25 U.S.C. § 160 — Custody of stocks or bonds held in trust for tribes
submitted 150 years ago by ch. 122 to r/title-25-INDIANS · 234 words · no verdicts yet
The Secretary of the Interior used to hold stocks and bonds in trust for Indian tribes. In 1876, those had to be transferred to the U.S. Treasurer to hold instead. The Treasurer collects the interest and deposits it, but the Secretary keeps authority over tribal affairs.
All stocks, bonds, or other securities or evidences of indebtedness held by the Secretary* of the Interior on June 10, 1876, in trust for the benefit of certain Indian tribes shall, within thirty days from that date, be transferred to the Treasurer of the United States, who shall become the custodian thereof; and it shall be the duty of said Treasurer to collect all interest falling due on said bonds, stocks, and so forth, and deposit the same in the Treasury of the United States, and to issue certificates of deposit therefor, in favor of the Secretary of the Interior, as trustee for various Indian tribes. And the Treasurer of the United States shall also become the custodian of all bonds and stocks which may be purchased for the benefit of any Indian tribe* or tribes after the transfer of funds herein authorized, and shall make all purchases and sales of bonds and stocks authorized by treaty stipulations or by acts of Congress when requested so to do by the Secretary of the Interior: Provided, That nothing in this section shall in any manner impair or affect the supervisory and appellate powers and duties in regard to Indian affairs which may be vested in the Secretary of the Interior as trustee for various Indian tribes, except as to the custody of said bonds and the collection of interest thereon as hereinbefore mentioned.
Source credit: (June 10, 1876, ch. 122, 19 Stat. 58.)
- 1876Enacted · Act of June 10, 1876, ch. 122 · 19 Stat. 58
A history note hasn’t been published yet. The record shows enactment by ch. 122 on 1876-06-10.
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