§ 157. — Funds of Library of Congress Trust Fund Board; management of.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 2USC157]
TITLE 2--THE CONGRESS
CHAPTER 5--LIBRARY OF CONGRESS
Sec. 157. Funds of Library of Congress Trust Fund Board;
management of
The moneys or securities composing the trust funds given or
bequeathed to the board shall be receipted for by the Secretary of the
Treasury, who shall invest, reinvest, or retain investments as the board
may from time to time determine. The income as and when collected shall
be deposited with the Treasurer of the United States, who shall enter it
in a special account to the credit of the Library of Congress and
subject to disbursement by the librarian for the purposes in each case
specified; and the Treasurer of the United States is authorized to honor
the requisitions of the librarian made in such manner and in accordance
with such regulations as the Treasurer may from time to time prescribe:
Provided, however, That the board is not authorized to engage in any
business nor to exercise any voting privilege which may be incidental to
securities in its hands, nor shall the board make any investments that
could not lawfully be made by a trust company in the District of
Columbia, except that it may make any investments directly authorized by
the instrument of gift, and may retain any investments accepted by it.
(Mar. 3, 1925, ch. 423, Sec. 2, formerly Sec. 1, 43 Stat. 1107,
renumbered Apr. 13, 1936, ch. 213, 49 Stat. 1205.)
Codification
Section is comprised of second par. of section 2 of act Mar. 3,
1925. First, third, and fourth pars. of section 2 are classified to
sections 156, 158, and 158a of this title, respectively.
Section Referred to in Other Sections
This section is referred to in sections 158a, 160 of this title.
