Provisos. ing after period had ex service during the war If inducted by draft except that those persons who are in the active war service at the time of the publication of the terms and conditions of such contract of insurance may apply at any time within one hundred and twenty days thereafter and while in such service: Provided, That any person Persons in service in the active service on or after the 6th day of April, 1917, and before during the war applythe 11th day of November, 1918, who while in such active service pired. made application for insurance after the expiration of more than one hundred and twenty days after October 15, 1917, or more than one hundred and twenty days after entrance into or employment in the active service, and whose application was accepted and a policy issued thereon, and from whom premiums were collected, and who becomes or had become totally and permanently disabled, or dies or has died, shall be deemed to have made legal application for such insurance and the policy issued on such application shall be valid. Application conAny person in the active service on or after the 6th day of April, strued if persons in 1917, and before the 11th day of November, 1918, who, while in and disabled or dying such service, and before the expiration of one hundred and twenty therein. days after October 15, 1917, or one hundred and twenty days after entrance into or employment in the active service, becomes or has become totally and permanently disabled, or dies or has died, without having applied for insurance, shall be deemed to have applied for and to have been granted insurance, payable to such person during his life in monthly installments of $25 each; and any person board and disabled or inducted into the service by a local draft board after the 6th day of dying before enrolled. April, 1917, and before the 11th day of November, 1918, who, while in such service, and before being accepted and enrolled for active military or naval service, becomes or has become totally and permanently disabled, or dies or has died, without having applied for insurance, shall be deemed to have applied for and to have been granted insurance, payable to such person during his life in monthly installments of $25 each. If he shall die either before he shall have received any of such monthly installments or before he shall have received two hundred and forty of such monthly installments, then $25 per month shall be paid to his widow from the time of his death and during her widowhood; or if there is no widow surviving him, then to his child or children; or if there is no child surviving him, then to his mother; or if there be no mother surviving him, then to his father, if and while they survive him: Provided, however, That no more than two hundred and forty of such monthly installments, including those received by such person during his total and permanent disability, shall be so paid. The amount of the monthly installments shall be apportioned between children as may be provided by regulations: Provided further, That each officer and enlisted Insurance to those man attached to the United States ship Cyclops on the 4th day of clops." March, 1918, and every officer and enlisted man who on said date was a passenger on said vessel shall be deemed to have been granted insurance in the sum of $5,000 permitted under the War Risk Insurance Act." ed. Death allowances. Payments limited. Class of beneficiaries Vol. 40, p.615, amend Provisos. SEC. 13. That the permitted class of beneficiaries for insurance as extended. specified in section 402 of the War Risk Insurance Act is hereby enlarged so as to include, in addition to the persons therein enumerated, uncles, aunts, nephews, nieces, brothers-in-law and sisters-inlaw of the insured. This section shall be deemed to be in effect as of October 6, 1917: Provided, That nothing herein shall be construed to interfere with the payment of the monthly installments authorized mer Act continued for to be made under the provisions of said War Risk Insurance Act, as originally enacted and subsequently amended, up to and including Revision of all the second calendar month after the passage of this Act: Provided fur- awards. ther, That all awards of insurance under the provisions of the said War Risk Insurance Act, as originally enacted and subsequently two months. Payment to estate if no beneficiaries survive. Term insurance. Payment of unpaid etc., of beneficiary. amended, shall be revised as of the first day of the third calendar month after the passage of this Act, in accordance with the provisions of the said War Risk Insurance Act as modified by this amendatory Act. SEC. 14. That if no person within the permitted class of beneficiaries survive the insured, then there shall be paid to the estate of the insured the monthly installments payable and applicable under the provisions of Article IV of the War Risk Insurance Act. SEC. 15. That if any person to whom such yearly renewable term installments, on death, insurance has been awarded dies, or his rights are otherwise terminated after the death of the insured, but before all of the two hundred and forty monthly installments have been paid, then the monthly installments payable and applicable shall be payable to such person or persons within the permitted class of beneficiaries as would, under the laws of the State of residence of the insured, be entitled to his personal property in case of intestacy; and if the permitted class of beneficiaries be exhausted before all of the two hundred and forty monthly installments have been paid, then there shall be paid to the estate of the last surviving person within the permitted class the remaining unpaid monthly installments. Converted insurance. etc. SEC. 16. That if no beneficiary within the permitted class be desigbeneficiary designated, nated by the insured as beneficiary for converted insurance, granted under the provisions of Article IV of the War Risk Insurance Act, either in his lifetime or by his last will and testament, or if the designated beneficiary does not survive the insured, then there shall be paid to the estate of the insured the remaining unpaid monthly installOn death of desig- ments; or if the designated beneficiary survives the insured and dies before receiving all of the installments of converted insurance payable and applicable, then there shall be paid to the estate of such beneficiary the remaining unpaid