Page:United States Statutes at Large Volume 53 Part 1.djvu/597

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CODIFICATION OF INTERNAL REVENUE LAWS United States Liberty bonds or other bonds or notes of the United States in a sum equal at their par value to the amount of such penal bond required to be furnished, together with an agreement authorizing such official to collect or sell such bonds or notes so deposited in case of any default in the perform- ance of any of the conditions or stipulations of such penal bond. The acceptance of such United States bonds or notes in lieu of surety or sureties required by law shall have the same force and effect as individual or corporate sureties, or certified checks, bank drafts, post-office money orders, or cash, for the penalty or amount of such penal bond. The bonds or notes deposited here- under and such other United States bonds or notes as may be substituted therefor from time to time as such security, may be deposited with the Treasurer of the United States, a Federal reserve bank, or other depository duly desig- nated for that purpose by the Secretary, which shall issue receipt therefor, describing such bonds or notes so deposited. As soon as security for the performance of such penal bond is no longer necessary, such bonds or notes so deposited shall be returned to the depositor: Provided, That in case a person or persons supplying a contractor with labor or material as provided by the act of Congress, approved February 24, 1905 (33 Stat., 811), entitled "An act to amend an act approved August thirteenth, eighteen hundred and ninety-four, entitled 'An act for the protection of persons furnishing materials and labor for the construction of public works,'" shall file with the obligee, at any time after a default in the performance of any contract subject to said acts, the application and affidavit therein provided, the obligee shall not deliver to the obligor the deposited bonds or notes nor any surplus proceeds thereof until the expiration of the time limited by said acts for the institution of suit by such person or persons, and, in case suit shall be instituted within such time, shall hold said bonds or notes or proceeds subject to the order of the court having jurisdiction thereof: Provided further, That nothing herein contained shall affect or impair the priority of the claim of the United States against the bonds or notes deposited or any right or remedy granted by said acts or by this section to the United States for default upon any obligation of said penal bond: Provided further, That all laws inconsistent with this section are hereby so modified as to conform to the provisions hereof: And provided further, That nothing contained herein shall affect the authority of courts over the security, where such bonds are taken as security in judicial proceedings, or the authority of any administrative officer of the United States to receive United States bonds for security in cases authorized by existing laws. The Secretary may prescribe rules and regulations necessary and proper for carry- ing this section into effect In order to avoid the frequent substitution of securities such rules and regulations may limit the effect of this section, in appropriate classes of cases, to bonds and notes of the United States maturing more than a year after the date of deposit of such bonds as surety. The phrase "bonds or notes of the United States" shall be deemed, for the purposes of this section, to mean any public-debt obligations of the United States and any bonds, notes, or other obligations which are unconditionally guaranteed as to both interest and principal by the United States. (Feb. 26 , 1926, c. 27, § 1126; 44 Stat. 122; amended Feb. 4, 1935, c. 5, § 7, 49 Stat. 22.) (U. S. C., Title 6, § 15.) TITLE 7-AGRICULTURE ACCESS TO INTERNAL REVENUE RECORDS The Secretary of Agriculture shall have access to the tobacco records of the Commissioner of Internal Revenue and of the several collectors of internal revenue for the purpose of obtaining lists of the persons subject to this Act and for the purpose of aiding the collection of the information herein required, and the Commissioner of Internal Revenue and the several collectors of internal revenue shall cooperate with the Secretary of Agriculture in effectuating the provisions of this Act. (Jan. 14, 1929, c. 69, § 5, 45 Stat. 1080, amended Aug. 27, 1935, c. 749, § 3, 49 Stat. 894.) (U. S . C., Title 7, § 505.) AGRICULTURAL ADJUSTMENT ACT (May 12, 1933, c. 25, 48 Stat. 39, etc.) SEC. 10 (d) The Secretary of the Treasury is authorized to make such regu- lations as may be necessary to carry out the powers vested in him by this title. (U. S. C., Title 7, § 610 (d).) SUPPLEMENTATY REVNUE PBOVIBIONS EXEMPTIONS AND COMPENSATING TAXES SEC. 15. (a) If at any time the Secretary of Agriculture finds, upon investiga- tion and after due notice and opportunity for hearing to interested parties, XCII