Volume 68
Public Law 83–756
To provide that contributions received under Public Law 485, Eightieth Congress, for the construction of a merchant marine chapel shall be invested in Government obligations pending their use for such construction.
Approved August 31, 1954
Statutory text
AN ACT
To provide that contributions received under Public Law 485, Eightieth Congress, for the construction of a merchant marine chapel shall be invested in Government obligations pending their use for such construction.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That funds accepted under Public Law 485, Eightieth Congress, as contributions to assist in defraying the cost of construction of the chapel provided for in that Act shall be invested by the Secretary of the Treasury in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by, the United States, until such funds are needed for the purpose for which they were contributed. The yield obtained from such investments shall be considered to be a part of such funds.
Approved August 31, 1954.