monthly installments. nated beneficiary. Optional lump sum, etc., payments. periods. SEC. 17. That the Bureau of War Risk Insurance may make provision in the contract for converted insurance for optional settlements, to be selected by the insured, whereby such insurance may be made payable either in one sum or in installments for thirtyOther installment six months or more. The bureau may also include in said contract a provision authorizing the beneficiary to elect to receive payment of the insurance in installments for thirty-six months or more, but only if the insured has not exercised the right of election as herein before provided; and even though the insured may have exercised his right of election, the said contract may authorize the beneficiary to elect to receive such insurance in installments spread over a greater period of time than that selected by the insured. Premium payments to be credited to Govfund. SEC. 18. That all premiums paid on account of insurance conernment life insurance verted under the provisions of Article IV of the War Risk Insurance Act shall be deposited and covered into the Treasury to the credit of the United States Government life insurance fund and shall be available for the payment of losses, dividends, refunds, and other benefits provided for under such insurance. Payments from this fund shall be made upon and in accordance with awards by the director. Payments from. Reserve fund to be kept. Investment, etc. Unpaid installments, etc., payable to per The Bureau of War Risk Insurance is hereby authorized to set aside out of the fund so collected such reserve funds as may be required, under accepted actuarial principles, to meet all liabilities under such insurance; and the Secretary of the Treasury is hereby authorized to invest and reinvest the said United States Government life insurance fund, or any part thereof, in interest-bearing obligations of the United States and to sell the obligations for the purposes of the said fund. SEC. 19. That the amount of the monthly installments of allotsonal representative of ment and family allowance, compensation, or yearly renewable term deceased beneficiary. insurance which has become payable under the provisions of the War Risk Insurance Act but which has not been paid prior to the death of the person entitled to receive the same may be payable to the personal representatives of the deceased person. Approved, December 24, 1919. CHAP. 17.-An Act Making appropriations to supply urgent deficiencies in appropriations for the Employees' Compensation Commission, the Bureau of War Risk Insurance, and the Public Health Service for the fiscal year ending June 30, 1920. December 24, 1919. Urgent deficiencies Commission, War Risk Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following sums appropriations for Emare appropriated, out of any money in the Treasury not otherwise ployees' Compensation appropriated, to supply urgent deficiencies in appropriations for the Insurance, and Public Employees' Compensation Commission, the Bureau of War Risk Health Service. Insurance, and the Public Health Service for the fiscal year ending June 30, 1920, namely: EMPLOYEES' COMPENSATION COMMISSION. CONTINGENT EXPENSES: For furniture and other equipment and repairs thereto, $750; law books, books of reference, periodicals, stationery, and supplies, $850; experts and temporary assistants in the District of Columbia and elsewhere to be paid at a rate not exceeding $8 per day, and temporary clerks, stenographers, or typewriters in the District of Columbia to be paid at a rate not exceeding $100 per month, $7,650; medical examinations, traveling and other expenses, and loss of wages payable to employees under section 21 of the Act of September 7, 1916, and for miscellaneous items, $750; in all, $10,000. Employees Compensation Commission. Contingent expenses. Vol. 39, p. 747. Compensation fund. EMPLOYEES' COMPENSATION FUND: For the payment of compensation provided by "An Act to provide compensation for employees Vol. 39, pp. 743, 745. of the United States suffering injuries while in the performance of their duties, and for other purposes," approved September 7, 1916, including medical, surgical, and hospital services, and supplies provided by section 9, and the transportation and burial expenses provided by sections 9 and 11, $1,100,000, to remain available until expended: Provided, That the compensation heretofore or hereafter paid by the United States Shipping Board Emergency Fleet Cor- ployees, Emergency poration to or on account of employees for disability or death resulting from personal injuries sustained while in the performance of their duties shall be in full satisfaction of the claims of such employees or their legal representatives against the United States. TREASURY DEPARTMENT. PUBLIC HEALTH SERVICE. For medical, surgical, and hospital services and supplies for warrisk insurance patients and other beneficiaries of the Public Health Service, including necessary personnel, regular and reserved commissioned officers of the Public Health Service, clerical help in the District of Columbia and elsewhere, maintenance, equipment, leases, fuel, lights, water, printing, freight, transportation and travel, maintenance and operation of passenger motor vehicles, and reasonable burial expenses (not exceeding $100 for any patient dying in hospital), $2,000,000. Proviso. Fleet Corporation. em etc. Broadview, Ill. Hospital building at, p. 45, amended. Post, p. 508. Uncompleted building and site, to be im HOSPITAL AT BROADVIEW, COOK COUNTY, ILLINOIS. That so much of an Act entitled "An Act making appropriations to supply deficiencies in appropriations for the fiscal year ending Public Laws, 1st sess., June 30, 1919, and prior fiscal years, and for other purposes" (Public Numbered 5, Sixty-sixth Congress), as reads as follows: "The Secretary of the Treasury is hereby directed to acquire and complete immediately the hospital at Broadview, Cook County, Illinois, authorized and appropriated for by an Act entitled 'An Act to authorize the Secretary of the Treasury to provide hospital and sanatorium facilities for discharged sick and disabled soldiers, sailors, and marines,' approved March 3, 1919" (Public Act Numbered 326, Sixty-fifth Congress), is hereby amended so as to read as follows: That the Secretary of the Treasury be, and he is hereby, directed mediately acquired. immediately to acquire the uncompleted hospital