all bonds owned by the same person, organization, or fiduciary should be uniform with respect to the name of the owner and, in the case of a fiduciary, the description of the fiduciary capacity. The owner, coowner, or beneficiary should be designated by the name by which he is ordinarily known or the one under which he does business, including preferably at least one full given name. The name may be preceded by any applicable title, such as "Dr." or "Rev.," or followed by "M.D.," "D.D.," or other similar designation "Sr." or "Jr." or a similar suffix should be included, when ordinarily used or when necessary to distinguish the owner from a member of his family The name of a woman must be preceded by "Miss" or "Mrs.," unless some other applicable title or designation is used. A married woman's own given name, not that of her husband, must be used, for example, "Mrs. Mary A. Jones," not "Mrs. Frank B. Jones." The post office address should include, where appropriate, the number and street, route, or any other local feature, and the ZIP Code. [Dept. Circ. 530, Ninth Rev., 29 F.R. 19034, Dec. 20, 1964, as amended at 31 F.R. 7683, May 28, 1966] § 315.6 Restrictions on registration. (a) Residence. Registration of bonds is restricted on original issue, but not on authorized reissue, to persons (whether natural persons or others) who are: (1) Residents of the United States, its territories and possessions, the Commonwealth of Puerto Rico, and the Canal Zone; (2) Citizens of the United States temporarily residing abroad; and (3) Civilian employees of the United States or members of its Armed Forces, regardless of their residence or citizenship. However, other natural persons may be designated as coowners or beneficiaries with natural persons of the above classes, whether on original issue or reissue, except that registration is not permitted in any form which includes the name of any alien who is resident of any area with respect to which the Treasury Department restricts or regulates the delivery of checks drawn against funds of the United States or any agency or instrumentality thereof. 3 See Department Circular No. 655, current revision (Part 211 of this chapter). За (b) Minority. 3a (1) Bonds purchased by another person with funds belonging to a minor must be registered in the name of the minor without a coowner or beneficiary. Bonds purchased by a representative of a minor's estate must be registered in the name of the minor and include in the registration an appropriate reference to the guardianship estate. Bonds purchased by a representative of the estates of two or more minors, even though appointed in a single proceeding, must be registered in the name of each minor separately, with appropriate reference to his guardianship estate. (2) Bonds purchased with funds not belonging to a minor may be registered to name the minor as owner, coowner or beneficiary, and in this case, the registration must include an appropriate reference to the guardianship estate, if the minor's estate is under legal guardianship. (3) Bonds purchased as a gift to a minor under a gifts to minors statute in effect in the State in which either the donor or the minor resides may be registered as provided in the applicable statute, with a parenthetical reference to the statute if it is not clearly identified by the registration. A coowner or beneficiary may not be named. (4) Registration of bonds in the name of a natural guardian for a minor is not authorized. (5) A minor may name a coowner or beneficiary on bonds he purchases with his wages, earnings, or other funds belonging to him and under his control. 3b (c) Incompetency.3 Bonds may be purchased with funds belonging to the estate of an incompetent for whom a guardian or similar representative has been appointed. The registration must include appropriate reference to such guardianship or similar fiduciary estate. Bonds purchased with funds not belonging to the incompetent may be registered to name the incompetent as owner (with or without a beneficiary), as coowner or as beneficiary, with appropriate reference to the guardianship or similar fiduciary estate. [Dept. Circ., Ninth Rev., 29 F.R. 19034, Dec. 30, 1964, as amended at 31 F.R. 7680, May 28, 1966] 3a See examples of forms of registration under § 315.7(b) (2). 3b Bonds should not be registered in the name of an incompetent unless there is a representative for his estate, except as provided in § 315.53. (a) Natural persons. In the names of natural persons in their own right. (1) Single owner. Example: John A. Jones 123-45-6789. (2) Coownership form-two persons (only). In the alternative as coowners. Examples: John A. Jones 123-45-6789 or Mrs. Ella S. Jones. Mrs. Ella S. Jones or John A. Jones 123-45-9876. No other form of registration establishing coownership is authorized. (3) Beneficiary form-two persons (only). Examples: John A. Jones 123-45-6789 payable on "Payable on death" may be abbreviated to "P.O.D." as indicated in the last example. The first person named is hereinafter referred to as the owner and the second named person as the beneficiary. (b) Fiduciaries (including legal guardians or similar representatives, certain custodians, executors, administrators and trustees)-(1) General. A bond may be registered in the name of any person or persons or any organization, public or private, acting as fiduciary of a single duly constituted fiduciary