--- kind: "range" citation: "2 U.S.C. §§ 154–162" title: "2" from: "154" to: "162" count: 10 release: "119-102" url: "https://uscodex.org/usc/2/154..162" --- # §154. Library of Congress Trust Fund Board; members; quorum; seal; rules and regulations A [board](/usc/2/179u.md?p=2) is created and established, to be known as the “Library of Congress Trust [Fund](/usc/2/1102.md?p=3) [Board](/usc/2/179u.md?p=2)” (hereinafter referred to as the [board](/usc/2/179u.md?p=2)), which shall consist of the Secretary of the Treasury (or an Assistant Secretary designated in writing by the Secretary of the Treasury), the chairman and the vice chair of the Joint Committee on the Library, the [Librarian](/usc/2/179u.md?p=1) of Congress, two persons appointed by the President for a term of five years each (the first appointments being for three and five years, respectively), four persons appointed by the Speaker of the House of Representatives (in consultation with the minority [leader](/usc/2/6136.md?p=b-1) of the House of Representatives) for a term of five years each (the first appointments being for two, three, four, and five years, respectively), and four persons appointed by the majority [leader](/usc/2/6136.md?p=b-1) of the Senate (in consultation with the minority [leader](/usc/2/6136.md?p=b-1) of the Senate) for a term of five years each (the first appointments being for two, three, four, and five years, respectively). Upon request of the chair of the [Board](/usc/2/179u.md?p=2), any member whose term has expired may continue to serve on the Trust [Fund](/usc/2/1102.md?p=3) [Board](/usc/2/179u.md?p=2) until the earlier of the date on which such member’s successor is appointed or the expiration of the 1-year period which begins on the date such member’s term expires. Seven members of the [board](/usc/2/179u.md?p=2) shall constitute a quorum for the transaction of business, and the [board](/usc/2/179u.md?p=2) shall have an official seal, which shall be judicially noticed. The [board](/usc/2/179u.md?p=2) may adopt rules and regulations in regard to its procedure and the conduct of its business. # §155. Compensation and expenses of Library of Congress Trust Fund Board No compensation shall be paid to the members of the [board](/usc/2/179u.md?p=2) for their services as such members, but they shall be reimbursed for the expenses necessarily incurred by them, out of the income from the [fund](/usc/2/1102.md?p=3) or [funds](/usc/2/1102.md?p=3) in connection with which such expenses are incurred. The voucher of the chairman of the [board](/usc/2/179u.md?p=2) shall be sufficient evidence that the expenses are properly allowable. Any expenses of the [board](/usc/2/179u.md?p=2), including the cost of its seal, not properly chargeable to the income of any trust [fund](/usc/2/1102.md?p=3) held by it, shall be estimated for in the annual estimates of the [librarian](/usc/2/179u.md?p=1) for the maintenance of the Library of Congress. # §156. Gifts, etc., to Library of Congress Trust Fund Board The [Board](/usc/2/179u.md?p=2) is authorized to accept, receive, hold, and administer such gifts, bequests, or devises of property for the benefit of, or in connection with, the Library, its collections, or its service, as may be approved by the [Board](/usc/2/179u.md?p=2) and by the Joint Committee on the Library. # §157. Funds of Library of Congress Trust Fund Board; management of The moneys or securities composing the trust [funds](/usc/2/1102.md?p=3) given or bequeathed to the [board](/usc/2/179u.md?p=2) shall be receipted for by the Secretary of the Treasury, who shall invest, reinvest, or retain investments as the [board](/usc/2/179u.md?p=2) 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](/usc/2/179u.md?p=1) for the purposes in each case specified; and the Treas­urer of the United States is authorized to honor the requisitions of the [librarian](/usc/2/179u.md?p=1) made in such manner and in accordance with such regulations as the Treasurer may from time to time prescribe: Provided, however, That the [board](/usc/2/179u.md?p=2) 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](/usc/2/179u.md?p=2) 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. # §158. Deposits by Library of Congress Trust Fund Board with Treasurer of United States In the absence of any