15 U.S.C. § 1522 — Acceptance of gifts and bequests for purposes of the Department; separate fund; disbursements

submitted 62 years ago by Pub. L. 88-611 to r/title-15-COMMERCE-AND-TRADE · 102 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary of Commerce may accept and use gifts and bequests of property to help the Department of Commerce. Money and sale proceeds go into a separate Treasury fund and are paid out on the Secretary’s order.

The Secretary of Commerce may accept, hold, manage, and use gifts and bequests of real or personal property to help the Department of Commerce’s work. Money gifts and bequests, and money from selling other gifted property, must be deposited in the Treasury in a separate fund. The Secretary of Commerce orders payments from that fund. The accepted property and its proceeds must be used as nearly as possible according to the gift or bequest’s terms.

the actual law source: uscode.house.gov ↗public domain

The Secretary of 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 in 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.

Source credit: (Pub. L. 88–611, § 1, Oct. 2, 1964, 78 Stat. 991.)

history & why it existsrecord from the source credit

1964Enacted · Pub. L. 88-611 · 78 Stat. 991

A history note hasn’t been published yet. The record shows enactment by Pub. L. 88-611 on 1964-10-02.

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