Page:United States Statutes at Large Volume 60 Part 1.djvu/994

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60 STAT.] 79TH CONG., 2n SESS.-CH. 931-AUG. 9 , 1946 (c) Where the Secretary is of the opinion that any member or former member of the armed forces or any survivor of any such member or former member is, by reason of being either under seven- teen years of age or under mental disability, incapable of satisfac- torily looking after his own interests, such Secretary may settle and compensate under this section with a proper person selected by him for the use and benefit of such member, former member or survivor, without the necessity of resorting to judicial proceedings for the appointment of a legal representative. Settlement and compensation made under the provisions of this subsection shall constitute a com- plete discharge of the obligations of the United States under this Act. The provisions of this subsection shall not apply when a legal guardian orcommittee has been judicially appointed for any such member, former member, or survivor, except as to any settlement and compensation made prior to the receipt of notice of appointment: Provided, That no fee, commission, or charge shall be demanded or accepted by any representative of any member, former member, or survivor appointed in accordance with the provisions of this sub- section and the exaction or acceptance of any such fee, commission, or charge shall be deemed a misdemeanor punishable by a fine of not exceeding $500 or imprisonment for not exceeding six months, or both. (d) (1) Pursuant to regulations prescribed by him, the Adminis- trator of Veterans' Affairs is authorized and directed to accept an assignment of a bond issued to the insured under this section, the pro- ceeds of which shall be used in payment of premiums or in payment of the difference in reserve in case of conversion to insurance on another plan or in payment of a policy loan made prior to July 31, 1946, on a United States Government life insurance policy or a national service life insurance policy: Provided, That such assignment may not be used by the insured directly or indirectly as a means of securing in cash the proceeds of such bond or any portion thereof prior to the date of its maturity or the maturity of such policy by death, whichever is the earlier, and such assignment shall be deemed to constitute an agree- ment by the insured to this effect. (2) Any bond assigned under this subsection shall be redeemed at any time, upon presentation to the Secretary of the Treasury, and the proceeds thereof shall be paid and credited to the appropriate fund or appropriation designated by the Administrator. SEC. 7 . All amounts paid or payable under section 6 of this Act, in cash 2 bonds, or both, shall not be assignable except as provided in subsection (d) of such section, shall be exempt from claims of creditors, including any claim of the United States, and shall not be subject to attachment, levy, or seizure by or under any legal or equitable process whatever. All such amounts (except interest in the case of bonds) shall be exempt from taxation. SEC. 8 . There are hereby authorized to be appropriated such sums as may be necessary to carry out the provisions of this Act. Amounts expended hereunder shall be included in the annual reports to the Congress by the Departments concerned. SEC. 9. The Act approved May 8 1874 (18 Stat. 43) as amended by the Act approved July 29, 1876 (19 Stat. 102; 10 U. S . . 842), is hereby repealed. Such repeal shall not affect any unused leave accumulated (including leave accruing at the rate of two and one-half days per month after July 1, 1946) prior to the date of enactment of this Act. Approved August 9, 1946. 967 Settlement for mem- bers, etc., under age or mentally disabled. Nonapplicabllity. Acceptance of fee etc. Penalty. Assignment of bond for payment of insur- ance premiums. Restriction. Redemption of bond. Exemption from claims, taxation, etc. Appropriation au- thorized. Ant, p. 912. Reports to Con- gress. Repeal.