Page:United States Statutes at Large Volume 43 Part 1.djvu/1138

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SIXTY-EIGHTH CONGRESS, Sess. II. Cas. 422,423. 1925. 1107 at the town of Denton, in said district, said terms to be in addition to the terms now required to be held in the city of Baltimore and the city of Cumberland in said district: Promkled, That suitable §’°°‘*°¤;m accommodations for holding court at Denton are furnished free of M r°°m' expense to the United States. Approved, March 3, 1925. CHAP. 423.-An Act To create a Library of Congress Trust Fund Board, Mlgihsd6di25` and for other purposes. Be it emwted by the Senate and House of Representattues of the United States of America in Oongresa assembled, That a board is TrI;,§,*{'§.‘;§¤g‘B§,f:Q,¤°“ hereby created and established, to be known as the Library of Con- Gmriou and domgress Trust Fund Board (hereinafter referred to as the board), p°°m°°°" which shall consist of the Secretary of the Treasury, the chairman of the Joint Committee on the Library, the Librarian of Congress, and two persons appointed by the President for a term of five years each (the first appointments being for three and live years, respectively). Three members of the board shall constitute a quorum for Q"°'“”‘· $°“*·°‘°· the transaction of business, and the board shall have an official seal, which shall be judicially noticed. The board may adopt rules and regulations in regard to its procedure and the conduct of its business. No compensation shall be paid to the members of the board for ,,,§° ,,§;§‘¤Q§s“°§;f;; their services as such members, but they shall be reimbursed for the ¥>¤Mdexpenses necessarily incurred by them, out of the income from the fxmd or funds in connection with which such expenses are incurred. The voucher of the chairman of the board shall be sufficient evidence that the expenses are properly allowable. Any expenses of the board, including the cost of its seal, not properly chargeable to the income of any trust fund held b it, shall be estimated for in the apigial estimates of the librarian fyor the maintenance of the Library 0 on ess. The {bard is hereby authorized to accept, receive, hold, and ad- ,,,,T§,,,g“‘;,‘{"§; minister such gifts or bequests of persona property for the benefit of, or in connection with, the Library, its collections, or its service, as may be approved by the board and by the Joint Committee on th?1`I}ieibiIiildii'eys or securities composing the trust funds given or be- B D°{’°°"°§Q‘§°g."‘°‘* ueathed to the board shall be receipted for by the Secretary of the ui? mm ° rm $l`reasurv, who shall invest, reinvest, or retain investments as the board niay from time to time determine. The income as and when m{,¤¤<;¤;·cj)l1·;¤_g¤¤i1y xg collected shall be deposited with the Treasurer of the United States, Treasury. 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 hereby 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, ¤e;°€_‘;*d“;‘;';cg§m:¤“§*sj 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 lawfullv be made by a trust company in the District of Columbia, except that it may make any investments directly authorized bg, the instrument of gift, and may retain any investments accepted y it. Cm deposits as 8 Should any gift or bequest so provide, the board may deposit the gizinant imma the principal sum, in cash, with the Treasurer of the United States as °“”· 51 permanent loan to the United States _Treasury, and the Treasurer shall thereafter credit such deposit with interest at the rate of 4