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25 U.S.C. § 156Deposit of funds from sales of lands and property of Five Civilized Tribes

submitted 115 years ago by ch. 210 to r/title-25-INDIANS · 108 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lets the government put money from selling Five Civilized Tribes' land into banks in Oklahoma. The Secretary of the Interior picks the banks and sets the rules. Interest earned can help pay for per capita payments to tribal members.

This section deals with money earned when surplus or unallotted land, or other tribal property, belonging to any of the Five Civilized Tribes is sold. First, the cost of advertising and running the sale gets subtracted from what the sale brought in. What is left is the "net receipts." The Secretary of the Interior may put this net money into national or state banks in Oklahoma. It is up to the Secretary whether to do this at all. The Secretary also picks which banks can hold the money and writes the rules for how much interest the banks pay, when the money can be deposited or withdrawn, and what security the banks must provide to protect the funds. Any interest the money earns while sitting in the bank can be used to cover the cost of making per capita payments — payments split evenly among tribal members — from these funds.
the actual law source: uscode.house.gov ↗public domain

The net receipts from the sales of surplus and unallotted lands and other tribal property belonging to any of the Five Civilized Tribes, after deducting the necessary expense of advertising and sale, may be deposited in national or State banks in the State of Oklahoma in the discretion of the Secretary of the Interior, such depositories to be designated by him under such rules and regulations governing the rate of interest thereon, the time of deposit and withdrawal thereof, and the security therefor, as he may prescribe. The interest accruing on such funds may be used to defray the expense of the per capita payments of such funds.

Source credit: (Mar. 3, 1911, ch. 210, § 17, 36 Stat. 1070.)

history & why it existsrecord from the source credit
  • 1911Enacted · Act of Mar. 3, 1911, ch. 210 · 36 Stat. 1070

A history note hasn’t been published yet. The record shows enactment by ch. 210 on 1911-03-03.

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