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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 09:52:37 -04:00

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LegalText 2 U.S.C. § 157 Funds of Library of Congress Trust Fund Board; management of us united_states_code code_section 2 THE CONGRESS 5 LIBRARY OF CONGRESS 157 2 U.S.C. § 157 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc02@119-100.zip /us/usc/t2/s157 data/legal/raw/us/code/title-02/usc02.xml cd31c72a43adfc1a2bfb8e956eb14001eeaace40cb306dec0d6b8ffc164ed3c9 ec6910a011de0a97d11b263bbcd649766188311e429ae6bdb5fc2cf5e6ebbb9e 7fa50843bd54a78169a48fc2e1c24c190de2fe46ad27aff24909fee2b7f92be6 2026-07-04 official
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2 U.S.C. § 157 - Funds of Library of Congress Trust Fund Board; management of

Text

The moneys or securities composing the trust funds given or bequeathed to the board shall be receipted for by the Secretary of the Treasury, who shall invest, reinvest, or retain investments as the board may from time to time determine. The income as and when collected shall be deposited with the Treasurer of the United States, who shall enter it in a special account to the credit of the Library of Congress and subject to disbursement by the librarian for the purposes in each case specified; and the Treas­urer of the United States is authorized to honor the requisitions of the librarian made in such manner and in accordance with such regulations as the Treasurer may from time to time prescribe: Provided, however, That the board is not authorized to engage in any business nor to exercise any voting privilege which may be incidental to securities in its hands, nor shall the board make any investments that could not lawfully be made by a trust company in the District of Columbia, except that it may make any investments directly authorized by the instrument of gift, and may retain any investments accepted by it.

(Mar. 3, 1925, ch. 423, § 2, formerly § 1, 43 Stat. 1107, renumbered Apr. 13, 1936, ch. 213, 49 Stat. 1205.)

Notes

Editorial Notes

Codification Section is comprised of second par. of section 2 of act Mar. 3, 1925. First, third, and fourth pars. of section 2 are classified to sections 156, 158, and 158a of this title, respectively.