7-U.S.C.-304
§304 – Investment of Proceeds of Sale of Land Or Scrip
Pathway
Title 7 > Chapter 13 > Subchapter I > Section 304
Details
- Reference: Section 304
- Legend: §304 – Investment of Proceeds of Sale of Land Or Scrip
- USCode Year: 2013
Provision Content
All moneys derived from the sale of lands as provided in section 302 of this title by the States to which lands are apportioned and from the sales of land scrip provided for in said section shall be invested in bonds of the United States or of the States or some other safe bonds; or the same may be invested by the States having no State bonds, in any manner after the legislatures of such States shall have assented thereto and engaged that such funds shall yield a fair and reasonable rate of return, to be fixed by the State legislatures, and that the principal thereof shall forever remain unimpaired: Provided, That the moneys so invested or loaned shall constitute a perpetual fund, the capital of which shall remain forever undiminished (except so far as may be provided in section 305 of this title), and the interest of which shall be inviolably appropriated, by each State which may take and claim the benefit of this subchapter, to the endowment, support, and maintenance of at least one college where the leading object shall be, without excluding other scientific and classical studies and including military tactics, to teach such branches of learning as are related to agriculture and the mechanic arts, in such manner as the legislatures of the States may respectively prescribe, in order to promote the liberal and practical education of the industrial classes in the several pursuits and professions in life.
(July 2, 1862, ch. 130, §4, 12 Stat. 504; Mar. 3, 1883, ch. 102, 22 Stat. 484; Apr. 13, 1926, ch. 130, 44 Stat. 247.)
Amendments
1926—Act Apr. 13, 1926, substituted bonds” for stocks” and a fair and reasonable rate of return, to be fixed by the State Legislatures” for not less than 5 per centum upon the amount so invested”, before proviso.
1883—Act Mar. 3, 1883, inserted or the same may be invested by the States having no State stocks, in any other manner after the legislatures of such States shall have assented thereto, and engaged that such funds shall” after other safe stocks” and substituted yield” for yielding”, principal” for capital” and unimpaired” for undiminished”.
U.S. Encyclopedia of Law Coverage
7-U.S.C.-301 in the Legal Encyclopedia: Agriculture
In this entry about 7-U.S.C.-301, find legal reference material, bibliographies and premiere content related to agriculture in the American Encyclopedia of Law, presenting a comprehensive view of the United States agriculture-specific issues, written by authorities in the field.
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