section 156 of this titlesection 157 of this titleIn the case of a gift of money or securities offered to the Library of Congress, if, because of conditions attached by the donor or similar considerations, expedited action is necessary, the Librarian of Congress may take temporary possession of the gift, subject to approval under . The gift shall be receipted for and invested, reinvested, or retained as provided in , except that—
a gift of securities may not be invested or reinvested; and
any investment or reinvestment of a gift of money shall be made in an interest bearing obligation of the United States or an obligation guaranteed as to principal and interest by the United States.
If the gift is not so approved within the 12-month period after the Librarian so takes possession, the principal of the gift shall be returned to the donor and any income earned during that period shall be available for use with respect to the Library of Congress as provided by law.
Mar. 3, 1925, ch. 423, § 2Pub. L. 102–246, § 3106 Stat. 31( (par.), as added , , .)
Editorial Notes
Codification
Pub. L. 102–246Section is comprised of fourth par. of section 2 of act , as added by . First, second, and third pars. of section 2 are classified to sections 156, 157, and 158 of this title, respectively.