Provided, howeverIn the absence of any specification to the contrary, the board may deposit the principal sum, in cash, with the Treasurer of the United States as a permanent loan to the United States Treasury, and the Treasurer shall thereafter credit such deposit with interest at a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding long-term marketable obligations of the United States, adjusted to the nearest one-eighth of 1 per centum, payable semi-annually, such interest, as income, being subject to disbursement by the Librarian of Congress for the purposes specified: , That the total of such principal sums at any time so held by the Treasurer under this authorization shall not exceed the sum of $10,000,000.
Mar. 3, 1925, ch. 423, § 243 Stat. 1107Apr. 13, 1936, ch. 21349 Stat. 1205June 23, 1936, ch. 73449 Stat. 1894Pub. L. 87–52276 Stat. 135Pub. L. 94–28990 Stat. 521(, formerly § 1, ; renumbered § 2, , ; amended , ; , , ; , , .)
Editorial Notes
Codification
Section is comprised of third par. of section 2 of act . First, second, and fourth pars. of section 2 are classified to sections 156, 157, and 158a of this title, respectively.
Amendments
Pub. L. 94–2891976— substituted “a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding long-term marketable obligations of the United States, adjusted to the nearest one-eighth of 1 per centum” for “the rate of 4 per centum per annum”.
Pub. L. 87–5221962— increased the total amount of deposits which can be held by the Treasurer from $5,000,000 to $10,000,000.
1936—Act , substituted “in the absence of any specification to the contrary” for “Should any gift or bequest so provide”.