An Act to provide for the deposit of savings of enlisted members of the Army, Navy, Air Force, and Marine Corps, and for other purposes
PL 83-501 (H.R.9008), enacted 07/15/1954

68 S T A T . ] 
PUBLIC LAW 502-JULY 16, 1954 
Public Law 501 
CHAPTER 513 
AN ACT 
To provide for the deposit of savings of enlisted members of the Army, Navy, 
Air Force, and Marine Corps, and for other purposes. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That any enlisted 
member of the Army, Navy, Air Force, or Marine Corps, may deposit 
his savings, in sums not less than $5, with any branch, office, or officer 
of that armed force designated by the Secretary of the military depart-
ment concerned which shall furnish him a deposit book in w^hich shall 
be entered the name of the officer receiving such deposit and of the 
enlisted member and the amount, date, and place of such deposit. Any 
amount heretofore or hereafter deposited shall be held during such 
period of his service as may be prescribed by the Secretary of the 
department concerned; shall be accounted for in the same manner as 
other public funds; shall be deposited in the Treasury of the United 
States and kept as separate funds known respectively as "Pay of the 
Army, Deposit Fund"; "Pay of the Navy, Deposit Fund"; "Pay of the 
Air Force, Deposit Fund"; and "Pay of the Marine Corps, Deposit 
Fund"; repayment of which to the enlisted member, or to his heirs 
or representatives, shall be made out of the respective funds created 
by said deposits. 
SEC. 2. For any sums not less than $5 so deposited for a period of six 
months, or longer, the enlisted member, upon final discharge or at 
such time or times prior thereto as may be prescribed by the Secretary 
of the department concerned, shall be paid interest at the rate of 4 per 
centum per annum. 
SEC. 3. Deposits and interest thereon shall be exempt from liability 
for such enlisted member's debts, including any indebtedness to the 
United States or to any of its instrumentalities, and shall not be sub-
ject to forfeiture by sentence of court-martial. 
SEC. 4. The following are hereby repealed: Section 1305, Kevised 
Statutes, as amended; section 1306, Revised Statutes, as amended; the 
Act of December 18, 1942 (ch. 765, 56 Stat. 1057, 1058), as amended; 
the Act of February 9, 1889 (ch. 119, 25 Stat. 657) ; the Act of June 
29,1906 (ch. 3590, 34 Stat. 579) ; the Act of February 28,1931 (ch. 326, 
46 Stat 1448); and the Act of July 17,1953 (ch. 219, 67 Stat. 176). 
Approved July 15, 1954. 
485 
July 15,1954 
[H. R. 9008] 
Armed Forces. 
S a V i n g s de-
posits. 
Interest. 
Liability exetnp-
tion. 
Repeals. 
10 use 906, 907. 
34 use 933-935. 
34 use 975. 
34 use 933. 
Public Law 502 
CHAPTER 531 
^^NA^'T 
July 16,1954 
To correct typographical errors in Public Law 368, Eighty-third Congress. 
[H. R. 9561] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assem^led^ That the first section 
of the Act of May 26,1948 (62 Stat. 274), as amended by Public Law 
368, Eighty-third Congress, is hereby further amended as follows: 
Delete the word "oflficers" where it appears in paragraph (4) of said 
section and insert in lieu thereof the word "offices", and in the same 
paragraph, delete the word "Forces" where it appears therein and sub-
stitute in lieu thereof, the word "Force". 
SEC. 2. This Act shall be effective as of May 27, 1954. 
Approved July 16, 1954. 
eivilAir Patrol. 
5 use 6261. 
Ante, p. 141.