25 U.S.C. § 162 — Repealed. June 24, 1938, ch. 648, § 2, 52

Page 45 TITLE 25—INDIANS § 162a tain exceptions, to Secretary of the Treasury, with power to delegate, see Reorg. Plan No. 26 of 1950, §§ 1, 2, eff. July 31, 1950, 15 F.R. 4935, 64 Stat. 1280, set out in the Appendix to Title 5, Government Organization and Employees. § 161b. ‘‘Indian Money, Proceeds of Labor’’ fund; separate accounts for respective tribes; rate of interest All tribal funds arising under section 155 of this title on June 13, 1930, included in the fund ‘‘Indian Money, Proceeds of Labor’’, shall, on and after July 1, 1930, be carried on the books of the Treasury Department in separate accounts for the respective tribes, and all such funds with account balances exceeding $500 shall bear sim- ple interest at the rate of 4 per centum per annum from July 1, 1930. (Feb. 12, 1929, ch. 178, § 2, as added June 13, 1930, ch. 483, 46 Stat. 584.) § 161c. Surplus above requirements of fund; transfer to surplus fund of Treasury; re- transfer The amount held in any tribal fund account which, in the judgment of the Secretary of the Interior, is not required for the purpose for which the fund was created, shall be covered into the surplus fund of the Treasury; and so much thereof as is found to be necessary for such purpose may at any time thereafter be re- stored to the account on books of the Treasury without appropriation by Congress. (Feb. 12, 1929, ch. 178, § 3, as added June 13, 1930, ch. 483, 46 Stat. 584.) Executive Documents TRANSFER OF FUNCTIONS For transfer of functions of other officers, employees, and agencies of Department of the Interior, with cer- tain exceptions, to Secretary of the Interior, with power to delegate, see Reorg. Plan No. 3 of 1950, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3174, 64 Stat. 1262, set out in the Appendix to Title 5, Government Organization and Employees. § 161d. Disposition of accrued interest The interest accruing on Indian tribal funds under sections 161a to 161c of this title shall be subject to the same disposition as prescribed by existing law for the respective principal funds. (Feb. 12, 1929, ch. 178, § 4, as added June 13, 1930, ch. 483, 46 Stat. 584.) § 162. Repealed. June 24, 1938, ch. 648, § 2, 52 Stat. 1037 Section, act May 25, 1918, ch. 86, § 28, 40 Stat. 591, re- lated to segregation, deposit, and investment of tribal funds. See section 162a of this title. § 162a. Deposit of tribal funds in banks; bond or collateral security; investments; collections from irrigation projects; affirmative action required (a) Deposit of tribal trust funds in banks The Secretary of the Interior is hereby au- thorized in his discretion, and under such rules and regulations as he may prescribe, to with- draw from the United States Treasury and to de- posit in banks to be selected by him the com- mon or community funds of any Indian tribe which are, or may hereafter be, held in trust by the United States and on which the United States is not obligated by law to pay interest at higher rates than can be procured from the banks. The said Secretary is also authorized, under such rules and regulations as he may pre- scribe, to withdraw from the United States Treasury and to deposit in banks to be selected by him the funds held in trust by the United States for the benefit of individual Indians: Pro- vided, That no individual Indian money shall be deposited in any bank until the bank shall have agreed to pay interest thereon at a reasonable rate, subject, however, to the regulations of the Board of Governors of the Federal Reserve Sys- tem in the case of member banks, and of the Board of Directors of the Federal Deposit Insur- ance Corporation in the case of insured non- member banks, except that the payment of in- terest may be waived in the discretion of the Secretary of the Interior on any deposit which is payable on demand: Provided further, That no tribal or individual Indian money shall be depos- ited in any bank until the bank shall have fur- nished an acceptable bond or pledged collateral security therefor in the form of any public-debt obligations of the United States and any bonds, notes, or other obligations which are uncondi- tionally guaranteed as to both interest and prin- cipal by the United States, except that no such bond or collateral shall be required to be fur- nished by any such bank which is entitled to the benefits of section 12B of the Federal Reserve Act, with respect to any deposits of such tribal or individual funds to the extent that such de- posits are insured under such section: Provided, however, That nothing contained in this section, or in section 12B of the Federal Reserve Act, shall operate to deprive any Indian having unre- stricted funds on deposit in any such bank of the full protection afforded by section 12B of the Federal Reserve Act, irrespective of any interest such Indian may have in any restricted Indian funds on deposit in the same bank to the credit of a disbursing agent of the United States. For the purpose of this section and said Act, said un- restricted funds shall constitute a separate and distinct basis for an insurance claim: Provided further, That the Secretary of the Interior, if he deems it advisable and for the best interest of the Indians, may invest the trust funds of any tribe or individual Indian in any public-debt ob- ligations of the United States and in any bonds, notes, or other obligations which are uncondi- tionally guaranteed as to both interest and prin- cipal by the United States: And provided further, That the foregoing shall apply to the funds of the Osage Tribe of Indians, and the individual members thereof, only with respect to the de- posit of such funds in banks. (b) Investment of collections from irrigation projects and power operations on irrigation projects The Secretary of the Interior is authorized to invest any operation and maintenance collec- tions from Indian irrigation projects and rev- enue collections from power operations on In- dian irrigation projects in—