22 U.S.C. § 276cc: Acceptance of funds and…

Summary

The board may accept gifts, bequests, and other property for the Kermit Roosevelt fund. If a gift would require spending money that is not paid from the gift or its earnings, Congress must agree before the board accepts it. The Chief of Finance will give a receipt for any gift. The board can manage, sell, or trade donated property and invest the money with other fund assets. It cannot run a business or make investments a trust company in the District of Columbia could not make, unless the gift itself allows the investment, and it may keep investments it was given.

Title 22, §276cc

Foreign Relations and Intercourse, Source: USLM XML via OLRC

The board is also authorized to accept, receive, hold, and administer gifts, bequests and devises of money, securities, or other property, whether real or personal, from any source, for the benefit of the Kermit Roosevelt fund, but no such gift, bequest, or devise which entails any expenditure not to be met out of the gift, bequest, devise, or the income thereof shall be accepted without the consent of Congress. Such additional sums or property shall be receipted for by the Chief of Finance and may, at the discretion of the board and unless otherwise restricted by the terms of the gift, bequest, or devise, be administered and disbursed in the same manner as the original corpus of the fund and the income therefrom. The board may in its discretion sell or exchange securities or other property given, bequeathed, or devised to or for the benefit of the Kermit Roosevelt fund, and may invest and reinvest the proceeds thereof, together with any other moneys in the fund, in such investments as it may determine from time to time: Provided, however, That the board is not authorized to engage in any business, nor shall it make any investments for the account of the fund which could not lawfully be made by a trust company in the District of Columbia, except that it may make any investment directly authorized by the instrument of gift, bequest, or devise under which the funds to be invested are derived, and may retain any investments accepted by it.

Editorial Notes

Codification Section was formerly classified to section 226 of Title 5 prior to the general revision and enactment of Title 5, Government Organization and Employees, by Pub. L. 89–554, § 1, Sept. 6, 1966, 80 Stat. 378.

§276cc Acceptance of Funds and Property From Other Sources; Limitation; Disbursement and Investment

Summary

Title 22, §276cc

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata