An Act to amend the Internal Revenue Code so as to make nontaxable certain stock transfers made by insurance companies to secure the performance of obligations
PL 82-361 (H.R.7230), enacted 05/23/1952

66 
S T A T . ] 
PUBLIC LAW 362-MAY 26, 1952 
93 
Public Law 360 
CHAPTER 328 
AN ACT 
To revive and leenact section 6 of the Act entitled "An Act authorizing the 
construction of certain public works on rivers and harbors for flood control, 
and for other purposes", approved December 22, 1944. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of Ameriea in Congress assembled^ That (a) section 6 
of the Act entitled "An Act authorizing the construction of certain 
public works on rivers and harbors for flood control, and for other 
purposes", approved December 22,1944 (58 Stat. 890; 33 U. S. C. 708), 
is hereby revived and reenacted. 
(b) Numbered paragraph (59) of the first section of the Act entitled 
"An Act to amend or repeal certain Government property laws, and 
for other purposes", approved October 31, 1951 (Public Law 247, 
Eighty-second Congress), is hereby repealed. 
Approved May 23, 1952. 
May 23. 1952 
[S. 2521] 
Army. 
Sale of surplus 
waters. 
65 Stat. 703. 
Public Law 361 
CHAPTER 329 
AN ACT 
To amend the Internal Revenue Code, so as to make nontaxable certain stock 
transfers made by insurance companies to secure the performance of 
obligations. 
May 23, 1952 
[H.R.7230] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That (a) section 
1802 (b) of the Internal Revenue Code is hereby amended by insert-
ing after the third proviso thereof a colon and the following new 
proviso: ''''Provided further, That the tax shall not be imposed upon 
any delivery or transfer to a trustee or public officer, made pursuant to 
Federal or State law to secure the performance of an obligation, or 
upon a redelivery or retransfer of such shares or certificates to the 
transferor, if such delivery, transfer, redelivery, or retransfer is 
accompanied by a certificate setting forth the facts". 
(b) Section 3481 (a) of the Internal Revenue Code is hereby 
amended by inserting after the third proviso thereof the following 
new proviso: ": Provided further, That the tax shall not be imposed 
upon any delivery or transfer to a trustee or public officer, made pur-
suant to Federal or State law to secure the performance of an obliga-
tion, or upon a redelivery or retransfer of such instruments to the 
transferor, if such delivery, transfer, redelivery, or retransfer is 
accompanied by a certificate setting forth the facts"'. 
(c) EFFECTIVE DATE.—The amendments made by this Act shall 
take effect on the day following the date of the enactment of this Act. 
Approved May 23, 1952. 
Internal R evenue 
Code, amendments. 
53 Stat. 196. 
26 u s e 1802. 
53 Stat. 424. 
26 u s e 3481. 
Public Law 362 
CHAPTER 332 
AN ACT 
To authorize and direct the Secretary of Agriculture to transfer to the Depart-
ment of the Navy certain property at Shumaker, Arkansas. 
May 26, 1952 
[S. 1403] 
Be it ermcted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the Secretary 
of Agriculture is authorized and directed to transfer, without 
Shumaker, Ark. 
Transferof land.