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20 U.S.C. § 55Acceptance of other sums

submitted 132 years ago by Congress to r/title-20-EDUCATION · 88 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lets the Smithsonian's Regents deposit more money into the Treasury. The total, including Smithson's original gift, cannot exceed $1,000,000. The Smithsonian can still separately accept other gifts and property beyond this cap.

This section lets the Smithsonian add more money to its original Treasury fund, up to a cap, without limiting its other fundraising. The Secretary of the Treasury must accept into the Treasury, on the same terms as James Smithson's original bequest, any additional sums that the Smithsonian's Board of Regents chooses to deposit over time. But the total, the new deposits plus the original bequest, cannot go over $1,000,000. This limit does not restrict the Smithsonian Institution's separate power to accept money or other property through gifts, bequests, or devises (gifts made in a will), and to hold and use that property to promote the Institution's purposes.
the actual law source: uscode.house.gov ↗public domain

The Secretary of the Treasury is authorized and directed to receive into the Treasury, on the same terms as the original bequest of James Smithson, such sums as the Regents may, from time to time, see fit to deposit, not exceeding, with the original bequest, the sum of $1,000,000. This shall not operate as a limitation on the power of the Smithsonian Institution to receive money or other property by gift, bequest, or devise, and to hold and dispose of the same in promotion of the purposes thereof.

Source credit: (R.S. § 5591; Mar. 12, 1894, ch. 36, 28 Stat. 41.)

history & why it existsrecord from the source credit
  • 1894Enacted · Act of Mar. 12, 1894, ch. 36 · 28 Stat. 41

A history note hasn’t been published yet.

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