estate, but not where the fiduciary would hold the bond merely or principally as security for the performance of a duty, obligation or service. A coowner or beneficiary may not be named in the registration except under the applicable provisions of § 315.6 (b) and (c). A common trust fund established and maintained according to law by a financial institution duly authorized to act as a fiduciary will be considered as a single duly constituted fiduciary estate within the meaning of these regulations in this part. Registration must conform to a form authorized by this paragraph. (2) Guardians, conservators, similar representatives, certain custodians. A bond may be registered in the name and title or capacity of the legally appointed, 4 See footnote 2, page 200. designated or authorized representative of the estate of a minor, incompetent, aged person, absentee, etc., or in the name of such individual, followed by an appropriate reference to the estate and showing the nature of the disability or referring to the applicable statute. A coowner or beneficiary may be named only in accordance with the applicable provisions of § 315.6 (b) and (c). Examples: Tenth National Bank, guardian (or conservator, trustee, etc.) of the estate of George M. Brown 123-45-6789, a minor (or an incompetent, aged person, infirm person, or absentee). George M. Brown 123-45-6789, a minor (or an incompetent, aged person, infirm person, or absentee) under legal guardianship (or conservatorship or trusteeship, etc.) of James F. Jones. John R. Smith 123-45-6789, an adult under conservatorship of Henry C. Smith pursuant to section 572, 1963 Iowa Probate Code. James F. Brown 123-45-6789, a minor (or an incompetent) under custodianship by designaton of the Veterans Administration. Frank M. Olsen 123-45-6789, an incompetent for whom Eric A. Olsen has been designated trustee by the Department of the Army pursuant to 37 U.S.C. 351–354. Arnold A. Ames, as custodian for Barry B. Bryan 123-45-6789, under the California Uniform Gifts of Securities to Minors Act. Arnold A. Ames, as custodian for Barry B. Bryan 123-45-6789, a minor, under the laws of Georgia (Ch. 48-3, Code of Ga. Ann.). Richard A. Roe 123-45-6789, a minor (or an incapacitated adult) beneficiary for whom Reva L. Roe has been designated representative payee by the Secretary of Health, Education, and Welfare, pursuant to 42 U.S.C. 405 (j). Tenth National Bank, guardian of the estate of George M. Brown, a minor or Henry L. Green 123-45-6789. Henry L. Green 123-45-6789 P.O.D. George M. Brown, a minor under legal guardianship of Tenth National Bank. (3) Executors and administrators. A bond may be registered in the name of the representative or representatives appointed by a court or otherwise legally qualified to act for the estate of a decedent, or in the name of an executor authorized to administer a trust under the terms of a will although he is not named as trustee. The names and capacities of all the representatives, as shown in their letters of appointment, must be included in the registration and be followed by an adequate identifying reference to the estate. Examples: John H. Smith and Calvin N. Jones, executors of the will (or administrators of the estate) of Robert J. Smith, deceased 123456789. John H. Smith, executor of the will of Robert J. Smith, deceased, in trust for Mrs. Jane L. Smith, with remainder over 123456789. (4) Trustees or life tenants under wills, deeds of trust, agreements or similar instruments. A bond may be registered in the name and title of the trustee (or trustees) of a duly constituted trust estate, or in the name of a life tenant, followed by an adequate identifying reference to the authority governing the trust or life tenancy. Examples: Thomas J. White and Tenth National Bank, trustees under the will of Robert J. Smith, deceased 12-3456789. Mrs. Jane M. Smith, life tenant under the will of Robert J. Smith, deceased 12-3456789. Tenth National Bank, trustee under agreement with Paul E. White, dated 2/1/55 123456789. Carl A. Black and Henry B. Green, trustees under agreement wth Paul E. White, dated 2/1/55 12-3456789. If the trust instrument designates by title only an officer of a board or an organization as trustee, only the title of the officer should be used. Example: Chairman, Board of Trustees, First Church of Christ, Scientist, of Chicago, Ill., in trust under the will of Robert J. Smith, deceased 12-3456789. The names of all trustees, in the form used in the trust instrument, must be included in the registration, except as follows: (i) If there are several trustees designated as a board or authorized to act as a unit, their names may be omitted and the words "Board of Trustees" substituted for the word "trustees." Example: Board of Trustees of the Immediate Relief Trust of the Federal Aid Association, under trust indenture dated 2/1/55 12–3456789. (ii) If the trustees do not constitute a board and are not authorized to act as a unit, and are too numerous to be designated in the registration by names and title, some or all of the names may be omitted. Examples: John A. Smith, Henry B. Jones, et al., trustees under the will of Edwin O. Mann, deceased 12-3456789. Trustees under the will of Edwin A. Mann, deceased 12-3456789. (5) Pension, retirement or similar funds, or eligible employees' savings or savings and vacation plans. A bond may be registered in the name and