building at Broadview, Cook County, Illinois, and the site thereof, consisting of three hundred and twenty acres, more or less, and to cause the work on auxiliary buildings, di- said hospital building to be completed and the five proposed auxiliary buildings to be constructed in accordance with plans and specifications transmitted to the Shank Company July 15, August 16, and September 23, 1919, and the appropriation therefor contained in the Act entitled 'An Act to authorize the Secretary of the Treasury to provide hospital and sanatorium facilities for discharged sick and disabled soldiers,' approved March 3, 1919, together with such further changes in said buildings as may be found necessary or desirable." Construction of, and rected. Vol. 40, p. 1304. War Risk Insurance Bureau. Compensation, etc. BUREAU OF WAR RISK INSURANCE. Military and naval compensation: For the payment of military and naval compensation, funeral expenses, services and supplies, as authorized by law, $30,000,000. Approved, December 24, 1919. December 24, 1919. [S. 2472.] [Public, No. 106.] Federal Reserve Act Amendments. CHAP. 18.-An Act To amend the Act approved December 23, 1913, known as the Federal Reserve Act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Act approved Vol. 39, p. 756, amend- December 23, 1913, known as the Federal Reserve Act, as amended, be further amended by adding a new section as follows: ed. Foreign banking business. Corporations for foreign financial operations. ized. "SEC. 25 (a). Corporations to be organized for the purpose of Formation author- engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations in a dependency or insular possession of the United States, either directly or through the agency, ownership, or control of local institutions in foreign countries, or in such dependencies or insular possessions as provided by this section, and to act when required by the Secretary of the Treasury as fiscal agents of the United States, may be formed by any number of natural persons, Articles of associa- not less in any case than five. tion. "Such persons shall enter into articles of association which shall specify in general terms the objects for which the association is formed and may contain any other provisions not inconsistent with law which the association may see fit to adopt for the regulation of its business and the conduct of its affairs. "Such articles of association shall be signed by all of the persons Signatures, etc. intending to participate in the organization of the corporation and, thereafter, shall be forwarded to the Federal Reserve Board and shall be filed and preserved in its office. The persons signing the said articles of association shall, under their hands, make an organization certificate which shall specifically state: "First. The name assumed by such corporation, which shall be subject to the approval of the Federal Reserve Board. on. 66 Second. The place or places where its operations are to be carried "Third. The place in the United States where its home office is to be located. "Fourth. The amount of its capital stock and the number of shares into which the same shall be divided. Organization certifi cate. Name. Place of operation. Home office. Capital. "Fifth. The names and places of business or residence of the per- etc. sons executing the certificate and the number of shares to which each has subscribed. Subscribers' names, Declaration of pur "Sixth. The fact that the certificate is made to enable the persons pose. subscribing the same, and all other persons, firms, companies, and corporations, who or which may thereafter subscribe to or purchase shares of the capital stock of such corporation, to avail themselves of the advantages of this section. Transmittal to Fed Issue of charter. General corporate "The persons signing the organization certificate shall duly acknowl- eral Reserve Board. edge the execution thereof before a judge of some court of record or notary public, who shall certify thereto under the seal of such court or notary, and thereafter the certificate shall be forwarded to the Federal Reserve Board to be filed and preserved in its office. Upon duly making and filing articles of association and an organization certificate, and after the Federal Reserve Board has approved the same and issued a permit to begin business, the association shall become and be a body corporate, and as such and in the name desig- powers. nated therein shall have power to adopt and use a corporate seal, which may be changed at the pleasure of its board of directors; to have succession for a period of twenty years unless sooner dissolved by the act of the shareholders owning two-thirds of the stock or by an Act of Congress or unless its franchises become forfeited by some violation of law; to make contracts; to sue and be sued, complain, and defend in any court of law or equity; to elect or appoint directors, all of whom shall be citizens of the United States; and, by its board of directors, to appoint such officers and employees as may be deemed proper, define their authority and duties, require bonds of them, and fix the penalty thereof, dismiss such officers or employees, or any thereof, at pleasure and appoint others to fill their places; to prescribe, by its board of directors, by-laws not inconsistent with law or with the regulations of the Federal Reserve Board regulating the manner in which its stock shall be transferred, its directors elected or appointed, its officers and employees appointed, its property transferred, and the privileges granted to it by law exercised and enjoyed. "Each corporation so organized shall have power, under such rules and regulations as the Federal Reserve Board may prescribe: Specific powers. cial paper. Dealing in commer Securities. "(a) To purchase, sell, discount, and negotiate, with or without its indorsement or guaranty, notes, drafts, checks, bills of exchange, acceptances, including bankers' acceptances, cable transfers, and other evidences of indebtedness; to purchase and sell, with or without its indorsement or guaranty, securities, including the obligations of the United States or of any State thereof but not including shares of stock in any corporation except as herein provided; to accept bills or drafts Accept drafts, etc. drawn upon it subject to such limitations and restrictions as the Federal Reserve Board may impose; to issue letters of credit; to pur 154272°-202 |