Public Law 87–208

That section 216 of the Merchant Marine Act, 1936, as amended (46 U.S.C. 1126), is amended by inserting at the end thereof a new subsection (g) to read as follows:

“(g)“(g)

(1)(1)

The Secretary of Commerce may accept, hold, administer, and spend gifts and bequests of personal property made on the condition that it be used for the benefit of, or for use in connection with, the United States Merchant Marine Academy. Gifts and bequests of money and the proceeds from the sales of property received as gifts shall be deposited in the Treasury in the fund called ‘United States Merchant Marine Academy general gift fund’. The Secretary may disburse funds deposited under this subsection for the benefit or use of the Merchant Marine Academy subject to the terms of the gift or bequest. If a gift is made for a specific purpose and that purpose is accomplished without exhausting the entire amount of the gift, then unless the donor has manifested a different intention, the Secretary may disburse the residue of the gift for a purpose that in the judgment of the Secretary, or his delegate, is as close as practical to the specific purpose for which the gift was made.

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“(2)“(2)

For the purpose of Federal income, estate, and gift taxes, property that is accepted under this subsection is considered as a gift or bequest to or for the use of the United States.

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“(3)“(3)

Upon the request of the Secretary of Commerce, the Secretary of the Treasury may invest, reinvest, or retain investments of money or securities comprising any part of the United States Merchant Marine Academy general gift fund in securities of the United States or in securities guaranteed as to principal and interest by the United States. The interest and benefits accruing from those securities shall be deposited to the credit of the United States Merchant Marine Academy general gift fund, and may be disbursed as provided in this subsection.”

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