318 s1XrY.snvnNrH ooNeR;nss. Sess. 1. GH. iss. 1921. “"~““ *"' °' W- (3) of sectionbl oé the Supplement to the Segond Liberty Boiad Aicgt _ in respect to on s issue upon conversion 0 3} r centum on d£}]*;‘{g;‘;§:;$P**°¤$ but shall be in lieu _0f the exem(ptionslprovided andpgee from the con; v¤¤.40,pp.sss,mc. ditions and limitations impose in su divisions (1) and (2) of section 1 of the Supplement to Second Liberty Bond Act and in section 2 of the Victory iberty Loan Act. m};:gf¤¤¤ ¤¤¤d¤ ¤¤ Dnrosrr or UNITED srarns nouns on Norns IN LIEU or sunmrr. Miggsggsqicgsoymegf Sec. 1329. That wherever by the laws of the United States or mmiweuss. P regulationsmade purspdant theiztoé any person is reqéiired to furllnish . any recogmzance sti ation, n guaranty or un ertak1ng' ereinafter called {portal) bond", with’sure(tiy or, sureties, such person may in `eu o suc surety or sureties eposit as securit with the
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y 0 so er 0 orno 0 e 111 masum eqiial at thirdpar vatlpe to $e amount of such penal bond liiequired to e furms` e e er wi an agreement authorizing suc official to collect or sellisiiili bonds or notes so deposited in case of any default in the performance of any of the conditions or stipulations of such I·°¢’*°“°°*- penal bond. The acceptance of such United States bonds or notes m lieu of surety or sureties required by law shall have the same force and effect as mdividual or corporate sureties, or certified checks, _ bank drafts, post-office money orders, or cash, for the penalty or ”°P°“'F""°“ ‘°'·°*°· anzpuntlpf sgch ppnalgdboéid. Til; béisnds or notes deposiged gseunder, an suc 0 er nit tates n or notes as may e su tituted therefor from time to time as such secmity, may be deposited with ghe '1`reasur§l1;1 ofdthe Unit§dfSta%es, a Federal) res1erv§ bank, or olthelp epositary y esignate or t at p ose the ecretary, w `c Zhqall issue receipt therigeforillilescrirlghig sld-Ich bogids ol: notes po) depiosited. R¤¤¤r¤t¤d¤¤¤¤i¢¤r· soon as security or e pe ormance 0 suc pena on is no longlpr necessary, such bonds or notes so deposited, shall be returned gggglsgu Ommam to the depositorz Provided, That in case a personogdpersons supply- cgwnmturtsrpuwc mg a contractor with labor or material as éirovid by the Act of "§’,£§j·33’p_,m_ Congress, apsroved February 24, 1905 (BL} tat. 811), entitled "An X¤¤.1@§6§v%! mr Act to_ amen an Actalpproved August thirteenth, eighteen hundred ctaiigmi-,s1¤. and n.u1ety-four, entitled ‘An Act for the protection of persons gnlpslisgng mtiterlrals aid labor for the conizfructiorzloif pifblic vg1>rks,’ " ewi theo igee atanytime tera eautin e erformance of any contract isubject to said Acts, the application Iaind affidavit therem provided, the obligee shall not deliver to the obligor the deposited bonds or notes nor any surplus proceeds thereof until the egpiratipn of the time limited by said Acts for Ithlei gistitution of suit y suc erson or ersons an in case suit s a e instituted within such tiine, shall hold said boiids or notes or pfoceeds sub`ect Strponcy gwggieea to the order of the co1u·t having jurisdiction thereof : romldedfunlwr, ° °"”°° ‘ That nothing herein containe shall aifcct or impair the priority of the claim of the United States against the bonds or notes deposited pp apyl or gemgdiy ‘gl1La.nmdnbyns?1pdb%;tstpr byfthisdsectioii ip thie me aes or ea u aono said en on: Inconsistent isws Provided further, That all liiows inconsistent with thispsection are '"°d‘°°°‘ hereby so modified as to conform to the provisions hereof : Ami promdm, ,,u,h,,,i,,, videdfurther, That nothing contained herein shall affect the authority °*°»¤°° egmed- of coérrtsalover the securityalwheri such btonds are taken as security in ju ici proceed1n` gs, or the authorit o an admini t t' Hi Emmmtm of the United States to_receive United State; bonds floiiasdgiirityciii cases authorized by existing laws. The Secretary may prescribe rules gud regulations necessary and proper for carrying this section into e ect. ·
