Page:United States Statutes at Large Volume 60 Part 1.djvu/993

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PUBLIC LAWS-CH. 931-AUG. 9, 1946 40 Stat. 288. 31U.S.C.§774 (2); Supp. V, § 754a et seq. Ante, p. 316. Payment in event of death. Payment to holder, etc., between ages 17 and 21. Interesta Finality of deci. sions. Settlement with sur. vivors. made under subsection (b) of section 5 shall be dated as of October 1, 1946. Each such bond shall mature five years from the date thereof. The bonds issued under this Act shall be issued by the Secretary of the Treasury under the authority and subject to the provisions of the Second Liberty Bond Act, as amended, and through such agencies as he may designate. Except as provided in subsection (d), such bonds shall be nonnegotiable and shall not be transferable by sale, exchange, assignment, pledge, hypothecation, or otherwise. Such bonds shall be issued only to and in the names of living members or living former members of the armed forces. In the event of the death of any holder of any such bond or of any check issued pursuant to this subsection, payment of the bond shall be made by the Secretary of the Treasury prior to upon, or after its maturity upon application at the option of such holder's survivors and payment of the check shall be made by the Secretary of the Treasury upon application by such survivors as follows: To such holder's surviving spouse and children, if any, in equal shares; and if such holder leaves no surviving spouse or child or children, then in equal shares to such holder's surviving parents, if any. If there is no such survivor, any such bond shall be retired, and any such check shall be canceled and the amount of the bond or check covered into the general fund of the Treasury. Payment of any such bond or any such check to any holder, or any survivor entitled thereto under the provisions of this subsection, between seven- teen and twenty-one years of age shall constitute a complete discharge of the obligations of the United States under this Act. Where the Secretary of the Treasury is of the opinion that any holder of any such bond or any such check or any survivor entitled to payment under the provisions of this subsection is, by reason of being either under seventeen years of age or under mental disability, incapable of satis- factorily looking after his own interests, payment of such bond or such check may be made in the same manner, and with the same effect, as settlement and compensation made under the provisions of sub- section (c). Interest on each bond issued under this Act shall accrue at the rate of 21/2 per centum per annum from the date of such bond to the date of maturity or to the last day of the month in which payment of the principal of the bond is made, whichever is earlier, and shall be paid with such principal. All decisions by the Secretary of the Treasury under this section with respect to the issuance and payment of bonds and under this paragraph with respect to the issuance and payment of checks shall be final and conclusive and shall not be subject to review by any court or by any officer of the United States. The provisions of this section with respect to the issuance and payment of bonds shall be carried out subject to regulations of the Secretary of the Treasury. (b) Leave by this Act provided to be settled and compensated for under this section shall, in the case of any member or former member of the armed forces who dies after discharge, or on or after Sep- tember 1, 1946, if not discharged prior to such date, and before settle- ment and compensation has been effected, be settled and compensated for, on application therefor, with such member's or former member's survivors, as follows: To such member's or former member's sur- viving spouse and children, if any, in equal shares; and if such mem- ber or former member leaves no surviving spouse or child or children, then in equal shares to his surviving parents, if any. If there is no such survivor, no settlement and compensation shall be made under this Act. Settlement and compensation under this subsection with any such survivor between seventeen and twenty-one years of age shall constitute a complete discharge of the obligations of the United States under this Act. [60 STAT.