15 U.S.C. § 205g — Gifts, donations and bequests to Board

submitted 51 years ago by Pub. L. 94-168 to r/title-15-COMMERCE-AND-TRADE · 234 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Metric Board may accept gifts, property, and volunteer help to support its work. Money gifts go into a special Treasury fund the Board controls. Leftover funds return to the Treasury once the Board no longer exists.

(a) Authorization; deposit into Treasury and disbursement. The Board may accept, hold, manage, and use gifts, donations, and bequests of real or personal property, and volunteer services, to help its work. Gift money, and money from selling any gifted property, goes into a separate Treasury fund. The Board decides how that fund is spent. (b) Federal income, estate, and gift taxation of property. For federal income, estate, and gift tax purposes, property accepted under subsection (a) counts as a gift or bequest to the United States. (c) Investment of moneys; disbursement of accrued income. If the Board asks, the Secretary of the Treasury may invest the fund's money in U.S. government securities. Income earned from those securities, and from any other property in the fund, is spent as the Board directs. (d) Reversion to Treasury of unexpended funds. Any money the Board has not spent by the date it stops existing (under section 205d(d)) goes back to the U.S. Treasury on that date.

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

(a) Authorization; deposit into Treasury and disbursement

The Board may accept, hold, administer, and utilize gifts, donations, and bequests of property, both real and personal, and personal services, for the purpose of aiding or facilitating the work of the Board. Gifts and bequests of money, and the proceeds from the sale of any other property received as gifts or requests, shall be deposited in the Treasury in a separate fund and shall be disbursed upon order of the Board.

(b) Federal income, estate, and gift taxation of property

For purpose of Federal income, estate, and gift taxation, property accepted under subsection (a) of this section shall be considered as a gift or bequest to or for the use of the United States.

Upon the request of the Board, the Secretary of the Treasury may invest and reinvest, in securities of the United States, any moneys contained in the fund authorized in subsection (a) of this section. Income accruing from such securities, and from any other property accepted to the credit of such fund, shall be dispersed upon the order of the Board.

(d) Reversion to Treasury of unexpended funds

Funds not expended by the Board as of the date when it ceases to exist, in accordance with section 205d(d) of this title, shall revert to the Treasury of the United States as of such date.

Source credit: (Pub. L. 94–168, § 8, Dec. 23, 1975, 89 Stat. 1011.)

history & why it existsrecord from the source credit

1975Enacted · Pub. L. 94-168 · 89 Stat. 1011

A history note hasn’t been published yet. The record shows enactment by Pub. L. 94-168 on 1975-12-23.

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