separation pay or readjustment pay for reserves on active duty on july 9, 1956

separation pay or readjustment pay for reserves on active duty on july 9, 1956 Sec. 302. A member of a reserve component who was serving on active duty on July 9, 1956, under an agreement entered into under section 235 of the Armed Forces Reserve Act of 1952 (66 Stat. 491), if he is involuntarily released from active duty before the expiration of that agreement, may elect to receive either— (1) the separation pay provided by that section; or (2) any readjustment payment to which he is entitled under section 687 of title 10, United States Code.