78 STAT. ]
PUBLIC LAW 88-611-OCT. 2, 1964
merit of Commerce or under contract by one or more recognized professional experts in the fields of historical observances and industrial showmanship; and the findings derived from such study, together with such recommendations as the Secretary may deem appropriate (including detailed recommendations with respect to the manner and extent of United States participation in the celebration and the estimated itemized cost of such participation), shall be submitted to the Congress not later than March 15, 1965. SEC. 3. There is authorized to be appropriated the sum of $15,000 to carry out this Act. Approved September 24, 1964.
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Report to Congress.
Appropriation.
Public Law 88-611 AN ACT To authorize the Secretary of Commerce to accept gifts and bequests for the purposes of the Department of Commerce, and for other purposes.
October 2, 1964 [S. 2049]
Be it enacted by the Senate and House of Representatives of the Commerce United States of America in Congress assembled, That the Secretary of Gift a c c e p tDept.. ance Commerce is hereby authorized to accept, hold, administer, and utilize gifts and bequests of property, both real and personal, for the purpose of aiding or facilitating the work of the Department of Commerce. Gifts and bequests of money and the proceeds from sales of other property received as gifts or bequests shall be deposited in the Treasury m a separate fund and shall be disbursed upon order of the Secretary of Commerce. Property accepted pursuant to this provision, and the proceeds thereof, shall be used as nearly as possible in accordance with the terms of the gift or bequest. SEC. 2. For the purpose of Federal income, estate, and gift taxes, T a x s t a t u s. property accepted under section 1 shall be considered as a gift or bequest to or for the use of the United States. Investment and SEC. 3. Upon the request of the Secretary of Commerce, the Secre- reinvestment of tary of the Treasury may invest and reinvest in securities of the United funds^ States or in securities guaranteed as to principal and interest by the United States any moneys contained in the fund authorized herein. Income accruing from such securities, and from any other property accepted pursuant to section 1, shall be deposited to the credit of the fund authorized herein, and shall be disbursed upon order of the Secretary of Commerce. Repeals, SEC. 4. (a) The following provisions of law are repealed: (1) Section 11 of the Act entitled "An Act to establish the National Bureau of Standards" approved March 3, 1901, as amended (15 U.S.C. 70 Stat. 959. 278a); (2) Section 7 of the Act entitled "An Act to define the functions and duties of the Coast and Geodetic Survey, and for other purposes"', 61 Stat. 788. approved August 6, 1947 (33 U.S.C. 883g) j (3) Subsection (g) of section 216 of the Merchant Marine Act, 1936 75 Stat. 480. (46 U.S.C. 1126(g)). Transfer of (b) All gifts and bequests received under the provisions of law funds. repealed by subsection (a) of this section and all lunds held on the date of enactment of this Act in the United StatevS Merchant Marine Academy general gift fund, established by subsection (g) of section 216 of the Merchant Marine Act, 1936, shall be transferred to the fund authorized by this Act and shall be administered in accordance with the provisions of this Act. Approved October 2, 1964.
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