Public Law 75–52

That the Superintendent

United States Naval Academy.

Superintendent authorized to accept gifts, etc., for erection of Museum building.

of the United States Naval Academy is hereby authorized to accept gifts and bequests of money from the United States Naval Institute, the Navy Athletic Association, and others, and to use such money to construct a building for use as a United States Naval Academy Museum on land now owned by the United States at the United States Naval Academy, which construction is hereby authorized but

No cost to Government for construction.

shall involve no cost to the Government of the United States. The selection of the site and the design and general structure of the building shall be subject to the approval of the Secretary of the Navy.

Sec. 2.

The Secretary of the Navy is hereby authorized to accept,

Acceptance of building; use, etc.

on behalf of the United States, the building authorized to be constructed by this Act and to use and maintain such building as a United States Naval Academy Museum and for the administrative offices of the United States Naval Institute and the Navy Athletic Association.

Sec. 3.

The Secretary of the Navy is hereby authorized to accept,

Gifts, loans, etc., of personal property.

receive, hold, administer, and expend gifts and bequests of personal property, and loans of personal property other than money, from individuals or others for the benefit of the aforesaid United States Naval Academy Museum, its collection, or its services. Gifts or

Deposit of funds received; disbursements.

bequests of money shall be deposited in the Treasury of the United States as trust funds under the title “United States Naval Academy Museum Fund”, which funds will be subject to disbursement by the Secretary of the Navy for the purposes herein specified.

Sec. 4.

Gifts or bequests for the. benefit of the United States Naval

Tax exemption.

Academy Museum, Annapolis, Maryland, its collection, or its services, shall be exempt from all Federal taxes.

Sec. 5.

The Secretary of the Treasury is authorized, upon request

Investments in securities.

of the Secretary of the Navy, to invest, reinvest, or retain investments of the money or securities composing the United States Naval Academy Museum fund, or any part thereof, deposited in the Treasury pursuant to section 3 of this Act, in securities of the United States Government or in securities guaranteed as to principal and interest by the United States Government. The interest and profits accruing from such securities may be deposited to the credit of the United States Naval Academy Museum, and will be available to disbursements as provided in section 3 of this Act.