title, or title alone, of the trustee or trustees of a pension, retirement or similar fund, or an eligible employees' savings or savings and vacation plan. If the instrument creating the trust provides that the trustees shall serve for a limited term, their names may be omitted. Examples: Tenth National Bank, trustee of pension fund of Safety Manufacturing Co., U/A with said company dated March 31, 1949 123456789. Trustees of Retirement Fund of Safety Manufacturing Co., under directors' resolution adopted 3/31/49 12-3456789. County Trust Company, trustee of the Employees' Savings Plan of Jones Co., Inc., U/A dated 1/17/59 12-3456789. Trustees of the Employees' Savings Plan of Brown Bros., Inc., U/A dated January 20, 1964 12-3456789. (6) Funds of lodges, churches, societies, or similar organizations. A bond may be registered in the titles of the trustees, or a board of trustees, holding funds in trust for a lodge, church, society, or similar organization, whether or not incorporated. Examples: Trustees of the First Baptist Church, Akron, Ohio, acting as a Board under Sec. 15 of its by-laws 12-3456789. Trustees of Jamestown Lodge No. 1,000, Benevolent and Protective Order of Elks, under Sec. 10 of its by-laws 12-3456789. Board of Trustees of the Lotus Club, Washington, Ind., under Art. X of its constitution 12-3456789. (7) Investment agents for religious, educational, charitable or nonprofit organizations. A bond may be registered in the name of a bank, trust company, or other financial institution, or an individual, as agent under an agreement with a religious, educational, charitable, or nonprofit organization, whether or not incorporated, if the agent holds funds for the sole purpose of investing and reinvesting them and paying the income to the organization. The name and designation of the agent must be followed by an adequate identifying reference to the agreement. Examples: Tenth National Bank, fiscal agent 123456789, under agreement with The Evangelical Lutheran Church of the Holy Trinity, dated 12/28/49. Sixth Trust Co., investment agent 123456789, U/A dated September 16, 1962, with Central City Post, Department of Illinois, American Legion. John Jones, investment agent 12-3456789, U/A dated September 16, 1962, with Central City Post, Dept. of Ill., American Legion. (8) Funds of school groups or activities. A bond may be registered in the title of the principal or other officer of a public, private, or parochial school holding funds in trust for a student body fund or for a class, group, or activity. If the amount purchased for any one fund does not exceed $500 (face value), no reference need be made to a trust instrument. Examples: Principal, Western High School, in trust for Class of 1955 Library Fund 12-3456789. Director of Athletics, Western High School, in trust for Student Activities Association, under resolution adopted 5/12/55, 12-3456789. (9) Public corporations, bodies, or officers as trustees. A bond may be registered in the name of a public corporation or a public body, or in the title of a public officer, acting as trustee under express authority of law, followed by an appropriate reference to the statute creating the trust. Examples: Rhode Island Sinking Fund Commission, trustee of the General Sinking Fund, under Ch. 35, Gen. Laws of R.I. Superintendent of the Confederate Home for Men, in trust for the Benefit Fund under section 3183, Vernon's Civil Stats. of Texas Annot. (c) Private organizations (corporations, associations, partnerships) —(1) General. A bond may be registered in the name of any private organization in its own right, except that of a commercial bank, which is defined for this purpose as one accepting demand deposits. The full legal name of the organization, as set forth in its charter, articles of incorporation, constitution, partnership agreement or other authority from which its powers are derived, must be included in the registration and may be followed, if desired, by a parenthetical reference to a particular account, other than a trust account, in accordance with the rules and examples authorized by this paragraph. (2) Corporations. A bond may be registered in the name of a business, fraternal, religious, or other private corporation. The words “a corporation” must be included in the registration unless the fact of incorporation is shown in the name. Examples: Smith Manufacturing Co., a corporation 12-3456789. Green & Redd, Inc. 12-3456789 (Depreciation Acct.). (3) Unincorporated associations. A bond may be registered in the name of a club, lodge, society, or similar self-governing association which is not incorporated. The words "an unincorporated association" must be included in the registration. This form of registration must not be used for a trust fund, a board of trustees, a partnership, a business conducted under a trade name or a sole proprietorship. If the association is chartered by or affiliated with a parent organization, the name or designation of the subordinate or local organization must be given first, followed by the name of the parent organization. The name of the parent organization may be placed in parentheses and, if well known, may be abbreviated. Examples: The Lotus Club, an unincorporated association 12-3456789. Local 447, Brotherhood of Railroad Trainmen, an unincorporated association 123456789. Eureka Lodge No. 317 (A.F. & A.M.), an unincorporated association 12-3456789. (4) Partnerships. A bond may be registered in the name of a partnership, which will be considered as an entity. The words "a partnership” must be included in the registration. Examples: Smith & Brown, a partnership 12-3456789. Acme Novelty Co., a partnership 3456789. 