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PENALTIES

SECTION 11.

Any officer or agent of an employer, as the word "employer" is hereinbfore defined, or any pilot acting in his own behalf, or any individual whether or not of the character hereinbefore defined, who shall wilfully fail or refuse to make any report or furnish any information required, in accordance with the provisions of sections 9 (a) 4, by the Board in the administration of this Act, or who shall knowingly make or cause to be made any false or fraudulent statement or report when a statement or report is required to be made for the purpose of such Act, or who shall knowingly make or aid in making any false or fraudulent statement or claim for the purpose of causing an award or payment under such Act, shall be punished by a fine of not more than $10,000 or by imprisonment not exceeding one year.

SEPARABILITY

SECTION 12.

If any provision  of this Act, or the application thereof to any person or circumstance, should be held invalid, the remainder of such Act, or the application of such provision to other persons or circumstances, shall not be affected thereby.

PILOTS' RETIREMENT TRUST FUND

SECTION 13.

(a)  There is hereby created on the books of the Treasury of the United States a trust fund to be known as the "Air Line Pilots' Retirement Trust Fund" (hereafter called the "Trust Fund").  There is hereby appropriated to the Trust Fund for the fiscal year ending June 30, 1950, and for each fiscal year thereafter, out of any monies of the Treasury not otherwise appropriated, amounts equivalent to one hundred per centum of the taxes (including interest, penalties, and the additions to the taxes) received under the Air Line Pilots' Retirement Contribution Act, and covered into the Treasury.

(b)  At the request and direction of the Board, it shall be the duty of the Secretary of the Treasury to invest such portion of the amounts credited to the Trust Fund as, in the judgment of the Board, is not immediately required for the payment of annuties [[annuities]] and death benefits in accordance with the provisions of this Act in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States.  For such purpose such obligations may be acquired on original issue at par or by purchase of outstanding obligations at the market price.  The purposes for which obligations of the United States may be issued under the Second Liberty Bond Act, as amended, are hereby extended to authorize the issuance at par of special obligations exclusively to the Trust Fund.  Such special obligations shall bear interest at the rate of three per centum per annum.  Obligations other than such special obligations may be acquired for the Trust Fund only on such terms as to provide an investment yield of not less than three per centum per annum.  It shall be the duty of the Secretary of the Treasury to sell and dispose of obligations in the Trust Fund if it shall be in the interest of the Trust Fund so to do.  Any obligations acquired by the Trust Fund, except special obligations issued exclusively to the Trust Fund, may be