§ 158a. — Temporary possession of gifts of money or securities to Library of Congress; investment.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 2USC158a]
TITLE 2--THE CONGRESS
CHAPTER 5--LIBRARY OF CONGRESS
Sec. 158a. Temporary possession of gifts of money or securities
to Library of Congress; investment
In the case of a gift of money or securities offered to the Library
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
section 156 of this title. The gift shall be receipted for and invested,
reinvested, or retained as provided in section 157 of this title, 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.
(Mar. 3, 1925, ch. 423, Sec. 2(par.), as added Pub. L. 102-246, Sec. 3,
Feb. 18, 1992, 106 Stat. 31.)
Codification
Section is comprised of fourth par. of section 2 of act Mar. 3,
1925, as added by Pub. L. 102-246. First, second, and third pars. of
section 2 are classified to sections 156, 157, and 158 of this title,
respectively.
