§ 276cc. — Acceptance of funds and property from other sources; limitation; disbursement and investment.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC276cc]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER III--KERMIT ROOSEVELT FUND
Sec. 276cc. Acceptance of funds and property from other sources;
limitation; disbursement and investment
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.
(July 2, 1945, ch. 228, Sec. 3, 59 Stat. 317.)
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, Sec. 1, Sept. 6, 1966, 80 Stat. 378.
Section Referred to in Other Sections
This section is referred to in sections 276bb, 276ee of this title.
