§ 276aa TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 72

SUBCHAPTER III—KERMIT ROOSEVELT

FUND

§ 276aa. Establishment of the Kermit Roosevelt

fund; creation and composition of board of

trustees

There is established in the Department of the

Army a board to be known as the Trustees of the

Kermit Roosevelt Fund, whose duty it shall be

properly to administer all money and property

which on and after July 2, 1945, may come under

its control as part of the Kermit Roosevelt fund,

created pursuant to section 276bb of this title.

The board shall be composed of the Chief of Finance, United States Army, ex officio, and three

general officers of the Army who shall be appointed to the board and may be replaced thereon by the Secretary of the Army.

(July 2, 1945, ch. 228, §1, 59 Stat. 316; July 26,

1947, ch. 343, title II, §205(a), 61 Stat. 501.)

CODIFICATION

Section was formerly classified to section 224 of Title

5 prior to the general revision and enactment of Title

5, Government Organization and Employees, by Pub. L.

89–554, §1, Sept. 6, 1966, 80 Stat. 378.

CHANGE OF NAME

Department of War designated Department of the

Army and title of Secretary of War changed to Secretary of the Army by section 205(a) of act July 26, 1947,

ch. 343, title II, 61 Stat. 501. Section 205(a) of act July

26, 1947, was repealed by section 53 of act Aug. 10, 1956,

ch. 1041, 70A Stat. 641. Section 1 of act Aug. 10, 1956, enacted ‘‘Title 10, Armed Forces’’ which in sections 3010

to 3013 continued Department of the Army under administrative supervision of Secretary of the Army.

§ 276bb. Acceptance of funds and property from

Mrs. Kermit Roosevelt; purpose and use; disbursement and investment of fund

The board is authorized to accept from Mrs.

Kermit Roosevelt such money and property as

she may tender, to receipt therefor on behalf of

the United States, and to deposit the funds so

received in the Treasury of the United States as

the original corpus of a trust fund, to be known

as the Kermit Roosevelt fund, which shall be

used for the purpose of fostering a better understanding and a closer relationship between the

military forces of the United States and those of

the United Kingdom by sponsoring lectures or

courses of instruction to be delivered by officers

of the British Army at the United States Military Academy and elsewhere in the United

States and by officers of the United States Army

at Sandhurst Royal Military College and elsewhere in the United Kingdom or, should such exchange lectures prove or become impracticable

or unnecessary for any reason, by such other application of the funds as the board, with the approval of the Secretary of the Army may determine. The original corpus of the fund and the income therefrom may be disbursed at the discretion of the board in furtherance of the stated

purpose, and shall be subject to investment and

reinvestment as provided in section 276cc of this

title.

(July 2, 1945, ch. 228, §2, 59 Stat. 316; July 26,

1947, ch. 343, title II, §205(a), 61 Stat. 501.)

CODIFICATION

Section was formerly classified to section 225 of Title

5 prior to the general revision and enactment of Title

5, Government Organization and Employees, by Pub. L.

89–554, §1, Sept. 6, 1966, 80 Stat. 378.

CHANGE OF NAME

Department of War designated Department of the

Army and title of Secretary of War changed to Secretary of the Army by section 205(a) of act July 26, 1947,

ch. 343, title II, 61 Stat. 501. Section 205(a) of act July

26, 1947, was repealed by section 53 of act Aug. 10, 1956,

ch. 1041, 70A Stat. 641. Section 1 of act Aug. 10, 1956, enacted ‘‘Title 10, Armed Forces’’ which in sections 3010

to 3013 continued Department of the Army under administrative supervision of Secretary of the Army.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 276aa, 276dd,

276ee of this title.

§ 276cc. Acceptance of funds and property from

other sources; limitation; disbursement and

investment

The board is also authorized to accept, receive, hold, and administer gifts, bequests and

devises of money, securities, or other property,

whether real or personal, from any source, for

the benefit of the Kermit Roosevelt fund, but no

such gift, bequest, or devise which entails any

expenditure not to be met out of the gift, bequest, devise, or the income thereof shall be accepted without the consent of Congress. Such

additional sums or property shall be receipted

for by the Chief of Finance and may, at the discretion of the board and unless otherwise restricted by the terms of the gift, bequest, or devise, be administered and disbursed in the same

manner as the original corpus of the fund and

the income therefrom. The board may in its discretion sell or exchange securities or other property given, bequeathed, or devised to or for the

benefit of the Kermit Roosevelt fund, and may

invest and reinvest the proceeds thereof, together with any other moneys in the fund, in

such investments as it may determine from time

to time: Provided, however, That the board is not

authorized to engage in any business, nor shall

it make any investments for the account of the

fund which could not lawfully be made by a

trust company in the District of Columbia, except that it may make any investment directly

authorized by the instrument of gift, bequest, or

devise under which the funds to be invested are

derived, and may retain any investments accepted by it.

(July 2, 1945, ch. 228, §3, 59 Stat. 317.)

CODIFICATION

Section was formerly classified to section 226 of Title

5 prior to the general revision and enactment of Title

5, Government Organization and Employees, by Pub. L.

89–554, §1, Sept. 6, 1966, 80 Stat. 378.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 276bb, 276ee of

this title.

§ 276dd. Income from property covered into

Treasury; disbursement and investment

The income from any property held or administered by the board, as and when collected,