[Code of Federal Regulations]
[Title 39, Volume 1]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 39CFR761.3]

[Page 190]
 
                        TITLE 39--POSTAL SERVICE
 
                 CHAPTER I--UNITED STATES POSTAL SERVICE
 
PART 761_BOOK-ENTRY PROCEDURES--Table of Contents
 
Sec.  761.3  Scope and effect of book-entry procedure.

    (a) A Reserve Bank as fiscal agent of the United States acting on 
behalf of the Postal Service may apply the book-entry procedure provided 
for in this part to any Postal Service securities which have been or are 
hereafter deposited for any purpose in accounts with it in its 
individual capacity under terms and conditions which indicate that the 
Reserve Bank will continue to maintain such deposit accounts in its 
individual capacity, notwithstanding application of the book-entry 
procedure to such securities. This paragraph is applicable, but not 
limited, to securities deposited:
    (1) As collateral pledged to a Reserve Bank (in its individual 
capacity) for advances by it;
    (2) By a member bank for its sole account;
    (3) By a member bank held for the account of its customers;
    (4) In connection with deposits in a member bank of funds of States, 
municipalities, or other political subdivisions; or,
    (5) In connection with the performance of an obligation or duty 
under Federal, State, municipal, or local law, or judgments or decrees 
of courts.

The application of the book-entry procedure under this paragraph shall 
not derogate from or adversely affect the relationships that would 
otherwise exist between a Reserve Bank in its individual capacity and 
its depositors concerning any deposits under this paragraph. Whenever 
the book-entry procedure is applied to such Postal Service securities, 
the Reserve Bank is authorized to take all action necessary in respect 
of the book-entry procedure to enable such Reserve Bank in its 
individual capacity to perform its obligations as depository with 
respect to such Postal Service securities.
    (b) A Reserve Bank as fiscal agent of the United States acting on 
behalf of the Postal Service may apply the book-entry procedure to 
Postal Service securities deposited as collateral pledged to the United 
States under Treasury Department Circulars Nos. 92 and 176, both as 
revised and amended, and may apply the book-entry procedure, with the 
approval of the Secretary of the Treasury, to any other Postal Service 
securities deposited with a Reserve Bank as fiscal agent of the United 
States.
    (c) Any person having an interest in Postal Service securities which 
are deposited with a Reserve Bank (in either its individual capacity or 
as fiscal agent of the United States) for any purpose shall be deemed to 
have consented to their conversion to book-entry Postal Service 
securities pursuant to the provisions of this part, and in the manner 
and under the procedures prescribed by the Reserve Bank.
    (d) No deposits shall be accepted under this section on or after the 
date of maturity or call of the securities.