[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR345.1]

[Page 282]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 345--REGULATIONS GOVERNING 5 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS--R.E.A. SERIES--Table of Contents
 
Sec. 345.1  Description of certificates.

    (a) General. The certificates of indebtedness will be issued in 
book-entry form on the books of the Department of the Treasury, Bureau 
of the Public Debt, Washington, DC 20226. They may not be transferred by 
sale, exchange, assignment or pledge, or otherwise.
    (b) Terms and rates of interest. The certificates, bearing interest 
at the rate of 5 percent per annum, will be issued in multiples of 
$1,000 and will mature one year from issue date. Interest on the 
certificates will be computed on an annual basis and, unless redeemed 
prior to maturity, will be payable six months from issue date and at 
maturity. Interest may be paid to an owner by having the amount thereof 
credited by a Federal Reserve Bank or Branch, acting as fiscal agent of 
the United States, to the reserve account of a member bank servicing 
such owner and for the latter's account. Such action will be taken at 
the owner's option. If not exercised, payment of interest will be made 
by Treasury check.

[38 FR 35306, Dec. 27, 1973, as amended at 40 FR 29846, July 16, 1975]