2-U.S.C.-157
§157 – Funds of Library of Congress Trust Fund Board; Management of
Pathway
Title 2 > Chapter 5 > Section 157
Details
- Reference: Section 157
- Legend: §157 – Funds of Library of Congress Trust Fund Board; Management of
- USCode Year: 2013
Provision Content
The moneys or securities composing the trust funds given or bequeathed to the board shall be receipted for by the Secretary of the Treasury, who shall invest, reinvest, or retain investments as the board may from time to time determine. The income as and when collected shall be deposited with the Treasurer of the United States, who shall enter it in a special account to the credit of the Library of Congress and subject to disbursement by the librarian for the purposes in each case specified; and the Treasurer of the United States is authorized to honor the requisitions of the librarian made in such manner and in accordance with such regulations as the Treasurer may from time to time prescribe: Provided, however, That the board is not authorized to engage in any business nor to exercise any voting privilege which may be incidental to securities in its hands, nor shall the board make any investments that could not lawfully be made by a trust company in the District of Columbia, except that it may make any investments directly authorized by the instrument of gift, and may retain any investments accepted by it.
(Mar. 3, 1925, ch. 423, §2, formerly §1, 43 Stat. 1107, renumbered Apr. 13, 1936, ch. 213, 49 Stat. 1205.)
Codification
Section is comprised of second par. of section 2 of act Mar. 3, 1925. First, third, and fourth pars. of section 2 are classified to sections 156, 158, and 158a of this title, respectively.
U.S. Encyclopedia of Law Coverage
2-U.S.C.-154 in the Legal Encyclopedia: Congress
In this entry about 2-U.S.C.-154, find legal reference material, bibliographies and premiere content related to congress in the American Encyclopedia of Law, presenting a comprehensive view of the United States congress-specific issues, written by authorities in the field.
2-U.S.C.-143D in the Legal Encyclopedia: Library of Congress
In this entry about 2-U.S.C.-143D, find legal reference material, bibliographies and premiere content related to library of congress in the American Encyclopedia of Law, presenting a comprehensive view of the United States library of congress-specific issues, written by authorities in the field.
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