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25 U.S.C. § 160Custody 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

in plain englishAI-generated · not legal advice

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.

As of June 10, 1876, the Secretary of the Interior held stocks, bonds, and other securities in trust for certain Indian tribes. Within 30 days of that date, all of these had to be transferred to the Treasurer of the United States, who became responsible for holding them. The Treasurer's job includes collecting all interest that comes due on these bonds and stocks, and depositing it into the U.S. Treasury. The Treasurer then issues certificates showing this deposit, in favor of the Secretary of the Interior, who holds them as trustee for the various tribes. Going forward, the Treasurer also becomes the custodian of any new bonds or stocks purchased for a tribe's benefit after this transfer happens. The Treasurer must handle all purchases and sales of these bonds and stocks whenever a treaty or an act of Congress requires it, and whenever the Secretary of the Interior asks. This section doesn't take away the Secretary of the Interior's supervisory and appellate powers over Indian affairs, which the Secretary holds as trustee for the tribes — except that the Secretary no longer personally holds the bonds or collects their interest; the Treasurer does that instead.
the actual law source: uscode.house.gov ↗public domain

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.)

history & why it existsrecord from the source credit
  • 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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