§ 158a. Temporary possession of gifts of money or securities to Library of Congress; investment

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1992

   Pub. L. 102–246 § 3 · 106 Stat. 31

   Enacted · 2 U.S.C. § 158a

   (Mar. 3, 1925, ch. 423, § 2 (par.), as added Pub. L. 102–246, § 3, Feb. 18, 1992, 106 Stat. 31.)

   Source evidence

   Code source credit
   (Mar. 3, 1925, ch. 423, § 2 (par.), as added Pub. L. 102–246, § 3, Feb. 18, 1992, 106 Stat. 31.)

   Enacted provision · exact public law section
   SEC. 3. TEMPORARY POSSESSION OF GIFTS. Section 2 of the Act entitled “An Act to create a Library of Congress Trust Fund Board, and for other purposes”, approved March 3, 1925 (2 U.S.C. 156, 157, and 158) is amended by adding at the end thereof the following new undesignated paragraph: “In the case of a gift of money or securities offered to the Library 2 USC 158a. of Congress, if, because of conditions attached by the donor or similar considerations, expedited action is necessary, the Librarian of Congress may take temporary possession of the gift, subject to approval under the first paragraph of this section. The gift shall be receipted for and invested, reinvested, or retained as provided in the second paragraph of this section, except that— “(1) a gift of securities may not be invested or reinvested; and “(2) any investment or reinvestment of a gift of money shall be made in an interest bearing obligation of the United States or an obligation guaranteed as to principal and interest by the United States. If the gift is not so approved within the 12-month period after the Librarian so takes possession, the principal of the gift shall be returned to the donor and any income earned during that period shall be available for use with respect to the Library of Congress as provided by law.”.

1 of 1 references resolved to an enrolled provision