Section 4
SEC. 4. The Secretary of War is further authorized to sell the bonds issued by virtue of the authority of this Act at not less than par value, on such terms as are most favorable to the Government of the Philippine Islands, and the proceeds of such sale or sales shall be deposited in any authorized depository of the Government of the Philippine Islands, to the credit of the Treasurer of the Philippine Islands. Said bonds shall be registered and transferable at the Office of the Register of the Treasury Department of the United States, Washington, District of Columbia.