specification to the contrary, the [board](/usc/2/179u.md?p=2) 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](/usc/2/661a.md?p=10) 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](/usc/2/179u.md?p=1) of Congress for the purposes specified: Provided, however, 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. # §158a. Temporary possession of gifts of money or securities to Library of Congress; investment In 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](/usc/2/179u.md?p=1) of Congress may take temporary possession of the gift, subject to approval under [section 156 of this title](/usc/2/156.md). The gift shall be receipted for and invested, reinvested, or retained as provided in [section 157 of this title](/usc/2/157.md), except that— - (1) a gift of securities may not be invested or reinvested; and - (2) 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](/usc/2/179u.md?p=1) 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. # §159. Perpetual succession and suits by or against Library of Congress Trust Fund Board The [board](/usc/2/179u.md?p=2) shall have perpetual succession, with all the usual powers and obligations of a trustee, including the power to sell, except as herein limited, in respect of all property, moneys, or securities which shall be conveyed, transferred, assigned, bequeathed, delivered, or paid over to it for the purposes above specified. The [board](/usc/2/179u.md?p=2) may be sued in the United States District Court for the District of Columbia, which is given jurisdiction of such suits, for the purpose of enforcing the provisions of any trust accepted by it. # §160. Disbursement of gifts, etc., to Library Nothing in sections [154 to 162](/usc/2/154..162.md) and [163](/usc/2/163.md)[^1] of this title shall be construed as prohibiting or restricting the [Librarian](/usc/2/179u.md?p=1) of Congress from accepting in the name of the United States gifts or bequests in the interest of the Library, its collections, or its service, of the following: (1) nonpersonal services; (2) voluntary and uncompensated personal services not to exceed $10,000 per person, per year in value; (3) gifts or bequests of money for immediate disbursement; and (4) gifts or bequests of securities or other personal property. Such gifts or bequests of money, after acceptance by the [librarian](/usc/2/179u.md?p=1), shall be paid by the donor or his representative to the Treasurer of the United States, whose receipts shall be their acquittance. In the case of a gift of securities, the [Librarian](/usc/2/179u.md?p=1) shall sell the gift and provide the donor with such acknowledgment as needed for the donor to substantiate the gift. The Treasurer of the United States shall enter the gift, bequest, or proceeds in a special account to the credit of the Library of Congress and subject to disbursement by the [librarian](/usc/2/179u.md?p=1) for the purposes in each case specified. The [Librarian](/usc/2/179u.md?p=1) shall make an annual public report regarding gifts accepted under this section. Upon agreement by the [Librarian](/usc/2/179u.md?p=1) of Congress and the [Board](/usc/2/179u.md?p=2), a gift or bequest accepted by the [Librarian](/usc/2/179u.md?p=1) under the first paragraph of this section may be invested or reinvested in the same manner as provided for trust [funds](/usc/2/1102.md?p=3) under [section 157 of this title](/usc/2/157.md). # §161. Tax exemption of gifts, etc., to Library of Congress Gifts or bequests or devises to or for the benefit of the Library of Congress, including those to the [board](/usc/2/179u.md?p=2), and the income therefrom, shall be exempt from all Federal taxes, including all taxes levied by the District of Columbia. # §162. Compensation of Library of Congress employees [Employees](/usc/2/4558.md?p=2) of the Library of Congress who perform special functions for the performance of which [funds](/usc/2/1102.md?p=3) have been entrusted to the [board](/usc/2/179u.md?p=2) or the [librarian](/usc/2/179u.md?p=1), or in connection with cooperative undertakings in which the Library of Congress is engaged, shall not be subject to [section 209 of title 18](/usc/18/209.md); and [section 5533 of title 5](/usc/5/5533.md) shall not apply to any additional compensation so paid to such [employees](/usc/2/4558.md?p=2).