25 U.S.C. § 161b — “Indian Money, Proceeds of Labor” fund; separate accounts for respective tribes; rate of interest

submitted 97 years ago by ch. 178 to r/title-25-INDIANS · 75 words · no verdicts yet

in plain englishAI-generated · not legal advice

In 1930, a shared tribal fund was split into separate accounts for each tribe. This fund was called "Indian Money, Proceeds of Labor." Accounts with more than $500 earn 4 percent simple interest a year. That interest started July 1, 1930.

This section reorganized a shared Indian trust fund. It covers all tribal funds that arose under section 155 of this title and that, as of June 13, 1930, were included in the fund called "Indian Money, Proceeds of Labor." Starting July 1, 1930, the Treasury Department had to carry these funds in separate accounts for each respective tribe, instead of one combined account. Any of these separate account balances that exceed $500 bear simple interest, at the rate of 4 percent per year, starting from July 1, 1930.

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

All tribal funds arising under section 155 of this title on June 13, 1930, included in the fund “Indian Money, Proceeds of Labor”, shall, on and after July 1, 1930, be carried on the books of the Treasury Department in separate accounts for the respective tribes, and all such funds with account balances exceeding $500 shall bear simple interest at the rate of 4 per centum per annum from July 1, 1930.

Source credit: (Feb. 12, 1929, ch. 178, § 2, as added June 13, 1930, ch. 483, 46 Stat. 584.)

history & why it existsrecord from the source credit

1929Enacted · Act of Feb. 12, 1929, ch. 178 · 46 Stat. 584

A history note hasn’t been published yet. The record shows enactment by ch. 178 on 1929-02-12.

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