§157 Funds of Library of Congress Trust Fund Board; management of

Summary

The Secretary of the Treasury must record money or stocks given to the Board and, when the Board asks, invest, reinvest, or keep those investments. Income from those investments goes to the Treasurer of the United States, who puts it in a special account for the Library and pays it out to the librarian for the purposes named, following rules the Treasurer sets. The Board cannot run a business or vote shares it holds. It also cannot make investments that a trust company in the District of Columbia could not make, unless the gift itself allows a different investment or it keeps investments it already accepted.