2 U.S.C. § 155 — Compensation and expenses of Library of

Page 75 TITLE 2—THE CONGRESS § 158 title [amending this section] shall take effect on the date of the enactment of this Act [Nov. 9, 2000].’’ SHORT TITLE Act Mar. 3, 1925, enacting sections 154 to 162 and 163 of this title, is popularly known as the ‘‘Library of Con- gress Trust Fund Board Act’’. § 155. Compensation and expenses of Library of Congress Trust Fund Board No compensation shall be paid to the members of the board for their services as such members, but they shall be reimbursed for the expenses necessarily incurred by them, out of the income from the fund or funds in connection with which such expenses are incurred. The voucher of the chairman of the board shall be sufficient evi- dence 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 by it, shall be estimated for in the annual estimates of the librarian for the maintenance of the Library of Congress. (Mar. 3, 1925, ch. 423, § 1, 43 Stat. 1107.) Editorial Notes CODIFICATION Section is comprised of second par. of section 1 of act Mar. 3, 1925. First par. of section 1 is classified to sec- tion 154 of this title. § 156. Gifts, etc., to Library of Congress Trust Fund Board The Board is authorized to accept, receive, hold, and administer such gifts, bequests, or de- vises of property for the benefit of, or in connec- tion with, the Library, its collections, or its service, as may be approved by the Board and by the Joint Committee on the Library. (Mar. 3, 1925, ch. 423, § 2, formerly § 1, 43 Stat. 1107, renumbered Apr. 13, 1936, ch. 213, 49 Stat. 1205.) Editorial Notes CODIFICATION Section is comprised of first par. of section 2 of act Mar. 3, 1925. Second, third, and fourth pars. of section 2 are classified to sections 157, 158, and 158a of this title, respectively. § 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 de- posited 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 req- uisitions of the librarian made in such manner and in accordance with such regulations as the Treasurer may from time to time prescribe: Pro- vided, however, That the board is not authorized to engage in any business nor to exercise any voting privilege which may be incidental to se- curities in its hands, nor shall the board make any investments that could not lawfully be made by a trust company in the District of Co- lumbia, except that it may make any invest- ments directly authorized by the instrument of gift, and may retain any investments accepted by it. (Mar. 3, 1925, ch. 423, § 2, formerly § 1, 43 Stat. 1107, renumbered Apr. 13, 1936, ch. 213, 49 Stat. 1205.) Editorial Notes 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. § 158. Deposits by Library of Congress Trust Fund Board with Treasurer of United States In the absence of any specification to the con- trary, the board may deposit the principal sum, in cash, with the Treasurer of the United States as a permanent loan to the United States Treas- ury, and the Treasurer shall thereafter credit such deposit with interest at a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate determined by the Secretary of the Treas- ury, taking into consideration the current aver- age market yield on outstanding long-term mar- ketable obligations of the United States, ad- justed to the nearest one-eighth of 1 per centum, payable semi-annually, such interest, as income, being subject to disbursement by the Librarian of Congress for the purposes specified: Provided, however, That the total of such principal sums at any time so held by the Treasurer under this authorization shall not exceed the sum of $10,000,000. (Mar. 3, 1925, ch. 423, § 2, formerly § 1, 43 Stat. 1107; renumbered § 2, Apr. 13, 1936, ch. 213, 49 Stat. 1205; amended June 23, 1936, ch. 734, 49 Stat. 1894; Pub. L. 87–522, July 3, 1962, 76 Stat. 135; Pub. L. 94–289, May 22, 1976, 90 Stat. 521.) Editorial Notes CODIFICATION Section is comprised of third par. of section 2 of act Mar. 3, 1925. First, second, and fourth pars. of section 2 are classified to sections 156, 157, and 158a of this title, respectively. AMENDMENTS 1976—Pub. L. 94–289 substituted ‘‘a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate deter- mined by the Secretary of the Treasury, taking into consideration the current average market yield on out- standing long-term marketable obligations of the United States, adjusted to the nearest one-eighth of 1 per centum’’ for ‘‘the rate of 4 per centum per annum’’. 1962—Pub. L. 87–522 increased the total amount of de- posits which can be held by the Treasurer from $5,000,000 to $10,000,000. 1936—Act June 23, 1936, substituted ‘‘in the absence of any specification to the contrary’’ for ‘‘Should any gift or bequest so provide’’.