12 U.S.C. § 1772a: Gifts; acceptance of…

Summary

The Board may accept money gifts, by will or otherwise, to help carry out its duties. It can take gifts that come with conditions and use them as those conditions require. The Board must not accept a gift that forces spending beyond the gift or its income unless it determines that covering the shortfall with fees it may use under sections 1755 and 1756 or with funds under section 1766(f)(2)(C) will not harm the sound administration of this chapter. Accepted gifts are deposited in the U.S. Treasury for the Administration and may be spent under section 1755 or as allowed above.

Title 12, §1772a

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The Board is authorized to accept gifts of money made unconditionally by will or otherwise for the carrying out of any of the functions under this chapter. A conditional gift of money made by will or otherwise for such purposes may be accepted and used in accordance with its conditions, but no such gift shall be accepted which is conditioned upon any expenditure not to be met therefrom or from income thereof unless the Board determines that supplementation of such gift from the fees it may expend pursuant to section 1755 and 1756 of this title or from any funds appropriated pursuant to section 1766(f)(2)(C) of this title for the purpose of making such expenditure will not adversely affect the sound administration of this chapter. Any such gift shall be deposited in the Treasury of the United States for the account of the Administration and may be expended in accordance with section 1755 of this title or as provided in the preceding sentence.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1978—Pub. L. 95–630 substituted “Board” for “Administrator” in two places, and “it may expend” for “he may expend”. 1970—Pub. L. 91–206 substituted “Administrator” for “Director” and “Administration” for “Bureau” wherever appearing.

Statutory Notes and Related Subsidiaries

Effective Date

of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

§1772a Gifts; Acceptance of Conditional Gifts; Deposit