by the first section of this Act. 
Approved August 11, 1955. 
August 11, 1955 
[H.R. 2553] 
64 Stat. 947. 
26 u s e , 
19 5 2 
ed., 502 note. 
Public Law 371 
CHAPTER 809 
AN ACT 
To increase the annuities of certain retired civilian members of the teaching 
staffs of the United States Naval Academy and the United States Naval 
Postgraduate School. 
August 11, 1955 
[H.R. 4672] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That the Act of 
January 16, 1936 (49 Stat. 1092), as amended, is further amended by 
adding thereto the following new section: 
"SEC. 7. (a) The annuities payable under this Act to civilian mem-
bers of the teaching staffs of the United States Naval Academy and 
the United States Naval Postgraduate School retired before April 1, 
1948, are hereby increased by $800 a year. 
"(b) In addition to the increase in annuities authorized by subsec-
tion (a), the annuities payable under this Act to all civilian members 
of the teaching staff's of the United States Naval Academy and the 
United States Naval Postgraduate School retired before the date of 
enactment of this amendment shall be increased by $300 a year. 
No 
,^uch annuity, however, shall thereby be increased to an amount in 
excess of $2,160. 
Naval 
Academy 
and Post-graduate 
School. 
34 u s e 
10 7 3-
1073e. 
Civilian t e a c h -
ers' annuities.