31 C.F.R. § 306.22
Bonds of this series presented for exchange for 11/2 percent 5-year Treasury notes must bear duly executed assignments to "The Secretary of the Treasury for exchange for the current series of EA or EO Treasury notes to be delivered to (inserting the name and address of the person to whom the notes are to be delivered)." The notes will bear the April 1 or October 1 date next preceding the date the bonds, duly assigned with supporting evidence, if necessary, are received by the Bureau or a Federal Reserve Bank or Branch. Interest accrued at the rate of 23/4 percent on the bonds surrendered from the next preceding interest payment date to the date of exchange will be credited, and interest at the rate of 11/2 percent on the notes for the same period will be charged and the difference will be paid to the owner.
31 C.F.R. § 306.22