12 (d) Institutions (churches, hospitals, homes, schools, etc.). A bond may be registered in the name of a church, hospital, home, school, or similar institution conducted by a private organization or by private trustees, regardless of the manner in which it is organized or governed or title to its property is held. Descriptive words such as "a corporation" or "an unincorporated association” must not be included in the registration. Examples: Shriners' Hospital for Crippled Children, St. Louis, Mo. 12-3456789. St. Mary's Roman Catholic Church, Albany, N.Y. 12-3456789. Rodelph Shalom Sunday School, Philadelphia, Pa. 12-3456789. (e) States, public bodies and corporations and public officers. A bond may be registered in the name of a State, county, city, town, village, school district, or other political entity, public body or corporation established by law (including a board, commission, administration, au thority or agency) which is the owner or official custodian of public funds, other than trust funds, or in the full legal title of the public officer having custody of the funds. Examples: State of Maine. Town of Rye, N.Y. (Street Improvement Fund). Maryland State Highway Commission. (f) Treasurer of the United States as coowner or beneficiary. A person who desires to have a bond become the property of the United States upon his death may designate the Treasurer of the United States as coowner or beneficiary. Examples: George T. Jones 123-45-6789 or the Treasurer of the United States of America. George T. Jones 123-45-6789, P.O.D. the Treasurer of the United States of America. [Dept. Circ. 530, Ninth Rev., 29 F.R. 19034, Dec. 30, 1964, as amended at 31 F.R. 7680, May 28, 1966; 31 F.R. 8914, June 28, 1966] § 315.8 Unauthorized registration. A savings bond inscribed in a form not substantially in agreement with one of those authorized by this subpart will not be considered as validly issued, except that once it is established that the bond can be reissued in a form of registration which is valid under these regulations it will be considered as having been validly issued from the date of original issue. Subpart C-Limitations on Holdings § 315.10 Annual limitations on hold. ings. The amounts of savings bonds of each series, issued in any one calendar year,* which may be held by any one person at any one time, computed in accordance with the provisions of § 315.11, are limited, as follows: (a) Series E-(1) General limitation. $5,000 (issue price) for each calendar year. 4 The Ninth Revision of this circular contains information on prior annual limitations. 5 Effective December 1, 1969. Investors who purchased less than $5,000 (issue price) of the Series E bonds or $5,000 (face amount) in the case of Series H bonds prior to the effective date of the limitations were entitled only to purchase enough to bring their totals for the year to those amounts. Investors whose purchases exceeded these limitations could not purchase additional bonds during the remainder of the calendar year. (2) Special limitations for employees' savings plans and savings and vacation plans. $2,000 (face amount) multiplied by the highest number of participants in any employees' savings plan as described in Department Circular No. 653, current revision (Part 316 of this chapter). Qualified savings and vacation plans are also eligible for this special limitation. (b) Series H-(1) General limitation. $5,000 (face amount) for each calendar year.5 (2) Special limitation for gifts to exempt organizations under 26 CFR 1.501 (c) (3)-1. $200,000 (face amount) for each calendar year for bonds received as gifts by an organization which at the time of purchase is an exempt organization under the terms of 26 CFR 1.501 (c) (3)-1. The foregoing amendment is made for the purpose of having the limitations in the regulations governing savings bonds conform to the current limitations in 31 CFR 316.5 and 332.5, the offerings of Series E and Series H savings bonds, respectively. In view of the earlier publication of these limitations in 35 F.R. 703, January 17, 1970, and 35 F.R. 849, January 21, 1970, I find that notice and public procedures are unnecessary. This action is effected under the provisions of section 22 of the Second Liberty Bond Act, as amended (49 Stat. 21, as amended; 31 U.S.C. 757c), and 5 U.S.C. 301. [36 F.R. 22287, Nov. 24, 1971] § 315.11 Computation of amount. (a) Definition of “person”. The term "person" for purposes of this section shall mean any legal entity and shall include but not be limited to natural persons, corporations (pubic or private), partnerships, unincorporated associations, and trust estates. The holdings of each person individually and his holdings in any fiduciary capacity authorized by these regulations, such as, for example, his holdings as a guardian of the estate of a minor, as a life tenant, or as trustee under a will or deed of trust, shall be computed separately. A pension or retirement fund or an investment, insurance, annuity or similar fund or trust will be regarded as an entity regardless of the number of beneficiaries or the manner in which their respective |