Chapter 703. To amend the World War Adjusted Compensation Act, as amended, by reducing the rates of interest on loans made by the Veterans’ Bureau upon the security of adjusted service certificates, and for other purposes
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Chap. 703: To amend the World War Adjusted Compensation Act, as amended, by reducing the rates of interest on loans made by the Veterans’ Bureau upon the security of adjusted service certificates, and for other purposes. 1929-03-04 703 Chapter 45 Stat. 1561 70 2 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2025-01-24 public Chapter 703.— An Act To amend the World War Adjusted Compensation Act, as amended, by reducing the rates of interest on loans made by the Veterans’ Bureau upon the security of adjusted service certificates, and for other purposes.
March 4, 1929.[[H. R. 16395](/us/bill/70/hr/16395).][[Public, No. 1031](/us/pl/70/1031).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * That subdivisionWorld War Adjusted Compensation Act.Vol. 44, p. 1389, amended.
(i)of section 502 of the World War Adjusted Compensation Act, as amended, is amended to read as follows: " “(i) The Director of the United States Veterans’ Bureau is authorized,Loan privileges.Use of life insurance fund allowed for loans on service certificates. through such officers and at such regional offices, suboffices, and hospitals of the United States Veterans’ Bureau as he may designate, and out of the United States Government life insurance fund established by section 17 of the World War Veterans’ Act, 1924, asVol. 43, p. 612. amended, to make loans to veterans upon their adjusted service certificates in the same amounts and upon the same terms and conditions as are applicable in the case of loans made under this section by a bank, and the provisions of this section shall be applicable to such loans; except that the rate of interest shall be 2 per centum perRate of interest. annum more than the rate charged at the date of the loan for the discount of ninety-day commercial paper under section 13 of theVol. 42, p. 1479. Federal Reserve Act by the Federal reserve bank for the Federal reserve district in which is located the regional office, suboffice, or hospital of the United States Veterans’ Bureau at which the loanNot to exceed 6 per cent. is made, but in no event shall the rate of interest exceed 6 per centum per annum.” " Sec. 2. Section 705 of the World War Adjusted Compensation Act,Vol. 44, p. 830, amended. as amended, is amended to read as follows: " “Sec. 705. Whenever it appears to the director, by evidence clearLost, etc., service certificates.Provisions for issuing duplicates, etc. and satisfactory to him, that any adjusted service certificate has, without bad faith upon the part of the person entitled to payment thereon, been lost or destroyed, and such adjusted service certificate is identified by number and description, he shall, under such regulations and with such restrictions as to time and retention for security or otherwise as he may prescribe, issue a duplicate thereof of like value in all respects to the original certificate and so marked as to show the original number of the certificate lost or destroyed and theBond from lawful holder. date thereof. The lawful holder of such certificate who makes application for a duplicate shall file in the United States Veterans’ Bureau a bond in a penal sum of the face value of such lost or destroyed certificate, with two good and sufficient sureties, residents of the United States, to be approved by the director, with condition to indemnify and save harmless the United States from any claim upon 1562Issue without bond.Vol. 44, p. 1390.such lost or destroyed certificate; except that a duplicate certificate shall be issued without the requirement of a bond when it is shown If lost before delivery.to the satisfaction of the director that the original certificate,
(1)before delivery to the veteran, has been lost, destroyed, wholly or in Partially destroyed, etc.part, or so defaced as to impair its value, and
(2)after delivery to the veteran, has, without bad faith upon the part of the person entitled to payment thereon, been partially destroyed or defaced so as to impair its value, is capable of identification, and is surrendered by such person to the Veterans’ Bureau.” " Approved, March 4, 1929.
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Chapter 703
To amend the World War Adjusted Compensation Act, as amended, by reducing the rates of interest on loans made by the Veterans’ Bureau upon the security of adjusted service certificates, and for other purposes
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